MORPHIC ETHICAL EQUITIES FUND LIMITED — AGM Information 2018

Nov 21, 2018

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Global Responsible Investors November 2018

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Global Responsible Investors

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Company Results

Company Performance

	5 months to 30 September 2017	Year ended 30 September 2018
Pre-Tax Operating Profit	$ 0.44m	$ 5.29m
Post-Tax Operating Profit	$ 0.29m	$ 3.81m

Dividends

Dividends
	Amount
Total Dividend 2018	2 c per share
Interim Dividend (Payment date: 22 August 2018)	1 c per share
Final Dividend (Payment date: 12 December 2018)	1 c per share
Profits reserve*	$ 4.47m

Past performance is not indicative of future performance. *As at 30 September 2018.

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AGM Agenda

• Consideration of Financial Statements and Reports

• Resolution 1: Remuneration Report

• Resolution 2: Re-election of Virginia Malley as a Director

• Resolution 3: Re-election of Mark Forstmann as a Director

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Financial Statements

To receive the Financial Report, Directors’ Report and Auditor’s Report for the Company for the financial year ended 30 September 2018. There is no requirement for shareholders to approve these reports.

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RESOLUTION 1 – Remuneration report

“That the Remuneration Report of the Company (which forms part of the Directors' Report) for the financial year ended 30 September 2018 be adopted.”

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Remuneration Report Proxies Received For 874,395 59.93% Against 337,473 23.12% Open 247,465 16.95% Abstain 173,162 N/A

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RESOLUTION 2 – Re-election of Virginia Malley

“That Ms Virginia Malley, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and, being eligible, offers herself for re-election, be re-elected as a director of the Company.”

		Re-election of Virginia Malley	Re-election of Virginia Malley
	Proxies Received
	For	1,743,053	81.89%
	Against	129,100	6.06%
	Open	256,465	12.05%
	Abstain	39,800	N/A

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RESOLUTION 3 – Re-election of Mark Forstmann

“That Mr Mark Forstmann, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and, being eligible, offers himself for re-election, be re-elected as a director of the Company.”

	Re-election of Mark Forstmann	Re-election of Mark Forstmann	Re-election of Mark Forstmann
	Proxies Received
	For	1,842,871	86.91%
	Against	16,100	0.76%
	Open	261,465	12.33%
	Abstain	47,982	N/A

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A word on Responsible Investing

Nicolette Boele RIAA, Executive Manager Policy, Research and Certification

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• 25 years’ experience delivering engagements, collaborations and accountability solutions for and with Australian and international companies, governments, unions, and NGOs.

• Deep subject matter experience in energy and climate change. She has worked at and been on Council at the Australian Conservation Foundation. She has also held executive roles at The Climate Institute, the Clean Energy Finance Corporation, Banarra and the Sustainable Energy Development Authority.

• In 2015 Nicolette led the review of RIAA’s certification program and now manages the program covering 150 certified financial advisers and products. Nicolette also works on RIAA’s policy agenda, services development and industry research such as the Superfund RI Benchmark Report.

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The explosion of interest for Responsible Investing

• :

• Growth of Responsible Investing AUM between 2014 and 2016[1]

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• Australia/NZ:

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• Global:

Total AUM in Australia & NZ $USD billion (2016):

• of Millennials cite investing with a focus on ESG impact as a central goal[2]

• UBS review of academic studies concluded SRI does enhance returns and doesn’t come at a cost[3]

1 Global Sustainable Investment Review, GSIA, 2016

2 Morgan Stanley

3 T. Verheyden (Arabesque Asset Management & Vrije Universiteit Brussel); Z. Nagy (MSCI Inc.), M. Statman (Santa Clara University)

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Morphic Asset Management

• Founded in 2012 by portfolio managers with long history of ethical investing

• Market leaders in modern responsible investing

• • Achieving above average returns taking less risk, through a long/short strategy

• Investment team is a major investor in the Funds

• Total FUM of $139m:

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Morphic
Morphic Trium
Global
Ethical Morphic ESG
Opportunities
Fund Equities Fund L/S Fund
$51m $8m
$80m
2018 Finalist 2018 Finalist
“Best Global “New Fund of 2018 Finalist
Equity Fund of the Year” “Award for
the Year” Innovation (Funds)”
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Morphic Global Opportunities Fund Performance of $10,000* AUD, Aug 2012 – Oct 2018

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28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18
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*Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 2 August 2012.

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Responsible Investing styles

Financial returns?

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Environment Social Traditional Thematic “Sustainable” Governance (ESG) Ethical Investing Investing Investing “Defined by what we Focussed on ESG risks Focussed on areas don’t do”. and opportunities where social and • Values-driven • ESG & Fundamental environmental needs • Sector exclusions analysis create financial • “Active ownership” opportunities

E.g.: “Church exclusion of E.g.: ‘Best-in-class’ SRI “Sin stocks”, Zero carbon Fund E.g.: Clean Energy Fund Fund

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Impact Investing Philanthropy Funding for direct and Impact-only: measurable social and environmental / social environmental goals that require needs require some financial trade100% financial off trade-off E.g.: Private Equity E.g.: Philanthropic funding Micro-finance foundations

X

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Source: Bridge Ventures, 2012

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Morphic’s Responsible Investing style

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Environment Social
Traditional Thematic “Sustainable”
Governance (ESG) Impact Investing Philanthropy
Ethical Investing Investing
Investing
2.5% of MEC’s
100% stocks Portion of Engagement
100% of the management
portfolio have ESG audits the portfolio shorting and fees donated to charities
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Our approach to Responsible Investing

“Negative Screen” excludes buying shares in:

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Armaments
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Tobacco Intensive animal & alcohol farming & aquaculture

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Oil & gas

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Coal & Uranium Mining

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Gambling

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Rain forest & old growth logging

We seek out “positive” investments that support:

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Water quality

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Air quality

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Conservation

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Renewable energy

Can short screened out stocks and sectors

Ethical compliance check first, before investment research

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Portfolio positioning

As at 31 October 2018 by country, sector and stock

Top 10 long active positions	Theme	Region	Weighting
Alstom	Global Rail	Europe	3.8%
China Everbright Intl	Environmental & Facilities	Asia Pacific	3.0%
Bank Leumi	Israeli Quality Banks	Middle East	2.4%
Service Corp	US Deathcare	North America	2.3%
China Water Affairs	Chinese Water Utilities	Asia Pacific	2.2%
Rural Electrification	Indian Infrastructure	Central Asia	2.2%
Haseko	Japanese Homebuilders	Asia Pacific	1.9%
Power Grid	Indian Infrastructure	Central Asia	1.4%
Axos Financial	US Quality Banks	North America	1.2%
Tsuruha Holdings	Japanese Drugstores	Asia Pacific	1.1%

Positions weighting are as at October 2018 in the Morphic Global Opportunities Fund (MGOF).

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Portfolio positioning

As at 31 October 2018 by country, sector and stock

Top 5 short active positions	Theme	Region	Weighting
Qantas Airways	Airlines	Asia Pacific	(1.0%)
Sugi Holdings	Japanese Drugstores	Asia Pacific	(1.0%)
Coca-Cola Amatil	Beverages	Asia Pacific	(1.0%)
Platinum Asset Management	Fund Managers	Asia Pacific	(0.9%)
Jungheinrich	Industrial Engineering	Europe	(0.6%)

Positions weighting are as at October 2018 in the Morphic Global Opportunities Fund (MGOF).

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The Big Train that will: Alstom (France)

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Alstom (ALO)
▪
World leader in train technology.
▪
Cheaply priced for its growth prospects.
▪
Pioneer of hydrogen fuel-powered, zero-
emission regional train.
▪
Member of Dow Jones Sustainability Indices.
▪
About to gain market power through merger
with Siemens Mobility.
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Alstom share price performance
USD, normalised, February 2015 – October 2018
170
Alstom share price
150
130 Morphic ownership
110
90
70
50
Feb 15 Jun 15 Oct 15 Feb 16 Jun 16 Oct 16 Feb 17 Jun 17 Oct 17 Feb 18 Jun 18 Oct 18
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Source: Bloomberg, Team Analysis

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When there’s muck, there’s brass: China Everbright International (Hong Kong)

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China Everbright Intl (257 HK)

• Core operations involve waste-to-energy (WTE), biomass treatment and water treatment.

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• Positive earnings revisions while trading on multi-year lows.

• 13th 5-year plan (2015-2020) that targets a 151% increase in waste incineration.

• Improving cashflows.

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China Everbright International share price performance USD, normalised, April 2017 – October 2018

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130
CEI share price
120
Morphic ownership
110
100
90
80
70
60
50
Apr 17 May 17 Jun 17 Aug 17 Sep 17 Oct 17 Dec 17 Jan 18 Feb 18 Apr 18 May 18 Jun 18 Jul 18 Sep 18 Oct 18
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Source: Bloomberg, Team Analysis

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Coca-Cola Amatil: Not “sweet as bro”

Coca-Cola Amatil (CCL AU)

• Major bottler of sugary drinks in AsiaPacific.

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• Overpriced for declining industry.

• Rising cost pressure to avoid plastic waste.

• Wilfully selective poor disclosure.

• Told management about our ESG concerns. These concerns were not resolved.

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Coca-Cola Amatil share price performance
USD, normalised, January 2017 – October 2018
120
Coca-Cola Amatil share price
110
Re-entered the
Morphic short ownership position on
100 31 October
90
80
70
60
50
Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18
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Source: Bloomberg, Team Analysis

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Outlook – Updates on July Anti-predictions

Anti-Predictions How are we going? Status As at 1 July 2018 As at 7 November 2018 US 10-year yields will NOT Currently at 3.2%. ✔ be > 3.50% US Equities will NOT finish At 7[th] November, the US ✔ lower markets is up 2.8% in USD. US IG Credit will NOT go Spreads have not ✔ below 2018 lows compressed. Trump’s ratings will NOT True in polls and this ✔ collapse month’s vote. Australian shares will NOT Australia underperforming ✔ outperform global global markets by 4.2%.

Equity markets returns USD & AUD, between 1 July 2018 and 7 November 2018

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4%
2.8% USD AUD
2%
0%
-2% -0.6%
-4%
-4.1% -4.3%
-6% -4.8%
-5.8%
-8%
-10% -8.9%
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Source: Bloomberg, Team Analysis

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Some thoughts on Australian Property…

• Morphic wrote about property two years ago and recently updated this.

• Thesis: Sydney property prices were following other euphoric property cycles.

• If this continues, other cycles suggest downside for another 18-24 months min.

Historic periods of peak to trough decline, Sydney

Miami house price (January 2001 – August 2014) vs Sydney house price (March 2011 – October 2018)

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Source: CoreLogic

Source: Bloomberg, Team Analysis

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Portfolio positioning

As at October 2018 by country, sector and stock

By Region								By Sector
North America					52.0%			Industrials Financials			14.6%		19.7%
Asia Pacific			21.4%					Information Technology			12.4%
Western Europe			17.2%					Health Care Consumer Discretionary		9.8% 12.3%
Central Asia			4.6%					Communication Services		7.1%
Eastern Europe South & Central America Africa / Middle East		0.6% 0.9% 3.3%		Morphic Global Opportunities Fund Morphic Ethical Equities Fund Benchmark				Real Estate Materials Energy Consumer Staples Utilities		2.7% 4.3% 5.2% 5.7% 6.2%
0.0%			20.0%	40.0%	60.0%			-5.0% 0.0%		5.0% 10.0%	15.0%	20.0%		25.0%

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Morphic Global Opportunities Fund: high returns with lower risk

2018 Finalist

• “Best Global Equity Fund of the Year”

Morphic Global Opportunities Fund Performance of $10,000* AUD, Aug 2012 – Oct 2018

• Objectives

• Outperform the Index in Australian dollars over rolling three year

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28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18
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• Preserve capital in falling markets through hedging

• Strategy

• Long/Short global equities & Small and Mid Cap bias

• Can hold cash (up to 50%) to protect capital

• Style

• Value and Momentum factors

MGOF Performance As at October 2018

1 Month -5.44%	3 Months -3.81%	CYTD 0.45%	3 Years p.a. 5.61%	5 Years p.a. 10.78%	ITD p.a. 15.02%

*Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 2 August 2012.

Platform availability

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Morphic Ethical Equities Fund (ASX: MEC) Update

MEC Share Price vs NTA* AUD, weekly, April 2017 – October 2018

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2018 Finalist “New Fund of the Year”

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MEC Performance** As at October 2018

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1.20 Pre-tax per share Share Price
1.15
1.10 $1.11
1.05 $1.04
1.00
0.95
Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18
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Platform availability

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1 Month	3 Months	6 Months	CYTD	ITD p.a.
-5.41%	-3.82%	-3.18%	0.20%	4.83%

Key Facts As at October 2018

Pre-tax NTA(31 October 2018)	1.1123
Share price(31 October 2018)	1.04
Options Expire	30 November 2018
First Dividend paid(August 2018)	$0.01
Second Dividend announced	$0.01
Second Dividend payment date	12 December 2018

Net Tangible Asset Value before tax. Past performance is not indicative of future performance. *Performance is net of investment management fees, before company admin costs and taxes

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Morphic challenges in the second half of 2018

Underperformance mainly due to the following all worked against us at

Morphic’s Funds Performance* As at 15 November 2018

the same time:

• Lower priced ‘value’ stocks underperformed what seemed to us to be overly highly priced growth;

• Middle sized companies underperformed mega-caps;

• Asia, including both Japan and Emerging Market countries like India and China, underperformed the US;

• A zero weight, and even from time to time a short position, in the energy sector.

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As at 15 November 2018
0.0%
-0.4%
-0.4%
-0.9%
-0.8%
MEC
-1.2%
MGOF
-1.6%
Benchmark -1.8%
-2.0%
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In October:

• MGOF outperformed the market by 0.12%

*MGOF performance is net of fees. MEC’s performance was calculated based on its Net Tangible Asset Value before tax. Past performance is not indicative of future performance.

• MEC outperformed the market by 0.15%

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29 Global Responsible Investors

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30 Global Responsible Investors
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Trium Morphic ESG L/S Fund

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2018 Finalist “Award for Innovation (Funds)”

• Now available to Australian investors as: Trium Morphic ESG L/S Global Fund

• Structure: Unit Trust feeder fund[1] into underlying European UCITS Fund[2]

• Inception: March 2018 (Feeder Fund’s inception: October 2018)

• Investment Strategy: Absolute return Fund using the same stocks as the MGOF

• 1 The Fund is an open-ended Unit Trust and seeks to achieve its objective through investing in the Trium Morphic ESG L/S Fund (“the Underlying Fund”). 2 The Underlying Fund is an Undertakings for Collective Investment in Transferable Securities (UCITS) fund on the Trium UCITS platform with the same investment objectives as the Fund.

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LANDFILL WASTE REDUCTION THANKS TO PUMP NON-EXECUTIVE DISPENSERS DIRECTORS ON APPOINTED THE BOARD TO BOD SINCE 1946 LIGHTING ENERGY COSTS REDUCTION 32 Global Responsible Investors

VOLUME OF NATURAL PURIFIED WATER AND SEWAGE TREATMENT

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Global Responsible Investors
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Morphic contributions

Donations

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Fundraising

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Giveaway

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Philosophy: Markets misprice change

Illustration of a typical Morphic investment by stage of the change cycle

ESG: What matters?

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Reduce and
exit position
Change through stop
ending losses
Buy
Internal
screens flag Changes now
opportunity widely recognised
Early
adopters
recognise
change
Detailed
research
Catalyst
for
change
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1 Source: “Can ESG add alpha?” Nagy et al., (2015); 2 Statman & Gushkov (2016); 3 Hoepner, Oikonomou et. al (2016).

High ESG ≠ Max alpha[1] & Improving is better than “best”[2] & Failing is a signal[3]

“ Change creates opportunity ” is central to Morphic’s momentum -focused investment philosophy.

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Investment Process: Fundamental research & risk management

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1. Identify change 2. Analyse 3. Decide 4. Structure
• • • •
Why invest now? Ethical Screening & Internal Group review Discuss with risk manager
ESG Audit
• Has the market already • Identify “wrong” price • How can we structure this
responded? • Can we look at the investment investment better?
from another data set? • Do we need more
• Is this cyclical or structural? information? • Is the sizing right?
• Relative valuation
• Self-reinforcing cycle? • What is our loss appetite? • Contribution to portfolio risk
• DCF & Reverse DCF
• Meetings with Management
On-going monitoring
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Identifying Investments: Leveraging diverse views

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1. Identify investments

• What do we look for in new ideas?

• Morphic Library

• Sector & Region focus

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Q u a l i t y V a l u e
Earnings revisions Mispricing relative
ROE vs. COE to value i.e. market
i.e. changing still to reflect
fundamentals change
√√
INVESTMENT
OPPORTUNITIES
√ √
Confirmation that Morphic Library
change is real 83 years of collective experience
M o m e n t u m
600+ stocks we researched or
owned previously
Market cap:
>$400mn Apply/Review via differing
>$1bn for shorts screening models monthly
Liquidity:
Ranking flags reinvestment (subject
>$3mn ADTV
to further analysis)
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Research & Analysis

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2. Analyse

• Ethical Screening & Internal ESG Audit

• Can we look at the investment from another data set?

• Negative Screening

• Analysis of • Relative ESG issues Ethical Valuation Financial

• within Screening research and & Internal Modelling • DCF models financial ESG Audit analysis • Reverse DCF

• • Engagement Meetings with

• Management

• Financial Modelling

• Meetings with Management

• Conference calls

• One-on-one meetings

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Investment Decision

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3. Decide

• Approvals following presentation at team meetings

Financial • All proposals subject to veto by either PM Screening & Internal ESG Modelling

• Sizing based on loss tolerance and VaR

• Group review

• Identify “wrong” price

• Stop losses on individual positions, pairs and portfolio Management

• Do we need more information?

• What is our loss appetite?

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• Exits determined by valuation, news flow and stop-losses

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Modern Portfolio Construction

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4. Structure

• Discuss with risk manager

• How can we structure this investment better?

• Is the sizing right?

• Contribution to portfolio risk

Portfolio

• Ethical Financial

• Screening &

• Securities Internal ESG Market exposure Modelling Hedging • Audit

• • Country and sector tilts • Stock selection: key Managing specific

• driver of performance within risk parameters risks •

• • Dynamic cash • Coherent sizing Currency hedging weighting Meetings with

• • 20 to 60 long & Management short stock positions on • Typically ~50% • Size Varies

• average of net assets

• • 30% -70% of net assets

• CIOs & Risk Manager responsible for net exposure decision

• Contribution to portfolio risk is considered

• For consistency, VaR is used for all sizing

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Ongoing Monitoring: Portfolio governance

Checklist for analysts

Structured meeting schedule

1. Daily news flow update

2. Preview and de-brief after company results/conference calls

3. Prepare “Estimates vs Actual” template

4. Update company models

5. Provide CIOs with updated “indicative value” where appropriate

6. Monitor industry publications, key statistics

7. Monitor results from companies in the value chain and direct competitors

8. Test and restate drivers/assumptions where appropriate

9. Update state of the industry body of knowledge

Ethical	Ethical
Screening& Forum		Issues
Internal ESG Audit Daily debrief		▪ ▪	Analysts update with “night action” General (company & macro) news
			flow
		▪	Preview / update after company
			results
	Weekly meeting	▪	Position (re-sizing)
	(Stocks)	▪	Presentation of ideas for inclusion
	Weekly meeting	▪	Asset Allocation
	(Risk, Macro &	▪	Risk dashboard
	Portfolio	▪	Macro discussion and hedging
	Construction)		strategy

On-going monitoring

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42 Global Responsible Investors
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Proven investment team with strong corporate structure

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Board of Directors
Nick Minogue (Chair), Gerard Minack, George Gabriel, Chuak
Chan, Jack Lowenstein, Chad Slater
Joint-CIO & MD Joint-CIO & ED
Jack Lowenstein Chad Slater
Business Development
Head of Research Head of Macro & Risk Chief Financial Officer
Manager
James Tayler Geoff Wood Nadeem Ali
Irene Kardasis
Associate Associate Business Development
Investment Analyst Investment Analyst
Investment Analyst Investment Analyst Associate
Cameron Halkett Claudia Kwan
Lucina Martin Daniel Hayman Eva Trabaud
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Experienced Senior investment team

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Jack Lowenstein Managing Director Joint Chief Investment Officer

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Chad Slater

Executive Director Joint Chief Investment Officer

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• 27 years experience in financial markets.

• Jack co-founded Morphic Asset Management in 2012. He was previously Deputy Chief Investment Officer at Sydney based global equity manager Hunter Hall with responsibility for risk management and portfolio construction.

• He played a key role in building Hunter Hall from just $13m under management when he joined, to a peak of just under $3 billion. In ten years as a Portfolio Manager with Hunter Hall, he generated substantial out-performance.

• 17 years experience in financial markets.

• Chad co-founded Morphic Asset Management in 2012. He was previously a Portfolio Manager and Head of Currency and Macroeconomics at Hunter Hall for five years.

• Prior to this, Chad was an Investment analyst at BT Financial Group including a secondment to Putnam Investments in Boston. He began his career as an Economist at Australian Federal Treasury.

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• Geoff Wood Head of Macro & Risk

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James Tayler Head of Research

• 16 years experience in financial markets.

• Geoff joined Morphic at the inception in 2012. He previously worked in risk management at Global Trading Strategies, a global macro hedge fund that managed in excess of US$1 billion through the global financial crisis, 2009 to 2011.

• Prior to that, he worked in risk management at Barclays Capital in London, managing the risks arising from the hedge fund clients of the bank's Prime Brokerage business.

• 23 years experience in financial markets.

• James joined Morphic in 2016. He was previously Head of Investment Research at Knight Vinke, a leading activist investor focused on European companies, based in Zurich and London.

• Prior to this, James was Head of Investment Research for a single family office in Switzerland following more than 10 years at Swiss Reinsurance Company.

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Significant alignment of interests with investors

• All senior team members are shareholders in the Firm

▪ Senior team members have a significant proportion of NAV in the Fund

▪ Short term incentives are driven by individual and Fund performance

▪ One third of bonuses invested into the Fund with three year lock-up to ensure long term alignment

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Morphic Asset Management

For further enquiries:

Level 3, 139 Macquarie St Sydney 2000 New South Wales Australia

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Irene Kardasis Business Development Manager Phone: +61 2 9194 6707 Email: ikardasis@morphicasset.com

Disclaimer: This presentation has been prepared for wholesale investors and institutional investors only. Unless specifically indicated, this presentation is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security by the sender or Morphic Asset Management Pty Ltd (“Morphic”) (ACN 155 937 901) (AFSL 419916). This presentation does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision. Any person considering investment in the Morphic Global Opportunities Fund (“MGOF”) should first review the Product Disclosure Statement (PDS) for the Fund issued by Perpetual Trust Services Ltd dated 04/12/2017. Initial Applications for units in the MGOF can only be made pursuant to the application form in the PDS. Morphic does not guarantee repayment of capital or any particular rate of return from the MGOF. Past performance is no guarantee of future performance. Investment returns have been calculated in accordance with normal industry practice utilising movements in unit price and assuming reinvestment of all distribution of income and realised profits. Statements of fact in this presentation have been obtained from and are based upon sources that Morphic believes to be reliable, but Morphic does not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions and estimates included in this presentation constitute Morphic's judgement as of the date of this communication and are subject to change without notice.

The Certification Symbol signifies that a product or service offers an investment style that takes into account environmental, social, governance or ethical considerations. The Symbol also signifies that both Morphic Global Opportunities Fund and Morphic Ethical Equities Fund adhere to the strict disclosure practices required under the Responsible Investment Certification Program for the category of Product Provider. The Certification Symbol is a Registered Trade Mark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol, Morphic Global Opportunities Fund and Morphic Ethical Equities Fund’s methodology, performance and stock holdings can be found at www.responsibleinvestment.org, together with details about other responsible investment products certified by RIAA. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.[1]

1 The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.

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