MORPHIC ETHICAL EQUITIES FUND LIMITED — AGM Information 2019

Nov 28, 2019

==> picture [126 x 48] intentionally omitted <==

==> picture [107 x 75] intentionally omitted <==

Global Responsible Investors November 2019

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

1

Global Responsible Investors

2 Global Responsible Investors

==> picture [306 x 305] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Company Results

Company Performance

	Year ended 30 September 2018	Year ended 30 September 2019
Pre-Tax Operating Profit	$ 5.29m	$ 1.96m
Post-Tax Operating Profit	$ 3.81m	$ 1.41m
Pre-Tax NTA per share	$1.1746	$1.1491
Post Tax NTA per share	$1.1543	$1.1299

Dividends

	Amount
Total Dividend 2019	2 c per share
Interim Dividend (Payment date: 19 July 2019)	1 c per share
Final Dividend (Payment date: 17 December 2019)	1 c per share
Profits reserve*	$ 5.07m

NTA per share at 21 November 2019 was $1.1652 pre-tax and $1.1414 post-tax

Past performance is not indicative of future performance. *As at 30 September 2019.

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

3

AGM Agenda

• Consideration of Financial Statements and Reports

• Resolution 1: Remuneration Report

• Resolution 2: Re-election of JoAnna Fisher as a Director

• Resolution 3: Re-election of Jack Lowenstein as a Director

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

4

Financial Statements

To receive the Financial Report, Directors’ Report and Auditor’s Report for the Company for the financial year ended 30 September 2019.

There is no requirement for shareholders to approve these reports.

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

5

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 2019 be adopted.”

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

6

RESOLUTION 2 – Re-election of JoAnna Fisher

“That Ms JoAnna Fisher, 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.”

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

7

RESOLUTION 3 – Re-election of Jack Lowenstein

“That Mr Jack Lowenstein, 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.”

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

8

9 Global Responsible Investors

==> picture [306 x 305] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Morphic Asset / Ellerston Capital

HIGHLY SUCCESSFUL, AUSTRALIAN BOUTIQUE INVESTMENT MANAGER

WELL-ESTABLISHED	Founded in 2004
BUSINESS	Over A$5 billion in FUM*
DIVERSE CLIENT	Across Sovereign wealth, institutional, private
BASE	banking, family office and retail
ALIGNED WITH OUR INVESTORS	Majority owned by principals and staff
ROBUST	Best of breed systems and technologies
INSTITUTIONAL	supporting portfolio management, client service
INFRASTRUCTURE	and compliance

• Ellerston Capital (ECL) acquired Morphic Asset Management (MAM) in May 2019

• MAM team moved to ECL offices in June 2019

• MAM investment team to continue running Morphic Funds

*Source: Ellerston Capital as at August 2019.

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

==> picture [14 x 9] intentionally omitted <==

----- Start of picture text -----

10
----- End of picture text -----

Global Responsible Investors

Growth of RI Assets by Region 2014-2018

==> picture [656 x 175] intentionally omitted <==

----- Start of picture text -----

Compound
Growth Per Period
Annual
Growth Growth Growth Rate
2014 2016 2018
2014-2016 2016-2018 2014-2018
Europe € 9,885 € 11,045 € 12,306 12% 11% 6%
United States $ 6,572 $ 8,723 $ 11,995 33% 38% 16%
Canada (in CAD) $ 1,011 $ 1,505 $ 2,132 49% 42% 21%
Australia/New Zealand (in AUD) $ 203 $ 707 $ 1,033 248% 46% 50%
----- End of picture text -----

Source: Global Sustainable Investment Review, GSIA, 2018

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

11

The explosion of interest for Responsible Investing

==> picture [89 x 49] intentionally omitted <==

$1.4 tn climate-aligned bond universe[8]

$866 bn 85% 34% FUM in of S&P500 Global FUM Australia[1] Companies Publish Sustainability Growth 2016Reports[[5]] 2018[1] $30.7 tn

Companies Publish Sustainability Reports[[5]] 50% p.a. FUM growth in Australia /NZ[1]

1,900 PRI Signatories globally[7]

Responsible Investing 90% Assets Globally[1]

90% of Australians

of ASX200 Companies report on ESG risks and opportunities[6]

$1.8 bn Growth Opportunity[7]

expect responsible Growth super[4] 5x "ESG" Google Trends Search 86% Interest since 2004[7] of Millennials interested in responsible investing[2]

86% ZER0 Cost to returns[3]

12

1 Global Sustainable Investment Review, GSIA, 2018; 2 Morgan Stanley 3 T. Verheyden (Arabesque Asset Management & Vrije Universiteit Brussel); Z. Nagy (MSCI Inc.), M. Statman (Santa Clara University); 4 RIAA; 5 Governance & Accountability Institute, Inc.,2018; 6 Australian Council of Superannuation Investors (ACSI), 2018; 7 UBS; 8 Bonds and Climate Change www.climatebonds.net September 2018

Global Responsible Investors

Responsible Investing styles

Financial returns?

==> picture [53 x 37] intentionally omitted <==

==> picture [31 x 33] intentionally omitted <==

==> picture [80 x 32] intentionally omitted <==

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

==> picture [19 x 15] intentionally omitted <==

==> picture [18 x 15] intentionally omitted <==

==> picture [19 x 15] intentionally omitted <==

==> picture [40 x 35] intentionally omitted <==

==> picture [58 x 33] intentionally omitted <==

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

==> picture [34 x 10] intentionally omitted <==

Source: Bridge Ventures, 2012

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

13

Our approach to Responsible Investing

“Negative Screen” excludes buying shares in:

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [43 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [45 x 7] intentionally omitted <==

----- Start of picture text -----

Armaments
----- End of picture text -----

==> picture [157 x 20] intentionally omitted <==

----- Start of picture text -----

Tobacco Intensive animal
& alcohol farming & aquaculture
----- End of picture text -----

Oil & gas

Coal & Uranium Mining

Gambling Rain forest & old growth logging

We seek out “positive” investments that support:

==> picture [73 x 58] intentionally omitted <==

Water quality

==> picture [74 x 49] intentionally omitted <==

Air quality

==> picture [73 x 49] intentionally omitted <==

Conservation

==> picture [68 x 51] intentionally omitted <==

Renewable energy

Can short screened out stocks and sectors

Ethical compliance check first, before investment research

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

1414

Morphic received top rating in Australasia for Responsible Investing

==> picture [276 x 155] intentionally omitted <==

==> picture [379 x 114] intentionally omitted <==

Source: PRI 2019 AssessmentReport for Morphic

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

15

==> picture [720 x 62] intentionally omitted <==

==> picture [111 x 39] intentionally omitted <==

==> picture [79 x 39] intentionally omitted <==

==> picture [157 x 58] intentionally omitted <==

TO YOUTH MENTAL HEALTH

==> picture [75 x 29] intentionally omitted <==

==> picture [99 x 44] intentionally omitted <==

==> picture [43 x 43] intentionally omitted <==

==> picture [57 x 35] intentionally omitted <==

==> picture [83 x 35] intentionally omitted <==

==> picture [66 x 27] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [80 x 28] intentionally omitted <==

==> picture [111 x 40] intentionally omitted <==

==> picture [79 x 40] intentionally omitted <==

==> picture [135 x 58] intentionally omitted <==

==> picture [25 x 46] intentionally omitted <==

TO AUSTRALIAN BIODIVERSITY

==> picture [219 x 102] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

==> picture [25 x 46] intentionally omitted <==

==> picture [111 x 39] intentionally omitted <==

FIRST DONATION FROM MANAGING THE TRIUM MORPHIC ESG L/S FUND

==> picture [128 x 39] intentionally omitted <==

Rainforest Alliance

Global Responsible Investors

1616

17 Global Responsible Investors

==> picture [306 x 305] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Portfolio positioning

As at October 2019 by country, sector and stock

Stocks(Shorts)	Theme	Region	Weighting
Service Corp	US Deathcare	North America	5.1%
Alstom	Global Rail Equipment	Europe	5.0%
Qantas	Australian Airline	Asia Pacific	(3.6%)
Bank Leumi	Israeli Bank	Middle East	3.3%
Kering	Luxury Retailers	Europe	2.6%
Coca-Cola Amatil	Beverages	Asia Pacific	(2.6%)
Prada	Luxury Retailers	Asia Pacific	(2.5%)
Kion Group	Industrial Equipment	Europe	(2.5%)
Logitech	Information Technology	Europe	2.4%
Jungheinrich	Industrial Equipment	Europe	2.3%

Positions weighting are as at October 2019 in the Morphic Ethical Equities Fund

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

18

The Big Train that will: Alstom (France)

Alstom share price performance EUR, January 2015 – October 2019

Alstom (ALO)

==> picture [171 x 12] intentionally omitted <==

----- Start of picture text -----

 World leader in train technology.
----- End of picture text -----

==> picture [51 x 50] intentionally omitted <==

• Cheaply priced for its growth prospects.

• Pioneer of hydrogen fuel-powered, zero-emission regional train.

==> picture [228 x 12] intentionally omitted <==

----- Start of picture text -----

 Member of Dow Jones Sustainability Indices.
----- End of picture text -----

==> picture [144 x 96] intentionally omitted <==

==> picture [171 x 96] intentionally omitted <==

==> picture [263 x 223] intentionally omitted <==

----- Start of picture text -----

50 Alstom share price Morphic ownership
40
30
20
10
Jan-15 Aug-15 Mar-16 Oct-16 May-17 Dec-17 Jul-18 Feb-19 Sep-19
----- End of picture text -----

Source: Bloomberg, Team Analysis

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

19

When Investor Engagement Bears Fruit: Panalpina (Switzerland)

Panalpina share price performance

CHF, March 2018 - September 2019

Panalpina (PWTN SW)

• Global logistics provider with low margins but improving performance.

==> picture [51 x 50] intentionally omitted <==

==> picture [245 x 39] intentionally omitted <==

----- Start of picture text -----

 Non-independent Chairman steps aside to
improve corporate governance. This resolved a
“flag” and suggested improvement.
----- End of picture text -----

• Engagement with Management, BoD & other shareholders via letters.

==> picture [239 x 89] intentionally omitted <==

==> picture [88 x 89] intentionally omitted <==

==> picture [307 x 231] intentionally omitted <==

----- Start of picture text -----

240 Panalpina share price Morphic ownership
220
200
180
160
140
120
100
Mar 18 May 18 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19
----- End of picture text -----

Source: Bloomberg, Team Analysis

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

20

Prada’s Devilish Governance Is Out Of Fashion

Kering and Prada share price performance USD, November 2017 - October 2019

Kering (KER FP)

==> picture [187 x 31] intentionally omitted <==

----- Start of picture text -----

 Strong, well managed Gucci brand
 Reasonably priced on 21x 2019 EPS
----- End of picture text -----

• Low gearing, good governance

Prada (1913 HK)

• Struggling brand

• Expensive at over 30x 2019 EPS

• High gearing, poor governance

==> picture [128 x 97] intentionally omitted <==

==> picture [128 x 97] intentionally omitted <==

==> picture [289 x 241] intentionally omitted <==

----- Start of picture text -----

650 Kering Share Price (LHS) Prada Share Price (RHS) 7.0
Morphic Ownership Morphic Short Ownership
600
6.0
550
500 5.0
450
4.0
400
350 3.0
300
2.0
250
200 1.0
Source: Bloomberg, Team Analysis
Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19
----- End of picture text -----

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

21

2019 Thus far – Markets rebound but Asia lags

Markets returns by region USD, January 2019 – 25 November 2019

==> picture [545 x 236] intentionally omitted <==

----- Start of picture text -----

30.0%
25.3%
25.0%
Asian Equities fail to bounce back 20.1% 20.1%
20.0% 18.5%
14.8%
15.0%
9.7%
9.1%
10.0%
5.0%
0.0%
MSCI Emerging MSCI Asia Ex MSCI Japan MSCI Australia MSCI AC World MSCI Europe MSCI USA
Markets Japan
----- End of picture text -----

Sources: Bloomberg, Morphic Asset Management

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

22

Outlook – Updates on July Anti-predictions

Anti-Predictions As at 1 July 2019

How are we going? As at 25 November 2019

Status

The Federal Reserve will NOT cut interest rates three times (or 75bps) in 2019

Indian long-term bond rates will NOT end above 7% Reported Chinese Growth will NOT fall below 6% Brexit will NOT matter

The Australian dollar will NOT finish below the current low of 2019 (67.4c)

The Federal Reserve cut interest rates in October for the third time this year. Currently at 6.5%. Low inflation is the good news reason for getting this right, sluggish growth is the ✔ bad news Latest YoY growth at 6.2%. Central government has retained enough levers to offset impacts of ✔ trade antagonism with the US With no proposal for Brexit likely to be put before ✔ the UK parliament in 2019, this one looks safe. Currently at 68c. ✔

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

23

==> picture [720 x 406] intentionally omitted <==

----- Start of picture text -----

24 Global Responsible Investors
----- End of picture text -----

==> picture [68 x 72] intentionally omitted <==

==> picture [59 x 13] intentionally omitted <==

Morphic Global Opportunities Fund

2018 Finalist

• “Best Global Equity Fund of the Year”

• Objectives

Morphic Global Opportunities Fund Performance of $10,000** AUD, Aug 2012 – Oct 2019

• Outperform the Index in Australian dollars over rolling three year

• Preserve capital in falling markets through hedging

• Strategy

• Long/Short global equities with a Small & Mid Cap bias

• Ethically screened equities

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

• Style

• Value and Momentum factors

MGOF Performance* As at October 2019

1 Month 3 Months CYTD 3 Years p.a. 5 Years p.a. ITD p.a. -0.18% 1.29% 15.04% 10.67% 9.61% 14.27%

==> picture [311 x 184] intentionally omitted <==

----- Start of picture text -----

28,000
25,000
22,000
19,000
16,000
13,000
10,000
Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19
----- End of picture text -----

• Past performance is not indicative of future performance.

Platform availability

==> picture [30 x 28] intentionally omitted <==

==> picture [42 x 18] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [56 x 22] intentionally omitted <==

==> picture [57 x 22] intentionally omitted <==

==> picture [42 x 20] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

** 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.

==> picture [66 x 29] intentionally omitted <==

==> picture [50 x 22] intentionally omitted <==

==> picture [80 x 20] intentionally omitted <==

==> picture [49 x 18] intentionally omitted <==

==> picture [58 x 16] intentionally omitted <==

Global Responsible Investors

25

Morphic Ethical Equities Fund (ASX: MEC) Update

MEC Share Price vs NTA[1] AUD, weekly, April 2017 – 21 November 2019

MEC Performance[2] As at October 2019

==> picture [59 x 14] intentionally omitted <==

2018 Finalist “New Fund of the Year”

==> picture [68 x 72] intentionally omitted <==

==> picture [322 x 165] intentionally omitted <==

----- Start of picture text -----

Pre-tax per share Share Price
1.20
$1.1652
1.15
1.10
1.05
1.00 $0.97
0.95
0.90
0.85
0.80
----- End of picture text -----

1 Month	3 Months	6 Months	CYTD	ITD (p.a.)
-0.50%	0.78%	1.55%	12.46%	6.25%

Key Facts As at October 2019

Pre-tax NTA	$ 1.1436
Share price	$ 0.875
Dividend paid3	$0.02

Platform availability

==> picture [56 x 22] intentionally omitted <==

==> picture [30 x 21] intentionally omitted <==

==> picture [66 x 18] intentionally omitted <==

==> picture [59 x 22] intentionally omitted <==

==> picture [80 x 21] intentionally omitted <==

1 Net Tangible Asset Value before tax. Past performance is not indicative of future performance. 2 Performance is net of investment management fees, before company admin costs and taxes. 3 Annual dividend per share.

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

26

27 Global Responsible Investors

==> picture [306 x 305] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

==> picture [720 x 406] intentionally omitted <==

----- Start of picture text -----

28 Global Responsible Investors
----- End of picture text -----

Portfolio positioning

As at October 2019 by country, sector and stock

By Region

By Sector

==> picture [671 x 225] intentionally omitted <==

----- Start of picture text -----

Information Technology 18.79%
North America 55.48%
Financials 18.37%
Western Europe 20.38% Consumer Discretionary 15.98%
Industrials 11.68%
Asia Pacific 15.83%
Health Care 11.37%
Africa / Middle East 4.80% Communication Services 8.72%
Materials 5.02% Morphic Ethical
Central Asia 1.41% Equities Fund
Consumer Staples 4.38%
South & Central America 1.30% Real Estate 3.81%
Benchmark
Utilities 2.68%
0.80%
Eastern Europe -0.80%Energy
0.00% 20.00% 40.00% 60.00% 80.00% -1.00% 4.00% 9.00% 14.00% 19.00%
----- End of picture text -----

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

29

30 Global Responsible Investors

==> picture [306 x 305] intentionally omitted <==

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Morphic Asset Management

Level 11, 179 Elizabeth St

For further enquiries:

Sydney 2000 New South Wales Australia

==> picture [58 x 82] intentionally omitted <==

Irene Kardasis Marketing and IR Manager Phone:+612 9021 7726 Email: ikardasis@morphicasset.com

Disclaimer: 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 Morphic Ethical Equities Fund adheres 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 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.[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.

==> picture [89 x 49] intentionally omitted <==

==> picture [65 x 25] intentionally omitted <==

==> picture [48 x 34] intentionally omitted <==

Global Responsible Investors

3131