MORPHIC ETHICAL EQUITIES FUND LIMITED — AGM Information 2023

Oct 17, 2023

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Morphic Ethical equities fund limited

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18 October 2023 Annual General Meeting

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Global Responsible Investors

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CHAIR’S address
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AGM Agenda

• Consideration of Financial Statements and Reports

• Resolution 1: Remuneration Report

• Resolution 2: Re-election of Mark Forstmann as a Director

• Resolution 3: Amendment to the Constitution

• Resolution 4: Approval to increase on-market buy back capacity

• Portfolio Update

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Financial Statements

To receive and consider the Financial Report, Directors’ Report and Auditor’s Report for the Company for the financial year ended 30 June 2023. There is no requirement for shareholders to approve these reports.

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Company Results

Company Performance

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9 months to 12 months to
30 June 2022 30 June 2023
Pre-Tax Operating
-$ 16.2m +$ 10.7m
Profit/Loss
Post-Tax Operating
Profit/Loss -$ 11.3m +$ 7.6m
Dividend - cents per share per calendar year
12.0
10.0
10.0
8.0
6.0
5.5
6.0
4.0 2.5
2.0 2.0
2.0
0.0
2018 2019 2020 2021 2022 2023
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Dividend – cents per share per calendar year

Dividend–cents per share	per calendar year
	Amount
Total Dividend CY23	10¢ per share
March 2023	1.5¢ per share
June 2023	1.5¢ per share
September 2023	3.5¢ per share
November 2023^	3.5¢ per share
Profits reserve*	47.9 cents
Dividend Coverage	3.43 years***

MEC paid quarterly dividends payments from the first quarter of 2022.

Past performance is not indicative of future performance.

^Announced, not yet paid. *As at 30 June 2023. ** Reflects 9 months transition period. *** After payment of Nov dividend

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AGM – PROXIES & VOTING
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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 June 2023 be adopted.”

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RESOLUTION 1- Proxy Voting Results

	% Number 69.12 5,125,787 FOR 2.60 192,695 AGAINST 25.10 1,861,646 OPEN – Nominated Chair1 3.18 236,003 – Other Nomination 1. To be voted in favour of the resolution
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RESOLUTION 2 – Re-election of Director

“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.”

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RESOLUTION 2 - Proxy Voting Results

	% Number 74.44 6,453,693 FOR 1.36 117,535 AGAINST 21.48 1,861,646 OPEN – Nominated Chair1 2.72 236,003 – Other Nomination 1. To be voted in favour of the resolution
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RESOLUTION 3 – Amendment to the Constitution

“That in accordance with section 136(2) of the Corporations Act and for all other purposes, the Constitution be amended with immediate effect, by making the amendments specified in the Explanatory Memorandum which accompanied the Notice of Annual General Meeting.”

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RESOLUTION 3 - Proxy Voting Results

	% Number 74.11 6,386,806 FOR 1.51 130,119 AGAINST 21.64 1,864,920 OPEN – Nominated Chair1 2.74 236,003 – Other Nomination 1. To be voted in favour of the resolution
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RESOLUTION 4 – Approval to increase on-market buy back capacity

“That for the purposes of section 257C of the Corporations Act and for all other purposes, approval is given to the Company to buy back up to 10,174,837 Shares on the terms described in the Explanatory Memorandum which accompanied the Notice of Annual General Meeting.”

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RESOLUTION 4 - Proxy Voting Results

	% Number 75.13 6,362,557 FOR 0.09 7,274 AGAINST 21.99 1,861,646 OPEN – Nominated Chair1 2.79 236,003 – Other Nomination 1. To be voted in favour of the resolution
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Voting
closed
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questions
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Thank you
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Morphic / Ellerston Global Mid Small Cap Team

Ashok Jacob – Chairman

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• Bill Pridham Fredy Hoh Deija Li Gaurav Pathak* Teng Lin

• Portfolio Manager Dep. Portfolio Manager Snr. Investment Analyst Snr. Investment Analyst Investment Analyst (25) (17) (7) (18) (9)

• • Previously an Investment • Previously the Vice • Previously an Equity • Previously an Equity • Previously a Performance, Research Associate at CLSA. Investment Analyst at Nuvest Attribution and Data Analyst

• Manager at JGL Investments. President of Equity Research

• • Holds a Bachelor of at Bank of America Merrill • Holds a Master of Capital. within the Ellerston Capital team. Lynch. Commerce from the • Holds an MBA and Post

• Commerce from Bond University and is a CFA • Holds a Masters of Australian National Graduate Diploma in • Holds a Bachelor of Risk Charterholder. Accounting from the University and is a CFA Management (Finance) from Management from Zhejiang Charterholder. the Indian Institute of University and a Master of

• University of New South Wales. Management. Actuarial Studies from

• Holds an MBA and Post

• Graduate Diploma in • Holds a Bachelor of Risk Management (Finance) from Management from Zhejiang the Indian Institute of University and a Master of Management. Actuarial Studies from Australian National

• *Shared Resource University.

Operations

Legal and Compliance

Dedicated ESG Team

Ellerston team of 20 investment professionals with an average of 20 years of experience

Source: Ellerston Capital. All team members based in Ellerston’s Sydney office. Numbers in parentheses indicate years of investment experience.

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Global Mid Small Caps in Context

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Our investments are roughly the same ‘size’ as the Australian equivalents, which are regarded as ‘large’ and ‘safe’.

Source: Factset, MSCI World and ASX200 index. For illustrative purposes only, not to scale.

Source: Ellerston Capital

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Our Philosophy: Connecting to Tomorrow's Returns, Today

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What are our guideposts How we differentiate
Concentrated
Between 20 – 40 global stocks
Mid/Small Cap Bias
Sub US$15 billion
Absolute
Benchmark Independent
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Contrarian

Where the crowd isn’t

Risk/Reward Asymmetry

The trade-off between risk and return is improved by investing in the highest conviction ideas from a filtered universe of securities that are in a period of “Price Discovery”

Source: Ellerston Capital.

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Investment Screening Summary

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Source: Ellerston Capital, 1 Revenue is defined as total consolidated revenue for the company, as per the most recent values disclosed to the market. 2 Investment companies are not involved in the production of tobacco, manufacture of nicotine alternatives and tobacco-based products.

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What We are Looking For?

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Stock attributes we look for

Secular and/or Structural Growth – drives sales

• High or growing market share in large addressable

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Stock attributes we avoid

• Companies that do harm

• Concept stocks

• markets

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• High customer retention and recurring revenue

• Pricing power

• Companies that are doing good

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• Questionable management

• Disruption candidates

• Low growth attributes

Source: Ellerston Capital.

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Global Thematics

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Source: Ellerston Capital.
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Thematic Exposure

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Source: Ellerston Capital as at 30 September 2023.

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Portfolio Holdings

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Portfolio Holdings

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Companies doing good

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Leading global contract manufacturer driven by key megatrends of electrification and digital health. Owns world’s largest solar tracking business called Nextracker which has c30% global share.

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Largest folding carton manufacturer in the world which designs and produces innovative, fiber-based packaging solutions that enable it to help customers to reach their sustainability goals underpinned by the shift away from plastic packaging.

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Chart’s vision is to be the global leader in the design, engineering and manufacturing of cryogenic process technologies and equipment for the Nexus of Clean ™ -- clean power, clean water, clean food and clean industrials, regardless of molecule.

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Global industrial technology company striving to create a cleaner, more efficient, electrified and connected world through its broad portfolio of sensors, electrical protection components and sensor-rich solutions.

GFL environmental is the only major diversified environmental services company in North America offering services in solid waste management and liquid waste management. It is expanding its recycling footprint while also developing a renewable natural gas revenue stream on its existing operations.

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World leader in revolutionary semiconductor materials which make the world more connected, more energy efficient and more intelligent. Its products are essential in next generation mobile, vehicle electrification and smart device applications.

Source: Ellerston Capital.

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Companies doing good

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Largest independent provider of out of hospital infusion services in the US. It provides extraordinary care that changes lives through a comprehensive approach to care along every step of the infusion therapy process.

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Top global testing, inspection and certification business (TIC) with approximately 55% of its revenues tied to the BV Green Line. Green line services include renewable energies, sustainable supply chains, green building certification and electrification.

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Operates in a duopoly serving the North American composite decking market which is benefiting from the shift from wood. Azek expects to divert 1 billion pounds of plastics from landfills by the end of 2026 compared with 500 million pounds in 2021.

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From testing to remediation to proactive interventions, Montrose provides comprehensive, environmentally-focused solutions. Approximately 20% of revenues are derived from applications aimed at removing PFAS from our environment.

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Provides reliable, resilient clean energy with solid oxide fuel cells which can also be converted to produce hydrogen. Energy produced from its platform generates lower green house gas and can utilize natural gas, biogas or hydrogen as a fuel source.

Source: Ellerston Capital.

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Morphic Ethical Equities Fund Performance
MEC Share Price vs NTA [1] AUD, weekly, October 2019 – September 2023 Dividend - cents per share per calendar year
1.7
12.0
1.5 10.0
D 10.0
1.3 D
D 8.0
D
6.0
1.1 D D 6.0 5.5
D D
4.0
0.9 2.5
2.0 2.0
Share Price Pre-tax NTA 2.0
0.7
0.0
2018 2019 2020 2021 2022 2023
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Portfolio Performance	FY23	CYTD	1 Year	3 Years (p.a.)	5 Years (p.a.)	Since Inception (p.a.)^
Net	20.94%	15.78%	18.75%	6.94%	6.10%	6.80%
Benchmark*	20.38%	15.64%	20.34%	10.70%	8.92%	10.33%
Alpha	0.56%	0.14%	-1.59%	-3.75%	-2.83%	-3.53%

Key Facts as at 30 June 2023	Key Facts as at 30 June 2023
Pre-tax NTA	$1.1823
Share Price	$1.005
Annual Dividend/Dividend Yield	$0.10/10.0%**
Profit Reserve	47.99 cents
Dividend Coverage	3.43 years***

Source: Ellerston Capital as at 30 September 2023, ASX

Performance is net of investment management fees, before company admin costs and taxes MSCI All Countries World Daily Total Return Net Index ^Inception Date is 3 May 2017 *Indicative. Past performance is not a reliable indication of future performance. *** Before the payment of June dividend

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ESG In Focus

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Sustainable Home
Renovation
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Supply Chain
Sustainability
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Fast Fashion is
about to Slow Down
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Circular Economy
part II
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Plastic pandemic
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Circular Economy
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Questions
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THANK YOU
33 Global Responsible Investors
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Morphic Asset Management

Level 11, 179 Elizabeth St

Sydney 2000 New South Wales Australia

For further enquiries:

Investor Relations Team Phone:+612 9021 7701 Email: info@ellerstoncapital.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. 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.

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