Investor presentation For the six months ended 31 March 2020 - - PowerPoint PPT Presentation

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Nov 18, 2022 303 likes •552 views

Investor presentation For the six months ended 31 March 2020 HIGHLIGHTS AuM MERGER PRODUCT Closing AuM of Post-merger integration is A balanced product range; 9,145m ahead of target 54% being active, high conviction at 31 March 2020

SLIDE 1

Investor presentation

For the six months ended 31 March 2020

SLIDE 2

HIGHLIGHTS

Investor presentation 2

MERGER FUTURE AuM

Closing AuM of

£9,145m

at 31 March 2020 Average AuM of

£9,928

for the six months ended 31 March 2020

PRODUCT

A balanced product range;

54% being active, high conviction single strategy funds, 46% outcome based multi-asset funds

61% of funds

are performing above median since launch/tenure1

COVID-19

Dedicated task force managing the business during COVID-19 All staff are remote working from 16 March 2020 Senior management reduction in salary for six months Post-merger integration is ahead of target One unified product range now established 44 investment professionals split across 16 teams Continued expansion

f the fund range

Closing AuM of

£9,925m

at 30 April 2020

1Source: Premier Miton performance data as at 31 March 2020. See footnote 2 on page 23

SLIDE 3

OVERVIEW OF THE YEAR TO DATE

Investor presentation 3

Product AuM Revenue generation

61% of funds performing above median since tenure Launch of Premier Managed Index Balanced Fund in December 2019 Depth of product mix achieved Eight funds with AuM in excess of £300 million Increased volatility in Q2 arising from COVID-19 Blended net revenue margin of 67.4 bps for the period (2019: 72.3 bps) Continued progress on aligning business models

Product mix (£bn) AuM (£bn) Net management fees (£m / bps)

8% 14% 26% 10% 33%

Fixed income Abolute return European equity Global equity North American equity UK equity Multi-asset (direct) Multi-asset (multi-manager)

6.6 11.5 9.1 9.9

Apr’20 Sept’19 Dec’19 Mar’20

24.0 48.4 33.5

72.4 72.3 67.4

HY19 FY19 HY20 Margin (bps) Net revenues

SLIDE 4

A BALANCED PRODUCT SUITE

Investor presentation 4

Miton

30 September 2019

Premier Miton Group plc

31 March 2020

Premier

30 September 2019

72% 17% 11% 20% 69% 9% 2%

Fixed income Equity Investment trusts Multi-asset Multi-asset Equity Investment trusts

4% 2% 2% 2% 12% 28% 10% 34% 6%

North American equity Fixed income Multi-asset (direct) UK equity Abolute return Global equity Single strategy/investment trust European equity Multi-asset (multi-manager)

As at 31st March 2020, disclosed in fund factsheets

49% 45% 6%

£9.1bn

SLIDE 5

ENHANCED DISTRIBUTION CAPABILITIES AND CLIENT SERVICE

Investor presentation 5

Combination provides broad coverage of intermediary channels

26 full time team headcount at 31 March 2020 Regional sales teams, geographically structured, supported by a telephone sales desk Strong relationships with advisers and wealth managers, effective use of technology and CRM software to identify and stratify client base Limited overlap from the Merger – focused on different intermediary channels including UK advisers, wealth managers and platforms Connect platform launched in March 2020 Supported by targeted marketing and a well-defined brand Premier’s strong profile with financial advisers, nationals, networks and platforms Miton’s presence with wealth managers, financial institutions and multi-managers

SLIDE 6

COMPLETED

31 Dec 19 Core senior roles and reporting lines completed Integration planning completed and target

perating model defined

9 Apr 20 New dividend policy announced 1 May 20 All staff migrated to a single employing entity

POST-MERGER INTEGRATION IS AHEAD OF TARGET

Investor presentation 6 14 Nov 19 Board structure completed Integration Committee established 1 Mar 20 COVID-19 Response Committee established Central and head office functions amalgamated Rationalisation of existing office space commenced 14 May 20 Alison Fleming joined the Board as Non- Executive Director

PLANNED

By Mar 2021 Prepare responsible investing processes for PRI submission in March 2021 Set carbon reduction target for the enlarged Group By Dec 2020 Continued rationalisation of existing

ffice space

By Dec 2020 Harmonisation of operating models By Dec 2020 Fund names aligned across product range 14 Nov 19 Completion of merger between Premier Asset Management Group plc and Miton Group plc New branding launched as Premier Miton Investors 24 Apr 20 All fund management activities moved to a single entity, Premier Fund Managers Limited Central dealing desk established to service all funds Bloomberg AIM portfolio order management systems combined into a single instance

SLIDE 7

Harmonisation of operating models (alignment of third party service providers and IT systems, as well as consolidation of

perations functions)

SYNERGIES OFFER VALUE UPSIDE

Investor presentation 7

45% 35% 20%

We expect recurring run-rate pre-tax cost synergies

f approximately £7m per annum

Rationalisation of central and head

ffice functions where there are

economies

f scale

These will be achieved three years after completion of the Merger at a total non-recurring cost of £10m £3m incurred YTD

Elimination of duplication in staff roles, whilst retaining the best of both franchises

Year 3 run-rate savings

SLIDE 8

INVESTMENT PERFORMANCE

Investor presentation 8

19% 28% 12% 42% 15% 12% 21% 53% 34% 27% 20% 18%

1st 2nd 3rd 4th

tal number of funds

43 T

tal number of funds

34 T

tal number of funds

44 1yr 3yrs Since launch/ tenure Quartiles

Source: Premier Miton performance data as at 31 March 2020. See footnote 2 on page 23

SLIDE 9

FUND FLOWS

Investor presentation 9

(89) 41 75 (87) (118) (207) (70) (145) (35) Q4 2019 Q1 2020 Q2 2020

Fixed income funds Equity funds Multi-asset funds

6.6

9.1 4.7 Opening 01.10.19 Merger Net flows Closing 31.3.20 (0.4) (1.7) Market

AuM YTD (£bn) Net flows by quarter (£m)

Net outflows during a difficult period for UK based investors (Brexit, general election, COVID-19) – Net outflows as a percentage of closing AuM for the period was 4.3% Merger provides a better balanced business going forward Platform for growth Positive momentum behind high active share single strategy funds Outflows from fixed income driven by redemptions from TAR sector (worst selling IA sector over 12 months to 31 March 2020) Pick up in redemptions from multi-manager funds Strong performance from diversified and macro thematic ranges Launch of Premier Managed Index Balanced Fund Launch of Connect platform: No-cost online portal for advisers to buy and hold Premier multi-asset funds Adviser use of CIPs continues to grow Broad multi-asset product range available at different price points for the adviser market

SLIDE 10

WE AIM TO ALLOW THE BEST IDEAS FROM BOTH BUSINESSES TO FLOURISH AND DELIVER FOR OUR CLIENTS

Investor presentation 10 10

LF Miton European Opportunities Fund as at 31.03.2020

£1,052m | ~51 holdings

p 10 holdings

FTSE World Europe ex UK Index

ASML Holding 3.6%

FinecoBank Banca Fineco 3.4%

Vestas 3.0%

HomeServe 3.0%

Soltec 2.8%

Adevinta 2.8%

Philips 2.7%

Wirecard 2.6%

Temenos 2.5%

Sika 2.5% 28.9%

Nestle 5.7%

Roche Holding AG 4.3%

Novartis 3.3%

ASML Holding 2.1%

SAP 2.1%

Novo Nordisk 1.9%

Lvmh Moet Hennessey 1.9%

Sanofi 1.9%

Total SA 1.7%

Allianz 1.3% 26.2% Cumulative performance % Risk metrics since launch

1 year 2 years 3 years Since launch* Sharpe Sortino Volatility

LF Miton European Opportunities

6.7 17.4 36.5 87.9 0.87 0.77 16.5

IA Europe ex UK sector average

9.4
10.5
5.4

22.7 0.24 0.21 15.1

FTSE World Europe ex UK index

33.9 0.34 0.30 16.1

Rank in sector

3/121 1/110 2/117 1/105 1/105 1/105 83/105

Quartile

1 1 1 1 1 1 4 Cumulative performance % Risk metrics since launch

1 year 2 years 3 years Since launch* Sharpe Sortino Volatility

Premier UK Growth

10.7
4.2
0.4
7.0
0.01
0.14

19.64

FTSE All-Share

18.5
13.3
12.2
16.8
0.02
0.41

17.76

Rank in sector

30/250 23/246 25/241 23/244

0.02
0.46

17.45

Quartile

1 1 1 1 1 1 3

p 10 holdings

Frontier Developments 3.8%

Hikma Pharamaceauticals 3.5%

Sumo Group 3.4%

Rio Tinto 3.2%

IG Group Holdings 3.2%

Sirius Real Estate 3.1%

B&M European Value Retail 3.1%

Glaxosmithkline 3.0%

Games Workshop Group 3.0%

Just Eat Takeaway 2.9% 32%

FTSE All-Share

Astrazeneca plc 5.4%

HSBC Holdings 5.2%

Glaxosmithkline 4.2%

BP plc 3.9%

British American Tobacco 3.6%

Diageo plc 3.4%

Royal Dutch Shell (A) 3.3%

Royal Dutch Shell (B) 2.9%

Unilever 2.5%

Rio Tinto 2.3% 37%

Premier UK Growth Fund as at 31.03.2020

£104m | ~ 51 holdings

Source: Bloomberg, Premier Miton performance data, factsheets, as at 31 March 2020. *See footnote 2 on page 23

SLIDE 11

Results

SLIDE 12

INCOME STATEMENT

Investor presentation 12 12

AuM increased by 39% on the opening position for the period Merger with Miton on 14 November 2019 added £4.7bn in AuM Net outflows of £389m in the period (2019 HY: £67m net inflows) AuM at 30 April 2020 was £9.9bn As expected, net management fee margin reduced to 67.4bps (2019 HY: 72.4bps) reflecting the post merger contribution of the Miton product range (which is reported after the deduction of associated Authorised Corporate Director (‘ACD’) and fund accounting fees) The audited 2019 net management fee margin for the stand alone Miton group was 60.6bps Administration expenses increased by £6.5m, see page 14 Amortisation includes £1.3m charge relating to the intangible assets recognised from the merger totaling £24.1m The share-based payment charge reflects a full six month charge for the awards issued in the previous year Exceptional costs detailed on page 13

Unaudited six months 31 Mar 2020 Unaudited six months 31 Mar 2019 Audited year to 30 Sept 2019

Average AuM (£m)

9,928 6,643 6,695

Closing AuM (£m)

9,145 6,793 6,556

Net revenue

33.4 24.0 48.6

Net management fee margin (bps)

67.4 72.4 72.3

Administration expenses

(21.3) (14.8) (29.6)

Adjusted PBTA

12.2 9.3 19.0

Amortisation

(2.1) (0.8) (1.5)

Exceptional costs

(3.1) (0.3) (1.2)

Share-based payments

(1.6) (1.0) (2.6)

Profit before tax

5.3 7.2 13.7

SLIDE 13

5% 51% 16% 28%

EXCEPTIONAL COSTS

Investor presentation 13 13

Other Merger - professional fees Merger - employment restructuring Merger - integration costs

Exceptional costs in the period: £3.1m

Merger - Professional fees £1.6m Representing corporate finance advisory, legal and accounting fees associated with the merger of Premier Group plc and Miton Group plc Merger – Employment restructuring £0.9m Representing redundancy and associated legal costs arising from the removal of duplicated staff roles and rationalisation of the Board Merger – Integration costs £0.5m £0.36m of corporate re-branding costs along with merger related project management costs Other £0.1m i) One-off costs associated with the launch of a new product ii) Developments costs related to external consultants testing the Connect platform prior to its launch in March 2020

SLIDE 14

COST BASE

Investor presentation 14 14

Administration expenses (excl. share-based payments) (£m)

6.4 8.4 3.2 3.9 5.0 8.3 HY2019 0.6

21.3

HY2020

14.8

Personnel - Fixed Personnel - Variable Overheads &

ther costs

Depreciation

PBTA margin (adjusted) 38.8% 36.5% FTE staff (closing) 100 143

Administration expenses increased by 43% to £21.3m This included £5.2m of Miton related costs post merger Core elements of the residual increase of £1.3m are: – £0.4m increase in base salaries and ERs NI on the first vesting of nil cost option awards in the period; – £0.25m increase in regulatory costs being the recognition of FSCS levy under administration rather than as an exceptional item; and – £0.15m in increased depreciation arising from the development costs for the Connect platform The largest expense for both business pre merger and as a combined Group continues to be staff costs, representing 57% of total administration costs (2019 HY: 55%)

SLIDE 15

BALANCE SHEET

Investor presentation 15 15 £m

Unaudited Unaudited Audited 31 Mar 2020 31 Mar 2019 30 Sept 2019

Non-current assets Goodwill

71.5 15.6 15.6

Intangible assets

34.1 12.7 11.9

Other investments

0.1

Property and equipment

2.7 1.1 0.9

Right-of-use assets

2.8

Deferred tax asset

0.8 0.3 1.1

Trade and other receivables

0.2

112.1

29.7 29.5

Current assets Financial assets at FVTPL

1.6 4.9 0.8

Trade and other receivables

67.0 63.9 49.0

Cash and cash equivalents

29.2 15.3 20.7 97.8 84.1 70.6

Total assets

209.9 113.8 100.1

Current liabilities Trade and other payables

(75.9) (69.3) (54.8)

Lease liabilities

(0.8)

(76.7)

(69.3) (54.8)

Non-current liabilities Provisions

(0.4)

Deferred tax liability

(4.1)

Lease liabilities

(2.5)

Total liabilities

(83.7) (69.3) (54.8)

Net assets

126.2 44.5 45.3

Equity Share capital

0.1 0.1 0.1

Merger reserve

94.3

Own shares held by an EBT

(14.6) (4.0) (6.9)

Capital redemption reserve

4.5 4.5 4.5

Retained earnings

41.9 43.9 47.6

Total equity shareholders’ funds

126.2 44.5 45.3

Goodwill: has increased due to merger Intangible assets: IMAs recognized on merger and amortised over 7 years Property & Equipment: £1.5m recognized on launch of the Connect platform and depreciated over 5 years. Right-of-use assets (and lease liabilities): arising due to adoption of IFRS 16 and the recognition of on-balance sheet leases Financial assets FVTPL: seed investments in funds Provisions: dilapidation on London office DTL: recognised on IMA’s arising from merger Merger reserve: arising from all share merger with Miton Group Plc Employee Benefit Trusts: recognition of Miton’s EBT and

wn shares held at date of merger

SLIDE 16

DIVIDEND

Investor presentation 16 16

1.1

£7.7m £11.7m Former Miton shareholders Premier Miton Group

2.6 8.0

2019 final interim Special (paid on 28 Nov 2019 to unit holders of Miton Group plc) 1st interim 2nd interim (declared)

On a pro forma basis, £19.4m was paid/declared as dividends during the period

Second interim

– 0.75p per share payable on 29 May 2020 – Quantum reflects prudent approach to cash management

Dividend policy

– Pay-out of approximately 50 to 65% of profit after tax, adjusted for exceptional costs, share-based payments and amortisation.

Dividend frequency

– The Group will distribute on a twice-yearly basis, in line with its reporting calendar Dividends paid/declared to unitholders since completion of merger on 14 November 2019 (£m)

SLIDE 17

SUMMARY

Investor presentation 17 17

01

Enhanced ability to attract and retain top talent

02

More robust balance sheet

03

Scalable platform for growth

04

Merger and associated synergy realisation on track

05

The Group continues to work remotely during COVID-19 All systems operating as usual

06

AuM at 30 April 2020 was £9.9bn Positive net inflows of £19m in April

07

Ready to capitalise on

pportunities for growth

SLIDE 18

Appendices

SLIDE 19

PREMIER MITON AT A GLANCE

Investor presentation 19 19

£9.1bn

AuM

as at 31 March 2020

ASSETS UNDER MANAGEMENT RESULTS & PROFITABILITY

£9.9bn

AuM

as at 30 April 2020

PRODUCT & PERFORMANCE

46

products managed at 31 March 2020

8

funds at 31 March 2020 with AuM greater than £300m

61.4%

f funds and investment

trusts are first or second quartile performance since launch/tenure1

£12.2m

Adjusted profit before tax and amortisation for 6 months to 31 March 2020

£29.3m

f total cash at

31 March 2020

7.29p

Adjusted EPS (basic)

1 See footnote 2 on page 23

SLIDE 20

Investment can make a sizeable difference to individual lives

PREMIER MITON PERSONALITY

Investor presentation 20 20

DELIVERING STRONG CUSTOMER OUTCOMES THROUGH CLEAR, STRAIGHTFORWARD PRODUCTS; POWERED BY ACTIVE INDEPENDENT MINDS

DEDICATED TO CLIENTS WE CARE OUR BRIGHT MINDS DON’T THINK ALIKE PASSIONATE ABOUT MARKETS

We aim to deliver durable returns over the long-term We are dedicated to managing

ur clients’ money

We don’t have a “house” view

SLIDE 21

OUR SINGLE STRATEGY FUNDS ARE GENUINELY ACTIVE

Investor presentation 21 21

97 95 95 94 93 88 87 84 83 82 82 79 79 79 68 66 LF Miton US Smaller Companies LF Miton UK Smaller Companies Premier Global Infrastructure Income LF Miton European Opportunities LF Miton UK Value Opportunities LF Miton US Opportunities Premier Global Alpha Growth Premier Global Optimum Income LF Miton UK Multi Cap Income Premier Ethical Premier UK Growth Premier Monthly Income Premier Income Premier Optimum Income LF Miton Global Infrastructure Income FP Miton Income

Active share* of open-ended single strategy funds^ at 31 March 2020 (%)

*Active share is define as the fraction of portfolio holdings, per fund, that deviates from the benchmark index. ^Excludes Premier Pan European Property Share Fund with index GPR 250 Europe Capped Index – (GBP-HEDGED).

Source: Premier Miton performance data as at 31 March 2020 using appropriate benchmark per fund.

SLIDE 22

PRODUCT RANGE – SINGLE STRATEGY AND FIXED INCOME

Investor presentation 22 22

Strategy AuM 31 Mar 2019 £m AuM 30 Sept 2019 £m AuM 14 Nov 2019 £m AuM 31 Mar 2020 £m Equity Funds LF Miton UK Multi Cap Income Fund 1,067 756 LF Miton UK Smaller Companies Fund 71 35 LF Miton US Opportunities Fund 650 576 LF Miton US Smaller Companies Fund 136 125 LF Miton UK Value Opportunities Fund 417 326 LF Miton European Opportunities Fund 811 1,052 LF Miton Global Infrastructure Income Fund 35 30 LF Miton Worldwide Opportunities Fund 56 43 FP Miton Income Fund 165 123 Premier Income Fund 347 302 294 197 Premier Monthly Income Fund 208 190 192 130 Premier Optimum Income Fund 105 96 97 63 Premier Ethical Fund 158 146 150 121 Premier UK Growth Fund 118 121 125 105 Premier Pan European Property Share Fund 272 262 280 218 Premier Global Alpha Growth Fund 111 107 107 82 Premier Global Infrastructure Income Fund 69 66 65 50 Premier Global Optimum Income Fund 21 22 22 18 1,409 1,312 4,740 4,050 Fixed Income Funds Premier Corporate Bond Monthly Income Fund 48 48 47 44 Premier UK Money Market Fund1 263 215 226 192 Premier Defensive Growth 373 312 257 147 685 575 531 383 Investment Trusts The Diverse Income Trust Plc 355 293 Miton Global Opportunities Plc 76 57 Miton UK Microcap Trust Plc 68 57 Acorn Income Fund Limited 98 96 98 76 Premier Global Infrastructure Trust plc 52 54 54 47 150 150 652 531 Segregated Mandates MI Select Managers UK Equity Fund .6 .0 Sentinel Universal Portfolio 86 95 99 89 Sentinel Defensive Portfolio 73 159 95 100 89 Fund Manager(s) Year of launch/ tenure Quartile performance from launch/ tenure Gervais Williams/Martin Turner 2011 1 Gervais Williams/Martin Turner 2012 4 Nick Ford/ Hugh Grieves 2013 2 Nick Ford/ Hugh Grieves 2018 1 Andrew Jackson 2016 1 Carlos Moreno/Thomas Brown 2015 1 Jim Wright 2017 2 Nick Greenwood 2003 3 Eric Moore 2011 2 Chris White 2010 3 Chris White 2010 2 Chris White/Geoff Kirk 2017 4 Jon Hudson/Benji Dawes 2019 1 Jon Hudson/Benji Dawes 2017 1 Alex Ross 2005 n/a Duncan Goodwin 2020 2 James Smith/Claire Long 2012 3 Duncan Goodwin/Geoff Kirk 2020 1 Chun Lee 2016 4 Chun Lee/Hoy Wan 2019 4 Robin Willis/Daniel Hughes 2019 n/a Gervais Williams/Martin Turner 2011 2 Nick Greenwood 2003 4 Gervais Williams/Martin Turner 2015 3 Moon/Mackersie/Lee/Willis 1999 1 James Smith/Claire Long 2012 3 Multi-asset Team 2013 2

SLIDE 23

PRODUCT RANGE – MULTI-ASSET

Investor presentation 23 23 Strategy AuM 31 Mar 2019 £m AuM 30 Sept 2019 £m AuM 14 Nov 2019 £m AuM 31 Mar 2020 £m Multi-asset funds LF Miton Cautious Multi-Asset Fund 475 400 LF Miton Defensive Multi Asset Fund 58 52 LF Miton Balanced Multi Asset Fund 2 1 MI Miton Cautious Monthly Income Fund1 262 202 Premier Multi-Asset Absolute Return Fund 250 207 191 162 Premier Multi-Asset Conservative Growth Fund 130 131 130 111 Premier Multi-Asset Monthly Income Fund 722 737 731 579 Premier Multi-Asset Distribution Fund 1,460 1,517 1,513 1,184 Premier Multi-Asset Growth & Income Fund 899 885 863 658 Premier Multi-Asset Global Growth Fund 205 202 200 150 Premier Liberation No. IV Fund 151 154 152 120 Premier Liberation No. V Fund 174 179 178 141 Premier Liberation No. VI Fund 102 103 101 74 Premier Liberation No. VII Fund 40 41 40 30 Premier Diversified Growth Fund 173 180 184 154 Premier Diversified Income Fund 32 33 34 27 Premier Diversified Balanced Growth Fund 15 16 16 14 Premier Diversified Cautious Growth Fund 15 17 17 15 Premier Diversified Dynamic Growth Fund 18 19 19 15 Premier Managed Indexed Balanced Fund 1 Premier Portfolio Management Service 4 2 4 2 4,390 4,423 5,168 4,092 Total AuM 6,793 6,556 11,191 9,145 Fund manager(s) Year of launch/ tenture Quartlie performance from launch/ tenure David Jane/Anthony Rayner 2014 2 David Jane/Anthony Rayner 2014 1 David Jane/Anthony Rayner 2018 4 David Jane/Anthony Rayner 2011 3 Multi-asset team 2009 n/a Multi-asset team 2010 4 Multi-asset team 2009 1 Multi-asset team 1999 4 Multi-asset team 2010 1 Multi-asset team 2012 1 Multi-asset team 2012 1 Multi-asset team 2012 1 Multi-asset team 2012 3 Multi-asset team 2012 3 Neil Birrell 2013 1 Neil Birrell 2017 2 Neil Birrell 2019 3 Neil Birrell 2019 2 Neil Birrell 2019 2 Wayne Nutland 2019 2 PPMS Investment Committee

1Denotes a unit trust. 2The quartile performance rankings are based on Investment Association sector classifications, with data sourced from FE Analytics in GBP using Class B Shares, net income reinvested, mid to mid basis for OEIC funds and bid

to bid for FP Miton Income and MI Miton Cautious Monthly Income funds. Performance for investment trusts is calculated on Net Asset Value (‘NAV’), ranked against the relevant Morningstar category for each investment trust, and is sourced from Morningstar Direct. Performance for Miton Global Opportunities plc is quoted over ten years. All data is as at 30 June 2019 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s).

SLIDE 24

DISCLAIMER

Investor presentation 24 24

This Presentation is strictly private and confidential, may not be distributed to any person other than the direct recipient and may not be copied, re-produced, discussed, published, quoted or referenced, in any form, in whole or in part, for any purpose whatsoever, without the prior written consent of Premier Miton Group plc (’Premier Miton’). Any distribution or reproduction of this Presentation in whole or in part is unauthorised. Failure to comply with this restriction may constitute a violation of applicable laws. This Presentation is not intended to provide, and should not be construed as, or relied upon for, legal, tax, financial, business, regulatory or investment advice, nor does it contain a recommendation regarding any particular course of action. The merits or suitability of any options described in this Presentation must be independently determined by the recipient on the basis of its own investigation and evaluation. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related implications. Recipients of this presentation are advised to seek expert advice before making any decision. The Presentation is provided for general information only and does not purport to contain all the information that may be required to evaluate the options described herein. The information and opinions contained in this Presentation are provided as at the date of this Presentation. Save in the case of fraud, no liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this Presentation is accepted and no representation, warranty or undertaking, express or implied, is or will be made by Premier Miton, any person acting for it or on its behalf, or any of its affiliates or its or their respective directors, officers, employees, advisers, representatives or other agents for any information or any of the opinions contained herein or for any errors, omissions or misstatements. No such person makes or has been authorised to make any representation or warranties (express or implied) in relation to Premier Miton or as to the truth, accuracy or completeness of this Presentation. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation as to the future. Premier Miton does not believe (as at the date of production of this Presentation) that the information contained in this Presentation is inside information for the purposes of Part V of the Criminal Justice Act 1993 or the EU Market Abuse Regulation (’Relevant Legislation’). Recipients of this Presentation should conduct their own analysis as to the status of the information in this Presentation in the context of the Relevant Legislation and, where necessary, should seek their own legal advice. Premier Miton does not accept any responsibility or liability for any acts or omissions by any person in reliance on Premier Miton’s evaluation of the status of the information in this Presentation in the context of the Relevant Legislation. The information provided in relation to the investment funds in this presentation is as at 31 March 2020 unless otherwise stated. The value of investments and any income will fluctuate and investors may not get back the full amount invested. Past performance is not a guide to future returns. Premier Miton Group plc includes the following companies that are regulated by the Financial Conduct Authority: Premier Portfolio Managers Limited (FRM 122067), Premier Fund Managers Limited (FRN 143097), Miton Asset Management Limited (FRN 115241) and Miton Trust Managers Limited (FRN 220241). The Registered Office for Premier Miton Group plc (Co House No. 06306664), Premier Portfolio Managers Limited (Co House No. 01235867) and Premier Fund Managers Limited (Co House No. 02274227) is Eastgate Court, High Street, Guildford, Surrey GU1 3DE. The registered office for Miton Asset Management Limited (Co House No.1949322) and Miton Trust Managers Limited (Co House No. 4569694) is 6th Floor, Paternoster House, 65 St Paul's Churchyard, London, EC4M 8AB.