[PPT] - MERIAN GLOBAL EQUITY FUND www.merian.com FOR PROFESSIONAL PowerPoint Presentation

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The art and science of investingTM

www.merian.com

MERIAN GLOBAL EQUITY FUND

FOR PROFESSIONAL INVESTORS ONLY

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PRODUCT

MERIAN GLOBAL EQUITY FUND

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 ‘A style for all seasons’ – flexible approach with no style bias  Great diversifier – genuinely uncorrelated with peers  Large opportunity set – underscored by a demonstrably repeatable, dispassionate process  Excellent track record

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed.

REASONS TO BE DIFFERENT

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: Bloomberg, as at 31/07/2018.

MARKETS RISE AND FALL AGAINST DIFFERENT DRIVERS

MSCI WORLD EQUITY INDEX (USD)

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500 1000 1500 2000 2500 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

TECHNOLOGY FINANCIALS EMERGING MARKETS DOMESTIC RECOVERY

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CORRELATION

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

The figures show the absolute correlation of alpha (excess returns over the peer group) generated by the Merian Global Equity Fund and the five highest AUM active funds (with a base currency of US$ and a three year track record) in its sector. The returns were measured month by month between July 2015 and July 2018.

Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Merian Global Equity Fund

0.12

0.05

0.25

0.34

0.19

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: Morningstar via Factset. MGI as at 31/07/2018. 08_18_0018

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Active Risk 3 - 4% Sector +/- 5% relative to benchmark Industry +/- 5% relative to benchmark Stock +/- 0.5% relative to benchmark

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed.

INVESTMENT PARAMETERS

MAJOR PORTFOLIO CONSTRAINTS

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TEAM

MERIAN GLOBAL EQUITY FUND

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MGI’S GLOBAL EQUITIES TEAM

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DR IAN HESLOP

HEAD OF GLOBAL EQUITIES

Ian joined the company in 2000 and is head of global

equities. Ian boasts more than 20 years of investment
experience. He holds an MA in chemistry from the University
f Oxford and a PhD in medicinal chemistry, University of
Edinburgh. He is an associate of the Society of Investment

Professionals.

DR AMADEO ALENTORN, CFA

FUND MANAGER & HEAD OF RESEARCH

Amadeo joined the business in 2005. Prior to joining the company, he developed simulation models for systemic and liquidity risk for the Financial Stability Group at the Bank

f England. He holds a BEng in robotics from the University
f Plymouth, an MSc in computer science, and a PhD in

computational finance from the University of Essex. He is a CFA charterholder.

MIKE SERVENT

FUND MANAGER & HEAD OF SYSTEMS

Mike joined the company in 2004. He joined from Barra International where he was a senior consultant specialising in the implementation of multi asset-class risk systems. Prior to this he spent five years with COR Risk Solutions. Mike has an MA in physics from the University of Oxford.

SUPPORTED BY A DEDICATED TEAM

JUSTIN WELLS

STRATEGIST Over 13 years of industry experience

DR YUANGAO LIU, CFA

SENIOR ANALYST Over 9 years of industry experience

MATUS MRAZIK

SENIOR ANALYST Over 8 years of industry experience

SEAN STOREY

SENIOR QUANTITATIVE DEVELOPER Over 18 years of industry experience

Managing over US$20 billion of hedge and long only global equity funds* Fund managers have worked together for over 13 years

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI as at 31/07/2018.

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ADVISORY BOARD

External team of leading academic experts, with in-depth specialist knowledge in fields including finance, investing, accounting, macroeconomics and statistics. They enhance our internal research capabilities by:  Conducting bespoke research projects  Updates on the latest academic advances  Contributing ideas on new insight and analysis  Being part of the change control process

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EXTERNAL RESEARCH

STRONG LINKS WITH LEADING ACADEMICS ENHANCE OUR RESEARCH CAPABILITIES

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DR IAN MARSH

PROFESSOR OF FINANCE CASS BUSINESS SCHOOL, CITY UNIVERSITY

DR STEVE SATCHELL

FELLOW OF TRINITY COLLEGE UNIVERSITY OF CAMBRIDGE

DR MARK SALMON

PROFESSOR OF FINANCE UNIVERSITY OF CAMBRIDGE

DR PETER POPE

PROFESSOR OF ACCOUNTING LONDON SCHOOL OF ECONOMICS

VIRTUAL LABORATORY

External team of postgraduate researchers sponsored by us to work on short term projects of mutual interest. The key contribution is research that is more ‘blue sky’ and cutting edge. Areas of expertise include exchange rate modelling and forecasting, credit risk modelling and applied financial econometrics. Focuses on both empirical and theoretical aspects of econometrics, finance, risk measurement and utility theory. Current research interests lie in financial econometrics, behavioural finance and aspects of international macroeconomics. Has researched and published extensively in the areas of capital markets, financial reporting and international equity valuation.

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MGI’S GLOBAL EQUITIES TEAM

AWARDS & RATINGS

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NORTH AMERICAN EQUITY FUND GLOBAL EQUITY INCOME FUND WORLD EQUITY FUND GLOBAL EQUITY FUND NORTH AMERICAN EQUITY FUND (IRL) ASIA PACIFIC FUND

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI as at 31/07/2018. Awards and ratings shown are for Merian’s global equities’ team and its funds.

GLOBAL EQUITY ABSOLUTE RETURN FUND

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PROCESS

MERIAN GLOBAL EQUITY FUND

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INVESTMENT PROCESS

STOCK SELECTION CRITERIA

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DYNAMIC VALUATION SUSTAINABLE GROWTH ANALYST SENTIMENT MARKET DYNAMICS COMPANY MANAGEMENT

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STOCK LEVEL  Large opportunity set ~ 5,800 global stocks  Rigorous implementation of clear, intuitive investment insights  Analysis using five tried and tested stock selection criteria spanning multiple economic cycles  Downside risk mitigated by controlling unwanted exposures MARKET LEVEL  Complementary stock selection criteria provides diversified alpha sources  Dynamic weighting of those criteria based on expected payoffs in prevailing market environment PORTFOLIO RISK MANAGEMENT  Efficient, constrained, risk controlled portfolio construction  In-built volatility control and downside risk mitigation  Correlation management to further control risk

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INVESTMENT PROCESS & PORTFOLIO CONSTRUCTION

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PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT FRAMEWORK MARKET ENVIRONMENT IDENTIFICATION STOCK SELECTION CHARACTERISTICS

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 Attractive valuations considering both historic and forecast information  Trade off between paying dividends or future growth  Incorporating quality to reduce the downside risk of value investing  Difference between mispricing and risk  Impact of market risk appetite on returns to value

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STOCK SELECTION CRITERIA

DYNAMIC VALUATION

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PROTECTION FROM VALUE DRAWDOWNS DURING PERIODS OF HIGH RISK AVERSION

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI. Performance of market neutral quintile value portfolio in North America from August 1981 to December 2016.

DYNAMIC VALUATION

CYCLICALITY OF VALUE RETURNS

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Dynamic valuation Price to book

Cumulative log returns

0.8 8

1981 1984 1987 1990 1993 1996 1999 2002 2004 2007 2010 2013 2016 20 3 1 Return p.a. Risk p.a. Sharpe Sortino Dynamic valuation 8.6% 7.9% 1.1 2.4 Price to book 3.1% 15.0% 0.2 0.4

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 Strong but stable growth characteristics  Considering both historic and expected growth rates  Expectations likely to be fulfilled  Avoidance of ‘one hit wonders’  Protection from downturns in economic growth cycles

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STOCK SELECTION CRITERIA

SUSTAINABLE GROWTH

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 Changes in analyst forecasts contain price sensitive information  Capture market under/over reaction to analyst revisions  Incorporate asymmetric behaviour of analysts and markets  Market reaction will vary according to company characteristics

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STOCK SELECTION CRITERIA

ANALYST SENTIMENT

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 Evidence of strong company management teams making good capital investment decisions  Efficient use of capital  Signalling effect of dividends and share buybacks  Impact of balance sheet bloat/empire building  Implications of acquired vs organic growth

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STOCK SELECTION CRITERIA

COMPANY MANAGEMENT

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 Price driven information to identify trends  Independent stock and industry information  Looking for stable trends likely to persist  Avoiding bubbles by looking for trends with fundamental support  Accounting for unintended biases in trends

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STOCK SELECTION CRITERIA

MARKET DYNAMICS

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DYNAMIC VALUATION turned positive in 2010 as earnings expectations were not fully incorporated into its price SUSTAINABLE GROWTH improved as the stock’s historic growth characteristics looked sustainable into the future ANALYST SENTIMENT was broadly positive

ver the period as market under-reacted

to analyst forecasts COMPANY MANAGEMENT was positive but moving towards neutral due to recent acquisitions MARKET DYNAMICS was positive as manufacturing benefited from the global economic recovery Overall, there was wide support for

pening a long position in April 2010, and

after profiting from a strong rally, this position was closed as the company was then fairly priced STOCK PERFORMANCE (%) STOCK CHARACTERISTICS (%)

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI.

STOCK EXAMPLE

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Open long position Close long position

80% 60% 40% 20% 0%

20%

NEGATIVE POSITIVE POSITIVE NEUTRAL

Dynamic valuation Sustainable growth Analyst Sentiment Company mgmt. Market dynamics Overall

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 A market proxy to assess the market environment in real time  Identify current market environment on sentiment/risk spectrum  Analyse expectations of the five stock selection criteria, given the current market environment  Tilt weightings to criteria accordingly PROPRIETARY ANALYSIS TO ASSESS THE MARKET ENVIRONMENT HISTORIC MONTHLY MARKET ENVIRONMENTS SINCE JANUARY 1990

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MARKET ENVIRONMENT

SENTIMENT/RISK SPECTRUM

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PESSIMISTIC NEUTRAL OPTIMISTIC HIGH RISK MEDIUM RISK LOW RISK

RISK ENVIRONMENT MARKET SENTIMENT

QUANTITATIVE EASING START OF ABENOMICS LEHMAN DOT COM BUST

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PERFORMANCE

MERIAN GLOBAL EQUITY FUND

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EXCESS RETURNS OF OLD MUTUAL GLOBAL EQUITY FUND

ANNUALISED RETURN (% PER ANNUM) IN EXCESS OF THE BENCHMARK* FOR HOLDING PERIODS OF AT LEAST THREE YEARS, NET OF FEES (R GBP ACC SHARE CLASS)

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: Old Mutual Global Investors as at 30/06/2018. Performance of the Old Mutual Global Equity Fund (R GBP Acc) is net of fees and the table shows annualised returns in excess

f the benchmark. * Benchmark is the MSCI World Index. The chart is based on monthly observations for a minimum holding period above 3 years; data is displayed quarterly.

07_18_0028 Date of investment Date of redemption

DISTRIBUTION OF ANNUALISED EXCESS RETURNS percentage of observations

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0-3%p.a. 3-4%p.a. 4-5%p.a. 5-6%p.a. 6-7%p.a. >7% Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Jun-18 4.16 4.40 4.55 4.47 4.88 5.05 4.51 4.65 4.66 4.62 5.16 4.93 5.94 5.46 5.74 4.80 4.42 3.87 3.77 3.56 3.87 4.01 3.60 3.16 3.41 Mar-18 4.04 4.28 4.43 4.35 4.77 4.94 4.38 4.51 4.52 4.48 5.03 4.78 5.82 5.32 5.60 4.62 4.22 3.63 3.51 3.27 3.58 3.71 3.25 2.75 Dec-17 4.13 4.39 4.54 4.46 4.90 5.08 4.50 4.65 4.66 4.63 5.21 4.96 6.07 5.55 5.86 4.82 4.40 3.78 3.66 3.41 3.75 3.91 3.42 Sep-17 4.21 4.47 4.63 4.54 5.01 5.20 4.60 4.76 4.77 4.75 5.36 5.10 6.28 5.74 6.08 4.99 4.56 3.91 3.79 3.53 3.91 4.09 Jun-17 4.13 4.39 4.56 4.47 4.95 5.14 4.52 4.68 4.69 4.66 5.30 5.03 6.26 5.69 6.04 4.89 4.42 3.72 3.58 3.28 3.67 Mar-17 4.33 4.61 4.79 4.70 5.22 5.43 4.78 4.96 4.99 4.97 5.67 5.39 6.72 6.15 6.55 5.33 4.86 4.13 4.01 3.72 Dec-16 4.29 4.58 4.77 4.67 5.21 5.42 4.76 4.94 4.97 4.95 5.68 5.39 6.79 6.18 6.62 5.33 4.82 4.03 3.89 Sep-16 3.87 4.16 4.33 4.23 4.75 4.96 4.25 4.42 4.42 4.36 5.09 4.76 6.18 5.50 5.91 4.52 3.92 3.00 Jun-16 3.55 3.84 4.01 3.89 4.40 4.60 3.86 4.02 4.00 3.90 4.63 4.27 5.72 4.98 5.37 3.88 3.18 Mar-16 4.18 4.49 4.69 4.59 5.17 5.41 4.67 4.87 4.90 4.88 5.70 5.37 7.00 6.30 6.83 5.28 Dec-15 4.47 4.80 5.02 4.92 5.56 5.83 5.06 5.29 5.34 5.37 6.28 5.95 7.77 7.07 7.71 Sep-15 4.25 4.58 4.80 4.69 5.34 5.60 4.80 5.02 5.06 5.06 6.00 5.64 7.54 6.77 Jun-15 4.54 4.90 5.14 5.04 5.76 6.06 5.21 5.48 5.56 5.61 6.67 6.31 8.50 Mar-15 4.75 5.14 5.42 5.31 6.10 6.45 5.55 5.86 5.97 6.07 7.29 6.93 Dec-14 4.52 4.92 5.20 5.08 5.89 6.24 5.28 5.60 5.69 5.77 7.04 Sep-14 4.27 4.68 4.96 4.83 5.65 6.01 4.99 5.30 5.38 5.41 Jun-14 4.40 4.83 5.13 5.00 5.90 6.29 5.21 5.57 5.68 Mar-14 4.71 5.17 5.51 5.39 6.39 6.84 5.71 6.13 Dec-13 4.56 5.05 5.40 5.27 6.33 6.82 5.59 Sep-13 4.49 5.01 5.38 5.23 6.37 6.89 Jun-13 3.83 4.36 4.71 4.52 5.66 Mar-13 3.25 3.80 4.14 3.90 Dec-12 1.78 2.31 2.54 Sep-12 1.93 2.50 Jun-12 0.74

DISTRIBUTION OF ANNUALISED EXCESS RETURNS

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0-3%p.a. 3-4%p.a. 4-5%p.a. 5-6%p.a. 6-7%p.a. >7%

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PERFORMANCE (%) CALENDAR PERFORMANCE

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PERFORMANCE GBP

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

Period Fund % Benchmark % Quartile rank 1 yr 15.6 12.1 1 2 yrs 43.5 32.4 1 3 yrs 78.9 65.9 1 5 yrs* 129.3 93.7 1 Year Fund % Benchmark % Quartile rank YTD 11.0 9.1 1 2017 14.8 11.8 2 2016 31.2 28.2 1 2015 9.1 4.9 1 2014 15.8 11.5 1

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI as at 31/08/2018.

CUMULATIVE PERFORMANCE

90 110 130 150 170 190 210 230 250 2013 2014 2015 2016 2017 2018 Merian Global Equity Fund (R GBP Acc) IA OE Global MSCI World NR USD

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PERFORMANCE (%) CALENDAR PERFORMANCE

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PERFORMANCE USD

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

Period Fund % Benchmark % Quartile rank 1 yr 16.6 13.1 1 2 pa 19.3 14.6 1 3 pa 14.8 11.9 1 5 pa* 14.0 10.2 1 Year Fund % Benchmark % Quartile rank YTD 6.7 4.9 1 2017 25.7 22.4 2 2016 10.0 7.5 1 2015 3.1

0.9

1 2014 9.0 4.9 1

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI as at 31/08/2018.

ANNUALISED PERFORMANCE

90 110 130 150 170 190 210 2013 2014 2015 2016 2017 2018 Merian Global Equity Fund (R GBP Acc) IA OE Global MSCI World NR USD

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STOCK SELECTION CRITERIA

ATTRIBUTION 3 YEARS

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

25

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI as at 31/08/2018. Attribution data is cumulative performance relative to the index for the Ireland domiciled fund.

SECTOR ALLOCATION & STOCK SELECTION REGIONS

0.0% 0.1%

0.3%
0.1%
0.1%

0.0% 0.9% 0.1%

0.1%

0.5%

0.5%
1.1%

2.2%

0.7%

0.8% 4.2% 1.2% 0.8% 1.0%

0.2%
0.4%

0.4%

4.0%

0.0% 4.0% 8.0% Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials IT Materials Real Estate Telecoms Utilities Sector Allocation Stock Selection 3.2% 0.4% 1.2% 5.3%

1.0%
2.0%

0.0% 2.0% 4.0% 6.0% Dynamic Valuation Sustainable Growth Analyst Sentiment Company Management Market Dynamics 0.6% 4.3%

0.7%

4.8%

2.0%

0.0% 2.0% 4.0% 6.0% Asia Pacific Europe Japan North America

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SECTOR RETURN CONTRIBUTION (%) STOCK SELECTION CONTRIBUTION (%)

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Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Top 5 contributors/detractors. Source: MGI as at 31/08/2018. Period covered in the preceding three months.

PERFORMANCE ATTRIBUTION

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

Top 5 Contributors 3 Months

United States-Health Care 0.1% Japan-Industrials 0.1% United Kingdom-Materials 0.1% Germany-Health Care 0.1% Italy-Financials 0.0%

Top 5 Contributors 3 Months

United States-Industrials 0.5% Denmark-Health Care 0.2% United Kingdom-Consumer Staples 0.1% Canada-Materials 0.1% Sweden-Health Care 0.1%

Top 5 Detractors 3 Months

Japan-Real Estate

0.1%

United States-Consumer Staples

0.1%

Japan-Materials

0.1%

Hong Kong-Consumer Discretionary

0.1%

United States-Consumer Discretionary

0.1%

Top 5 Detractors 3 Months

Japan-Consumer Discretionary

0.1%

United States-Consumer Discretionary

0.1%

Japan-Consumer Staples

0.1%

United States-Real Estate

0.2%

Japan-Information Technology

0.2%

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RELATIVE SECTOR POSITIONING RELATIVE INDUSTRY EXPOSURE RELATIVE COUNTRY/SECTOR POSITIONING

27

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI, as at 31/08/2018.

FUND POSITIONING

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

%

Health Care Equipment & Supplies 5.2% Software 5.1% Insurance 2.8% Textiles Apparel & Luxury Goods 2.6% Chemicals 2.0% Food Products

1.5%

Media

1.5%

It Services

1.8%

Pharmaceuticals

2.6%

Banks

4.0%

%

Health Care 4.5% Materials 2.2% Industrials 2.1% Information Technology 0.8% Real Estate 0.4% Energy 0.3% Utilities

0.7%

Telecommunication Services

1.6%

Consumer Discretionary

1.9%

Financials

2.8%

Consumer Staples

3.4%

%

United States-Industrials 2.8% United States-Health Care 2.5% Denmark-Health Care 1.0% France-Consumer Discretionary 0.8% Switzerland-Health Care 0.8% United States-Energy

0.8%

Japan-Consumer Discretionary

0.9%

United States-Information Technology

0.9%

United States-Consumer Staples

1.8%

United States-Consumer Discretionary

2.8%

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28

SECTOR POSITIONING

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI, as at 31/08/2018.

6%
3%

0% 3% 6% 29-Sep-17 30-Nov-17 31-Jan-18 30-Mar-18 31-May-18 31-Jul-18 Consumer Discretionary (-1.9%) Consumer Staples (-3.4%) Energy (0.3%) Financials (-2.8%) Health Care (4.5%) Industrials (2.1%) IT (0.8%) Materials (2.2%) Real Estate (0.4%) Telecoms (-1.6%) Utilities (-0.7%)

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SLIDE 30

ABSOLUTE COUNTRY EXPOSURE (%) ABSOLUTE SECTOR EXPOSURE (%)

29

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed.. Source: MGI, Absolute portfolio weights, as at 31/08/2018.

COUNTRY AND SECTOR BREAKDOWN

MERIAN GLOBAL EQUITY FUND (R GBP ACC)

United States (62.3) Japan (8.1) United Kingdom (5.5) Switzerland (3.4) Canada (3.2) France (2.8) Germany (2.7) Australia (2.1) Denmark (1.7) Hong Kong (1.3) Italy (1.1)

ther (5.8)

Health Care (17.1) Industrials (13.4) Materials (6.8) IT (20.1) Real Estate (3.3) Energy (6.8) Utilities (2.2) Telecoms (1.0) Consumer Discretionary (10.8) Financials (13.8) Consumer Staples (4.8)

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REGIONAL MARKET ENVIRONMENTS

30

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI, as at 31/08/2018. Light circles, as at 31/10/2017. Dark circles, as at 31/08/2018

MARKET ENVIRONMENT

SENTIMENT/RISK SPECTRUM

08_18_0013

Strapline text 18pt bold goes here

RISK ENVIRONMENT MARKET SENTIMENT

PESSIMISTIC NEUTRAL OPTIMISTIC

AP EU EM

LOW HIGH MEDIUM

AP JP NA EM EU JP NA

OCT

17

AUG

18

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 31

GLOBAL RISK APPETITE

IN-HOUSE ANALYSIS TO EVALUATE GLOBAL RISK APPETITE

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FEAR NEUTRAL GREED

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI, Factset, as at 31/08/2018.

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32

WEIGHTINGS TO STOCK SELECTION CRITERIA

PORTFOLIO WEIGHTINGS BY CRITERIA (%)

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Dynamic Valuation (value) Dynamic Valuation (quality) Sustainable Growth Analyst Sentiment Company Management Market Dynamics

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Source: MGI. Data from 31/01/1994 to 31/08/2018.

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33

FUND RANGE STRONG TRACK RECORD

CUMULATIVE RETURNS

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UK DOMICILED FUNDS (GBP) 3 months 6 months 1 year 2 years 3 years 5 years Merian Global Equity Fund (R class)

5.5 10.6 15.6 43.5 78.9 129.3

MSCI World (Benchmark)

6.8 10.1 12.1 32.4 65.9 93.7

Quartile

2 1 1 1 1 1

Sector Average

4.4 7.9 10.4 30.0 58.9 81.4

Merian North American Equity Fund (R class)

7.5 12.6 18.9 45.2 87.6 147.9

MSCI North America (Benchmark)

9.8 14.1 17.3 37.5 79.3 120.0

Quartile

4 3 2 1 1 1

Sector Average

9.0 13.4 18.2 38.1 74.7 117.2

Merian Asia Pacific Fund (R class)

4.4
2.1

2.9 39.9 96.1 104.5

MSCI AC Asia Pacific ex Japan (Benchmark)

1.5
0.1

2.2 28.0 70.3 68.3

Quartile

3 3 2 1 1 1

Sector Average

2.6
0.8

1.6 25.5 66.8 69.8

IRISH DOMICILED FUNDS (US$) 3 months 6 months 1 year 2 years 3 years 5 years Merian Global Equity Absolute Return Fund (I class)

2.7
1.6

2.3 13.1 16.4 29.8

US$ Libor

0.5 1.0 1.7 2.5 2.9 3.2

Merian World Equity Fund (A class)

3.2 4.0 16.1 39.8 46.7 79.0

MSCI World (Benchmark)

4.4 3.9 13.1 31.4 40.2 62.8

Quartile

1 1 1 1 1 1

Sector Average

0.2

0.9

7.8 25.2 30.4 40.8

Merian North American Equity Fund (IRL) (I class)

4.7 5.5 18.7 42.8 57.4 99.8

MSCI North America (Benchmark)

7.3 7.6 18.3 36.4 51.5 84.8

Quartile

3 3 2 1 1 1

Sector Average

5.8 6.7 18.2 34.3 42.7 70.3

Merian Global Equity Income Fund (A class)

0.4
0.4

11.1 32.7 43.2

36.1 (GEI* SI)

MSCI AC World (Benchmark)

3.3 2.1 11.4 30.5 39.9

30.3

Quartile

4 3 1 1 1

1

Sector Average

1.9

0.3

6.8 20.7 25.2

17.8

Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. All the funds above are not available for sale to US persons. Source: MGI as at 31/08/2018. Performance is cumulative. GEI is Merian Global Equity Income Fund, inception: 31/07/2015.

SLIDE 35

APPENDIX

MGI’S GLOBAL EQUITIES TEAM

SLIDE 36

DR IAN HESLOP

HEAD OF GLOBAL EQUITIES

Ian joined the company in 2000 and is head of global

equities. He manages a range of hedge and retail funds and

segregated mandates, including market neutral and long

nly funds. Ian boasts more than 20 years of investment

experience and the team has won numerous awards for its

funds. Prior to joining the business, Ian was a UK quantitative

fund manager at Barclays Global Investors. He holds an MA in chemistry from the University of Oxford and a PhD in medicinal chemistry, University of Edinburgh. He is an associate of the Society of Investment Professionals.

DR AMADEO ALENTORN, CFA

FUND MANAGER & HEAD OF RESEARCH

Amadeo joined the company in 2005 and is a fund manager and head of research in the global equities team. Prior to joining the business he developed simulation models for systemic and liquidity risk for the Financial Stability Group at the Bank of England, and worked as a software developer for CAD systems and for robotic applications. He holds a BEng in robotics from the University of Plymouth, an MSc in computer science, and a PhD in computational finance from the University of Essex. He is a CFA charterholder.

MIKE SERVENT

FUND MANAGER & HEAD OF SYSTEMS

Mike joined the company in 2004 and co-manages a range

f funds within the global equities team. He joined from Barra

International where he was a senior consultant specialising in the implementation of multi asset-class risk systems. Prior to this he spent five years with COR Risk Solutions, which developed the optimisation, back-testing and modelling software currently used by the global equity team at MGI. Mike has an MA in physics from the University of Oxford.

35

BIOGRAPHIES

JUSTIN WELLS

STRATEGIST

Justin joined the company in 2014 and is a strategist in the global equities team. He joined from UBS Global Asset Management where he worked as a strategist for the emerging markets equities team. Justin was formerly based in Asia as an investment advisor to the then CIO of Shinsei Bank, Tokyo, focusing on emerging market investment opportunities throughout Asia and EMEA. Justin began his career as a barrister, practising in London. He holds an LLB (hons) from the University of Durham and a BA (hons) from the Queen's University

f Belfast.

DR YUANGAO LIU, CFA

SENIOR ANALYST

Yuangao joined the company in 2007 and is a senior quantitative analyst in the global equities team. He joined from Jacobs UK, where he was a structural engineer specialising in building computer models to solve a variety of engineering problems. Previously he was a project research assistant at Tsinghua University, Beijing. Yuangao has a PhD in structural engineering from Imperial College London and a BEng in civil engineering from Tsinghua University, Beijing. He is a CFA charterholder.

MATUS MRAZIK

SENIOR ANALYST

Matus joined the company in 2014 and is a member of the global equities team. He joined from Scottish Widows Investment Partnership, where he was responsible for equity research/strategy in the quantitative investments team. Prior to that he worked at Gulf International Bank. He previously worked alongside the current members of the global equity team. Matus holds an MSc in finance from Warwick Business School and an MSc in operations research and econometrics from the University of Economics in Bratislava.

SEAN STOREY

SENIOR QUANTITATIVE DEVELOPER

Sean joined the company in November 2017 and is a senior quantitative developer in the global equities team. He previously worked at BITA Risk where he started his career in January 1999. He has extensive experience in commercial software, quantitative modelling and portfolio management, and of building software used by fund managers for portfolio

ptimisation, factor risk attribution, back-

testing, alpha research and performance

attribution. Sean has a BSc in Mathematics

from Loughborough University, and a PhD in Applied Mathematics from Leeds University where he also worked as a postdoctoral research fellow.

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SLIDE 37

DR PETER POPE

PROFESSOR OF ACCOUNTING LONDON SCHOOL OF ECONOMICS

Peter Pope has researched and published extensively in the areas of capital markets, financial reporting and international equity valuation. Prior to his current role in MGI’s Academic Advisory Board, he was Head of the V-Lab research program in the team from 2006 to 2010. Before joining LSE in 2013, Peter Pope previously held academic positions at Cass Business School, Lancaster University Management School, Strathclyde Business School and Liverpool University. He has also been visiting professor at the Stern School, New York University, and the University of California at Berkeley. He is a qualified accountant and was a member of the U.K. Accounting Standards Board Academic Panel.

DR MARK SALMON

PROFESSOR OF FINANCE UNIVERSITY OF CAMBRIDGE

Mark Salmon’s current research interests lie in financial econometrics, behavioural finance and aspects of international macroeconomics. He is Professor of Finance at the University of Cambridge as well as External Professor at the European University Institute in

Florence. He currently also acts as a consultant to the Bank of England and is a Research

Fellow of the Centre for Economic Policy Research associated with the International Macro Programme. He has served as a consultant to a number of city institutions and was a member of a task force set up by the European Commission to consider exchange rate policy for the euro. Mark has a BA from Essex University and an MSc from the London School of Economics. He has published widely in academic journals.

36

BIOGRAPHIES (CONSULTANTS)

DR IAN MARSH

PROFESSOR OF FINANCE CASS BUSINESS SCHOOL, CITY UNIVERSITY

Ian Marsh’s areas of expertise include exchange rate modelling and forecasting, credit risk modelling and applied financial econometrics. He spent four years as a banker and economist prior to completing his PhD and has spent time as a researcher at the International Monetary Fund and the Bank of England’s Financial Stability area, as well as acting as a consultant to a range of financial institutions. Ian has a BA from Sheffield University, an MSc from Birkbeck College, University of London and a PhD from Strathclyde University, all in economics. He has published in many journals including the Journal of Finance.

DR STEPHEN SATCHELL

FELLOW OF TRINITY COLLEGE UNIVERSITY OF CAMBRIDGE

Stephen Satchell focuses on both empirical and theoretical aspects of econometrics, finance, risk measurement and utility theory. His very strong econometric techniques knowledge has proved invaluable for MGI’s team. Steve is a professor of finance at Sidney University, a Fellow of Trinity College, Cambridge, and a visiting fellow at Birkbeck College, University of London. He holds two PhDs (Cambridge and London), an MSc (Sydney) and an MA (Cambridge). He has refereed widely in academic journals and has affiliations with professional bodies in finance. He has published widely in varied areas of finance and is a visiting academic at Royal Holloway College, University of London.

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SLIDE 38

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall. This communication is issued by Merian Global Investors (UK) Limited (“Merian Global Investors”), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. Merian Global Investors is authorised and regulated by the Financial Conduct Authority. Merian Global Equity Fund, Merian North American Equity Fund and Merian Asia Pacific Fund (the “Funds”) are sub-funds of Merian Investment Funds Series II, an investment company with variable capital incorporated in England and Wales and is authorised by the Financial Conduct Authority (FRN: 467517). The Fund can be distributed to the public in the United Kingdom. Merian Global Investors uses all reasonable skill and care in compiling the information in this communication which is accurate only on the date of this communication. You should not rely upon the information in this communication in making investment decisions. Nothing in this communication constitutes advice or personal recommendation. An investor should read the Key Investor Information Document(s) (“KIID”) before investing in the Fund. The KIID and the prospectus can be obtained from www.merian.com or www.quilterinvestors.com in English and other required languages. The net asset value of the Funds may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policies which are set out in the Funds’ prospectuses.

37

IMPORTANT INFORMATION

FOR PROFESSIONAL INVESTORS IN UK ONLY

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SLIDE 39

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall. This communication is issued by Merian Global Investors (UK) Limited (“Merian Global Investors”), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. Merian Global Investors is authorised and regulated by the Financial Conduct Authority. This communication provides information relating to the funds Merian Global Equity Absolute Return Fund, Merian World Equity Fund, Merian North American Equity Fund (IRL) and Merian Global Equity Income Fund (IRL) (the “Funds”), which are sub-funds of Merian Global Investors Series plc. Merian Global Investors Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. Merian Global Investors uses all reasonable skill and care in compiling the information in this communication which is accurate only on the date of this communication. You should not rely upon the information in this communication in making investment decisions. Nothing in this communication constitutes advice or personal recommendation. An investor should read the Key Investor Information Document(s) (“KIID”) before investing in any sub-fund of Merian Global Investors Series plc. The KIID and the prospectus can be obtained from www.merian.com in English and other required languages. Certain paying and/or information agents have been appointed in connection with public distribution of the shares of Merian Global Investors Series plc in certain jurisdictions. Shares are sold by prospectus only. The prospectus, KIID and/or other relevant offering documentation is available free of charge at: Austria: Erste Bank der oesterreichischen Sparkassen AG, Belvedere 1, 1010 Wien, Austria. Belgium: CACEIS Belgium SA, B-1000 Brussels, Avenue du Port 86 C b320, Brussels. Germany: GerFIS - German Fund Information Service UG (Haftungsbeschränkt), Zum Eichhagen 4, 21382 Brietlingen, Germany. France: BNP Paribas Securities Services, Les Grands Moulins de Pantin, 9 rue du Debarcadère 93500 Pantin, France. Hong Kong: Merian Global Investors (Asia Pacific) Limited, Unit 2, 5/F Two Chinachem Central, 26 Des Voeux Road Central, Hong Kong. Italy: Allfunds Bank S.A.U., Milan Branch, Via Bocchetto, 6, 20123 Milano, Italia; Societe Generale Securities Services S.p.A, Via Benigno Crespi 19A – MAC2, Milan and BNP Paribas Securities Services, Piazza Lina Bo Bardi No.3, Milan. Luxembourg: BNP Paribas Securities Services, Luxembourg Branch, 33 rue de Gasperich, L-5826, Grand Duchy of Luxembourg. Sweden: Skandinaviska Enskilda Banken AB ("SEB"), Kungsträdgårdsgatan 8, SE-106 40, Stockholm, Sweden. Switzerland: First Independent Fund Services Ltd. is the Swiss representative and BNP Paribas Securities Services, Paris, succursale de Zurich, is the Swiss paying agent. Taiwan: Capital Gateway Securities Investment Consulting Enterprise, 9F/9F-1, No. 171, Songde Road, Xinyi District, Taipei City, Taiwan, R.O.C. United Kingdom: Merian Global Investors (UK) Limited, Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. The Fund is recognised by the FCA. Other: Merian Global Investors Series plc, c/o Citibank Europe plc, 1 North Wall Quay, Dublin 1, Ireland. In Denmark, this material is only intended for the exclusive use of Danish eligible counterparties or professional investors. Danish retail investors may not invest in the sub-funds mentioned in the material. In Spain, Merian Global Investors Series plc is registered with the Comisión Nacional del Mercado de Valores (“CNMV”) under number 301. Merian Global Investors is registered under number 2479. The prospectus, KIID and the latest economic reports can be obtained at no cost from registered distributors as per the list available on the CNMV web page. In the Republic of Finland, this communication is not intended to constitute a public offer or an advertisement of securities. In Italy, this material is for the exclusive use of “professional clients or professional investors” (as defined in Legislative Decree no 58/1998 by reference to Annex 3 of CONSOB Regulation no. 20307 of 2018) and its dissemination to retail investors/clients is prohibited. In Luxembourg, this information does not constitute, under any circumstances, an offer or an invitation to purchase or sell shares in Luxembourg and does not and is not intended to constitute an offer of shares in the Grand Duchy of Luxembourg. It does not constitute legal, accounting, or tax advice. The Funds may be more than 35% invested in Government and public securities. These can be issued by other countries and Governments. Your attention is drawn to the stated investment policies which are set

ut in the Funds’ prospectuses.

Merian World Equity Fund, Merian North American Equity Fund and Merian Global Equity Income Fund (IRL) : The net asset value of the Funds may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policies which are set out in the Funds’ prospectuses.

38

IMPORTANT INFORMATION

FOR PROFESSIONAL INVESTORS IN EUROPE EX SWITZERLAND ONLY

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SLIDE 40

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall. This communication provides information relating to Merian Global Equity Absolute Return Fund, Merian World Equity Fund, Merian North American Equity Fund (IRL) and Merian Global Equity Income Fund (IRL) (the “Funds”), which are sub-funds of Merian Global Investors Series plc. Merian Global Investors Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as

amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this communication constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the offering document (including the risk factors) and the key fact statement of the Fund (if applicable) which can be obtained from www.merian.com. This communication has not been reviewed by the SFC. This communication is issued by Merian Global Investors (Asia Pacific) Limited. Merian Global Investors (Asia Pacific) Limited is licensed to carry out Type 1 and Type 4 regulated activities in Hong Kong. Merian Global Equity Absolute Return Fund is not authorised by the Securities and Futures Commission (“SFC”) in Hong Kong. and is not available to retail investors in Hong Kong. This document is distributed to professional investors only and has not been reviewed by any regulatory body in Hong Kong. It is for reference only and for those persons or entities in any jurisdiction or country where the information in this document and use thereof is not contrary to local law or regulation. It is intended solely for the use of the person to whom it has been addressed and delivered and shall not be reproduced in any form or transmitted to any other third party. In particular: (i) no offer or invitation to subscribe for shares in the Fund may be made to the public in Hong Kong; (ii) this document has not been approved by the SFC or any

ther regulatory authority in Hong Kong and accordingly shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than in circumstances which do not

constitute an offer to the public for the purposes of the Hong Kong Securities and Futures Ordinance (“SFO”), as may be amended from time to time. If you are in doubt, please consider seeking independent professional advice. Merian World Equity Fund, Merian North American Equity Fund and Merian Global Equity Income Fund (IRL) are authorised by the Securities and Futures Commission (“SFC”) in Hong Kong. Such authorisation is not a recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance. It does not mean that the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. The Funds may be more than 35% invested in Government and public securities. These can be issued by other countries and Governments. Your attention is drawn to the stated investment policies which are set

ut in the Funds’ prospectuses.

Merian World Equity Fund, Merian North American Equity Fund and Merian Global Equity Income Fund (IRL): The net asset value of the Funds may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policies which are set out in the Funds’ prospectuses

39

IMPORTANT INFORMATION

FOR PROFESSIONAL INVESTORS IN HONG KONG ONLY

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SLIDE 41

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall. This communication provides information relating to the funds known as Merian Global Equity Absolute Return Fund, Merian World Equity Fund, Merian North American Equity Fund (IRL) and Merian Global Equity Income Fund (IRL) (the “Funds”), which are sub-funds of Merian Global Investors Series plc. This communication is issued by Merian Global Investors (Singapore) Pte Limited, which is not licensed or regulated by the Monetary Authority of Singapore (“MAS”). Merian Global Investors (Singapore) Pte Limited is affiliated to Merian Global Investors (UK) Limited. Merian Global Investors (UK) Limited (“Merian Global Investors”), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. Merian Global Investors is registered in England and Wales (number: 02949554) and is authorised and regulated by the Financial Conduct Authority (FRN: 171847) but is not licensed or regulated by MAS. The Funds are only notified as a restricted scheme by MAS and is not allowed to be offered to the Singapore retail public. This marketing document shall be construed as part of an information memorandum for the purposes of section 305(5) of the Securities and Futures Act, Cap. 289 of Singapore (the "SFA"). Accordingly, this marketing document must not be relied upon or construed on its own without reference to the information memorandum. This marketing document is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. This document has not been registered as a prospectus by MAS, and the offer of the shares is made pursuant to the exemptions under Sections 304 and 305 of the SFA. Accordingly, the shares may not be offered

r sold, nor may the shares be the subject of an invitation for subscription or purchase, nor may this marketing document or any other document or material in connection with the offer or sale, or invitation for

subscription or purchase of the shares be circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA. Where the shares are acquired by persons who are relevant persons specified in Section 305A of the SFA, namely: (a) A corporation (which is not an accredited investor (as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) A trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, the shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 305 of the SFA except: (1) to an institutional investor or to a relevant person as defined in Section 305(5) of the SFA, or which arises from an offer referred to in Section 275(1A) of the SFA (in the case of that corporation) or Section 305A(3)(i)(B) of the SFA (in the case of that trust); (2) Where no consideration is or will be given for the transfer; (3) Where the transfer is by operation of law; (4) As specified in Section 305A(5) of the SFA; or (5) As specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. The Funds may be more than 35% invested in Government and public securities. These can be issued by other countries and Governments. Your attention is drawn to the stated investment policies which are set

ut in the Funds’ prospectuses.

40

IMPORTANT INFORMATION

FOR INSTITUTIONAL INVESTORS IN SINGAPORE ONLY

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SLIDE 42

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall. This communication provides information relating to the funds known as Merian Global Equity Absolute Return Fund, Merian World Equity Fund, Merian North American Equity Fund (IRL) and Merian Global Equity Income Fund (IRL) (the “Funds”), which are sub-funds of Merian Global Investors Series plc. Merian Global Investors Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. This communication is issued by Merian Global Investors (Switzerland) LLC (“Merian Global Investors”), Schützengasse 4, 8001 Zürich, Switzerland, a distributor of Merian Global Investors Series plc. Merian Global Investors is regulated by the Swiss Financial Markets Supervisory Authority FINMA. This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the prospectus and the key investor information document of the Fund which can be obtained from www.merian.com in English and other required languages. The Funds have been approved for distribution to non-qualified investors in or from Switzerland by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”). First Independent Fund Services Ltd. is the Swiss representative and BNP Paribas Securities Services, Paris, succursale de Zurich, is the Swiss paying agent in relation to the shares of the Fund (“Shares”) distributed in or from Switzerland. Accordingly, the Shares and the relevant fund documents and any offering material relating to the Fund and/or the Shares may be distributed in or from Switzerland to non-qualified investors. In respect of the Shares distributed in or from Switzerland, the place of jurisdiction is at the registered office of the Swiss representative. Copies of the prospectus, the memorandum and articles of association, the key investor information documents as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss representative, First Independent Fund Services Ltd., Klausstrasse 33, 8008 Zurich, Switzerland. The Funds may be more than 35% invested in Government and public securities. These can be issued by other countries and Governments. Your attention is drawn to the stated investment policies which are set

ut in the Funds’ prospectuses.

The net asset value of the Funds may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policies which are set out in the Funds prospectuses.

41

IMPORTANT INFORMATION

FOR QUALIFIED INVESTORS IN SWITZERLAND ONLY

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SLIDE 43

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise

r fall.

This communication is issued by Merian Global Investors (UK) Limited (“Merian Global Investors”), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. Merian Global Investors is authorised and regulated by the Financial Conduct Authority. This communication provides information relating to Merian Global Equity Absolute Return Fund, Merian World Equity Fund, Merian North American Equity Fund (IRL) and Merian Global Equity Income Fund (IRL) (the “Funds”), which are sub-funds of Merian Global Investors Series plc. Merian Global Investors Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as

amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Merian Global Investors uses all reasonable skill and care in compiling the information in this communication which is accurate only on the date of this communication. You should not rely upon the information in this communication in making investment decisions. Nothing in this communication constitutes advice or personal recommendation. Merian Global Investors Series Plc is not registered as an investment company in the United States under the U.S. Investment Company Act of 1940, as amended, and its shares are not registered under the U.S Securities Act of 1933, as amended (“Securities Act”). Shares of Merian Global Investors Series plc Funds funds are not available for purchase by “US Persons” as that term is defined under Regulation S of the Securities Act. Under certain circumstances shares may be purchased by persons that reside in the United States that are “accredited investors” as that term is defined in Rule 501(a) of Regulation D, as promulgated pursuant to the Securities Act. The information contained in this document is not intended to be an offer of shares and is for informational purposes only. The information provided in this document is not intended for distribution to, or use by, any person or entity in the United States, unless such person is an accredited investor and can reasonably verify their status as such, or in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject any of the funds described herein, any member of the Merian Global Investors Group or any of their products or services to any registration, licensing or other authorisation requirement within such jurisdiction or country. This communication is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations. In particular, the shares are not for distribution in the US or to US persons, unless such person is an accredited investor and can reasonably verify their accredited investor status The Funds may be more than 35% invested in Government and public securities. These can be issued by other countries and Governments. Your attention is drawn to the stated investment policies which are set

ut in the Funds’ prospectuses.

The net asset value of the Funds may have high volatility due to the nature of the asset class invested. Your attention is drawn to the stated investment policies which are set out in the Funds’ prospectuses. OMGI 09_18_0189

42

IMPORTANT INFORMATION

US NON-RESIDENT / ACCREDITED INVESTORS & LATAM: FOR PROFESSIONAL INVESTORS ONLY. NOT FOR DISSEMINATION OR DISTRIBUTION TO US PERSONS.

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