Polar Capital Technology Trust plc AGM Presentation - 4 September 2019

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Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Polar Capital Technology Trust plc
          AGM Presentation

          4 September 2019

          This presentation is for non-US investor use only
For non-USwww.polarcapital.co.uk
           investor use only. Please refer to the Important Information at the end of this presentation.   1
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Results As At 30 April 2019

                                                                            Year ended                      Year ended      Change
                                                                             30/04/18                        30/04/19        (y/y)

  Net Assets                                                              £1,551,611,000                   £1,935,646,000   +24.8%

  NAV per ordinary share                                                       1159.69p                      1446.17p       +24.7%

  Price per ordinary share                                                     1148.00p                      1354.00p       +17.9%

  Benchmark Change                                                                                                          +21.4%

  Ordinary shares in issue                                                  133,795,000                     133,825,000     0.02%

Source: Polar Capital, 30 April 2019.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                             2
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
PCT As At 31 July 2019

                                                                            Year ended                      Year ended      Change       As at
                                                                             30/04/18                        30/04/19        (y/y)      31/07/19

  Net Assets                                                              £1,551,611,000                   £1,935,646,000   +24.8%   £1,931,775,000

  NAV per ordinary share                                                       1159.69p                      1446.17p       +24.7%     1443.51p

  Price per ordinary share                                                     1148.00p                      1354.00p       +17.9%     1338.00p

  Benchmark Change                                                                                                          +21.4%

  Ordinary shares in issue                                                  133,795,000                     133,825,000     0.02%     133,825,000

Source: Polar Capital, 31 July 2019.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                              3
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Full Year Review

DJ World Technology vs. MSCI ACWI since Apr 2018                                                           • Global equities (FTSE World + 11.6%) added to
                                                                                                             their post financial crisis gains despite a weaker
                                                                                                             macroeconomic backdrop with the Fed volte-face
                                                                                                             in January sparking a dramatic reversal of fortunes
                                                                                                             for risk assets during the final third of the year
                                                                                                           • Equity returns were substantially driven by the US
                                                                                                             (+19.8% in sterling terms) while most other
                                                                                                             markets delivered total returns +/- 5%. US
                                                                                                             exceptionalism reflected diverging fundamentals,
                                                                                                             resilient US earnings / buybacks / M&A and US
                                                                                                             Dollar strength (DXY +6.1%)
                                                                                                           • Technology stocks (DJ World Tech +21.4% in
                                                                                                             Sterling terms) enjoyed another impressive year of
                                                                                                             absolute and relative returns driven by superior
                                                                                                             earnings growth, disproportionate US exposure
                                                                                                             and the outperformance of software, cloud and
                                                                                                             payment stocks

Source: Bloomberg, 10 July 2019.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                          4
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Full Year Review

US technology small caps vs. large caps since Apr 2018                                                           • NAV performance (+24.7%) exceeded the
                                                                                                                   benchmark by 3.3%
                                                                                                                   – Key positives: AMD, software-as-a-service,
                                                                                                                     payments
                                                                                                                   – M&A supportive but only one take-out (Red Hat)
                                                                                                                   – US exposure drove outperformance (Europe /
                                                                                                                     Japan weaker due to semiconductor / robotics
                                                                                                                     exposure) but stock selection remained positive
                                                                                                                     across all market-capitalisation tiers
                                                                                                                   – Negatives: GrubHub / select incumbents /
                                                                                                                     computer gaming / liquidity

Source: Bloomberg, 10 July 2019. Past performance is not indicative or a guarantee of future returns. It should not be assumed that recommendations made in future will be profitable or will equal performance of the
securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                 5
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
The Technology Team
• Technology is at the core of the Polar Capital business

• One of the largest technology franchises in Europe with c.US$6.1bn under management

• Nine dedicated technology specialists – strong multi-cycle track record

                                       Global Technology                                       Polar Capital Technology                                          Automation & AI
       Funds                                  Fund                                                 Trust (LSE listed)                                                Fund
                                           US$3.2bn                                                    US$2.5bn                                                     US$403m

                                Nick Evans                                                  Ben Rogoff                                                 Xuesong Zhao
                                Partner                                                     Partner                                                    Fund Manager/Analyst
                                Investment experience: 21 years                             Investment experience: 24 years                            Investment experience: 12 years

                                Sectors: US (small/mid-cap)                                 Sectors: US (mid/large-cap)                                Sectors: Asia (all-cap), global
                                                                                                                                                       semi / Semi cap equipment

 Fund Managers
                                                              Fatima Iu (Maternity Leave)                                 Alastair Unwin
                                                              Fund Manager/Analyst                                        Fund Manager/Analyst
                                                              Investment experience: 13 years                             Investment experience: 8 years

                                                              Sectors: Europe (all-cap), security,                        Sectors: Payments, SMB software,
                                                              networking, energy & med tech                               IT services

                          Chris Wittstock (based in US)                        Bradley Reynolds                                    Paul Johnson                                          Nick Williams
                          Senior Investment Analyst                            Investment Analyst                                  Investment Analyst                                    Investment Analyst
                          Investment experience: 35 years                      Investment experience: 11 years                     Investment experience: 7 years                        Investment experience: 3 years
      Analysts
                          Sectors: US Technology/Software                      Sectors: US (all-cap) – Internet &                  Sectors: Emerging Tech inc.                           Sectors: Global all-cap –
                                                                               digital media                                       3D printing, gaming & autos                           A&AI Fund

Source: Polar Capital, 31 July 2019.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                  6
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Investment Framework

                              4,000+ universe
                                                                                                                   Dynamic definition of technology
                                                                              Thematic overview                Real-world changes in user behaviour

                                                                                                                                   S-Curve inflections
                                                                              What we look for                            Secular themes / pure-plays

                                                                                                                             Last-generation winners
                                                                              What we avoid                                    Public venture capital

                                                                                                               Growth bias – rev/earnings / cash flow
                                                                              Valuation                    Price targets (bull/base/bear) / Risk reward

                                                                                                                             Bottom-up stock picking
                                                                              Portfolio construction                               Benchmark aware

                                                                                                                       Mis-execution / model change
                                                                              Sell disciplines                                 Price level attainment
                                     Portfolio

Source: Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                  7
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Thematic Investing: Hype vs. Reality
                                                                                                                                                    Polar Capital Global Technology Team
                                                                                                                                                         Searching for revenue growth and
                                                                                                                                                               cash flow inflections
                                             Early stage
                                              investors                                                                                                                                                                                                                                                                             Index / ETF

                                                                                                                                                                                          R&D                                   High growth                                                    Low growth                                    No growth
                                               Connected Home
                                                                                                                                                                                      negative OM%                             expanding OM%                                                   stable OM%                             uncertain / declining OM%
                                                                        Deep Learning
                                 Virtual Personal Assistants                Machine Learning
                                                                               Autonomous Vehicles
                                          IoT Platform
                                                                                 Nanotube Electronics
                                        Smart Robots                              Cognitive Computing
                                     Edge Computing
                                                                                    Blockchain
                       Augmented Data Discovery
                                                                                    Commercial UAVs (Drones)
                               Smart Workforce
                                                       Conversational
                      Brain Computer Interface         User Interface               Cognitive Expert Advisors                                                                                                                                                                                    Developed market smartphones

                                                      Volumetric Displays
                                                                                                                                                                                                                                                                                     Wireless Networking (802.11n / ac) Enterprise software
                                                                                                                                                                                                                                                                                                                                     IT Services
                                                                                                                                                                                                                                                                                                                                                         “Value Trap”?
                         Quantum Computing                                                                                                                                                                                                                                      Server & Storage Virtualisation
                                                                                                                                                                                                                                                                           Tablets / Ultrabooks (including Mac Air)                   LCD TV / HDTV
                                                      Digital Twin                                                                                                                                                                                                      eCommerce / online advertising
                                                                                                                                                                                                                                                                                                                                              Notebooks
                                                                                                                                                                                                                                                                     Mobile broadband (4G / LTE)
Expectations

                                                                                                                                                                                                                                                                                                                                             Home Broadband
                                                  Serverless PaaS                                                                                                                                                                                                 EM smartphones & Ecommerce/Internet
                                                                                                                                                                                                                                                                                                                                                PVR/DVR (Sky+)
                                                                                                                                                                                                                                                               Multiplayer / mobile gaming / streaming media

                                                                                                                                                                              Sales
                                                 5G                                                                                                                                                                                                                                                                                         ERP / Traditional software
                                                                                                                                                                                                                                                             Moore’s stress / rising semi capital intensity
                                                                                                                                                                                                                                                           Smart agriculture / factory automation / robotics                                      Feature phones / 3G
                                                Human Augmentation
                                                                                                                                                                                                                                                         Software as a Service (SaaS)
                                                                                                 Enterprise Taxonomy and                                                                                                                                                                                                                                      Mainframe
                 Neuromorphic Hardware                                                                                                                                                                                                                Enterprise SSD / 64 bit ARM architecture
                                                                                                 Ontology Management                                                                                                                                Cloud computing (public/private – PaaS/IaaS)                                                         Desktop PC / printers
                                                                                                                                      Virtual Reality
                                            Deep Reinforcement                                                                                                                                                                                   Cyber security / app control / IPS
                                                                                                                                                                                                                                                                                                                                                                         PND/GPS
                                            Learning                                                                                                                                                                                            Big data / predictive analytics / Hadoop
                                                                                                                                                                                                                                              Voice over LTE / WiFI (VoLTE / VoWiFI)                                                                          Digital Camera (DSC)
                                          Artificial General         Software Defined Security
                       4D printing        Intelligence                                                                                                                                                                                     Mobile / social / location based advertising                                                                                            DVD
                                                                                                     Augmented Reality                                                                                                                   Mobile payments / mCommerce / NFC / biometrics                                                                                             VCR
                                                                                                                                                                                                                                     Internet of Things (IoT) / M2M communication
                                                                                                                                                                                                                                  Software defined networking (SDN) / NFV / 100G optical / FTTx)
                                                                                                                                                                                                                            Virtual Reality
                Smart dust                                                                                                                                                                                            Clean energy (solar & wind)

                                                                                                                                                                                                   Electric   3D printing
                                                                                                                                                                                         Energy
                                                                                                                                                                                                   vehicles
                     Innovation                             Peak of                             Trough of                                Slope of               Plateau of               Storage

                       Trigger                              Inflated                         disillusionment                          enlightenment            productivity
                                                          expectation
                                                                                                                  Time
                     Years to mainstream adoption:                                                                                                                                     “Blue Sky”                            Emerging                                                          Mainstream                                        Maturity / Decline

               Less than 2 years                   2 to 5 years                  5 to 10 years                   More than 10 years      Obsolete before plateau

                                                   Positioning of themes/products above is only intended to be indicative of approximate penetration/maturity

        Source: Polar Capital & Gartner, July 2017. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations
        made within the immediately preceding 12 months is available upon request.

          For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                                                                                                                                        8
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
Thematic Investing: Hype vs. Reality

                                                                                                                Consumer Cash Payments, forecasts vs. actual (m)4

      •      Introduced in late 2016 to derision1
      •      Although Apple has never broken out unit
             sales, analysts estimate that 16m AirPods                                                            “How did you go bankrupt?
             were sold in 20182. This is forecast to                                                              Two ways. Gradually, then suddenly.”
             increase to 40m units this year3 and 100m by                                                                                                               - Ernest Hemingway
             20212
      •      Apple’s second fastest selling new product of
             all time? 5
Source: 1. OneZero, 2019. 2. Ming-Chi Kuo of TF International Securities. 3. Neil Cybart, Above Avalon, February 2019. 4. UK Finance, Link Network. 5. Cult of Mac, 2019. The stocks represented herein do
not reflect the entire holdings contained within the Fund. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to
change without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                 9
Polar Capital Technology Trust plc AGM Presentation - 4 September 2019
An Unusual Cycle

 Longest bull market                                                                                          Weakest economic recovery
 S&P 500: periods without a 20% drawdown1                                                                     US real GDP from trough 10 years onward1

Source: 1. FT, Goldman Sachs. Trailing 12-month earnings. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change
without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                           10
An Unusual Cycle

 Limited labour participation                                                                                Unprecedented monetary policy
 Labour share of non-farm business sector %1                                                                 UK bond yields since 17001

Source: FT, Goldman Sachs. Trailing 12-month earnings. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change
without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                           11
An Unusual Cycle

 Tech has driven all the earnings growth since 2009                                                          Helping growth stocks sharply outperform value
 Tech vs. Ex. Tech earnings (1985 – Present)1                                                                World Value vs. Growth stocks (1974 – Present)1

Source: FT, Goldman Sachs. Trailing 12-month earnings. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change
without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                          12
Technology: PE Expansion In-line With Market

 Absolute sector valuation (PE):                                                                            Relative sector valuation (PE):
 Compelling vs. history (1992 – present)                                                                    At / around market level – with superior balance sheet

Source: Ned Davis, 23 August 2019. Copyright 2018 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For
data vendor disclaimers refer to www.ndr.com/vendorinfo/. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                          13
‘Next-Generation’ Valuations

 Internet valuation (equal cap weighted):                                                                                                                                                                                               Software as a Service (SaaS) valuation:
 EV/forward 2 year EV/EBITDA levels1                                                                                                                                                                                                    EV/forward 12-month revenue multiples2
  25

  20

  15

  10

   5

   0
       Jan-13
                Apr-13
                         Jul-13
                                  Oct-13
                                           Feb-14
                                                    May-14

                                                                      Dec-14
                                                                               Mar-15
                                                                                        Jun-15

                                                                                                          Jan-16
                                                                                                                   Apr-16
                                                                                                                            Jul-16
                                                                                                                                     Nov-16
                                                                                                                                              Feb-17
                                                                                                                                                       May-17

                                                                                                                                                                         Dec-17
                                                                                                                                                                                  Mar-18
                                                                                                                                                                                           Jun-18
                                                                                                                                                                                                    Oct-18
                                                                                                                                                                                                             Jan-19
                                                                                                                                                                                                                      Apr-19
                                                                                                                                                                                                                               Jul-19
                                                             Aug-14

                                                                                                 Sep-15

                                                                                                                                                                Aug-17

                                                                                                 ML Internet Index

Source: 1. Bloomberg, 31 July 2019. UCITS Internet sector (AMZN/FB/GOOG/BABA/700HK/PYPL) vs Bank of America Merrill Lynch Internet sector Index. 2. KeyBanc Capital Markets, June 2019, Polar Capital. Past
performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                                          14
‘Next-Generation’ Valuations

 IT security valuation:                                                                                       Cloud vs legacy valuation
 EV/forward 12 month revenue multiples1                                                                       EV/trailing 12 month revenue multiples2
                                                                                                                                             14x

                                                                                                                                             12x

                                                                                                               EV/ trailing 12 month sales
                                                                                                                                             10x

                                                                                                                                              8x

                                                                                                                                              6x

                                                                                                                                              4x

                                                                                                                                              2x

                                                                                                                                              0x

                                                                                                                                                   Jan-10
                                                                                                                                                            May-10

                                                                                                                                                                                                Jan-12
                                                                                                                                                                                                         Jun-12

                                                                                                                                                                                                                                                                                                                                                         Jan-19
                                                                                                                                                                                                                                                                                                                                                                  Jun-19
                                                                                                                                                                                                                  Nov-12

                                                                                                                                                                                                                                                               Dec-14
                                                                                                                                                                                                                                                                        May-15

                                                                                                                                                                                                                                                                                                            Dec-16
                                                                                                                                                                                                                                                                                                                     May-17
                                                                                                                                                                     Oct-10
                                                                                                                                                                              Mar-11
                                                                                                                                                                                       Aug-11

                                                                                                                                                                                                                           Apr-13
                                                                                                                                                                                                                                    Sep-13
                                                                                                                                                                                                                                             Feb-14
                                                                                                                                                                                                                                                      Jul-14

                                                                                                                                                                                                                                                                                 Oct-15
                                                                                                                                                                                                                                                                                          Feb-16
                                                                                                                                                                                                                                                                                                   Jul-16

                                                                                                                                                                                                                                                                                                                              Oct-17
                                                                                                                                                                                                                                                                                                                                       Mar-18
                                                                                                                                                                                                                                                                                                                                                Aug-18
                                                                                                                                                                                                                                    LEGACY                                       CLOUD

Source: 1. Citi Research, FactSet, July 2019. 2. Bloomberg, BofA Merrill Lynch Global Research, July 2019. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                                                                                                                                   15
Valuations Supported By Elevated M&A…

Software M&A since 19951                                                                                    Select M&A activity2
                                                                                                            Date           Target                  Acquirer                      Premium          Value $m
                                                                                                            Jan-17         AppDynamics              Cisco                          100%*             3,700
                                                                                                            Mar-17         Nimble Storage           HP Enterprise                   45%              1,000
                                                                                                            Mar-17         Mobileye                 Intel                           34%             14,131
                                                                                                            Mar-18         MuleSoft                 Salesforce.com                  36%              5,667
                                                                                                            Jun-18         GitHub                   Microsoft                      Private           7,500
                                                                                                            Sep-18         Marketo                  Adobe                          Private           4,750
                                                                                                            Oct-18         Red Hat                  IBM                             63%             34,000
                                                                                                            Nov-18         Qualtrics                SAP                            Private           8,000
                                                                                                            Dec-18         MINDBODY                 Vista Equity                    68%              1,900
                                                                                                            Feb-19         Elie Mae                 Thoma Bravo                     47%              3,700
                                                                                                            Jun-19         Looker                   Google                         Private           2,600
                                                                                                            Jun-19         Tableau                  Salesforce.com                  63%             15,700
                                                                                                            Jun-19         Medidata                 Dassault Systemes               17%*             5,700

                                                                                                            BOLD: owned in Fund

Source: 1. Dealogic, The MergerSight Group, 2018. 2. Bloomberg and Polar Capital, June 2019. It should not be assumed that recommendations made in future will be profitable or will equal performance of the
securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                        16
… And The ‘Digital Transformation’ Imperative
Digital Transformation –                           “the business imperative of responding to needs of a new generation of customers,
                                                   partners and suppliers who expect transactions to be seamless, real-time, Facebook-like in
                                                   experience, Amazon-like in reliability”1

 Proportion of CEO’s undertaking a ‘transformation’2                                                           “The Digital Giants Are Coming!”2

Source: 1. Baird 2. Gartner 2019. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within
the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not
necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                             17
Digital Disruption

Source: Polar Capital, 31 July 2019.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.   18
New Networks / Unprecedented Scale

 Centralised, decentralised and distributed networks1

                                                                                                                                   >6bn daily searches                        636m active users
                                                                                                                                    8 apps > 1bn MAU                         $768bn GMV in F18

                                                                                                                                 2.3bn MAU, 1.5bn DAU                       WeChat: >1bn MAU
                                                                                                                                  27+ minutes/user/day                     45bn daily messages

                                                                                                                                   101m US prime subs                             >10bn rides
                                                                                                                                  48% of US ecommerce                             600+ cities

Source: 1. RAND corporation, ‘Where wizards stay up late’’. Other Sources: Google: Ardorseo, 2018, The Verge 2018. Facebook: Expanded Ramblings, Fool.com. 2018. Tencent: Tencent, Q3 2018, Business
of Apps, 2018. Amazon: Fortune.com, 2018. eMerketer.com. Alibaba: Fool.com, 2019. Uber: Uber, July 2018. The stocks represented herein do not reflect the entire holdings contained within the Fund. It should
not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12
months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                         19
Digital Disruption: Artificial Intelligence (AI)

 Collapsing Computing Costs (1850 – 2010)1

                                                                                        “Artificial Intelligence technologies will be the most
                                                                                       disruptive class of technologies over the next 10 years
                                                                                        due to radical computational power, near-endless
                                                                                        amounts of data, and unprecedented advances in
                                                                                       deep neural networks; these will enable organizations
                                                                                       with AI technologies to harness data in order to adapt to
                                                                                        new situations and solve problems that no one has
                                                                                                   ever encountered previously”

                                                                                                                                                                    - Gartner, July 20172

Source: 1. Aiimpacts.org. 2. Gartner. The stocks represented herein do not reflect the entire holdings contained within the Fund. All opinions and estimates constitute the best judgment of Polar Capital as of the date
hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                           20
Digital Disruption: Retail

 US Retail Store Closings: 1995 – 2017 YTD1                                                                    Amazon Prime Subscriber Growth: 2012 – 20171

    “I don't think retail is dead.                                                                              “This business is all about reducing response time.
    Mediocre retail experiences are dead”                                                                       In fashion, stock is like food. It goes bad quickly”
                            - Neil Blumenthal, Co-CEO @ Warby Parker2                                                                      - Jose Maria Castellano, former CEO Inditex Group3

Source: 1. KPCB, BI Intelligence. 2. KPCB. 3. Kornit Digital IR presentation. The stocks represented herein do not reflect the entire holdings contained within the Fund. It should not be assumed that recommendations
made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All opinions and
estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                              21
Digital Disruption: Brands

                                                                                                                                         Amazon Basics, US online market share1

                                                   “Big brands are being nibbled to death”2
                                                                                                                – IAB CEO Randall Rothenberg

Source: 1. Amazon market share as at August 2016. 2. http://www.businessinsider.com/new-breed-programmatic-first-ad-agencies-grabbing-business-ignored-by-traditional-firms-2018-4?IR=T The stocks represented
herein do not reflect the entire holdings contained within the Fund. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made within the immediately preceding 12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                   22
Digital Disruption: Brands

                                                                                                                                                                          An extra large, wet,
                                                                                                                                                                          double-shot
      Coffee                                                                                                                                                              caramel macchiato
                                                                                                                                                                          (and WiFi)

                                                  £1.00                                                                            £4.00

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding
12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                        23
Digital Disruption: Distribution > Content

 Global recorded music, inflation adjusted sales1                                                            Listening hours / unique artists played (2014-2017)2

   •     Streaming now c. 47% of recorded music sales1 led by Spotify (217m active, >100m paid subs)2
   •     Video disruption: YouTube (>1.8bn MAU)3, Netflix (>150m subs)4, Twitch (10.8bn hours/year)5
   •     Fortnite (250m registered / 0.8m record concurrent players) disrupting gaming via FtP model6
   •     Delivery becoming disruptive in the restaurant industry: takeaway TAM > entertainment in the UK7
Source: 1. Quartz Creative, 2019. 2. Spotify, 2017. 3. Business Insider, 2018. 4. Market Realist, 2019. 5. Sullygnome.com, 29 August 2019. 6. Games Radar. 7. https://jeweb-11431-s3.s3.eu-west-
2.amazonaws.com/application/files/2215/0045/3682/TAKEAWAY_ECONOMY_REPORT_2017.pdf The stocks represented herein do not reflect the entire holdings contained within the Fund. It should not be assumed
that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon
request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                         24
Digital Disruption: Demographics

  How Couples Meet (1940 – Present)1                                                                         Spending Breakdown: Chinese Millennials2

                                                                           96% own a smartphone, more than 50% are online >10 hrs/day4
                            Generation Z                                   70% watch more than 2 hours of YouTube/day3, 83% watch Netflix5
                                                                           62% will not use apps that are hard to navigate6
                       c.26% of the US        pop8
                                                                           80% feel distressed when away from their devices4
                                                                           Average attention span = 8 seconds7
Source: 1. https://web.stanford.edu/~mrosenfe/Rosenfeld_et_al_Disintermediating_Friends.pdf 2. Goldman Sachs, December 2016. 3. www.tvlicensing.co.uk 4. Visual Capitalist. 5. IBM, Uniquely Generation Z
Report. 7. Nola Research Group. 8. Digital Marketing Community, GenZ: New Insights Into the Mobile-First Mindset of US Teens, August 2016 | Think With Google.
It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding
12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                            25
Digital Disruption: The Next Interface Is Voice

   Words recognised by machine: 1970 - 20161                                                                   Amazon Echo Installed Base / Skills2

   •     Humans speak 150 vs. type 40 words per minute on average1
   •     Recognition accuracy shift from 95% to 99% will drive ubiquity of voice as an interface1
   •     By 2020, 75% of US households will own a voice-activated smart speaker3
   •     By 2020, c.50% of all searches via images or speech4
Source: 1. Baidu / KPCB, 2016. 2. Bond Internet Trends 2019. 3. Instead Knowledge, How Speech Recognition Is Set to Disrupt, 2018. 4. Forbes, 2017, Optimizing For Voice Search Is More Important Than Ever.
It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12
months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of
Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                   26
Investment Themes

                                                                                                                 Digital Marketing / Advertising
                                                                            Internet advertising worth $273bn in 20182, 43% of total ad spending2
                                                                       Alphabet and Facebook combined account for c.90% of US market growth3
                                                                                                        Brand Building → Transaction facilitation

     eCommerce
     eCommerce est. $3.5tr in 2019, c14% of total retail sales1
     China the largest market at $1.9tr, more than 3x the US1
     Number of SKU → Payments, Logistics + Ecosystem

                                                                                                                                                   Payments / Fintech
                                                                                                                        Global mobile payments worth $2.73tr by 20234
                                                                                                                     2.1bn consumers to pay via mobile wallet in 20195
                                                                                                                        eCommerce → behavioural change / disruption

     Cloud Infrastructure / Security
     By 2021, 44% of application workloads expected to run in Cloud services5
     Security tailwinds include data breaches, regulation, digitalisation, cyberwarfare
     Under-utilisation / cost arbitrage → Elastic Compute / TAM expansion

Source: 1. eMarketer, June 2019; 2. eMarketer, March 2018; 3. BoA / ML / Zenith, US market Jan 18; 4. Payments cards and mobile, 2019. 5. Globe News Wire. 6. MS, Geekwire July 2018. It should not be
assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is
available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                        27
Investment Themes

                                                                              Software / SaaS “Reshaping The World”
                                                                               Usage based pricing disrupting $150bn2 maintenance market
                                                              As penetration rises (~30% today5 ) expect more strategic M&A by incumbents
                                                                              SMB adoption / TAM expansion→ Enterprise / ‘rip and replace’

     Digital Entertainment
     $122bn gaming market1 growing to $152bn by 2020E driven by mobile, DLC / MTX1
     eSports: 165m enthusiasts1 and a market worth $906m in 2018E, +38% y/y6
     Leisure → Connected / Competitive

                                                                                                                            Industry 4.0 / Automation
                                  $381bn TAM by 2023 (c.10% CAGR)3 enabled by advanced components (e.g. sensors, gears)
                                Position repeatability: 0.01mm (robots) / 0.5mm (humans) VS 0.02mm (iPhone64) / 0.1mm (cars)
                                                               Cost savings → Necessity, Flexibility (‘CoBot’) and Consistency

     Connectivity / 5G
     Current networks insufficient to support an increasingly connected world
     5G infrastructure spending worth $26bn by 2022E, +118% CAGR (2018-2022)7
     Capacity + latency → IoT enablement

Source: 1. Newzoo, April 2018; 2. UBS, Jan 2016; 3. marketsandmarkets, May 2018; 4. Cult of Mac, 2014. 5. IDC. 6. NewZoo May 2017. 7. ZDNet, 2018. It should not be assumed that recommendations made in
future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                   28
Investment Themes
 Eight core theme breakdown (31 January 2017 – 31 July 2019)
24%
23%
22%
21%
20%
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%
  9%
  8%
  7%
  6%
  5%
  4%
  3%
  2%
  1%
  0%
    Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19

               eCommerce / Digital Payments                                            Digital Marketing / Advertising                                    Cyber / Physical Security
               Cloud Infrastructure / Artificial Intelligence                          Software / SaaS                                                    Digital Content / Games Software
               Robotics / Automation                                                   Semiconductor / Material Science                                   Apple/smartphone related
               Other / Legacy                                                          Other / Growth                                                     Market hedge / beta offset

Source: Polar Capital, 31 July 2019. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                         29
Online Advertising / Digital Marketing
• Global online advertising worth $283bn in 2018, c. 46% of total worldwide advertising spend1
• Online share of US advertising now commensurate with % time spent in media (51% vs. 20%/33% in 2010)…2
• …but TV + radio + print still c.49% of US ad spending and new dollar pools (trade spend / direct marketing) emerging2
• US digital media consumption accelerated in 2018 (to +7% y/y) aided by highly favourable demographic trends3

 Worldwide Digital Advertising Spending ($bn): 2018 – 20233                                                     TAM expansion as new dollar pools emerge (2009 – 2019E)4

                                                                              Sample Holdings
      Sample Holdings

Source: Polar Capital, unless otherwise stated. 1. eMarketer, 2019. 2. Bond Internet Trends 2019 3. Bond Internet Trends 2019 BoAML/Zenith, US market January 2018. 4. KPCB, 2018. It should not be assumed that
recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All
opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                  30
eCommerce
• eCommerce growth continues unabated and is forecast at $3.5tr in 2019E, representing c.14% of total retail sales1
• Amazon’s share of US e-commerce now 47%, 4.6% of all retail spend2
• Mobile now an integral part of the shopping experience, accounting for 63.5% of all retail eCommerce 2
• Improvements in payments / delivery continue to reduce online buying friction / change user behaviour and expectations

  Global eCommerce sales, $bn (2017-2023E)1                                                                     Global Mobile Commerce: 2016 – 2021E3

      Sample Holdings

Source: Polar Capital, unless otherwise stated. 1. eMarketer, June 2019. 2. eMarketer, Feb 2019. 3. Statista. It should not be assumed that recommendations made in future will be profitable or will equal performance of
the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the
date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                31
Payments / Fintech
• Global mobile payment market set to reach $2.73tr by 2023, representing a 25% CAGR 2018-20231
• 2.1bn consumers expected to make a purchase via a mobile wallet in 2019, >50% in China2
• B2B opportunity: $120tr (vs. $45tr consumer volume) largely cheque-based today ($4-20/transaction vs. 30-50c digital) 3
• Disruption inevitable: mobile payments cost Chinese banks $23bn in 2015, expected to reach $60bn by 2020E4

 Proximity Payment Penetration of Mobile Users, 20195                                                            Personal Loan Balance Market Share6

      Sample Holdings

Source: 1. Payments cards and mobile, 2019. 2. Globe News Wire, 2018. 3. E&Y. 4. Caixin Global, 2019. 5. eMarketer. 6. William Blair. It should not be assumed that recommendations made in future will be
profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute
the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                     32
Software (Is Eating The World)
• Rental / usage-based model is expanding the software market while threatening incumbent franchises / maintenance
• Software as a service (SaaS) targets a $325bn opportunity by 2022, representing 25% of IT spending1
• Focus on the customer experience (CX) driving a front office transformation → CRM, UCaaS, CPaaS, voice, payments
• Agility in the data age requires automation / upgraded core business functions → AI, BPA, HR, procurement

 US Nominal Tech Capex (1980 – Present)2                                                                      SaaS / Cloud Software (2012 – 2022E)1

      Sample Holdings

Source: 1. KeyBanc, 2019. 2. Cornerstone, Q1’19. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change
without notice, and do not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                           33
Digital Entertainment
• Video games: $122bn market in 2017 → $152bn by 2020E (~10% CAGR), driven by new console cycle, mobile and AR/VR1
• Meteoric rise of Free-To-Play Fortnite (>78m MAU / $2.4bn sales): both risk and opportunity2
• Streaming video : c.200m (vs. 1bn paid TV) subscribers worldwide, Netflix dominates today with 140m (6x closest comp)3
• eSports: modest TAM ($906m) but massive audience (165m enthusiasts + 215m occasional viewers) watching 6.6bn hours4

  Global Games Market ($bn) 2017 – 2020E1                                                                       Share of global recorded music sales, by format5

      Sample Holdings

Source: 1. Newzoo, Apr 2018. 2. Polygon, September 2018 & The Telegraph, 2019. 3. RBC, August 2019. 4. Influencer Marketing Hub. 5. Superdata (April data) May 2018. It should not be assumed that
recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.
All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                34
Cloud Infrastructure / Security
• Having debunked many of the earlier barriers to adoption, we expect Cloud migration to accelerate over the coming years
• Expect ‘all’ incremental capacity added in cloud: c. 50% of spend by 20192 and 44% of application workloads by 20213
• Cloud deflation likely to be felt throughout the IT stack - $1tr of enterprise IT spending at risk4
• Cost of cybercrime estimated at $6tr by 2021 with cybersecurity playing a vital role in protecting the digital economy1

  Amazon + Azure + Google Cloud Revenue: Q1’15-Q1’195                                                           Enterprise Computing Workloads: 2016 – 2024E6

      Sample Holdings
Source: Polar Capital unless otherwise stated. 1. PWC, The cost of inaction on cybercrime in the Middle East, 2018. 2. Deutsche Bank, January 2016. 3. Morgan Stanley / Geekwire August 2018 4. Gartner, August 2018
5. KeyBanc, Q119 6. Gartner, August 2016. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations
made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do
not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                35
The Data Economy / Artificial Intelligence (AI)
• 2.5bn gigabytes of data is generated per day but only 1% is stored and analysed; this could increase to 37% by 20251
  – e.g. a single AV may generate 4TB of data/ day, equivalent to 3,000 people today1
• AI likely to be the single largest driver of tech spending over the next 5-10 years, worth $127bn by 2025E1
  – Only 8% of companies have deployed ML beyond testing1, focus likely to remain narrow / specific use-cases
• Data Economy includes semi / components (DRAM / NAND, GPU / FPGA), Cloud (scale), tools (data prep / analytics) and apps.

   The ‘Data Economy’ ecosystem2                                                                                AI revenue growth by technology, $bn (2015 – 2025E)1

                                                    Apps

                                                 Tools

                                                 Cloud

                                 Semi / components

      Sample Holdings

Source: 1. BAML, August 2018 2. Polar Capital. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations
made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do
not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                             36
Connectivity: 5G / IoT / Edge Computing
• Current networks insufficient capacity / latency to support an increasingly connected world (c.29bn devices by 2022)1
• 5G up to 100x faster with low latency (
Smartphones / Apple
• The c.1.5bn unit smartphone market is mature: global penetration at c.66%1 and units expected to decline 2.5% y/y in 2019E1
• Apple remains unique: premium pricing + services. Wearables (+50% y/y in FQ3’19) AirPod / Watch attach at estimated 7% / 12%2
• Can 5G shorten replacement cycles? Although the PC experience is sobering, sentiment could improve ahead of 5G launch in 2020
• 5G content gains coming at a time of higher capital intensity due to ‘Moore’s Stress’ – favours RF, SPE, IC design, test and materials

  Smartphone worldwide unit shipments (2008 - 2022)3                                                            Smartphone replacement cycles (2007 – 2020E)4

      Sample Holdings

Source: 1. Gartner, August 2019. 2. UBS, 16 August 2019. 3. Business Insider, 2018. 4. Statista, 2019. It should not be assumed that recommendations made in future will be profitable or will equal performance of the
securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the
date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                            38
Industry 4.0: Automation / Simulation
• The Fourth Industrial Revolution underway driven by Cyber Physical Systems, Internet of Things and Cloud Services
• Sensor data + connectivity = design software / simulation expands into product lifecycle management / ‘digital twin’
• Over 25% of manufacturing tasks that can be automated may be performed by robots over the next decade1
• Human-robot collaboration will radically alter the way factories operate, making highly versatile production lines possible

 Declining IoT sensor costs (2004 – 2020E)2                                                                     Global shipments of industrial robots (2016-205E)3

      Sample Holdings

Source: 1. Boston Consulting Group, September 2015. 2. IoT One, MongoDB. 3. IC Insights. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in
this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but
are subject to change without notice, and do not necessarily represent the views of Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                             39
Emerging Themes

Source: Gartner, August 2019.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.   40
Autonomous Vehicles
                                                                                                     • Automotive market ripe for reinvention: connectivity / infotainment,
                                                                                                       advanced driver assistance systems (ADAS) / autonomous driving,
                                                                                                       vehicle electrification
                                                                                                     • 1.25m deaths worldwide due to vehicle crashes in 2014 while
                                                                                                       94% of US accidents involve human choice / error1
                                                                                                     • Global ADAS / autonomous vehicle penetration forecast to grow from
                                                                                                       12% in 2015, to 48% in 2020 and 70% by 20252
                                                                                                     • Fully autonomous driving by 2020? Technically yes – Waymo
                                                                                                       cars have already completed 5m miles3
                                                                                                     • Car ownership? Depreciating, underutilised asset used just c. 4% of
                                                                                                       the time → shared private rides becoming mainstream4
                                                                                                                                                          “We are approaching the end of the
                                                                                                                                                         automotive era. The tipping point will
                                                                                                                                                           come when 20-30% of vehicles are
                                                                                                                                                         fully autonomous. Countries will look
                                                                                                                                                           at the accident statistics and figure
                                                                                                                                                           out that human drivers are causing
                                                                                                                                                                      99.9% of the accidents”5

                                                                                                                                                                    – Bob Lutz, former vice Chairman GM

Source: 1. https://waymo.com/tech/. 2. KPCB, 2016. 3. https://waymo.com/tech/. 4. Baidu / KPCB, 2016. 5. www.autonews.com. Chart from https://waymo.com/tech/. It should not be assumed that recommendations
made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. Forecasts contained
herein are for illustrative purposes only and does not constitute advice or a recommendation. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change
without notice, and do not necessarily represent the views of Polar Capital.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                 41
PCT Positioning
Sector exposure (%)                                                                                              Market cap exposure (%)
Software                                                                                 28.0%
Semiconductors & Semiconductor Equipment                                                 17.3%                      Large Cap (>$10bn)                      77.9%
Interactive Media & Services                                                             16.2%
                                                                                                                    Mid Cap (>$1bn - $10bn)                 20.5%
Technology Hardware, Storage & Peripherals                                                8.5%
Internet & Direct Marketing Retail                                                        5.9%                      Small Cap (
PCT Positioning

Largest overweights                                    Largest underweights                                   Market cap exposure versus benchmark
Advanced Micro Devices                                 Alphabet
Aixtron                                                Amadeus IT Holding
Alteryx                                                Apple
                                                                                                               Large-cap                             -11.7%
Amazon                                                 Broadcom
Analog Devices                                         Cisco Systems
Arista Networks                                        Cognizant Technology Solutions
Aspen Technology                                       eBay
Chegg                                                  Facebook                                                   Mid-cap                                                    11.2%
Dolby Laboratories                                     HP
IAC/InterActiveCorp                                    IBM
LivePerson                                             Infosys
Mastercard                                             Intel                                                    Small-cap                                               0.9%
Mimecast                                               Intuit
PayPal Holdings                                        Micron Technology
Proofpoint                                             Microsoft                                                          -20%      -15%      -10%       -5%       0%        5%        10%       15%
ServiceNow                                             Oracle
Tokyo Electron                                         SAP
Uber Technologies                                      Shopify
Visa                                                   SK Hynix
Zendesk                                                Workday

Source: Polar Capital, as at 31 July 2019. Bold denotes a zero position. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A
list of all recommendations made within the immediately preceding 12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                          43
PCT Positioning
 Thematic breakdown1,2                                                                                       Thematic breakdown relative to benchmark (%)1,2
                                                                                                              10.0%

                                           Legacy
                                            10%
                                                                                                               5.0%
                                                                               Internet
                                                                                 23%

                                                                                                               0.0%

                                                                                                              -5.0%

                  Semiconductors
                       23%
                                                                                                             -10.0%

                                                                               Cloud: applications           -15.0%
                                                                                      16%

                                                                                                             -20.0%
        Smartphones
            1%             Apple
                            6%
Medical Technology                                                                                           -25.0%

                                                                                                                                                                                                              Big data / AI

                                                                                                                                                                                                                                                                                                               Smartphones

                                                                                                                                                                                                                                                                                                                                   Emerging

                                                                                                                                                                                                                                                                                                                                                                                            Solar
                                                                                                                                                                                                                                                                                                                             IoT

                                                                                                                                                                                                                                                                                                                                              Materials

                                                                                                                                                                                                                                                                                                                                                                                                            Internet
                                                                                                                                                                                                                                                                                                                                                                                                                       Apple
                                                                                                                                                                                                                                                                                                                                                                                                    Other

                                                                                                                                                                                                                                                                                                                                                                                                                               Legacy
                                                                                                                       Cloud: applications

                                                                                                                                                                                      Cloud: infrastructure
                                                                                                                                             Payments

                                                                                                                                                                                                                                                                                                  Automotive
                                                                                                                                                        Factory automation/robotics

                                                                                                                                                                                                                              Video Games

                                                                                                                                                                                                                                                            Medical Technology
                                                                                                                                                                                                                                                                                 Semiconductors

                                                                                                                                                                                                                                                                                                                                                                              3D Printing
                                                                                                                                                                                                                                            Cybersecurity

                                                                                                                                                                                                                                                                                                                                                          Electric Vehicles
        1%
   Electric Vehicles    Solar
          0%             0%                                                    Cloud: infrastructure
Emerging
  1%                                                                                    4%
                                     Payments                         Cybersecurity
      3D Printing        Other          4%                                2%
          0%              0%                             Automotive
                          IoT           Factory              2%         Big data / AI
                          1%       automation/robotics                       2%
                                          5%

 Source: Polar Capital, 31 July 2019. 1. Benchmark: Dow Jones Global Technology Index (TR). 2. Index exposure based on Top 100 index constituents. Figures are shown as gross weightings.
 It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12
 months is available upon request.

 For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                                                                                                                                                                                               44
PCT Positioning
                                                                         Index          Index ex
                                                        PCT1                                                Sales growth 2020 – PCT vs. benchmark2
                                                                        Top 100           Apple

    PE (Median)                            CY            29.5              21.2            21.3                               50.0
                                           NY            25.1              17.6            18.1
    Earnings growth (Median)               CY            4.8               5.5              5.6                               45.0
                                           NY            25.1              14.9            15.1
    EV/Sales (Mean)                        CY            7.9               6.0              6.0                               40.0
                                           NY            6.3               5.2              5.2
    EV/Sales (Median)                      CY            6.7               4.6              4.7
                                                                                                                              35.0
                                           NY            5.6               4.2              4.2

                                                                                                             % of Portfolio
    EV/Sales (Weighted)**                  CY            7.2               5.6              6.0
                                                                                                                              30.0
                                           NY            6.0               4.9              5.2
    Sales Growth (Mean)                    CY            12.6              7.4              7.4
                                           NY            24.0              11.1            11.2                               25.0
    Sales Growth (Median)                  CY            11.1              5.4              5.4
                                           NY            17.1              8.8              8.9                               20.0
    Sales Growth (Weighted)**              CY            13.2              8.8             10.1
                                           NY            18.3              12.2            13.0                               15.0
    Gross Margin (Mean)                                  59.7              57.3            57.5
    Gross Margin (Median)                                63.6              59.0            59.1
                                                                                                                              10.0
    Gross Margin (Weighted)**                            58.3              57.4            60.1
    Net Cash as % mkt cap                 Avg            6.2               -1.6            -1.7
                                                                                                                               5.0
                                         Wgtd**          7.0               5.6              4.8
    Market Cap ($m)                      Mean           78,186            81,678          73,484
                                                                                                                               0.0
                                        Median           9,465            26,946          26,471                                     50
                                         Wgtd**        324,359           443,938         380,288                                      PCT GROSS WEIGHT             BENCH GROSS WEIGHT

Source: 1. Polar Capital, 6 August 2019. Figures in blue exclude Apple (12.4% gross) from the Index Top 100. CY = Current Year, NY = 2018 calendar year estimates. 2. Polar Capital, 7 August 2019.
Benchmark: Dow Jones Global Technology Index (TR). Past performance is not indicative or a guarantee of future results. All opinions and estimates constitute the best judgment of Polar Capital as of the date
hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. It should not be assumed that recommendations made in future will be profitable or will equal
performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                          45
Appendix

For non-US investor use only. Please refer to the Important Information at the end of this presentation.   46
Team Biographies
                                   Ben Rogoff – Partner
                                   Experience: 23 years
                                   Ben joined Polar Capital in May 2003. He is lead manager of Polar Capital Technology Trust plc and is a Fund Manager of the Polar Capital
                                   Global Technology Fund and Polar Capital Automation and Artificial Intelligence Fund. He has been a technology specialist for 23 years. Prior to
                                   joining Polar Capital he began his career in fund management at CMI, as a global technology analyst. He moved to Aberdeen Fund Managers in
                                   1998 where he spent four years as a senior technology manager. Ben graduated from St Catherine’s College, Oxford in 1995.

                                   Nick Evans – Partner
                                   Experience: 21 years
                                   Nick joined Polar Capital in September 2007 and has 21 years’ experience as a technology specialist. He has been lead manager of the Polar
                                   Capital Global Technology Fund since January 2008 and is also a fund manager on the Polar Capital Technology Trust and Polar Capital
                                   Automation and Artificial Intelligence Fund. Prior to joining Polar he was head of technology at AXA Framlington and lead manager of the AXA
                                   Framlington Global Technology Fund and the AXA world fund (AWF) – Global Technology from 2001 to 2007 (both rated five stars by S&P). He
                                   also spent three years as a Pan-European investment manager and technology analyst at Hill Samuel Asset Management. Nick has a degree in
                                   Economics and Business Economics from Hull University, has completed all levels of the ASIP, and is a member of the CFA Institute.

                                   Xuesong Zhao
                                   Experience: 12 years
                                   Xuesong joined Polar Capital in May 2012 and has 12 years’ investment experience. He is a lead manager of the Polar Capital Automation and
                                   Artificial Intelligence Fund and is a Fund Manager on the Polar Capital Technology Trust and Polar Capital Global Technology Fund. Prior to
                                   joining Polar Capital, he spent four years working as an investment analyst within the emerging markets & Asia team at Aviva Investors, where he
                                   was responsible for the technology, media and telecom sectors. Prior to that, he worked as a quantitative analyst and risk manager for the
                                   emerging market debt team at Pictet Asset Management. He started his career as a financial engineer at Algorithmics, now owned by IBM, in
                                   2005. He holds an MSc in Finance from Imperial College of Science & Technology, a BA (Hons) in Economics from Peking University. He is also
                                   a CFA charterholder.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                       47
Team Biographies Cont.
                                   Fatima Iu (Maternity Leave)
                                   Experience: 13 years
                                   Fatima joined Polar Capital in April 2006 and has 13 years’ experience. She is a fund manager on the Polar Capital Technology Fund, Polar
                                   Capital Technology Trust and Polar Capital Automation and Artificial Intelligence Fund. She is responsible for the coverage of European
                                   Technology, Global Security, Networking, Clean Energy and Medical Technology. Prior to joining Polar, Fatima spent 18 months working at
                                   Citigroup Asset Management with a focus on consumer products and pharmaceuticals. Fatima holds an MSc in Medicinal Chemistry from
                                   Imperial College of Science & Technology in London. She is also a CFA Charterholder.

                                    Alastair Unwin
                                   Experience: 8 years
                                   Alastair joined Polar Capital in June 2019 as a Fund Manager and Senior Analyst. Prior to joining Polar Capital, Alastair co-managed the Arbrook
                                   American Equities Fund. Between 2014 and 2018 he launched and then managed the Neptune Global Technology Fund and managed the
                                   Neptune US Opportunities Fund. Prior to Neptune, Alastair was a technology analyst at Herald Investment Management. Alastair has a BA (1st
                                   Class Hons) in history from Trinity College, Cambridge and is a CFA Charterholder.

                                    Chris Wittstock
                                   Experience: 34 years
                                   Chris joined Polar Capital in July 2017 as a senior technology analyst based in the US. Prior to joining, Chris led the International research sales
                                   effort at Pacific Crest, a technology investment bank that was ultimately acquired by KeyBanc Capital in 2014. Prior to joining Pacific Crest in
                                   2004, Chris led the International sales effort at Schwab SoundView, the successor company to Soundview Technology Group where he was
                                   since 1996. Chris spent significant time in Europe as a derivative products specialist in the late 80s and 90s, lastly with Morgan Stanley
                                   International. He is a graduate of University of Toronto, Faculty of Engineering (Industrial).

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                           48
Team Biographies Cont.
                                   Brad Reynolds
                                   Experience: 11 years
                                   Brad joined Polar Capital in October 2011 as an Investment Analyst and Trader working as part of the European Market Neutral team with a focus
                                   on media and internet. In 2014, he joined the Technology team as an Investment Analyst. Prior to joining Polar Capital, Brad worked at Ratio
                                   Asset Management as an analyst and trader, and from 2007 to 2011 he worked at F&C as a hedge fund analyst. Brad started his career in 2001
                                   at Gartmore Investment Management working within the hedge fund team. Brad graduated from the University of Hertfordshire with a degree in
                                   Business Studies.

                                    Paul Johnson
                                    Experience: 7 years
                                    Paul joined Polar Capital in March 2012 as an Investment Analyst on the Polar Capital Technology team. Prior to joining Polar Capital, Paul
                                    helped manage a private investment fund between 2010 and 2012. Paul holds a BA in History and Politics and a Masters in History from Keele
                                    University. He has successfully passed all three levels of the CFA program.

                                   Nick Williams
                                   Experience: 3 years
                                   Nick joined Polar Capital in June 2019 as an analyst on the Polar Capital Technology team. Prior to joining Polar Capital, Nick worked at Neptune
                                   Investment Management as the Assistant Fund Manager on the US Opportunities growth fund. Prior to that he worked in academia at the
                                   University of Oxford. Nick holds an MChem Chemistry from the University of Oxford.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                        49
Important Information
                                                                                                                                                                                                    Polar Capital
                                                                                                                                                                                                 16 Palace Street
                                                                                                                                                                                              London SW1E 5JD

 Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. It shall not and does not constitute an offer or solicitation of an offer to make an
 investment into any fund or Company managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital and is for the intended recipient only. Clients who have
 access to this document should make themselves aware of all relevant risk factors relating to these products contained in the Fund or Company’s Prospectus or latest financial report. The law restricts distribution
 of this document in certain jurisdictions; therefore, it is the responsibility of the reader to inform themselves about and observe any such restrictions. It is the responsibility of any person/s in possession of this
 document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Polar Capital Technology Trust plc is an Investment Company with investment trust status and as
 such its ordinary shares are excluded from the FCA’s (Financial Conduct Authority’s) restrictions which apply to non-mainstream investment products. The Company conducts its affairs and intends to continue to
 do so for the foreseeable future so that the exclusion continues to apply. It is not designed to contain information material to an investor’s decision to invest in Polar Capital PLC – Global Technology Fund or
 Polar Capital Technology Trust plc which is an Alternative Investment Fund under the Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”) managed by Polar Capital LLP the appointed
 Alternative Investment Manager. In relation to each member state of the EEA (each a “Member State”) which has implemented the AIFMD, this document may only be distributed and shares may only be offered
 or placed in a Member State to the extent that (1) the fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD; or (2) this document may otherwise be
 lawfully distributed and the shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). As at the date of this document, the Fund has not been approved,
 notified or registered in accordance with the AIFMD for marketing to professional investors in any member state of the EEA. However, such approval may be sought or such notification or registration may be
 made in the future. Therefore this document is only transmitted to an investor in an EEA Member State at such investor’s own initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK
 FACTORS, IS CONTAINED IN THE COMPANY OR FUND’S OFFER DOCUMENT WHICH MUST BE READ BY ANY PROSPECTIVE INVESTOR.

 Statements/Opinions/Views: All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views
 of Polar Capital. This material does not constitute legal or accounting advice; readers should contact their legal and accounting professionals for such information. All sources are Polar Capital unless otherwise
 stated.

 Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or
 related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties
 hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

 Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Company or Fund. The holdings may represent only a
 small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in
 the Company or Fund’s best interest to do so. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
 recommendations made within the immediately preceding 12 months is available upon request. This document is not a recommendation to purchase or sell any particular security. It is designed to provide
 updated information to professional investors to enable them to monitor the Company or Fund.

 Benchmarks: The following benchmark index is used: Dow Jones World Technology Index (Total Return). This benchmark is generally considered to be representative of the Technology Equity universe. This
 benchmark is a broad-based index which is used for comparative/illustrative purposes only and has been selected as it is well known and is easily recognizable by investors. Please refer to www.djindexes.com
 for further information on this index. Comparisons to benchmarks have limitations as benchmarks volatility and other material characteristics that may differ from the Company or Fund. Security holdings, industry
 weightings and asset allocation made for the Company or Fund may differ significantly from the benchmark. Accordingly, investment results and volatility of the Company or Fund may differ from those of the
 benchmark. The indices noted in this document are unmanaged, are unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the Company or
 Fund may incur. The performance of the indices reflects reinvestment of dividends and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences
 when evaluating the comparative benchmark data performance. Information regarding indices is included merely to show general trends in the periods indicated, it is not intended to imply that the fund was similar
 to the indices in composition or risk.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                     50
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