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Polar Capital Technology Trust

AGM Presentation

7 September 2017

This presentation is for non-US investor use only


www.polarcapital.co.uk
For non-US investor use only. Please refer to the Important Information at the end of this presentation. 1
Results As At 30 April 2017

Year ended Year ended Change


30/04/16 30/04/17 (y/y)

Net Assets 801,307,000 1,252,525,000 +56.3%

NAV per ordinary share 605.51p 945.39p +56.1%

Price per ordinary share 566.00p 947.00p +67.3%

Benchmark Change +53.4%

Ordinary shares in issue 132,336,159 132,487,000 + 0.1%

GBP / USD 1.46 1.30 -11.0%

Source: Polar Capital, 30 April 2017. Benchmark: Dow Jones World Technology Index (Total Return). 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. 2
Results As At 31 August 2017

Year ended Year ended Change As at


FYTD
30/04/16 30/04/17 (y/y) 31/08/17

Net Assets 801,307,000 1,252,525,000 +56.3% 1,415,082,000 +13.0%

NAV per ordinary share 605.51p 945.39p +56.1% 1065.57p +12.7%

Price per ordinary share 566.00p 947.00p +67.3% 1057.00p +11.6%

Benchmark Change +53.4% +11.0%

Ordinary shares in issue 132,336,159 132,487,000 + 0.1% 132,800,000 +0.2%

GBP / USD 1.46 1.30 -11.0% 1.29 -0.8%

Source: Polar Capital, 31 August 2017. Benchmark: Dow Jones World Technology Index (Total Return). 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. 3
Full Year Review

DJ World Technology vs. FTSE World TR since Apr 2016 Global equities (FTSE World + 30.7%)
enjoyed a banner year due to the
combination of earnings growth and
ongoing valuation expansion, particularly
post the US Presidential election.

Once again, Sterling weakness (-12%/-


7%/-8% vs. Dollar / Euro / Yen) was a key
contributor to returns due to Brexit.

Technology stocks significantly


outperformed (DJ World Tech +53.4% in
Sterling terms) due to superior earnings
growth and a valuation re-rating following
the weak start to CY17. This healing
process was aided by record M&A activity.

Source: Bloomberg, 30 August 2017.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 4
Full Year Review

US technology small caps vs. large caps since Apr 2016 Small-cap US technology stocks modestly
outperformed during the year (c. 2%) due to
Trump-related strength that largely
unwound during the final third of the year.

NAV performance (+56.1%) exceeded the


benchmark by 2.7%.

New technology cycle appears to have


entered a more pernicious phase. This is
likely to prove the beginning of the end for
traditional IT with disruption likely to prove
significantly greater than witnessed thus far.

Source: Bloomberg, 30 August 2017. 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. 5
Style Headwinds

US technology small caps vs. large caps: 2012 - Present

Source: Bloomberg, 30 August 2017.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 6
Revisiting Highs (But This Time With Earnings)

PCT share price performance (1997 present)

June 2017
S&P Tech earnings: $37.48
PE: 25.1x
March 2000
S&P Tech earnings: $13.09
PE: 70x

PCT in Sterling

PCT in US Dollars

Source: Bloomberg, June 2017; annotations: NDR, Trailing 12 months EPS, June 2017. 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. 7
Technology: PE Expansion Inline With Market

Absolute sector valuation (PE): 1992 - Present

Source: Ned Davis, 11 August 2017. 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. 8
Technology: PE Expansion Inline With Market

Relative sector valuation (PE): 1992 - Present

Source: Ned Davis, 11 August 2017. 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. 9
Next-Generation Valuations

Internet valuation:
EV / forward 12 month EV/EBITDA levels1

Source: 1. Goldman Sachs, August 2017. 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. 10
Next-Generation Valuations

Software as a Service (SaaS) valuation:


EV / forward 12 month revenue multiples1

Source: 1. Pacific Crest, August 2017. 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. 11
Next-Generation Valuations

IT security valuation:
EV / forward 12 month revenue multiples1

Source: 1. Factset, 14 August 2017. 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. 12
Next-Generation Valuations

Cloud vs legacy valuation


EV / trailing 12 month revenue multiples1

14x

12x
EV/ trailing 12 month sales

10x

8x

6x

4x

2x

0x
Nov-10

May-13
Dec-12

Jun-15
Jul-10

Sep-11

Jan-15

Nov-15
Feb-10

Apr-11

Jul-12

Oct-13

Aug-14
Feb-12

Mar-14

Apr-16

Sep-16

Jul-17
Feb-17
LEGACY CLOUD

Source: 1. Merrill Lynch, July 2017. 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
Valuations Supported By Elevated M&A

Technology M&A since 19951 Select M&A activity2


Date Target Acquirer Premium Value $m
May-12 Ariba SAP 19% 4,324
Aug-12 Kenexa IBM 42% 1,260
Oct -12 OPNET Riverbed 31% 912
June-13 ExactTarget Salesforce 50% 2,419
Jul -13 Sourcefire Cisco 29% 2,185
Dec-13 Responsys Oracle 38% 1,438
Sept-14 Concur SAP 28% 7,241
Nov-14 Sapient Publicis 70% 3,264
Feb-15 Freescale NXP 2% 17,469
Apr-15 Informatica PE consortium 11% 4,784
May-15 Altera Intel 18% 14,354
Oct-15 KLA-Tencor Lam Research 27% 10,955

Cash & equivalents at top 25 tech companies3 Nov-15 King Digital Activision Blizzard 16% 4,881
Apr-16 Ruckus Wireless Brocade 45% 1,044
Apr-16 Cvent Vista Equity 68% 1,408
Jun-16 QLIK Technologies Thoma Bravo (PE) 5% 2,899
Jun-16 LinkedIn Microsoft 50% 26,401
Jun-16 Demandware Salesforce 56% 2,779
Jul-16 ARM Holdings SoftBank 43% 22,897
Jul-16 Netsuite Oracle 19% 8,716
Sept -16 Arcam GE 53% 688
Jan-17 AppDynamics Cisco 100%* 3,700

Mar-17 Nimble Storage HP Enterprise 45% 1,000

Apr-17 Mobileye Intel 34% 14,131

Source: 1. Centaur Partners, December 2015. 2. Bloomberg and Polar Capital, May 2017. 3. E&Y, June 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 14
Digital Disruption

Source: Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 15
Digital Disruption: Accelerating Tech Adoption

Technology Adoption Curves: 1867 - 20171

Source: 1. KPCB 2017. All other sources: visualcapitalist.com. 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. 16
Digital Disruption: Technology Deflation

Computing: The cost of 1m transistors

Storage: The cost of gigabyte of data

Bandwidth: The cost of 1,000Mbps

Source: KPCB, historical data.

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

Smartphone installed base: 2008 2017E1 Number of Connected Devices (bn) : 2015 2025E1

Source:.1. https://www.statista.com/statistics 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. Past performance is not indicative or a guarantee of future returns. 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. 18
Digital Disruption: Big Data

Data growth (Zb): 2005 2019E

Source: United Nations Economic Commission for Europe http://www.nojitter.com/post/240170228/the-network-impact-of-big-data. 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. 19
Digital Disruption: The Information Age

PCT 2014

Source: Polar Capital.

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

Number of annual Google searches (bn)

Source: Polar Capital, Business Insider 2013. 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: The Information Age

Number of manuscripts / books produced in Europe: 500 - 1800

500,000,000

"Every single day 15% of the questions


50,000,000
people ask of Google are (ones) we've
never seen before
5,000,000

500,000

50,000

5,000
6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th
Century

Source: Polar Capital, Business Insider 2013.

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

Source: 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. 23
Digital Disruption: New Networks / Scale

Centralised, decentralised and distributed networks1

>2tr annual searches 466m active users


5 apps > 1bn MAU

2bn MAU, 1.3bn DAU 1.3m properties online


20+ minutes/user/day 1.5m room nights/day

WeChat: 963m MAU >5bn rides, 76 countries

536m SKUs, 66m prime subs 4m listings


43% of 2016 US ecommerce 200m guest arrivals

Source: 1. RAND corporation, Where wizards stay up late Other sources: Amazon, scrapehero.com, August 2017; Alibaba, August 2017, Tencent, August 2017; Facebook, July 2017; Google, August 2017;
Booking.com, July 2017; Airbnb, August 2017. 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: 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 (https://aiimpacts.org/trends-in-the-cost-of-computing/) 2. Gartner http://www.gartner.com/newsroom/id/3784363


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. 25
Digital Disruption: The App Economy

Available Apps in the Apple App Store (2008 2017)1 US Time Spent by App Category2

The average US consumer spends 5 hours per day on mobile devices (+c. 20% y/y)2

Source: 1. Statista (https://www.statista.com/statistics/263795/number-of-available-apps-in-the-apple-app-store/ ). 2. http://flurrymobile.tumblr.com/post/157921590345/us-consumers-time-spent-on-mobile-crosses-5 .


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. 26
Digital Disruption: Advertising

Facebook Users: responsiveness to advertising1 Internet vs. TV Global Ad Spend ($bn): 1995 2017E1

Digital advertising is expect to account for 77c of incremental ad dollars in 20172

Source: 1. KPCB, 2017. 2. (https://digiday.com/uk/global-state-digital-advertising-5-charts/) 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. 27
Digital Disruption: Retail

US Retail Store Closings: 1995 2017 YTD1 Amazon Prime Subscriber Growth: 2012 2017E1

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. 28
Digital Disruption: Brands

Amazon Echo Device US Installed Base1 Amazon Basics, US online market share1,2

Source: 1. KPCB 2017. 2. Amazon market share as at August 2016 . 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. 29
Digital Disruption: Content

US Recorded Music Revenues by Format ($bn) US Network TV Minutes Delivered

Number of TV channels watched <10% of those received while Pay TV ARPU 10-15x > Netflix
Spotify = 50m paid subscribers, c.20% of global music industry revenues

Source: All KPCB 2017. 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. 30
Digital Disruption: Asset-Lite

Percentage of licensed drivers per age-group1 Number of Uber rides taken: 2010 - June 20162

In the UK, the number of people taking driving tests per year has fallen 28% since 2007/83

Source: 1. Business Insider. 2. Daily Mail. 3. Stat from Daily Telegraph. 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. 31
Core Investment Themes

eCommerce / payments
eCommerce worth $342bn in the US2 and $467bn in China4 last year
Penetration just 9% / 8% / 11% in US2 / Europe3 / China5
Number of SKUs Logistics + Ecosystem

Digital Advertising / Marketing


Internet advertising worth $180bn this year6, Social ads ~16% only penetrated6
Social Media ads in US growing 50% in every half year since 20127
Brand Building Transaction facilitation

Cyber Security
$58bn market in 2016, 6% CAGR to 2019, only ~14% of total S/W spending8
Protect most valuable assets intangibles (IP, Customers & Reputation)
Block & Protect Detection, Mitigation & Response

Cloud Infrastructure
$137bn Public Cloud Market (44% CAGR) VS ~$650bn legacy TAM (6% CAGR) by 20201
$11bn AWS LTM revenue growing >50%, still innovating (serverless computing)
Under-utilisation / cost arbitrage Elastic Compute / TAM expansion

Source: 1. Goldman Sachs, Nov 2016, IaaS + PaaS; 2. US Census Bureau, Penetration of US is calculated by Polar Capital using 2015 adjusted retail sales ex Auto and Gas Station; 3. European B2C Ecommerce
Report 2016; 4. iResearch, May 2016, B2C only; 5. Nielson, Jan 2016; 6. Zenith/Bloomberg; 7. PwC/IAB 2016 Internet Advertising Revenue Half-Year Report; 8. Macquarie, July 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 32
Core Investment Themes

Software As A Service
Usage based pricing disrupting $150bn2 maintenance market
As penetration rises (~27% today2 ) expect more strategic M&A by incumbents
SMB adoption / TAM expansion Enterprise / rip and replace

Gaming
$100bn gaming market5 c. 3x > movie box office6, Mobile gaming growing c.15% per annum7
148m eSports Audience5,6, +29% YoY, $3.3 annual rev per fan5,6 VS $20 of NBA5 VS $60 of NFL5
Leisure Connected / Competitive

Robotics / Automation
$80bn Market1 by 2022 (~12% CAGR3) 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

More than Moore


Rising capital intensity due to end of Moores Law (transistor costs stop falling at 20nm)
Greater focus on integration / power consumption VS performance / density
Lithography Materials Improvement / Process Innovation

Source: 1. Goldman Sachs, Nov 2016, IaaS + PaaS; 2. UBS, Jan 2016; 3. marketsandmarkets, Feb 2016; 4. http://www.cultofmac.com/305200/foxconns-promised-iphone-building-robot-army-running-late/
5. NewZoo, June 2016; 6. PwC <Global Entertainment and Media Outlook 2016>, Global Box Office is estimated to be $36.8 in 2016; 7. NewZoo, June 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 33
eCommerce / Payments
eCommerce growth continues unabated and is forecast to reach $1,9tr in 2016, representing c. 8.7% of total retail sales1
Mobile becoming an integral part of the shopping experience, enabling greater volumes and new use cases (eg. Uber)
Improvements in payments / delivery continue to reduce online buying friction / change user behaviour and expectations
Sharing Economy goes mainstream: shared transportation / accommodation markets worth $350bn / $139bn by 20202

US Online Retail Sales: 2010 - 20163

Sample Holdings

Source: Polar Capital, unless otherwise stated. 1. Based on eMarketer forecast, August 2016, 2016. 2. UBS, 2016. 3. KPCB 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. 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. 34
eCommerce / Payments
The shift to mobile remains the central and dominant trend in payments while merchant adoption represents the biggest obstacle.
Over time the smartphone is likely to replace the physical wallet, aided by the use of biometric authentication.
As payments are taken out of the banking system, banks are being reduced to dumb pipes as value moves to the networks.
Distributed ledger technology: a longer-term opportunity, enabling payment systems to operate in a decentralised framework

Global Mobile Payments (2010 2017E)1

Sample Holdings

Source: 1. Statista, 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 investor use only. Please refer to the Important Information at the end of this presentation. 35
Digital Advertising / Marketing
Global online advertising expected to reach $195bn in 2016, c. 20% of total advertising spend1
Paid Search and Social Media markets expected to grow 16% and 33% respectively in 20172
Size matters: US market dominated by Alphabet and Facebook, who combined captured c. 75% of overall growth in 20162
Growth drivers: continued improvement in ROI measurement, video content / live streaming, location-based targeting

US Internet Advertising: 2009 20163

Sample Holdings

Source: Polar Capital, unless otherwise stated. 1. Based on eMarketer forecast, October 2016. 2. Goldman Sachs/Magna Global, January 2017. 3. KPCB, 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. 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
Digital Advertising / Marketing
Global online advertising expected to reach $195bn in 2016, c. 20% of total advertising spend1
Paid Search and Social Media markets expected to grow 16% and 33% respectively in 20172
Size matters: US market dominated by Alphabet and Facebook, who combined captured c. 75% of overall growth in 20162
Growth drivers: continued improvement in ROI measurement, video content / live streaming, location-based targeting

% of Time Spent in Media vs. % of Advertising Spending, USA 20163

Sample Holdings

Source: Polar Capital, unless otherwise stated. 1. Based on eMarketer forecast, October 2016. 2. Goldman Sachs/Magna Global, January 2017. 3. KPCB, 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. 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. 37
Software As A Service (SaaS)
The rental / usage-based model is expanding the software market while threatening incumbent franchises / maintenance.
Enabled by Cloud, software as a service (SaaS) targets a $164bn opportunity by 2022, c. 30% penetrated today1
Recent acceleration in M&A supportive of our view that Cloud disruption is intensifying (eg. Oracle / Netsuite)
Preferred areas: enterprise applications, digital marketing, unified communications as a service + new opportunities e.g. Taser

Worldwide SaaS and Cloud Software (2012 2017E) 2

Sample Holdings

Source: Polar Capital unless otherwise stated.1. IDC. 2. IDC, Centaur Partners, 2014. 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
Gaming
Video game industry worth $100bn in 2016 $118bn by 2019, driven by new console cycle, mobile and AR/VR1
Improving market dynamics: industry consolidation + focus on blockbuster franchises = greater scale / profitability / barriers to entry
The shift to digital distribution (full game digital downloads / additional content) expands the TAM and structurally improves margins
Pokemon Go first hit game for augmented reality (AR) scale of mobile gaming: c. 42m daily active users 15 days after launch2

Global Games Market ($bn) 2015 2019E3

140.0
Sample Holdings
118.6
120.0 112.5
106.5
99.6 29.7
100.0 91.8 29.3
27.7
26.9
80.0 25.7
30.8
30.4
60.0 29.8
28.9
27.5 13.0
40.0 12.4
10.7
10.0
8.3
20.0 36.0 40.3
26.9 32.0
22.0
0.0
2015 2016E 2017E 2018E 2019E

Smartphone Tablet Handheld TV/Console Casual Webgames PC/MMO

Source: 1. Newzoo, Apr 2016. 2. Apptopia, August 2016. 3. Evercore ISI, January 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 investor use only. Please refer to the Important Information at the end of this presentation. 39
Cyber Security
Security remains one of the more attractive areas within traditional IT budgets, expected to grow c. 10% through 20201
Favourable regulatory backdrop likely to persist US National Action Plan calls for a c. 35% increase in spending to $19bn in FY172
However, priorities shifting from block and protect to rapid detection and response (<10% of budgets in 2014 60% by 2020)3
Preferred areas: email security, privileged account management (PAM), vulnerability management (VM) and SIEM

US cyber security spending: 2009 2017E4

Sample Holdings

Source: 1. marketsandmarkets.com, January 2016. 2. Financial Times, February 2016.3. Gartner, January 2016. 4. atlanticcouncil.org, 2015. 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. 40
Cloud Infrastructure
Having debunked many of the earlier barriers to adoption, we expect Cloud migration to accelerate over the coming years
Computing / storage costs headed lower: Amazon Web Services (AWS) has lowered prices 61 times since launch1
Expect all incremental capacity added beyond the enterprise: traditional IT budgets contract as Cloud c. 50% of spend by 20192
Cloud deflation likely to be felt throughout the IT stack while pressuring pricing / volume in the $866bn IT services / BPO market3

Enterprise Computing Workloads: 2016 2024E4

Sample Holdings

Source: Polar Capital unless otherwise stated. 1. Amazon, May 2017. 2. Deutsche Bank, January 2016. 3. BNP, Gartner, July 2016. 4. 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 investor use only. Please refer to the Important Information at the end of this presentation. 41
Robotics / Automation
The Fourth Industrial Revolution underway driven by Cyber Physical Systems, Internet of Things and Cloud Services
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
$80bn TAM by 2022 (c.12% CAGR)2 - we prefer high precision components / sensors over robotic manufacturers

Sensor prices (1992 2014)3

Worldwide spending on robots (USD, billions)


Sample Holdings

Source: 1. Boston Consulting Group, September 2015. 2. marketsandmarkets, February 2016. 3. Rob Lineback, 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. 42
Robotics / Automation
The Fourth Industrial Revolution underway driven by Cyber Physical Systems, Internet of Things and Cloud Services
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
$80bn TAM by 2022 (c.12% CAGR)2 - we prefer high precision components / sensors over robotic manufacturers

Robotics spending expected to reach $67bn by 20253

80 160 Sample Holdings


155
Worldwide spending on robots (USD, billions)

70 66.9 150

9.0
60 140

50 130

(USD, thousands)
17.0
42.9
40 4.5 120
117
10.8
30 26.9 24.4 110
2.5

20
5.9 103 100
16.4
15.1
1.0
11.0
3.2
10 90
5.8 16.5
11.2
5.1 7.5
0 80
2010 2015E 2020E 2025E

Military Industrial Commercial Personal Industrial robot system costs


Source: 1. Boston Consulting Group, September 2015. 2. marketsandmarkets, February 2016. 3. Rob Lineback, 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. 43
Emerging Themes

Source: Gartner, July 2017.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 44
Voice As A Computing Interface
Human speak 150 vs. type 40 words per minute on average voice
should become the most efficient form of computing input1
Voice queries already account for 20% of Android mobile app
searches in the US, while Siri handles >1bn requests per week2
As speech recognition accuracy goes from 95% to 99%, all of
us...will go from barely using it to using it all the time Andrew NG3
By 2020, at least 50% of all searches are going to be through images
or speech according to Baidu4
Words recognised by machine: 1970 - 20165

Sample
Holdings

Source: 1. KPCB, 2016. 2. KPCB, 2016. 3. KPCB, 2016. 4. Baidu / KPCB, 2016. 5. KPCB, 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 45
Electric / Autonomous Vehicles
Automotive market ripe for reinvention: connectivity / infotainment,
ADAS / autonomous driving, vehicle electrification
Global ADAS / autonomous vehicle penetration forecast to grow from
12% in 2015, to 48% in 2020 and 70% by 20251
Fully autonomous driving by 2020? Technically yes - Alphabets self-
driving cars have already completed 1.8m miles2
Car ownership? Depreciating, underutilised asset used just c. 4% of
the time shared private rides becoming mainstream3
ADAS / autonomous vehicle penetration: 2013 2024E4

Sample
Holdings
Source: 1. KPCB. 2016. 2. KPCB, 2016. 3. KPCB, 2016. 4. Baidu / KPCB, 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 investor use only. Please refer to the Important Information at the end of this presentation. 46
Augmented / Virtual Reality (AR / VR)
Nascent today, but massive LT opportunity (TAM = $80bn by 20251)
Technology driven by smartphone / display / sensor advances
Gaming primary market today, but additional applications include live
events (sports / concerts) patient monitoring, real estate and education
Early stage of hardware penetration currently constraining AR/VR
Success of Pokemon Go (peak >50m MAU2) highlights AR potential
Current market leaders: Facebook, Sony, HTC, Samsung and Google

Worldwide virtual reality revenue: 2016-2020E2

Sample
Holdings
Source: 1. Goldman Sachs, Feb 2016. 2. https://www.superdataresearch.com/market-data/virtual-reality-industry-report/ 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. 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. 47
eSports
eSports = Competitive gaming as a spectator sport
Social media has grown eSports viewership making professional
leagues with full time players / teams possible
148m enthusiasts and a further 144m occasional viewers
40% of eSports viewers do not play the games themselves
Twitch reaches half of US millennial males
2016 NBA finals = c.31m viewers vs. League of Legends world finals = c. 36m
Revenue opportunities: ads, sponsorship, ticket, merchandise sales
Rapidly growing TAM: $493m in 2016 $1.1bn by 2019
eSports Growth Scenarios (2012 2021E)1

Sample
Holdings
Source: All KPCB, 2016 unless otherwise stated. 1. Newzoo, September 2015. 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. 48
Artificial Intelligence
What is Artificial Intelligence (AI)? Computers telling humans how to act by learning from data w/o being programmed explicitly
Massive market opportunity: $3.6bn (2016) $36bn (2020) $127bn (2025)1 [combination of hardware / software / services]
Why now? i) vast data sets necessary to feed neural networks (Internet, smartphones, machine-generated data etc.)
ii) Cheap parallel computing (1GFLOPS costs ~$0.07 now2 VS $32M in 19853 VS ~$9Trn in 19594)

Building neural networks (which mimic the human brain)


Training: input unstructured data and self-improve by adjusting the weights for neurons
dynamically with feedback from other neurons (not predefined by humans) billions of paths
executed simultaneously which requires massive parallel computing (GPU/ASIC)

Inference (decision-making): process unknown inputs by utilising previous training


requires extreme low latency (FPGA/CPU/ASIC)

Applications
Present (tech companies) Future (all companies?)

Natural Language Processing Pharmaceutical


Baidu achieves 97% accuracy5 Reinventing clinical trials & drug discovery
Image Recognition Healthcare
MSFT/GOOG c. 95% VS 94% humans Automated imaging processing analysis
accuracy rate in 20156 Transportation
Internet Search Autonomous driving/package delivery
Predictive Marketing Manufacturing
Adobe (Sensei), Amazon (DSSTNE7) Factory automation, predictive maintenance

Sample
Holdings
Sources: 1. BoAML Research, Dec 2016. 2. Based on NVDA GTX 1080s performance (9TFLOPS) and cost $600. 3. Based on CRAY-2 Super Computer, theregister.co.uk, March 2012. 4. Based on IBM 1620, Goldman
Sachs, Nov 2016. 5. Baidu World 2015. 6. ImageNet Large Scale Visual Recognition Challenge 2015. 7. Stands for Deep Scalable Spare Tensor Network Engine, destiny for short. 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. 49
PCT Positioning As At 31 July 2017
Sector exposure (%) Market cap exposure (%)
Internet Software & Services 25.9%
Software 24.8% Large Cap (>$10bn) 71.4%
Semiconductors & Semiconductor Equipment 16.0%
Mid Cap (>$1bn - $10bn) 25.8%
Technology Hardware, Storage & Peripherals 11.6%
Electronic Equipment, Instruments & Components 4.8% Small Cap (<$1bn) 2.8%
Internet & Direct Marketing Retail 3.5%
IT Services 2.5%
Machinery 1.8%
Communications Equipment 1.4% Total number of holdings 122
Chemicals 1.1%
Other 3.6% Top 15 holdings
Cash 3.0% Alphabet 7.3%
Apple 7.0%
Geographic exposure (%) Facebook 6.0%
70
Microsoft 5.7%
66.3%
Samsung Electronics 3.9%
60 Tencent 3.1%
Alibaba Group Holding 2.9%
50
Amazon 2.7%
40 TSMC 1.8%
Advanced Micro Devices* 1.7%
30
Applied Materials 1.6%
20 16.5% Adobe Systems 1.5%
Salesforce.com 1.3%
10 6.6% 5.3% 3.0% Texas Instruments 1.3%
1.7% 0.6%
0 New Relic 1.2%
US & Asia Pac (ex- Japan Europe (ex Middle East UK Cash
Canada Japan) UK) & Africa

Source: Polar Capital, 31 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. Totals may not sum due to rounding. *The Fund holds AMD Call options which represent 12bps of NAV and a delta adjusted exposure of 0.52%. The
delta adjusted impact of these options is only reflected in the top 15 positions table all other exposure tables are based on MTM figures.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 50
PCT Positioning As At 31 July 2017

Largest overweights Largest underweights Market cap exposure versus benchmark


Activision Blizzard Alphabet
Advanced Micro Devices Apple
Amazon Baidu
Applied Materials Broadcom Large-cap -15.5%

Axon Enterprise Canon Inc


Cognex Corp Cisco Systems
Dolby Laboratories Inc Cognizant Technology Solutions
Electronic Arts Hewlett Packard Enterprise Co Mid-cap 14.7%
HubSpot HP
New Relic IBM
Nintendo Co Infosys
PayPal Holdings Intel
Proofpoint Intuit Small-cap 1.7%

Red Hat Micron Technology


ServiceNow Microsoft
Splunk Nokia -20% -15% -10% -5% 0% 5% 10% 15%
UBISOFT Entertainment NXP Semiconductor
Universal Display Corp Oracle
Xilinx Qualcomm
Zendesk SAP

Source: Polar Capital, as at 31 July 2017. Bold denotes a zero position. *The Fund holds AMD Call options which represent 12bps of NAV and a delta adjusted exposure of 0.52%. The delta adjusted impact of these
options is only reflected in the top 15 positions table all other exposure tables are based on MTM figures. 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. Benchmark: Dow Jones World Technology Index (Total Return).

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 51
PCT Positioning As At 31 July 2017

Thematic breakdown1,2 Thematic breakdown relative to benchmark (%)1,2


Legacy 15.0%
7%

10.0%

Internet
23% 5.0%

0.0%
Semiconductors
21%
-5.0%

-10.0%
Cloud: applications
Smartphones 14%
2%
-15.0%
Apple
7%
-20.0%

Other
1% -25.0%
Cloud: infrastructure

Big data / AI

Smartphones

Emerging
Cloud: infrastructure

Solar

Apple
Automotive

Other
Cloud: applications

Factory automation/robotics

Internet
Video Games

Payments

Cybersecurity

Materials

IoT

Legacy
Electric Vehicles

3D Printing

Medical Technology

Semiconductors
6%
IoT
1%
Cybersecurity
Electric Vehicles Automotive 3%
1% 1%
Payments
2%
Factory Big data / AI
automation/robotics 3%
4%

Source: Polar Capital, 31 July 2017. 1. Benchmark: Dow Jones World Technology Index (TR). 2. Index exposure based on Top 100 index constituents. Figures are shown as gross weightings. Totals may not sum due
to rounding. 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. 52
PCT Positioning As At 31 July 2017
Index Index ex
PCT1
Top 100 Apple Sales growth 2017 PCT vs. benchmark2
50
PE (Median) CY 26.2 18.8 18.8
NY 24.3 16.6 16.8
45
Earnings growth (Median) CY 17.6 14.8 15.3
NY 15.6 10.6 10.4
EV/Sales (Mean) CY 5.6 4.4 4.5 40
NY 4.8 3.9 3.9
EV/Sales (Median) CY 4.9 3.9 4.0 35
NY 4.1 3.7 3.7
EV/Sales (Weighted)** CY 6.1 5.3 5.7 30

% of Portfolio
NY 5.1 4.6 4.9
Sales Growth (Mean) CY 21.2 15.5 15.6 25
NY 16.6 8.9 8.9
Sales Growth (Median) CY 19.3 9.5 9.6 20
NY 14.2 6.5 6.4
Sales Growth (Weighted)** CY 23.5 17.4 19.1
15
NY 16.5 12.1 12.3
Gross Margin (Mean) 59.8 55.1 55.3
10
Gross Margin (Median) 62.4 56.2 56.7
Gross Margin (Weighted)** 57.9 55.9 58.6
5
Net Cash as % mkt cap Avg 9.3 2.3 2.1
Wgtd** 9.3 8.5 6.7
0
Market Cap ($m) Mean 54,063 67,542 60,351
<0 0:10 10:20 20:30 >30
Median 5,747 19,641 19,432
Wgtd** 237,032 336,687 267,738 PCT GROSS WEIGHT BENCH GROSS WEIGHT

Source: 1. Polar Capital, 31 July 2017. Figures in blue exclude Apple (13.5% gross) from the Index Top 100. CY = Current Year, NY = 2018 calendar year estimates. 2. Polar Capital, 11 August 2017. Benchmark: Dow
Jones World 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. 53
Appendix

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 54
Introduction To The Team
Technology is at the core of the Polar Capital business

One of the largest technology franchises in Europe with c.US$3.3bn under management

Six dedicated technology specialists strong multi-cycle track record


Global Technology Fund Polar Capital Technology Trust
Funds
US$1.5bn US$1.8bn

Mr Nick Evans Mr Ben Rogoff


Senior Fund Manager Director - Technology
Investment experience: 19 years Investment experience: 22 years
Senior Fund Managers
Sectors: US (small/mid-cap) Sectors: US (mid/large-cap)

Miss Fatima Iu Mr Xuesong Zhao


Fund Manager/Analyst Fund Manager/Analyst
Investment experience: 11 years Investment experience: 10 years
Analysts / Fund Managers
Sectors: Europe (all-cap), global Sectors: Asia (all-cap), global
security, networking, energy & med tech semi / Semi cap equipment

Mr Chris Wittstock (based in US) Mr Bradley Reynolds Mr Paul Johnson


Senior Investment Analyst Investment Analyst Investment Analyst
Investment experience: 33 years Investment experience: 10 years Investment experience: 5 years

Sectors: US Technology / Software Sectors: US (all-cap) Internet & Sectors: Emerging Tech inc.
digital media 3D printing, gaming & autos

Source: Polar Capital, 31 July 2017. The Polar Capital Technology Trust was awarded the Money Observer Rated Fund award.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 55
Team Biographies
Ben Rogoff, Director Technology
Experience: 22 years
Ben joined Polar Capital in May 2003. He is lead manager of Polar Capital Technology Trust plc and is also joint manager of the
Polar Capital Global Technology Fund. He has been a technology specialist for 21 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 Catherines College, Oxford in 1995.

Nick Evans, Senior Fund Manager


Experience: 19 years
Nick joined Polar Capital in September 2007 and has 19 years experience as a technology specialist. He has been lead manager
of the Polar Capital Global Technology Fund since January 2008. 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 from Hull University.

Fatima Iu
Experience: 11 years
Fatima joined Polar Capital in April 2007 after working as an analyst with Citigroup Asset Management for 18 months. She focuses
on European technology stocks and has responsibility for coverage of the global alternative energy and medical technology sub-
sectors. Fatima graduated from Imperial College London in 2002 with a degree in Medicinal Chemistry. She is a CFA charterholder.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 56
Team Biographies cont.
Xuesong Zhao
Experience: 10 years
Xuesong joined Polar Capital in May 2012, having spent most of the previous four years working as an investment analyst within the emerging
market & 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 and has passed all three levels of the CFA.

Chris Wittstock
Experience: 33 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).

Brad Reynolds
Experience: 10 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: 5 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 57
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. 58
Thematic Investing: Hype vs. Reality

Polar Capital Technology Team


Early stage Searching for revenue growth and
investors cash-flow inflection Index / ETF

R&D High growth Low growth No growth


negative OM% expanding OM% stable OM% uncertain / declining OM%
Cognitive Expert Advisors) Machine Learning
Connected Home Software Defined Security
Blockchain Autonomous Vehicles

Smart Robots Nanotube Electronics


Software Define Anything (SDx)
Micro Data Centers
Gesture Control Devices
IoT Platform
Commercial UAVs (Drones)
Affective Computing
Expectations

Smart Data Discovery Natural Language Question Answering Developed market smartphones
Virtual Personal Assistants
Brain Computer Interface
Wireless Networking (802.11n / ac) Enterprise software
IT Services
Value Trap?
Server & Storage Virtualisation

Sales
Enterprise Taxonomy and Ontology Management
Conversational User Interface Tablets / Ultrabooks (including Mac Air) LCD TV / HDTV
Volumetric Displays eCommerce / online advertising
Smart Workforce Human Augmentation Notebooks
Mobile broadband (4G / LTE)
Personal Analytics Home Broadband
EM smartphones & Ecommerce/Internet
Quantum Computing
PVR/DVR (Sky+)
Data Broker PaaS (dbrPaaS) Multiplayer / mobile gaming / streaming media
Neuromorphic Hardware Moores stress / rising semi capital intensity ERP / Traditional software
Context Brokering Smart agriculture / factory automation / robotics Feature phones / 3G
802.11ax Virtual Reality Software as a Service (SaaS)
Augmented Reality Mainframe
Enterprise SSD / 64 bit ARM architecture
Cloud computing (public/private PaaS/IaaS) Desktop PC / printers
Cyber security / app control / IPS
PND/GPS
Big data / predictive analytics / Hadoop
Voice over LTE / WiFI (VoLTE / VoWiFI) Digital Camera (DSC)
General purpose machine intelligence
Mobile / social / location based advertising DVD
Mobile payments / mCommerce / NFC / biometrics VCR
4D printing
Internet of Things (IoT) / M2M communication
Smart dust Software defined networking (SDN) / NFV / 100G optical / FTTx)
Virtual Reality
Clean energy (solar & wind)

Electric 3D printing
Energy
Storage vehicles
Innovation Peak of Trough of Slope of Plateau of
Trigger Inflated expectation disillusionment enlightenment productivity
Time
Blue Sky Emerging Mainstream Maturity / Decline
Years to mainstream adoption:
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, 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 59
New Cycles Challenge The Value Of Incumbency
Inflation adjusted UK holiday expenditure: 1951-1996

overseas

domestic

Source: seasidehistory.co.uk.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 60
Hyper-Personalisation (In The Real World)

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. 61
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 Companys 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 FCAs (Financial Conduct Authoritys) 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 investors 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 investors own initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK
FACTORS, IS CONTAINED IN THE COMPANY OR FUNDS 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 Funds 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. 62
Important Information Cont.
Polar Capital
16 Palace Street
London SW1E 5JD

Regulatory Status: Polar Capital LLP is a limited liability partnership number OC314700. It is authorised and regulated by the UK FCA and is registered as an investment adviser with the US Securities &
Exchange Commission (SEC). A list of members is open to inspection at the registered office, 16 Palace Street, London SW1E 5JD. FCA authorised and regulated Investment Managers are expected to write to
investors in funds they manage with details of any side letters they have entered into. The FCA considers a side letter to be an arrangement known to the investment manager which can reasonably be expected
to provide one investor with more materially favourable rights, than those afforded to other investors. These rights may, for example, include enhanced redemption rights, capacity commitments or the provision of
portfolio transparency information which are not generally available. The Fund and the Investment Manager are not aware of, or party to, any such arrangement whereby an investor has any preferential
redemption rights. However, in exceptional circumstances, such as where an investor seeds a new fund or expresses a wish to invest in the Fund over time, certain investors have been or may be provided with
portfolio transparency information and/or capacity commitments which are not generally available. Investors who have any questions concerning side letters or related arrangements should contact the Polar
Capital Desk at the Registrar on 0800 876 6889 (PCTT) or Administrator on +353 1 434 5007 (UCITS). The Fund is prepared to instruct the custodian of the Fund, upon request, to make available to investors
portfolio custody position balance reports monthly in arrears.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information
in any way.

Forecasts: References to future returns are not promises or estimates of actual returns Polar Capital may achieve. Forecasts contained herein are for illustrative purposes only and does not constitute advice or
a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that have not and may not take place.

Performance/Investment Process/Risk: Performance is shown net of fees and expenses and includes the reinvestment of dividends and capital gain distributions. Factors affecting the Company or Funds
performance may include changes in market conditions (including currency risk) and interest rates and in response to other economic, political, or financial developments. Past performance is not a guide to or
indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Investments are not insured by the FDIC (or any other state or federal agency), or guaranteed by any bank, and
may lose value. No investment process or strategy is free of risk and there is no guarantee that the investment process or strategy described herein will be profitable.

Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the
same comparable risks and returns. Please see the private placement memorandum or prospectus for a description of the investment allocations as well as the risks associated therewith. Please note that the
Company or Fund may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Company or Fund is dependent on
the Investment Managers ability to identify and access appropriate investments, and balance assets to maximize return to the Company or Fund while minimizing its risk. The actual investments in the Company
or Fund may or may not be the same or in the same proportion as those shown herein.

Country Specific disclaimers: The Company or Funds have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and the holders
of its shares will not be entitled to the benefits of the Investment Company Act. In addition, the offer and sale of the Securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"). No Securities may be offered or sold or otherwise transacted within the United States or to, or for the account or benefit of U.S. Persons (as defined in Regulation S of the
Securities Act). In connection with the transaction referred to in this document the shares of the Fund will be offered and sold only outside the United States to, and for the account or benefit of non U.S. Persons
in "offshore- transactions" within the meaning of, and in reliance on the exemption from registration provided by Regulation S under the Securities Act. No money, securities or other consideration is being
solicited and, if sent in response to the information contained herein, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.

For non-US investor use only. Please refer to the Important Information at the end of this presentation. 63