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FINTECH REVOLUTION: GENERATING ALPHA IN GLOBAL FINANCIAL EQUITIESJupiter Financial Innovation

• Jupiter Financial Innovation (the “Fund”) invests at least 70% of its Net Asset Value in a global portfolio consisting of: (i) equity and equity related securities (including preference shares, warrants, participation notes and depositary receipts) which may be issued by issuers located in any country and which the Investment Manager believes drive or benefit from (or have the potential to drive or benefit from) financial innovation, including but not limited to payments technology, digital financial services, mobile banking and blockchain; and (ii) financial derivative instruments (“FDI”), with the aim to achieve capital growth in the long-term.

• The Fund’s investment portfolio may subject to strong price fluctuations and fall in value with no guarantee of the repayment of principle. Its investment in equities is subject to market risks influenced by various factors. In particular, investment in (i) above may have an adverse impact on the value of the Fund’s investments, including but not limited to the associated concentration risk, the risk of obsolescence, negative impact by the change of governmental policies, and risks associated with dramatic and unpredictable changes to growth rates and personnel, and the loss or impairment due to the heavy dependant on patent and intellectual property rights and/or licenses. In addition, the Fund’s investment is also generally subject to volatility, liquidity, currency, default, price and

foreign exchange risks. It could deteriorate significantly should there be any adverse credit events occurred in any particular investment in a country or region.

• The Fund may make use of any one or a combination of the following instruments for investment, hedging or efficient portfolio management purposes: futures, options and swaps and other FDIs. The Fund has the power to use FDI for investment purposes and will be directly exposed to the risks of the FDIs, including but not limited to significant leverage risks, counterparty/credit risks, basis risks, liquidity risks, valuation risks, over-the-counter transaction risk, risks of failing to meet margin calls and the risks of total/significant loss. The Fund can use gearing, which is a method used to increase the exposure of the portfolio to financials markets through the use of loans or FDI. Gearing may lead to large and sudden movements in the value of the portfolio.

• This investment involves risks which may result in loss of part or the entire amount of your investment. Investors should not base their investment decision on this document alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors) prior to investing.

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The Jupiter Financial Innovation is a high conviction fund. It invests in innovative and dynamic companies benefitting from long-term structural trends driving change in the global fintech and financial services sectors.

The fund’s experienced manager, Guy de Blonay, has a track record of generating returns in a variety of market conditions. He believes in opportunistic, effective and dynamic capital allocation across geographies, sub-sectors, growth, yield and special situations categories.

In the following infographics, he explains why in his view this fund should be considered by investors looking for a better way to allocate to global financial equities.

3Jupiter Financial Innovation

1. DIGITAL INNOVATION IS TRANSFORMING THE GLOBAL FINANCIAL SECTOR

Innovation has been transforming the global financial sector. Financial institutions need to leverage modern technologies to compete successfully. This fund identifies and invests in companies driving change in fintech and financial services.

6 REASONS TO CONSIDER CHANGING THE WAY YOU ALLOCATE TO GLOBAL FINANCIAL EQUITIES

AN EXAMPLE OF CHANGE IN FINANCE IS THE DEATH OF CASH

Percentage of all payments in the UK made using cash:

2006 2018 2028

“We want to be a tech company with a banking license”.

— RALPH HAMERS, CEO, UBS

“Innovation is the ability to see change as an opportunity not a threat”.

— STEVE JOBS

Source: UK Finance (“UK Payment Markets 2019”), Euromonitor International Consumer Finance 2019 Edition.

60% 28% 9%

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4

WHY IS FINTECH - THE USE OF TECHNOLOGY IN FINANCIAL SERVICES - GROWING SO FAST?

NUMBER OF CLICKS TO CREATE AN ACCOUNT

Source: Opening 12 bank accounts — A UX analysis (builtformars.com), as at May 2020.

SMARTPHONES ARE INCREASINGLY IMPORTANT IN FINANCIAL SERVICES, ESPECIALLY IN FASTER-GROWING ECONOMIES SUCH AS CHINA

Fintech makes banking easier for customers

US$9 trillionChinese mobile payments in 2019

80x greaterthan the US

Source: HSBC “Disruptive Technologies” paper, January 2018.

RevolutStarlingMonzoLloyds

BarclaysNationwide

MetroNatwest

SantanderCoopHSBC

first direct

2438

4569

7481

8485

9192

99120

5Jupiter Financial Innovation

2. THE DIGITAL TRANSFORMATION OF FINANCIAL SERVICES HAS ONLY JUST BEGUN

The runway of growth has many years ahead of it, we believe. Evidence for this is shown in the diagrams below.

EMERGING MARKETS ARE STILL UNDERBANKED...

Globally around 1.7 billion people don’t have a bank account.

Middle EastSub-saharanAfrica

South AsiaLatamEurope &Central Asia

East Asia& Pacific

High IncomeOECD countries

Perc

enta

ge o

f adu

lt po

pula

tion

94%

69%

51% 51%46%

34%

14%

6% 31% 49% 49% 54% 66% 86%

0%

20%

40%

60%

80%

100%Banked Unbanked

Source: World Bank (2017).

IN EUROPE, CASH IS STILL WIDELY USED

The eurozone has far more cash transactions than the UK or the US, so more room for the payments sector to grow.

EVEN IN CHINA, MANY FINANCIAL PRODUCTS HAVE PLENTY OF ONLINE GROWTH POTENTIAL...

Online represents a growing share of financial services in China.

Source: World Cash Report (2018) (G4S).

79%

42%32%

EU(2016)

UK(2015)

US(2015)

Cash Cards Other

Shar

e of t

rans

actio

ns b

y pa

ymen

t inst

rum

ent

0%

20%

40%

60%

80%

100%

120%

Source: CLSA (2020).

27%

15% 15%

6%

0%

10%

20%

30%

Consumption loans

(incl. c/cards)

Online penetration in China

SMEloans

Wealth managment

AUM

Insurance premium

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3. A FUND THAT OFFERS STRONG DIVERSIFICATION

The objective of the Jupiter Financial Innovation fund is to achieve long term capital growth principally through investment in equities of financial sector companies on an international basis.

The global financial technology universe is large and diverse, and correlation between its different sub-sectors is low. This provides excellent diversification opportunities for this fund. For example, the fund includes both innovative and traditional financial companies. The fund uses derivatives, which may increase volatility and could mean that performance is unlikely to track the broader market. Diversification can be achieved by combining divergent geographies, sectors and sub-sectors, as shown in the diagrams below. The fund invests mainly in shares and is likely to experience fluctuations in price which are larger than funds that invest only in bonds and/or cash.

HERE ARE SOME OF THE MAIN AREAS WHERE WE HAVE BEEN IDENTIFYING LEADING COMPANIES AND ENABLERS OF FINANCIAL INNOVATION RECENTLY

GEOGRAPHICAL DIVERGENCE

S&P 500 Sec/Financials 48.7%MSCI Europe/Financials 1.5%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2018 2019 2020 2021

SECTOR DIVERGENCE

MSCI World/Information Tech 168.3%MSCI World/Financials 29.5%

HISTORICAL SUB-SECTOR DIVERGENCE*

Deutsche Börse AG 120.0%Citigroup Inc -44.7%S&P 500 Index 5.6%

2018 2019 2020 2021

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Jan 2007 Dec 2007

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

Data and security IT infrastructure and software

Digital paymentsDigital banking

Historical example for illustrative purposes only. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Source: Jupiter/Morningstar, USD, 01.01.18 to 31.12.21.*Source: Bloomberg, in USD, 31.12.06 to 31.12.07.

7Jupiter Financial Innovation

4. A FUND WITH THE ABILITY TO IDENTIFY TRENDS

Long-term structural trends are driving change in the fintech and financial services sectors, and the fund invests in companies riding these waves of change. The coronavirus crisis strengthened technology trends that have challenged the incumbents in the global financial industry.

THE TIMELINE BELOW SHOWS HOW WE HAVE IDENTIFIED TRENDS, AND SECTORS TO INVEST IN OR AVOID.

2016

QE EU, China stimulus, low interest rates, credit growth

European banks, exchanges, financial technology, India

Australian banks, Canadian banks, US banks

QE EU, China stimulus, US bond yields, deregulation

US banks, financial technology, India, European banks

Australian banks, Canadian banks, Japan banks

QE EU, China stimulus, US bond yields, deregulation, inflation, volatility

US banks, Swiss banks, online trading, financial technology, Asia

Australian banks, Canadian banks, Japan banks, Southern European banks, EU banks

2017 2018

2019

US Federal Reserve, China stimulus, US dollar, EM, volatility

US banks, payments, Swiss banks, Asia, financial technology

European banks, Australian banks

2020

US election, COVID 19, US bond yields

Selected European banks, financial technology

South America, Australian banks, Scandinavian banks

We have seen two years’ worth of digital transformation in two months.SATYA NADELLA,

CEO of Microsoft on the impact of COVID 19

Key trends Long Avoid

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5. A FUND WITH A RIGOROUS PROCESS

This is a fund with a well-defined process, combining top down and bottom up stock selection. Both numerical screens and qualitative research are used. The diagrams below illustrate some aspects of the investment process.

— PUBLIC COMPANIES c.20,000 with 5,000 Public Companies

— LIQUID STOCKS c.1,000 Liquid Stocks

— LIBRARY STOCKS 150 Library Stocks c.40-60 companies with exposure to our global trends

PORTFOLIO CONSTRUCTION

Top down analysis

Geographic industry, company change

Bottom up analysis

Identify stocks that can benefit

Dynamic portfolio

construction

Opportunistic capital

allocation

Active risk oversight

Monitoring of risk metrics

Publ

ic C

ompa

nies

BOTTOM UP

Liqui

d St

ocks

TOP DOWN

150 Library Stocks

6. A FUND WITH STRONG ESG ENGAGEMENT

This fund focuses on corporate governance, business ethics, data privacy and security, human capital and climate change.

SHAREHOLDER MEETINGSvoted in H1 2020 (100%)

38AT LEAST ONE RESOLUTIONvoted down in 16 meetings (42%)

16SUPPORTEDby the wider Jupiter ESG team

ESG

EXAMPLES OF ENGAGEMENT IN ACTION

Discussed the nature of the business with a focus on acquisitions in Asia, as well as broader issues of governance and accounting.Did not invest, given lack of clarity on these issues.

Voted against management in favour of a shareholder proposal requiring enhanced semi-annual reporting on political contributions.

AN EXPERIENCED AND SUCCESSFUL TEAM

GUY DE BLONAY Fund Manager

Guy joined Jupiter in 1995 and is currently a fund manager in the Global team. Guy is the manager of two UK-domiciled unit trusts as well as the Jupiter Financial Innovation Fund. In 2001, Guy joined New Star (which was subsequently taken over by Henderson) where he managed global financial equities. He returned to Jupiter in January 2010, initially in an advisory capacity, before again assuming fund management responsibilities in June 2010.

Antoine Hucher joined Jupiter in November 2019 as an analyst supporting the Financials strategy, as well as providing analysis on global technology firms for the wider global and regional equity product range. Before joining Jupiter, Antoine worked as a sell-side analyst at Exane BNP Paribas for more than six years, covering European software and IT services equities.Antoine has a MSc in Management from ESSEC Business school and is a CFA® charterholder.

ANTOINE HUCHER Analyst

25years

6years

Holding examples are for illustrative purposes only and are not a recommendation to buy or sell.

9Jupiter Financial Innovation

This material is issued by Jupiter Asset Management (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission (“SFC”). Investment involves risk and the Hong Kong offering documents should be read for further details including the risk factors. Past performance is no guide to the future. The value of investments and the income from them can fall as well as rise and you may get back less than originally invested. The investment returns may be denominated in a foreign currency other than US/HK dollar. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar/foreign currency exchange rate.

No information in this material should be interpreted as investment advice. If you are unsure of the suitability of this investment please contact your Financial Adviser. Prospective purchasers of Shares should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. The Hong Kong offering documents and Articles of Incorporation are available at www.jupiteram.com (has not been reviewed and approved by the SFC) and upon request.

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