1Q2 2016

DEFINING THE UNIVERSE OF ROBOTICS AND AUTOMATION

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OVERVIEW

THE WORLD IS MOVING FROM AN ERA OF INDUSTRIAL AUTOMATION TO THE USE OF ADVANCED ROBOTICS ACROSS GLOBAL ECONOMY

ROBOTICS AND AUTOMATION IS…

ROBO GLOBAL PROVIDES…

• Positioned to outperform the global market for many years• Penetrating every aspect of our daily and business life• Providing a solution to many macro challenges across the world• Benefiting from technology advances and performance improvements• Driven by government as well as private sector investments• Becoming as ubiquitous as computers and as transformational as the Internet

• #1 industry classification defining the investable universe for robotics and automation• #1 index capturing the entire value chain of robotics, automation, and enabling technologies • Unique market coverage comprised of financial, research, and academic leaders• An index methodology designed to capture and track this growth trend• UCITS compliant coverage across 13 subsectors and 15 geographies• Performance stability via balanced diversification and a two tier equal weighting scheme

• Uncorrelated returns relative to other technology equities

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ROBOTICS GROWTH CURVE

THE PAST, PRESENT AND FUTURE OF ROBOTICS ECONOMY

1960’s

2025: $1.2 Trillion

Today: $64 Billion

Industrial

Industrial, service & consumer applications

Expensive industrial robots are introduced exclusively to auto manufactures.

SpecializedDecreasing automation costs and technology advancements expand applications and improve productivity.

Advantageous

Necessity

The cycle quickly accelerates, resulting in a shift from a corporate competitive advantage to automate or fail.

1970’s

1980’s

1990’s

2000’s

(SOURCE: MYRIA RESEARCH)

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ROBOTICS MARKET GROWTH

$1.2 TRILLION UNIVERSE BY 2025, A CAGR OF 35% (SOURCE: MYRIA RESEARCH)

INDUSTRIAL• Manufacturing• 3D Printing• Collaborative Robots

• 3D Printing: 73% CAGR through 2019(Source: Gartner)

• Collaborative Robots: 51% CAGR to 2019(Source: RnR Market Research)

Applications Market Highlights

SERVICE &CONSUMER

• Healthcare Robots• Home Automation• Entertainment• Logistics Automation• Telepresence• Energy• Drones

• Global Drone Market: 32% CAGR to 2020(Source: Markets and Markets)

• Medical Robots: 22% CAGR to 2020(Source: Markets and Markets)

• Service Robotics: 24% CAGR to 2023(Source: The Robot Report)

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STRATEGIC ADVISORS

ROBO GLOBAL TEAM

TRAVIS BRIGGSCEO ROBO Global USA

ROB WILSONVenture Capital Strategies

RICHARD LIGHTBOUNDCEO ROBO Global Europe

WILLIAM STUDEBAKERGlobal Active Strategies and Director of Research

WYATT NEWMAN, PhDProf. of Humanoid, Robotics& AI, 10+ Patents, 130 publications

HENRIK CHRISTENSEN, PhDDept. Chair of Robotics;Prof. at GA Tech University

MORTEN PAULSENCLSA, Head of Research forRobotics and Machinery Industry

RAFFAELLO D’ANDREA, PhDProf. of Dynamics Systems &Control; Co-Founder of Kiva Systems

LOUIS-VINCENT GAVEGavekal Founder; CEO MoneyManagement & Global Research

FRANK TOBEPublisher and Editorof The Robot Report

MANAGING PARTNERS

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GLOBAL TRENDS DRIVING ROBOTICS GROWTH

INDUSTRY POSITIONED TO GROW WELL IN EXCESS OF GLOBAL ECONOMY

• Decreasing robot and technology costs • Technology advances, adoption and new applications• Rising labor costs & safety• CAPEX shift from capacity to efficiency and quality• Local production meets mass customization• Low penetration rates in all subsectors and markets

ECONOMICALLYADVANTAGEOUS

Widespread robotics adoption to decrease labor costs 18-25% by 2025 in China, Germany, USA and Japan (Source: BCG)

Global manufacturing costs account for $6 trillion annually, allowing for considerable potential for automation savings.(Source: McKinsey)

Themes Comments

• Government focus and sponsorship globally• Private placements and corporate investment• VC and M&A flows

INVESTMENT SUPPORT

In 2015 robotic companies - 55 were funded for $1.3bn & 32 robot were acquired for $2.3bn (Source: The Robot Report)

Google is building an army of robotic, automation & AI assets

Toyota invests $1bn in AI and robotics research in the U.S. Also hired the head of robotics at Google, James Kuffner.

$1B (robotics 1st “Unicorn”) – General Motors buys Cruise

• Aging populations• Decreasing workforce• Sustainability and resource scarcity

SHIFTINGDEMOGRAPHICS

The number of Japanese people aged 65 years < quadrupled in the last 40 years accounting for 26% of Japan's population.

Projected population growth by 2050 means agricultural production must double. With limited arable land, labor shortages and water considerations, productivity must increase 25% to help meet that goal. (Source: The Robot Report).

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INDUSTRIAL SECTOR: CORNERSTONE OF GROWTH

Worldwide annual supply of industrial robots:(2009 - 2018* forecast)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

+15% per year on average

Sour

ce: I

FR R

obot

ics 2

015

100k

200k

300k

400k

Annual supply of industrial robots (2013 - 2014) and forecast for 2015-2018:

Asia / Australia

Europe

North America

Source: World Robotics 2015 • The Wall Street Journal

50k

100k

150k

200k

250k

2013 2014 2015 2016 2017 2018

Taking Over: Industrial robots in operation world-wide, in thousands:

2013 2014 2017* Projection

2,000

1,600

1,200

800

400

Where they are: Industrial robots operating by country/region, 2014:

Japan 306,700

North America 237,400

China 182,300

South Korea 175,600

Germany 175,200

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ROBOTIC PENETRATIONS SET TO ACCELERATE

Robot density per 10,000 workers:

Global robotics technology market by application (2025E):

37%

25%

25%

13%

Industrial

Commercial

Security

Personal

SOURCE: BCG

Global robotics technology market by types of robots in 2013:

46%

24%

18%

12%Industrial

Service

Mobile

Others

SOURCE: ALLIED MARKET RESEARCH

478

100

200

300

400

500

600

314

292

164

35

Average robot density world: 66

Kor

ea

Japa

n

Ger

man

y

USA

CH

INA

Global stock of operational robots by industry (units):

2,000

4,000

6,000

8,000

2007 2010 2013 2016 2019 2022 2025

Actual Projected

Baseline Projections

Low Projections

Actual

Aggressive Projections

IFR Projections

SOURCE: IFR 2015 SOURCE: IFR • BCG

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INVESTMENT UNIVERSE

GLOBAL DATABASE:1,000 COMPANIES

ROBO INDEXTRADED UNIVERSE:300+ COMPANIES

Criteria• % of robotics and automation revenue• Industry Classification sub sector fit• Trading Volume: $500 K *

• Market Cap: $200 M *

• A two-tiered, equal-weighted system• UCITS compliant index

* For exiting index members a lower Trading Volume and Market Cap filter is applied to drive stability

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THE ROBO GLOBAL INDUSTRY CLASSIFCATION

The portfolio is divided into two categories:

• TECHNOLOGY: 39 holdings

• APPLICATIONS: 40 holdings

Technology

Applications

Companies with products and services that enable robots to “think, sense and act”.

Companies that deploy robotic and automation technology into a product, service or manufacturing process to increase efficiency and productivity.

Agriculture

Healthcare

3DPrinting

ConsumerProducts

Energy

Manufacturing

Logistics

Security

Processing

Actuation

Integration Computing

Sensing

Technology

DEFINING THE UNIVERSE OF ROBOTICS AND AUTOMATION

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TECHNOLOGY OF ROBOTICS DEFINED

COMPONENTS THAT ENABLE ROBOTS TO SENSE, PLAN AND ACT

Sensing

Sensors serve as robot’s way to see, feel and hear the world around them.

Actuation

Actuators allow for the robot to move different segments of the machine. Robotic arms and grippers move uniquely depending on the task or purpose.

Computing

Like the brain, the computer is where knowledge or data is received, stored and relayed.

Processing

Like the neural network of the brain, robots take and process information from the computer and determine which messages to send.

IntegrationArchitecting a system to combine technology components in a robust and cost-efficient way.

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APPLICATIONS OF ROBOTICS DEFINED

THE EXPANDING FIELDS WHERE THE TECHNOLOGY IS BEING DEPLOYED

IndustrialManufacturing• Factory robots

• Co-bots

Security• UAVs

• Rescue robots

3DPrinting

• Additive manufacturing• Prototyping

ConsumerProducts• Drones

• Home automation

Agriculture• Farming robots

• Self-driving tractors

Healthcare• Surgical robots• Exoskeletons

Energy• Remotely Operated

Vehicles

MaterialsHandling

• Logistics automation• Warehouse robots

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TECHNOLOGY

SECTOR SPOTLIGHT:Sensing

In order for a system to exhibit autonomy, it must be able to sense its environment, in addition to determining its own internal state. Sensors are used in robotic systems ranging from drones to co-bots to self-driving cars.

Inside the index:

• Ticker: MBLY• Company size: $6.2 B• Revenue: $208 MM• EBITDA: $70 MM• Est. 12M EPS growth: 50%

Company description: Mobileye® is world’s leading supplier of driver assist technology, supplying about 90% of carmakers with cameras, sensors and other auto technology. Mobileye is currently working with GM, Volkswagen, Nissan, and Tesla to advance the autonomous driving capabilities.

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APPLICATION: SERVICE

SECTOR SPOTLIGHT:Healthcare

Through rehabilitation, diagnostics, exoskeletons and elderly care, robotics promises to drastically reduce costs, while improving quality of life. By using robots for difficult surgeries and neurological treatments that were previously unfeasible, robotics transcends cost-cutting.

Inside the index:

• Ticker: ISRG• Company size: $20 B• Revenue: $2.4 B• EBITDA: $850 MM• Est. 12M EPS growth: 12%

Company description: Intuitive Surgical® designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. The surgical system translates a surgeon’s natural hand movements. Da Vinci and other minimally invasive surgical procedures now represent nearly 90% of all prostatectomy procedures.

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APPLICATION: INDUSTRIALS

SECTOR SPOTLIGHT:Manufacturing

The many economic advantages to speedy and error-free distribution, such as operating with low-inventory and being responsive to customer demands, is a significant growth area for robotics and automation. This is continually reducing the costs for end-users, both businesses and consumers.

Inside the index:

• Ticker: KUKA• Company size: $2.9 B• Revenue: $2.8 B• EBITDA: $250 MM• Est. 12M EPS growth: 14%

Company description: KUKA® develops, produces, sells, and services industrial robots for various applications and industry sectors, mobile platforms, control systems, and software solutions; and develops and markets products for the service robotics and health care sectors.

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APPLICATION: PERSONAL

From interactive robots for entertainment to automating household chores, consumer companies work to make everyday lives easier and more enjoyable. This impact will be particularly pronounced for these types of consumer products, which need to be inexpensive for wide adoption.

Inside the index:

• Ticker: PARRO• Company size: $250 MM• Revenue: $350 MM• EBITDA: $6 MM• Est. 12M EPS growth: +100%

Company description: Parrot® is one of the leading names in the consumer drone market. The company’s product line sports compact drones with built in cameras, waypoint autonomous navigation, proximity sensors, and attachments that enable hybrid flying and ground vehicles. Parrot is also beginning to delve into the commercial markets.

SECTOR SPOTLIGHT:Consumer

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INVESTMENT APPROACH

Explore the robotics universe through Robo Global’s proprietary database of over 1,000 robotics and automations companies; maximizing exposure to robotics companies positioned for growth.

PORTFOLIO CONSTRUCTION

• Equal weighting position size ~ 2.0% and ~1.0%• Manage 13 sub sector weightings• Capitalization size and liquidity• Robotics as a percentage of revenue• UCITS compliant• Quarterly rebalancing

~79 STOCK PORTFOLIO

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WEIGHTING SYSTEM FOR PORTFOLIO HOLDINGS

A two tiered, equal-weighted system ensures the strategy provides diversified exposure to a broad global ecosystem of new and enabling technologies as well as established automation/robotic providers.

NON-BELLWETHER

60%

BELLWETHER40%

NON-BELLWETHER• Companies that enable robotics/automation with growing revenue contributions• ~1% weight• 58 holdings

BELLWETHER

• Well established, leading robotics & automation companies• ~2% weight• 21 holdings

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PORTFOLIO CHARACTERISTICS

VALUATIONS & GROWTH

BEST P/E BEST EV/EBITDA Price to Book Volatility* Correlation**

ROBO Global Index 20.6 14.4 2.1 13.9% 1.00

MSCI World Growth 18.6 12.1 3.1 11.9% 0.88

S&P Global 1200 IT Sector 16.7 10.2 3.2 13.0% 0.80

Bloomberg World Technology Index

15.9 10.1 3.2 12.9% 0.79

NASDAQ Composite 20.7 15.2 3.3 14.7% 0.77

GEOGRAPHY

The diversified portfolio holds robotics companies in 15 countries:

Asia37%

North America

38%

EU18%

Other7%

MARKET CAP BREAKDOWN

LARGE CAP> $10 B

22% of portfolio

MID CAP$2-10 B

39% of portfolio

SMALL CAP< $2 B

39% of portfolio

Source: Bloomberg, ETF Securities* 5-year volume of daily returns** 5-year correlation of daily returns vs ROBO Global Index

ROBO Global Index 17.8%

MSCI ACWI 12.8%

S&P 500 9.0%

F12m Est EPS GROWTH

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CONCLUSION

The Robotics & Automation landscape is enabling a technological revolution that will fundamentally change how we work and live. Robotics has transitioned from an industrial application to multiple applications across the entire economy. The ROBO Index provides diversified exposure to the entire “value chain” of Robotics & Automation.

ROBOTICS & AUTOMATION

• Is positioned to outperform the global market.• Is becoming increasingly visible in every aspect of our daily and business life.• Is a solution for emerging trends across the world from decreasing productivity growth to demographic shifts.

ROBO GLOBAL

• Leading team of industry and financial analysts.• Developed the industry classification system to capture entire market.• Created the first index in August 2013.

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DISCLAIMER

GENERAL DISCLAIMER

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Continued.

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DISCLAIMER

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