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Nothing herein should be construed as an offer to enter into any contract, investment advice, a recommendation of any kind, a solicitation of
clients, or an offer to invest in any particular fund, product, investment vehicle or derivative. Investment involves risks. Past performance is not
indicative of future performance. Any decision to invest in strategies described herein should be made after reviewing the offering document and
conducting such investigation as an investor deems necessary and consulting its own legal, accounting and tax advisors in order to make an
independent determination of suitability and consequences of such an investment. This material does not purport to be a complete summary of all
the risks associated with this Strategy. A description of risks associated with this Strategy can be found in the offering or other disclosure
documents. Copies of such documents are available free of charge upon request.
In the US, this communication should only be read by institutional investors, professional financial advisors and their eligible clients, but must not
be distributed to US persons apart from the aforementioned recipients. THIS INVESTMENT IS NOT FOR SALE TO US PERSONS EXCEPT QUALIFIED
PURCHASERS. Note that returns will be reduced by management fees and that investment advisory fees can be found in Form ADV Part 2A.
Except as otherwise authorised, this information may not be shown, copied, transmitted, or otherwise given to any third party without Ninety One’s
prior written consent. © 2020 Ninety One. All rights reserved. Issued by Ninety One, May 2020.
Additional information on our investment strategies can be provided on request.