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2 8? 10? 6 10 Ashwin Alankar, &

3 --Myron Scholes 10% 50% 75% * %Scholes Scholes Alankar Scholes 24 : * 3

4 2018(QE) QE Chris Diaz( ) Diaz Nick Maroutsos Darrell Watters 2018 Maroutsos Bill Gross 2018 : : 12 * 0.25% % % % %

5 5 0.25% 2014 TBD %* % % 2015 OCT-22* $1.82T OCT-21* $2.42T OCT-20* $3.02T OCT-19* $3.62T OCT-18* $4.22T OCT-17 $4.50T $4.50T $3.00T $1.50T $0 MBS : : MBS * Darrell Watters, 60%26% Diaz 5% 2% Dias 2/3

6 0.0% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 2017 YTD : 10/31/2017 : Mitul Patel( ) Patel Maroutsos Gross 4-5% GDPGross 2% -1% Gross QE Diaz Diaz Watters Watters 2%

7 ? Jerome Powell Diaz Powell Maroutsos Maroutsos Maroutsos Maroutsos (ECB)(BOE) Maroutsos QE Jenna Barnard( ) BOE10 BOE ECB DiazECB ECB 2018 (BOJ) Maroutsos QE [ ] Diaz ECB Watters BOJ3 BOJ?

8 ? 2017 CBOE(VIX)1219 Ashwin Alankar John Fujiwara 2017/10/ % VIX % 5% 4% 40 3% % 10 1% 0 0% 8

9 S&P 500 S&P (Perkins) Gregory Kolb 100% S&P /10/31 Mayur Saigal Alankar VIX George Maris VIXVIX Maris VIX VIX Maris S&P 500

10 10 FANG FACEBOOK 37% 2017 YTD AMAZON 46% NETFLIX 42% ALPHABET 45% 2x 97% 220 Gregory Kolb, CFA (IMF) IMF IMF Kolb Marc Pinto (FANG)Pinto FANG FANGPinto FANG 2017/10/ AlphabetGoogle

11 FujiwaraAlankar Fujiwara Saigal Carmel Wellso Pinto (Intech)Adrian Banner

12 (AI)Brad Slingerlend Alphabet Google Denny Fish Alibaba Salesforce 12

13 Facebook Nike Alphabet Sherwin-Williams 13 Doug Rao NikeNike Nike Salesforce Salesforce Sherwin-Williams

14 (2017) (2010) (2000) Gregory Kolb Alex Crooke Kolb Kolb Azure Office Crooke Alison Porter Porter 40iPhone Rao DNA/RNA *

15 ... (EV) 0.2% EV EV FishEV EV EV 900EV 1, Slingerlend EV () 72.4% 76.2% 70.7% 114.8% 45.2% = 83.7% % 112.8% Evercore ISI (NYSE Arca Biotechnology Index) * ,000 Andy Acker Acker DNA 15 Acker (FDA)2018

16 2020* 2019* 2018* 2017* 2016* 2015 昜䊼悏悏噋ᵢ㓑㐶悍 Ƌ10 ƌ * * * * * * * * * * * * * * * * * * * 72.8 CEMEA ㆇ 乌㯰 * 㨎㯰乌岮㖀Ὥ㹷Ɲ 2017 䔳㔖ế ƏCapgemini凮BNP Paribas 娢ƝCEMEA䂡Ḕ㬷 Ḕ㝘凮杅㴙Ə㖗凯ẅ㴙 Ḕ 㳗䬰敲䙣Ḕẅ㴙 Əㇷ䆆ẅ 㗌㜓㾚㴙 *柷䋁昜䊼悏悏噋ᵢ㓑㐶悍 Ƌ10 ƌ f ᶖ 怆ㇷ敞Əⅴ Ὲ䔏䙫䔏㕟ἴ吤ⷕṆ 䏥㵯岢俬卞怀ῲ柿 ƏṆ 㭋ƏḔ 䏥憸㔖ế巚年凚 Ə 䏪㕟ἴẋ㗺㖞 Ə㠠㓁㕟ἴ㔖ếƏḍ 怆杅怆 Clark Ụ㥔䔳 Ə徸㜆㕟ἴẋ㗺 Ⱈ ℯ䔆媑Ɲ 昦憳ⷛⷛ凮樗姱䬰⅓ Ƌ 年嵬怵11%Ə㘖怵 Ὥ㛧䙫㖾㒨㛰Ḕ Ḣ奨䙫堳㔖ế ƌ ㇷ敞 ἴ㖣勘䙫䏪䦸晱岮怲䔏㈧㒨㛰䙫㕟㓁凮䣵娔Ə 䴫䵺䏭ạGraeme Clark塏䤡Ə 㩆ㇷ䂡柿ℯ䙫⅓ ὦ䔏㙕 Ọ 㕟㓁㔝暭凮㝷Ṇ樬㕟ἴẋ㗺䙫䔏Ə俳㖗凯㨊 ⅞㛰柦Ə 䙫Ḕ 㕟ἴ ẋ㗺㜂Ọ㮶 36%䙫怆䍮㓧 Ə 㘖㙡ㅎ 㩆㖗堳㔖ế 16

17 㐶ḋ杦敨㐶ḋ㗨Ṅ 㕟ἴ吤ⷕ 怇ṭ䵺㿆Ḕ䙫㖗島㔦 Ṇ 䂡㖗䙫㖠凮㭌媦 Ὥ㭊凮弟 Ə 㘩Ṇ Ὥ㖗䙫梏暑Ə 杉柦Ə 凮勘䬰 Porter 慹岮ạ柯娼䛕ㇷ ⷙ 姯䕒Ə㛧㗐 2025 Ḳ 㶿敞䙫敞㜆乳 ƏRaoℯ䔆Ṇ塏䤡㱗㟛㲠凮㱤㲠庱䙫䔆䔉Ə 䔳㛧㑮僆ᵜ㯰岮ạㆰ婙婉憴奨栳Ə 㞷䔉䙫庱 Ḕ Ṇ塏䤡㛰ヶ䥨 ⅎ䆪㩆 2016* 70.7 ㇽ㛴婍姊㱡䙫栳㛰壮曃Ƣ 㒵Ə㭋堳僤㘖 ẓ㛛㳂姯䕒䙫 2017* 92.8 㘖㛰䶙䵈㔯ㆰƢ 㥔㨈塂䙫䒗Ə㗏䴖䨴䦸 Ə姯䕒 2018* 䧲䂡ἼƢ忶怵㔝暭㛛㵯岢俬岮㖀䙣ⰼ ⅎạⷌ㙡ㅎ䔉㥔ə 2030 总 2019* Ə 䦸 ⷙ 怇㳂䙫䫝䈔孞䳫1,500 併K䔉 Əḍ㓛 Ḕ 2020* 㲚ƏἭ 志䙫橁ạ奶㨈Ṇ䂡檻䔉㥔䫝䈔凮岮㖀暘䦨㫱 Ὥ䕸ㅕƏ㬷䛆 2018 䔆㔯䙫㲼奶䛕㨀㘖㵯岢俬岮㖀ῄ孞Ə俳暏吾㔦俪憶㖖㖤凮岮㖀㴐䬰字栳Ə ノ䁝ᵜ * * * * * 65.3 㛛㲼奶Ṇ 僤䏥旃㖣岮㖀㴐 Ə㓁滅ἴ㖣勘䙫䏪䦸晱岮䴫䵺䏭ạRichard ClodeƋ䉠娘憸坴㝷 ƌ塏䤡㵯岢俬柯僤䛟Ὲ凑ⷘ 䙫岮㖀䄈噅Ə㕟ἴ䵺㿆哓䙣ⰼƏ怀㖠杉俳姧Ə 䦸怀Ṇ㘖岮ạ 岮㕟ἴ䵺㿆㘩柯ㄵ 恟䙫 ƏḢ 䮈䏭怇㩆㛪Ə 恟㒮デ㖣㕟ἴ吤ⷕ㻻怙䙫Ứ㥔Ə Ἥ墒䬽䕌态㠠㓁岮Ə⅝ ḔṆ 僤Ẵ 怵䙫檻潴栔 Ứ㥔ƏRaoℯ䔆 Ɲ 庒䂡Ḣ 䵺䏭ạƏㇸῸ Ọ䮈䏭凑ⷘ恟㒮䙫岮䴫 Ə䔘ㇸῸ婴䙫島 Ứ㥔䂡䴫 ⅎ㶜僤⅞㛰ℑ ƏClodeℯ䔆媑Ɲ 㘖梏暑Ə䉠㘖廪岮岮䙫凱䵺㿆 Ứ㥔㾚㴙㖗凮枺Ə 併併凮悋涜塻㕟ἴ䵺㿆㭊桂奭䨕䔉㥔 Ə 岮ạㆰ 㭋孱㛰㈧婴䟌Ə孱㘖䔘䦸嶏㈧樬 Ɲạⷌ㙡ㅎ 䉐偖䶙曙䫖怲䭾堳怊䶙䔘㖣䦸 ⅞㛰桂奭憶Ə ㇸῸ䛟ῈỨ㥔ㆰỌ㕟ἴ吤 ⷕ䙫㥩 Ὥ 㝷Ə 檿ⱋ 䴁㪉好Ə㕟ἴ吤ⷕ Ứ㥔䂡⅐桅Ə 䨕㜂䶙巖㘩Ị哓䙣ⰼƏ 䨕ㇷ敞㩆㛪㛰昷㕟ἴ吤ⷕ 䵺㿆䙫㞷Ẃ柿 ⷙ杅㗵桖Ə 㱤庱㥔憒䘩ῄ ƏỌ 䏪㔖ế 岮ạ 㕟ἴ桂奭Ḕ岞傈柯ㄵ恟Ə偁䄍⅞㛰䫝䈔ℑ Ə ㇷ敞㜂乳䙫Ứ㥔 Ḣ 䮈䏭䙫䛕㨀䂡 ᾂ㭋䨕嬠妧 17

18 (EM)GDP58% GDPEM EM EM EM Steve Drew EM 60 Drew EM EM EM2018 EM 2018 EM EM

19 EM Drew EM EM EM (ETF) EM2018 Drew EM EM EM EM Glen Finegan MSCI EM EM MSCI EM MSCI (%) 41.5% 7.2% 8.3% (%) 22.8% 19.9% 21.8% 10 (CAGR) 0.2% 2.4% 1.1% FactSet MSCI CAGR =

20 janushenderson.com. / 2017, HGI Group Limited, Henderson Global Investors (Brand Management) SarlJanus International Holding LLC A-1(02) JHITL0118(19)1218.TW.retail

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