Lloyd’s Coffee House Note: Jupiter has purchased the copyright to this image(s). 1 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 Chicago, 1973 Note: Jupiter has purchased the copyright to this image(s). 2 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 Investment mathematics Note: Jupiter has purchased the copyright to this image(s). 3 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 2018: London, Manchester, Edinburgh, Vienna… Note: Jupiter has purchased the copyright to this image(s). 4 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 Machines beat humans in closed systems Note: Jupiter has purchased the copyright to this image(s). 5 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 Financial data: some ‘Signal’, lots of ‘Noise’ Note: Jupiter has purchased the copyright to this image(s). 6 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 Stock lending data 1 day 1 week 1 month 1 day 1 week 1 month 30 ADV Active Active Active Active Utilization Utilization % Shares on Indicative Fee Indicative Fee Indicative Fee Indicative Fee % Free Float Value Utilization Utilization Delta Delta Delta Loan (bps) (bps) Delta (bps) Delta (bps) Delta Days to Cover On Loan Debenhams Plc 89.88 -0.38 0.41 -4.12 20.17 250 -50 -50 -50 53.2 29.21 Carillion Plc 89.84 0.03 0.17 4.18 18.63 25 -12 -38 -25 2.1 21.27 Iqe Plc 79.17 0.00 -1.85 17.12 18.39 700 0 0 300 9.7 21.49 Aggreko Plc 42.30 0.06 0.22 2.72 17.01 63 0 0 13 58.0 18.69 Greene King Plc 58.84 -3.52 2.35 7.81 16.53 113 13 0 38 42.6 17.17 Melrose Industries Plc 52.25 0.30 2.34 4.14 15.80 50 0 12 0 22.1 16.47 Interserve Plc 94.85 -0.17 -5.15 -5.15 15.14 800 0 100 500 7.7 17.06 J Sainsbury Plc 45.52 -1.08 -0.86 0.58 14.95 37 0 0 0 38.2 15.31 Anglo American Plc 58.92 0.09 0.55 4.77 14.94 63 0 0 0 36.0 18.95 Marks And Spencer Group Plc 40.51 0.31 0.72 -1.38 14.61 37 -12 -12 -12 29.4 15.06 Provident Financial Plc 87.83 -0.03 7.24 -1.33 14.03 500 0 0 -100 18.5 14.89 Babcock International Group Plc 46.51 -0.13 -1.59 3.49 13.59 50 0 0 0 28.3 13.98 Gvc Holdings Plc 54.69 -1.93 -4.95 2.14 13.52 162 12 25 12 18.3 14.23 Cobham Plc 35.79 -0.45 0.35 2.89 12.83 37 -12 -12 -12 38.4 12.98 Ultra Electronics Holdings Plc 43.55 -0.02 -1.17 -1.99 12.78 50 0 0 0 28.3 13.17 Aa Plc 45.45 10.47 10.04 22.64 11.92 37 -12 -12 0 11.3 15.49 Wm Morrison Supermarkets Plc 34.89 -0.42 0.04 3.29 11.68 37 0 -12 -12 37.3 11.84 Pearson Plc 41.12 -0.63 0.51 6.60 10.71 37 -12 -12 0 17.6 10.85 Restaurant Group Plc 29.54 -0.12 0.58 0.52 10.56 37 0 0 0 20.3 10.85 Greencore Group Plc 29.85 0.29 1.68 -0.51 10.54 50 0 12 12 9.4 10.85 Petra Diamonds Ltd 31.75 -0.14 0.22 3.24 10.38 137 12 25 75 18.2 11.63 Pets At Home Group Plc 72.77 0.31 5.96 -13.64 10.26 162 0 -13 -13 29.1 12.12 Capita Plc 35.15 -0.17 0.03 11.65 10.24 50 0 0 0 7.0 11.21 Ocado Group Plc 60.75 -2.01 -1.82 -9.46 9.58 350 0 -50 -100 18.9 14.39 Rpc Group Plc 26.49 -0.39 -3.84 4.09 9.20 37 0 0 -12 12.9 9.48 John Wood Group Plc 27.27 0.19 0.57 -0.40 8.92 50 12 0 0 24.7 9.47 Dairy Crest Group Plc 39.44 0.15 0.41 3.12 8.66 100 0 12 0 37.1 8.87 Countrywide Plc 32.53 0.37 -0.21 -7.59 8.59 162 12 25 0 40.0 8.79 Telit Communications Plc 47.95 -14.18 -22.73 -29.93 8.52 5000 0 -500 -1500 17.4 12.76 Hikma Pharmaceuticals Plc 93.58 7.05 7.44 25.69 8.09 400 0 50 50 36.4 15.10 30 HikmaTullowPharmaceuticals Oil Plc Plc 93.5829.02 7.05-0.19 7.441.07 25.69-8.79 8.098.04 40063 00 500 50-37 36.49.9 15.108.48 Computacenter Plc 75.19 -0.30 -16.01 63.79 7.96 400 0 50 262 22.3 14.45 Booker Group Plc 46.12 -1.59 -1.68 38.98 7.82 63 13 0 25 22.9 8.95 Capital & Counties Properties Plc 39.80 -1.78 -2.65 -6.23 7.77 150 12 12 -12 30.0 8.96 Travis Perkins Plc 18.99 -0.33 -3.38 -8.40 7.70 37 0 0 -12 14.9 8.41 Domino'S Pizza Group Plc 22.95 -1.64 -1.97 -6.91 7.67 37 0 0 0 16.6 7.89 Intu Properties Plc 93.72 0.71 16.89 67.23 7.65 175 -25 -25 25 23.6 12.52 Circassia Pharmaceuticals Plc 68.72 0.12 -10.27 0.57 7.57 800 200 0 -800 389.9 10.46 Sirius Minerals Plc 100.00 0.00 0.00 0.00 7.51 800 100 100 200 35.0 8.84 Cairn Energy Plc 20.04 -0.60 -0.26 0.96 7.01 37 0 0 -12 23.3 7.14 Newriver Reit Plc 33.83 0.22 1.09 8.29 6.99 162 0 37 75 25.9 7.12 Tesco Plc 20.27 0.56 1.73 -3.44 6.92 37 0 -12 0 21.1 7.16 Company examples and screening process shown for illustrative purposes only. 7 For professional and institutional investors only. Not for retail investors. Jupiter Investment Forum 2018 Quantitative screens Ticker Company Name Country Industry Market Average of Altman Z Piotroski F M-Score PE Ratio Asset Momentum: Accruals: SI % of EPS Profitability: Short Active Net New Cap Ranks Score: Score: Benish (8- Current Growth: Rank in Rank in Float: Gaming: Rank in Selling Utilization %: Issues: USD Equally Rank in Rank in Factor): Rank (Factset): Rank in Universe Universe Rank in Rank in Universe Demand Rank in Rank in Millions Weighted Universe Universe in Universe Rank in Universe Universe Universe Shift: Rank Universe Universe Universe in Universe SHAKSHAK ShakeShake Shack, Inc.Shack, Class A Inc. ClassUNITED A STATESU.S. HotelsHotels Restaurants Rest. & Leisure & Leisure $1,038$1,038 0.340.34 0.40.4 0.250.25 0.190.19 0.080.08 0.080.08 0.490.49 0.730.73 0.020.02 0.880.88 0.380.38 0.560.56 0.210.21 0.140.14 BYQKTG Codere, S.A. SPAIN Hotels Restaurants & Leisure $1,491 0.34 0.04 0.25 0.51 0.07 0.65 0.02 0.21 0.97 0.56 0.18 0.27 FMBH First Mid-Illinois Bancshares, Inc. UNITED STATES Banks $448 0.34 0.11 0.6 0.09 0.43 0.19 0.58 0.2 0.56 0.42 0.21 641056 Harmony Gold Mining Co. Ltd. SOUTH AFRICA Metals & Mining $882 0.34 0.1 0.45 0.08 0.29 0.57 0.01 0.52 0.09 0.56 0.83 0.23 RETA Reata Pharmaceuticals, Inc. Class A UNITED STATES Pharmaceuticals $530 0.34 0.01 0.04 0.3 0.53 0.98 0.24 0.56 0.56 0.15 0.01 B1FP89 BBA Aviation Plc UNITED KINGDOM Transportation Infrastructure $4,818 0.34 0.2 0.04 0.23 0.42 0.06 0.54 0.3 0.26 0.56 0.72 0.4 629099 WT Microelectronics Co., Ltd. TAIWAN Distributors $858 0.34 0.53 0.11 0.1 0.81 0.11 0.48 0.04 0.85 0.35 0.56 0.04 0.08 HTA Healthcare Trust of America, Inc. Cl. A UNITED STATES Real Estate Investment Trusts (Reits) $5,257 0.34 0.66 0.04 0.21 0.15 0.38 0.55 0.56 0.11 0.56 0.48 0.02 BD3FFZ Northern Drilling Ltd. NORWAY Energy Equipment & Services $607 0.34 0.01 0.04 0.56 0.75 4593 Healios KK JAPAN Biotechnology $813 0.34 0.95 0.01 0.95 0.25 0.1 0.02 0.56 0.15 0.06 610165 Tamil Nadu Newsprint & Papers Ltd. INDIA Paper & Forest Products $428 0.34 0.08 0.66 0.14 0.29 0.55 0.09 0.31 0.6 B45JKK Phoenix Group Holdings UNITED KINGDOM Insurance $4,050 0.34 0.04 0.15 0.3 0.52 0.56 0.42 0.38 TSRO TESARO, Inc.