Man Group is an active investment management firm focused on delivering performance and client solutions through its five investment management businesses: Man AHL; Man Numeric; Man GLG; Man FRM and Man Global Private Markets. Man GroupÕs investment management businesses provide long-only, alternative and private markets products on a single and multi-manager basis, leveraging the firmÕs robust infrastructure to provide a diverse range of strategies across investment approaches, styles and asset classes. The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange under the ticker EMG.L and is a constituent of the FTSE 250 Index. As at 31 December 2017, Man GroupÕs funds under management were $109.1 billion. Man Group also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.man.com. ************************************************************ The content published here by Man and its subsidiaries is designed for investment professionals only. Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc (ÔManÕ). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which any member of ManÕs group of companies provides investment advisory or any other services.