市场反转还是熊市反弹？

MARKET REVERSAL EVENT HIGHLIGHTS OR BEAR RALLY?

JEREMY GRANTHAM’S VIEWS ON THE SUPERBUBBLE Jeremy Grantham and Rick Friedman | September 9, 2022 OVERVIEW In this webcast, Jeremy Grantham, co-founder and long-term investment strategist, shares his updated views on the current superbubble, its parallels to past bubbles, and ways to navigate ahead. Jeremy is joined by portfolio strategist Rick Friedman, who describes the opportunity embedded in Equity Dislocation, GMO's high-conviction strategy designed to benefit from the unwind of the Growth bubble.

KEY POINTS ■ During the presentation, Jeremy explains the difference between a run-of-the- mill asset bubble and a superbubble – a 2.5 sigma or greater deviation from trend with today’s spanning multiple asset classes and geographies. In describing the various phases of a superbubble, Jeremy shares his view of where valuations and fundamentals stand across various assets and provides a pessimistic view of what lies ahead. ■ Jeremy underscores that it is not too late in the bear market cycle for investors to reposition their portfolios to protect from further downside volatility. He explains some of the ways he looks to protect assets in the current environment, including by allocating to GMO’s Equity Dislocation Strategy. ■ We believe GMO has a unique ability to navigate market dislocations, and the GMO Equity Dislocation Strategy aims to take advantage of one of today’s most extreme dislocations. Rick provides an overview of Equity Dislocation before diving into the opportunity remaining in the strategy broadly and across various sectors. Rick also explains how Equity Dislocation can act as an important diversifier to still expensive growth equities.

GMO EVENT HIGHLIGHTS Market Reversal or Bear Rally? Jeremy Grantham’s Views on the Superbubble | p2 Jeremy Grantham Mr. Grantham co-founded A HELPFUL OFFSET TO GROWTH DRAWDOWNS GMO in 1977 and is a On average, Equity Dislocation has generated +0.4% on NASDAQ down days member of GMO’s Asset Allocation team, serving EQUITY DISLOCATION RALLIED IN PERIODS NASDAQ FELL >5% as the firm’s long-term 150 11/19/21 – 3/14/22 investment strategist. He is NASDAQ -21.7% a member of the GMO Board of Directors and has 145 2/12/21 – 3/8/21 Equity Dislocation+20.9% also served on the investment boards of several NASDAQ -10.5% Outperformance +42.6% non-profit organizations. Prior to GMO’s founding, Mr. Equity Dislocation +16.3% NASDAQ Cumulative Return 135 Outperformance +26.8% 3/29/22 – 6/16/22 Grantham was co-founder of Batterymarch Financial NASDAQ -27.2% Management in 1969 where he recommended 130 Equity Dislocation +10.2% commercial indexing in 1971, one of several claims 125 9/7/21 – 10/4/21 Outperformance +37.4% to being first. He began his investment career as NASDAQ -7.8% an economist with Royal Dutch Shell. Mr. Grantham Equity Dislocation +9.1% earned his undergraduate degree from the University 115 Outperformance +16.9% of Sheffield (U.K.) and an M.B.A. from Harvard 110 4/26/21 – 5/12/21 Business School. He is a member of the Academy of NASDAQ -7.3% 105 Equity Dislocation +3.2% Arts and Sciences, holds a CBE from the UK and is a 100 Outperformance +10.5% recipient of the Carnegie Medal for Philanthropy.

Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Rick Friedman Mr. Friedman is a member of GMO’s Asset Allocation Returns from 10/30/2020 (inception) to 8/31/2022 | Source: GMO team and a partner of Performance data quoted represents past performance and is not predictive of future performance. the firm. Prior to joining GMO in2013, he was a Net returns are presented after the deduction of a model advisory fee and incentive fee if applicable. senior vice president at These returns include transaction costs, commissions and withholding taxes on foreign income and AllianceBernstein. Previously, he was a partner capital gains and include the reinvestment of dividends and other income, as applicable. Fees paid by at Arrowpath Venture Capital and a principal at Technology Crossover Ventures. Mr. Friedman accounts within the composite may be higher or lower than the model fees used. A Global Investment earned his bachelor's degree in Economics from Performance Standards (GIPS®) Composite Report is included in the Important Information section the University of Pennsylvania and his MBA from at the back of this presentation. GIPS® is a registered trademark owned by CFA Institute. CFA Harvard Business School.

Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Actual fees are disclosed in Part 2 of GMO's Form ADV and are also Disclaimer available in each strategy's Composite Report.

The views expressed are through the period ending September 2022, and are subject to change at any time based on market and other conditions. This is not an offer or solicitation for the purchase or sale of RELATED STRATEGIES any security and should not be construed as such. Please click on the links below to access strategies related to this event. References to specific securities and issuers are for ■ GMO Equity Dislocation Strategy illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities.

Copyright © 2022 by GMO LLC. All rights reserved. RELATED RESEARCH Please click on the links below to access research related to this event. ■ Entering The Superbubble's Final Act ■ Let The Wild Rumpus Begin ■ The Turn in Value Is Just Getting Started ■ Growth Bubble: Making Money on Companies That Make No Money