Polar Capital Global Financials Trust : General Meeting Arrangements

Legal Entity Identifier: 549300G5SWN8EP2P4U41

30 March 2020

POLAR CAPITAL GLOBAL FINANCIALS TRUST PLC

GENERAL MEETING - TUESDAY, 7 APRIL 2020

COVID-19 ARRANGEMENTS

Any terms not defined in this announcement shall bear the meaning as set out in the Circular to Shareholders dated 12 March 2020.

This announcement is made further to the announcement made on 12 March 2020 and the associated publication of the Circular to Shareholders detailing proposals and incorporating a Notice of General Meeting to be held on Tuesday, 7 April 2020 at 4.30pm at the offices of Polar Capital LLP, 16 Palace Street, London SW1E 5JD.

The health and welfare of the Company's shareholders, and wider stakeholders is our number one priority. The Company has continually monitored the situation in connection with COVID-19 and the Government recommendations in relation to social distancing and gatherings of individuals including the announcements from the Prime Minister on the restrictions being placed on the movements of any and all individuals.

Under the current market conditions, it was deemed appropriate to provide shareholders and interested parties with an update on the Company since the publication of the Circular and to set out the Company's arrangements for the General Meeting. It should be noted that as the situation evolves there may be a need to make further announcements or changes to the below arrangements.

Performance

The Company's net asset value has seen considerable volatility over recent weeks as equity markets have suffered substantial falls on the back of concern that coronavirus will have a significant impact on economic activity globally. This has led to valuations for the sector falling sharply with valuations for bank stocks falling to levels reached during the depths of the global financial crisis when there was significant concern about the solvency of many banks.

The Company's net asset value per Ordinary share as at close of business on 12 March 2020 was 106.02p and as at close of business on 26 March 2020 was 108.42p.

Prospects

Today the banking sector is significantly better capitalised than it was in the years leading to the global financial crisis and regularly stress tested by its regulators to ensure it can withstand significant shocks. Furthermore, the recent extraordinary steps that central banks and governments worldwide have announced will significantly dampen the downturn and while there remains significant uncertainty in the short-term, the Investment Manager believes that current valuations significantly undervalue the long-term prospects of the sector.

General Meeting

We strongly encourage all shareholders to vote on the Resolution by proxy before the deadline of 4.30pm on Friday 3 April 2020.

The most recent 'Stay at Home' measures adopted by the government prohibit, save where essential for work purposes, public gatherings of more than two people. The Company's view, which is supported by The Chartered Governance Institute (ICSA) is that attendance at a general meeting by a shareholder, other than one specifically required to form the quorum for that meeting, is not essential for work purposes. The Company has arranged for a quorum to be present in person at the meeting. Accordingly, we hereby notify Shareholders that anyone seeking to attend the meeting in person will be refused entry.

We believe shareholder engagement is very important, ever more so under the current market conditions, and to facilitate shareholder engagement, any specific questions on the business of the General Meeting and Resolution can be submitted by e-mail in advance of the meeting to [e-mail] (subject marked 'PCFT_Company Secretary_GM'). Questions deemed appropriate and relevant will be posted to the website along with their associated answers as soon as possible following receipt and, where questions are provided by close of business on 3 April 2020, we will endeavour to respond to those questions in advance of the meeting.

A copy of the Circular incorporating the Notice of Meeting is available for inspection from the National Storage Mechanism at www.morningstar.co.uk/uk/NSM and on the Company's website www.polarcapitalglobalfinancialstrust.com.

EXPECTED TIMETABLE

General Meeting

	2020
Latest time and date for receipt of Form of Proxies for the General Meeting	4.30pm on Friday, 3 April
General Meeting	4.30pm on Tuesday, 7 April
Announcement of results of the General Meeting	7.00am on Wednesday, 8 April

Tender Offer

Latest time and date for receipt of pink Tender Forms and TTE Instructions in CREST for the Tender Offer	2.00pm on Monday, 6 April
Tender Offer Record Date to participate in the Tender Offer	close of business on Monday, 6 April
Announcement of results of the Tender Offer	7.00am on Wednesday, 8 April
Calculation Date	close of business on Friday, 24 April
Announcement of the Tender Price	on or around Monday, 27 April
Repurchase of Shares pursuant to the Tender Offer	by Monday, 4 May
CREST accounts credited in respect of Tender Offer proceeds for uncertificated Ordinary Shares	by Tuesday, 12 May
Cheques despatched in respect of Tender Offer proceeds for certificated Ordinary Shares	by Tuesday, 12 May

For further information, please contact:

David Yovichic/Denis Flanagan		Robert Kyprianou
Investec Bank Corporate Broker		Polar Capital Global Financials Trust plc Chairman (contact via the Company Secretary)
Tel. [phone]		Tel. [phone]
Ed Gascoigne-Pees		John 'Reg' Regnier-Wilson
Camarco PR		Polar Capital Head of Investment Trust Sales
Tel. [phone]		Tel. [phone]