Market Overview

Ivy Expands Distribution Leadership Team

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Industry veteran named Head of Intermediary Distribution

Ivy Distributors, Inc. (IDI) has added breadth and experience to its
sales leadership with the appointment of industry veteran Joseph Moran
as Senior Vice President, Head of Intermediary Distribution.

Moran brings more than 20 years of experience across a range of channels
at key firms. He begins his new role Sept. 4, 2018, and will be
responsible for driving the strategic direction, growth, profitability
and performance of IDI's broker-dealer distribution channel. He will
have management responsibility for national channel sales, headed by
National Sales Manager Marlene Alexander, and for key accounts, led by
the Heads of National Accounts Stacy Albin and Anna Barnes.

"Joe's appointment aligns with our recent proactive steps to restructure
and effectively resource our distribution team as we pursue a more
diversified asset flow and AUM profile across all distribution
channels," said Amy Scupham, president of Ivy Distributors, Inc. "Our
focus is squarely on meeting the unique needs of each of our clients as
we work to increase market share, efficiency and ongoing service."

Along with Moran, IDI's sales leadership team is filled out by Grant
Cleghorn, who heads the Professional Buyers Group, including
institutional sales and consultant relations, Registered Investment
Advisor (RIA), Defined Contribution Investment Only (DCIO) sales, and
insurance sales.

Moran joins Ivy from the Dreyfus Corporation, where he was Head of
Sales, as well as Executive Vice President of BNY Mellon Investment
Management. He was responsible for overseeing distribution of the
Dreyfus retail mutual fund family across North America, including the
management of Strategic Accounts and Intermediary Sales, as well as key
support functions such as business development and client engagement.
During his tenure, he also previously served as Head of Intermediary
Sales for BNY Mellon Investment Management, overseeing a group in the
RIA, Private Bank, Bank Trust, Multi-Family Office and Intermediary
Retail space.

Prior to that, he worked with Oppenheimer Funds, where he headed Wealth
Management distribution and was responsible for the growth and
development of the RIA and the private bank channels. He also spent 14
years at DWS Investments / Deutsche Asset Management, where he held a
series of progressive sales management leadership positions and
ultimately led its Financial Institutions Group.

IVY INVESTMENTS® refers to the investment management and investment
advisory services offered by Ivy Investment Management Company, the
financial services offered by Ivy Distributors, Inc., a FINRA member
broker dealer and the distributor of IVY FUNDS® mutual funds and IVY
VARIABLE INSURANCE PORTFOLIOS℠, and the financial services offered by
their affiliates.

For more information, visit www.ivyinvestments.com.

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