Investor Morning

29 April 2019

2

1. Brief recap on Marlowe strategy & progress, trading update

2. Marlowe Water division – an introduction to WCS Group

– Q&A

3. Health & Safety – an introduction to William Martin & Meridian

– Q&A

4. Close

AGENDA Total

addressable

market

£4.1bn

2019

Sector specialists

Cash Shell

B2B Service criteria

INVESTMENT ATTRIBUTES

Two divisions, four sectors all focused around a similar channel to market

Critical mass

Invested for growth

Leading positions

3

Marlowe is a UK leader in specialist services which assure the safety and regulatory compliance of

commercial properties, whilst managing risk for businesses across the country.

MARLOWE JOURNEY: 2015-2019 Total

addressable

market

£4.1bn

2015

FIRE SAFETY & SECURITY WATER TREATMENT & HYGIENE

AIR QUALITY & TESTINGHEALTH & SAFETY

WATER TREATMENT

AND AIR QUALITY

RISK MANAGEMENT

AND COMPLIANCE

Fragmented markets

with consolidation

trends

Long customer

relationships: over

10 years

Long-term growth

drivers

Annuity-type

recurring revenues:

75%

Stringent regulationsNon-discretionary

spend

FIRE SAFETY & SECURITY

Purpose

Assure buildings have adequate fire safety measures and

that fire and security systems are compliant with latest regulations.

Recurring Service

Assessing, testing, inspecting, maintaining, monitoring and certifying.

~ £60mrevenue WATER TREATMENT & HYGIENE

Purpose

Assure water systems are safe, efficient, sustainable and compliant.

Recurring Service

Assessing, dosing, maintaining, monitoring, testing, treating

and certifying.

~ £50mrevenue

AIR QUALITY & TESTING

Purpose

Assure commercial properties are compliant with air quality and

environmental regulations.

Recurring Service

Inspecting, testing, sampling, monitoring, remediating and certifying.

4

Marlowe provides regulated testing, inspection & compliance services. Each is delivered by one of our specialist divisions.

Individually, these divisions are leading players in their fields but together form a group that can provide a comprehensive and

integrated approach to property safety and risk management and regulatory compliance.

HEALTH & SAFETY

Purpose

Assure the regulatory compliance of commercial organisations in

health and safety and property risk management.

Recurring Service

Auditing, consulting, training & software as a service (SaaS).

Note: revenue numbers indicative and run rate

~ £10mrevenue

~ £30mrevenue

Year-end The Board expects profits for the full year to be slightly ahead of current market expectations

Expertise Former Berendsen PLC CFO, Kevin Quinn, joins Marlowe as Chairman

Integrations Integration programmes on track. Suez acquisition: very good progress over 7 months

Investment Continued focus on operational and technology improvements to drive margin enhancement

Pipeline 8 successful acquisitions and one non-core divestment in 2019. Buoyant pipeline

Capabilities William Martin acquisition offers new sector and proprietary risk management software

Scale FY19 revenues +62%. Scale in each of our core markets. Run rate revenues are now ~£150m

5

STRATEGIC HIGHLIGHTS

Marlowe plc: Investor Morning

INTRODUCTION TO

WCS GROUP

UK #1water treatment hygiene

& specialist engineering

support services

c.£50mrevenue

570employees LARGEST

H2O expert in F&B,

Leisure & Hospitality,

Healthcare

370technicians,

engineers & consultants

4,000+customers

10+ years average customer

relationship

500,000Lab samples

180,000+School & university

students served

8

WCS GROUP AT A GLANCE

£1127 £1155 £1184 £1214

£253£259

£266£272

£184£189

£193£198

£

£200

£400

£600

£800

£1000

£1200

£1400

£1600

£1800

£2000

2018 2019 2020 2021

Water Treatment and Hygiene Engineering Chemicals

WCS operates in a market which can be split into three

segments:

◼ Water treatment & water hygiene

◼ Engineering

◼ Chemical sales

Market is almost fully vended due to strict legislation. Market

growth rate in core Water Treatment and Hygiene is around

2-3% annually

Total market size in 2019 is c.£1.6bn annually

Opportunities exist to increase share of wallet with existing

customers and new verticals

WCS Group is currently c.5% of the core Water Treatment

and Hygiene market

9Source: Constituent analysis of 459 market participants

BUSINESS STRUCTURE: Pillars

WATER TREATMENT MARKET (£m)

RESULTS

WCS deliver technical solutions, compliance, process security, sustainability and value added ROI through experts in their field

Total Water Solutions Offer

Healthcare, Hospitality, Industrial, Manufacturing, Food & Beverage, Defence, FM

Market

Process Engineers – Risk Assessors – Technicians – Effluent Engineers – Pre com Engineers – Project ManagersLocal teams – National coverage – Specialist support

Service It

Dedicated Sales and Marketing TeamsSell it

Business supported by knowledgeable back office support –Finance, Planning, HR, Compliance and Administration .Support it

10

MARKET DRIVEN BY GOVERNING LEGISLATION & GOVERNING BODIES WHICH MANDATE

CLIENT NEED. MANAGED ON A NATIONAL BASIS BY EXPERIENCED SLT

£

Influent and Effluent solutions allow WCS to increase share of wallet on sites where we already have strong relationships. With the installation of a £100k of Effluent plant, an ongoing revenue stream of £15k per annum is created

Water Treatment & Hygiene

Influent Effluent

11

WCS FOCUS

£12,000average

customer spend

4,000+customers

<5%attrition

65%of business is in contracted

revenues

35%business is

ancillary services on existing contracts

2:1Fee Earner to Non Fee

Earner Ratio

30 Years Longest

Customer Relationship

85%

15%

Sales by Product

Treatment & Hygiene

ChemicalSales

65%

35%

REVENUE SPLIT BY CONTRACT TYPE

Contracted Revenues

AncillaryServices

SERVICE SUMMARY FY18/19

12

13

Apr 2016

WCS

£6m

Sept 2016

H2O

£5m

Jun 2017

Advance

Environmental

£3m

Dec 2017

Guardian

£8m

Jul 2018

Kingfisher

£3m

Sept 2018

WCS Services

£13m

Feb 2018

Future Water

£2m

£50m Revenue

570 People

4000+ Customers

Jan 2019

Atana

£6.5m

WCS GROUP ACQUISITIONS TO DATE

14

15

WCS GROUP STRUCTURE

CultureOrganisational culture led

top-down

PricingStandardise pricing

SalesSales bias

Pillars ApproachSynergy benefits to

maximise scale and be

minimal on costsIntegrateTo a Sell, Service &

Support model

16

PATHWAY TO GROWTH

Marlowe plc: Investor Morning

INTRODUCTION TO

HEALTH & SAFETY STRATEGY

▪ William Martin Compliance is a software-enabled Health and Safety Consultancy

▪ Focus on commercial property (multi-site) sector: providing audit and inspection

services to customers with large property portfolios to ensure legal compliance

▪ Core services: health & safety, fire, water, asbestos, disability access, training and

general consultancy

▪ Most (~10 million) are recurring revenues (annual audits, inspections and software)

▪ Market leading cloud-based software system Meridian gives stakeholders total

visibility of compliance across their portfolio

▪ Audits and software as an integrated service (80% of customers take both)

▪ Acquired by Marlowe plc in January 2019

▪ HQ London: satellite offices in Leeds & Norwich

▪ National coverage via ~50 consultants covering the UK

19

INTRODUCTION TO WILLIAM MARTIN

20

HEALTH & SAFETY

▪ General Risk Assessment,

Inspections and Audits; Activity

Specific RA’s (lone working,

working at height etc.)

▪ Property Condition Audits; Policies,

Procedures, SWP

▪ Competent Person secondment

FIRE SAFETY

▪ Fire Risk Assessments,

Inspections and Audits

▪ Fire Strategy & Fire Safety Design

▪ Emergency Response & Business

Continuity

WATER SAFETY

▪ Legionella risk assessments;

domestic, cooling systems & towers

▪ Water hygiene audits, logbook

management

▪ Enforcement Liaison

ASBESTOS SAFETY

▪ Asbestos Surveys (Re-inspection,

Management & Refurb/Demolition)

▪ Asbestos Registers

▪ CAD drawings

▪ Policy, procedures & SWP

CONTRACTOR MANAGEMENT

▪ Review contractor accreditations,

RAMS on behalf of customers

▪ Permit to work and site access

permits issued via Meridian

▪ On-site contractor audits

TRAINING

▪ Tailored in-company client specific

courses

▪ Accredited courses delivered by

experienced consultants

MERIDIAN PLATFORM

▪ Cloud based compliance and

risk management system

▪ Modular product – tailored to

customer requirements

▪ Overall compliance dashboards

and granular reporting individual

properties (multiple stakeholder

appeal)

▪ Facilitates customer

compliance, auditability and

stakeholder engagement

SUBSCRIPTION SOFTWARE RECURRING SERVICES

▪ ~50 consultants - sector specialists across UK

▪ Focus on competency - industry experience, recognised memberships, accreditations e.g. CMIOSH, OSHCR, IFE, CIEH,

P402,P405 etc.

▪ Specialist approach to each service offering – key differentiator

▪ Commitment to quality demonstrated through performance related incentives

▪ Developed and supported in

house with H&S expertise

▪ Client led development

21

WMC SERVICE OVERVIEW

Integrated Risk Management Model – Software solution alongside full suite of recurring compliance services delivered by experts.

FOR WMC’S CUSTOMERS

◼ Consistent, holistic view of risk and compliance across

multi site portfolios – otherwise extremely difficult

◼ Collaborative approach to managing safety – enables

multiple stakeholder interaction

◼ Bespoke and configurable service model – ease of

implementation with existing processes and systems,

minimal disruption

◼ Robust and defendable audit trail – from risk

identification to elimination and management

◼ Demonstrable risk management

22

ADVANTAGES OF WILLIAM MARTIN’S INTEGRATED SERVICE AND SOFTWARE MODEL

FOR WMC

◼ Enhanced client retention (attrition < 2%)

– ‘Stickiness’ due to management of all customer data

◼ Efficiency and quality of service delivery via Meridian’s

report writer app – streamlines report production, drives

consistency, eliminates double entry (record observations,

upload photos from site etc.)

◼ Growth and upsell opportunities – internal notifications

as clients add new properties, assets or inspection

requirements

Integrated model provides significant benefits to customers, whilst ensuring extremely secure revenues and future visibility for WMC.

END-TO-END PROPERTY COMPLIANCE (GRC + TIC)

◼ WMC and Meridian highly complementary to Marlowe Critical

Services’ customer proposition - Marlowe’s total property

compliance solution unique in the UK

◼ Routine technical inspection, testing and certification water

systems, fire and security systems, extraction etc. also

required for full statutory compliance

◼ Remedial actions, recurring testing & inspection regimes

identified by WM, delivered by Marlowe Group companies, with

associated risk recorded, monitored and managed through

Meridian

23

OPPORTUNITIES FOR WILLIAM MARTIN COMPLIANCE & MARLOWE CRITICAL SERVICES

CROSS-SELLING OPPORTUNITIES

◼ Majority of Marlowe customers operate multi-site property

portfolios with statutory health and safety requirements

◼ Pre-acquisition discussions with Marlowe customers

demonstrated demand for Meridian software

– Off the shelf version of Meridian in development will target

Marlowe’s SME customer base

WMC and Marlowe combined presents growth opportunities through cross-selling and enhances the Group’s property safety and

compliance offering with an end-to-end solution.

Marlowe plc: Investor Morning

INTRODUCTION TO

MERIDIAN SOFTWARE

25k properties 8k users

~1m actions1.5 million documents

20 external links 100+ automated reports

In-house Software Developers

and Helpdesk Team

25

MERIDIAN SOFTWARE OVERVIEW

Proprietary software solution to address the problem of disparate

data / records and a lack of stakeholder visibility, driving customer

retention within WMC.

▪ Market leading risk management system for multi-site property

sector (property managers, owners, landlords, investors)

▪ Developed, maintained & managed in-house by ~20 software

heads (Marlowe have increased investment)

▪ Proven track record of 13 years

▪ Excellent client retention & reliance

▪ Highly configurable set up and mobilisation for each client

▪ Consistent innovation & developments based on client and

market feedback

William Martin

Consultancy services

3rd Party

Contractors/Consultants

InsurersInsurance Certificates

Risk Improvement Surveys

Documents

and Actions

26

MERIDIAN AT CENTRE OF ORGANISATION’S PROPERTY RISK MANAGEMENT MODEL

In a typical client setup, Meridian sits at the heart of the organisation’s H&S compliance and risk management strategy, storing data

from a variety of sources and exporting records to internal and external systems and stakeholders.

Meridian App

Documents

and Actions

Client Systems Property/User

Data

CAFM SystemAction Updates

and Documents

Documents

and Actions

Automated

E-mails/Reports

Contractors

Permits and

Permissions

Contractor

RAAMS

Documents

and Actions

Capture photos of

issues, evidence of

action completion

27

MERIDIAN SOFTWARE OVERVIEW

Modular construction of Meridian makes it highly configurable,

allowing bespoke deployment, tailored to individual customer

requirements.

EXISTING CUSTOMER MODULES

▪ Overall Dashboard of Compliance

▪ Library (Storage of Policies, Procedures etc)

▪ Properties Detail & Individual Property Dashboards

▪ Training Module (LMS)

▪ Units Functionality

▪ Approved Contractor Management

▪ Document Storage / Document Tracking

▪ Permission to Work / Permit Module

▪ Action Management & Mobile App

▪ Environmental Management

▪ Asset Tracking

▪ Projects (CDM) Module

▪ Links (Allianz & Zurich) for Engineering Insurance

▪ Events Module

▪ Inspection Forms with offline Mobile App

▪ Email Alerts, Notifications and escalations

▪ Incident Module (Accident and Near Miss Reporting)

▪ Bespoke Automated Reporting

▪ Asbestos Management (Individual ACMs)

▪ Full Audit trail for due diligence

Facility to work

offline

Rich data

capture for

advanced reporting

Time saving

No inspection write up time,

template responses for

common issues

Location services

Ensure FMs visit site,

automatically logs arrival and

departure time, time on site

Meridian dashboard

and grids

Scheduled

daily/weekly/monthly e-mails

Automated PDF, Word and/or

Excel reports

Historical data locked in for trend

analysis

Mobile App for Consultants

Client Reporting Options

New modules

developed by

in-house team to

meet any

customer need

28

WILLIAM MARTIN DIFFERENTIATORS

William Martin is a leading player in the property risk management market, set apart from its competitors by its quality of service and

software-led approach. The acquisition of William Martin enhances Marlowe’s customer proposition, and presents significant

opportunities to accelerate WMC’s growth and development, through further investment and access to customers.

• Developed and supported in house

• Ongoing software updates and enhancements

• Designed by H&S experts

• Highly configurable

Software

• Software + Consultancy provides end to end solution

• Multiple stakeholders sharing, analysing and reporting data

• Enables a single holistic view of compliance and performance

Integrated Solution

• Ease of implementation

• Minimal training needs

• Online support and 24/7 helpdesk

• Proven and tested, ‘user friendly’ software

Intuitive & User friendly

• Director-led

• Technically qualified / experienced

• Supports training, analysis and review process

Account Management

• Experienced sector specialists

• Key focus on competency and governance

• Individual memberships & Accreditations

Best in Class Consultancy

• Flexible software and consultancy solutions dependent on clients needs

• Integration with existing business processes

• Collaborative approach to create best solution

Adaptable Solutions

• 98% client retention

• Client longevity - most five years+

• High staff retention ensuring service continuity and understanding of clients business

Relationship & Longevity

29

DISCLAIMER

The information contained in this presentation document (the “presentation”, which term includes any information provided verbally in

connection with this presentation document) does not constitute an offer or solicitation to hold, sell or invest in any security and

should not be considered as investment advice or as a sufficient basis on which to make investment decisions. This presentation is

being provided to you for information purposes only.

Whilst this presentation has been prepared in good faith, neither Marlowe plc (the “Company”) nor any of its group undertakings nor

any of their respective directors, members, advisers, representatives, officers, agent, consultants or employees: (i) makes, or is

authorised to make any representation, warranty or undertaking, express or implied, with respect to the information and opinions

contained in it or accepts any responsibility or liability as to the accuracy, completeness or reasonableness of such information

or opinions; or (ii) accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of or in connection

with the information in this presentation.

The Company is under no obligation to provide any additional information or to update or revise the information in this presentation

or to correct any inaccuracies which may become apparent. This presentation may include certain forward-looking statements,

beliefs or opinions. There can be no assurance that any of the results and events contemplated by any forward-looking statements

contained in the information can be achieved or will, in fact, occur. No representation is made or any assurance, undertaking or

indemnity is given that any such forward looking statements are correct or that they can be achieved.