quindell teach in

!©!JUNE!2014!–!QUINDELL!PLC.!ALL!RIGHTS!RESERVED.!DO!NOT!DISTRIBUTE!WITHOUT!PERMISSION. !!

!!

INDU

STRY!TRANSFO

RMATIO

N!DRIVEN!BY!CHALLEN

GER!R

E@ENGINEERIN

G!

INVESTOR!&!ANALYST!TEACH@IN!–!LEGAL!SERVICES!&!OTHER!GROWTH!AREAS!

ConsulGng!•!SoJware!•!Outsourcing!•!Broking!

…Minimize(Opera-onal(Cost,(Exceed(Service(Expecta-ons,(Grow(Market(Share(and(Maximize(Ancillary(Income((Quindell,!a!Strategic!Digital!Technology!and!Outsourcing!Partner,!re@engineering!industries!to!drive!down!costs!using!Ethical!pracGces!and!CollaboraGve!models!!!

Stand(out(from(the(crowd(with(Quindell…(

!©!JUNE!2014!–!QUINDELL!PLC.!ALL!RIGHTS!RESERVED.!DO!NOT!DISTRIBUTE!WITHOUT!PERMISSION. ! !W!W!W!.!Q!U!I!N!D!E!L!L!.!C!O!M!!!!!!!!!!!!!!!!!!!!!!!!!!2!

SecGon!I:!“Quindell!Plc”!Introduc-on(and(Highlights(

SECTION!I!

Rob((

Terry!

ExecuGve!Chairman! Robert(Terry!!Chairman!


Introduc-on(to(Quindell(

Indemnity!House,!Blackpool!

!NA!&!InternaGonal!HQ,!Toronto!

Quindell!Court,!Fareham!

Accident!Advice!House,!Stanmore!

Dempster!Building,!Liverpool!

Reverse!lisGng!May!2011!@!Management(team(with(20+(years(track(record(in(Global(P&C(Insurance(and(significant((

share(ownership(aligning(interests(O(ambiGon!to!build!#1!technology!and!outsource!supplier!to!Global!P&C!Insurance!

Acquisi-on(and(Organic(growth(strategy(in(insurance(sector,(falling(into(three(primary(groups;(legal(services,((

health(services(and(claims(services,!and!technology!to(help(reverse(the(trend(of(declining(underwri-ng(results(

Established(unique(market(leading(plaRorm(for(growth(c.£150m(acquired(revenue((post!raGonalisaGon)(with(c.£1bn(organic(growth(per(annum(announced(to(date(@!opportunity(to(build(£2bn+(revenue(per(annum(business!medium(to(longer(term!

Quindell(has((

!  Primary!locaGons!in!Blackpool,!Liverpool,!Stanmore!with!Global!HQ!in!Fareham,!Technology!HQ!in!Toronto!!  c.2500(staff(distributed(across(the(UK(plus(c.1500(Staff(in(North(America(&(Interna-onal(Loca-ons(

Broadly(two(revenue(lines(

!  Digital(Solu-ons(Division(O(So^ware/Consultancy(mainly(SaaS(–!with!growth!primarily!driven!to!date!by!!Claims!transformaGon!/!“black!box!insurance”!adopGon!/!Telecoms!and!Insurance!convergence!!  No.1(in(P&C(insurance(claims(technology(in(Europe1(

!  a(global(technology(supplier(of(P&C(complete(insurance(ERP(solu-ons(((

!  a(global(technology(supplier(in(telecoms(with(exper-se(in(OSS/BSS(

!  Developing(a(global(leadership(posi-on(in(Connected(Car,(Connected(Home(and(Connected(Health(

!  Services(Division(–(Technology(Enabled(Claims(outsourcing(–!now!managing!some!element!of!25%!UK!auto!claims!growth!driven!by!regulatory!change!and!telemaGcs!adopGon,!20%+(saving(in(claims(cost(for(at(fault(insurers(and(

market(leading(ancillary(income(genera-on(for(our(clients(

!  the!only!outsource!organisaGon!ethically!addressing!the!total!cost!of!claims!including!personal!injury!and!rehabilitaGon!(High(margin,(recurring(revenue(and(long(term(contract(based(model(–!range!10!to!95%,!blended!average!of!“30%+(EBITDA”!But(high(working(capital(intensity(during(first(six(months(of(new(outsourcing(contracts(start@up!phase!un-l!Quindell!new!industry!‘collabora-on’(models(rolled(out(

!  Claims!outsourcing!6!month+!average!cash!profile!!  SoJware/Consultancy!30!day!average!cash!profile!offsets!outsourcing!!  100%(success(rate(to(date(on(conversions(from(pilots(or(formal(bids(

!  Pipelines!remain(at(record(levels(despite(announcing(c.£1bn(organic(growth(to(date((but!internal!Legal(outsourcing(growth(currently(capped(beyond!2014!at!c.25%!per!annum!focus(on(delivering(free(cash(flow(for(progressive(dividend)!

! 1!Claims!System!Vendors:!European!General!Insurance!2012,!Celent!(2012)!!

SECTION!I:!“Q

UINDELL!P

LC.”!

INTRO

DUCTIO

N!&!H

IGHLIG

HTS!


0!

50!

100!

150!

0!50!100!150!200!250!300!350!400!450!

FY!2013!!!!!!!!!!!!!!!!!!!!!!!PRE@CLOSE!HII!2013!!!!!!!!!!!!!!!!!!!!!!!!!PRE@CLOSE!HI!13!FY!2012!HII!12!HI12!

Technology!Enabled!Business!Process!Service!Outsourcing!Gross!Sales!(£m)!

Financial(Highlights(SoJware!and!ConsulGng!Revenue!(£m)!!

Adjusted!EPS!(p)!

Adjusted!EBITDA!and!Margin!%!(£m)!

45.6!

124.5!

167.3!

231.4!

398.7!

170.1!

137.7!

YoY(Growth(c.134%(

15.0!37.2!

54.0!83.7!

52.2!

32.9%! 29.9%! 32.2%!30.7%! 36.3%! 34.6%!

YoY(Growth(c.164%(

65.3%! 77.9%! 4.3%!74.3%! 21.4%! 14.9%!

0.00!1.00!2.00!3.00!

FY(2013(HII(2013(HI(2013(FY(2012(HII(2012(HI(2012(

0.46!0.99! 1.10! 1.44!1.45!

2.54!YoY(Growth(c.74%(

Twelve!quarter!track(record(of(delivering(strong(sets(of(results(exceeding(market(expecta-ons!in!every!key!performance!indicator!@!beaGng!both!market!expectaGons!and(company(guidance(in(every(quarter(to(date(

Adjusted!Net!Cash!from!OperaGons!(£m)!

0!25!50!

9.8!29.0!

2.3!17.8!

38.8!20.1!

“2013&has&been&another&year&of&significant&progress&for&Quindell,&having&completed&the&majority&of&our&acquisi@ons&in&2012&crea@ng&a&market& leading&technology&enabled&outsourcing&plaBorm&for&the&servicing&of&claims&for&the&UK&insurance& industry.& It& has& been& a& year& for& delivery& of& new& customer&wins& and& organic& growth&with& only& 11%& of&revenue&coming&from&acquired&businesses&in&the&year”&& & &&

Laurence(Moorse(

Group(Finance(Director(

SECTION!I:!“Q

UINDELL!P

LC.”!

INTRO

DUCTIO

N!&!H

IGHLIG

HTS!


Financial(&(Opera-ng(Highlights(Teamwork(

We!are!more!effecGve!when!we!work!together!sharing!ideas!and!

knowledge.!Fulfilling!our!commitments!to!each!other!and!respecGng!each!others!opinions.(

Accountability(

We!never!shirk!responsibility.!We!always!accept!personal!accountability!for!our!acGons!and!results,!rather!than!making!

excuses!or!placing!blame!@!so!when!there’s!a!job!to!do,!we!do!it.(

Trust(

We!promote!honesty!and!integrity!in!everything!we!do!and!keep!our!

promises!and!commitments!made!to!others.(

Passion(

We!take!pride!in!doing!a!great!job,!taking!responsibility!for!delivering!“best!in!class”!customer!service!@!

and!having!fun!doing!it.(

Innova-on(

We!are!advocates!of!posiGve!change!and!never!accept!that!we!can’t!find!a!beser!way!to!do!things,!we!always!

push!the!boundaries!to!keep!improving!and!overcoming!challenges.(

Profit(Before(Tax(

!  Profit(Before(Tax(increased(by(202%(to(£107.0m((2012:!£35.4m)!!  Adjusted(Profit(Before(Tax(increased(by(172%(to(£133.7m((2012:!£49.2m)(!

2013(Cash(flow(and(Debtors(

!  Adjusted(opera-ng(cash(inflow(of(£20.1m(during(period(of(funding(significant(organic(growth!(2012:!£38.8m)!!!  Opera-ng(cash(inflow((post!excepGonal!costs)!of(£3.2m((2012:!£18.4m)!!  Cash(collec-on(across(the(business(according(to(or(ahead(of(plan(in(all(key(areas(during!2013!and!in!Q1!2014!!  Cash(genera-on(of(business(model(validated(during(2013(with(over(£270m(of(cash(collected!@!circa!185%!of!the!value!of!

total!trade!related!receivables!(including!accrued!income)!as!at!31!December!2012!!!  Trade(debtor(days(at(December(2013(reduced(to(circa(4.7(months((December!2012:!6.5!months,!June!2013:!4.8!months)!!  Trade(debtors(over(12(months(reduced(by(£6m((20%)(during(2013!with!CollaboraGon!model!adopGon!and!liGgaGon!!!  Cash(at(December(2013(£199.6m((2012:!£48.1m)!;(Net(Funds(of(£140.2m((2012:!£17.4m)!!

Digital(Solu-ons(Division((

!  So^ware(&(consultancy(increased(168%(to(£80.4m(significantly(exceeding(market(expecta-ons((2012:!£30.1m)!!!!!  Recognised(as(joint(market(leader(for(European(claims(by(Celent((

!  Now(believed(to(be(clear(market(leader(for(European(claims(technology(by(substan-al(margin(

!  Signed(mul-ple(new(technology(contracts(and(extensions(across(key(markets(and(geographies(

!  Sales(to(North(America(of(£33.8m(now(almost(match(those(to(Europe(of(£39.m(

Connected(Car(and(Telema-cs(

!  Independent(study(confirms(Quindell(as(only(global(leader(in(all(3(segments:(black(box,(OBD(dongle,(smartphone(

!  Posi-on(in(telema-cs(well(advanced(in(the(UK(with(brands(represen-ng(80%(of(growth(using(Quindell(solu-ons(

!  Already(in(roll(out(with(three(of(the(top(twenty(US(insurance(providers,(and(pilots(conducted(with(another(four(

Services(Division(

!  Significant(contract(wins(announced(throughout(2013(driven!by!regulatory!changes!c.£450m(per(annum((

!  Gross(sales(increased(by(125%(year(on(year(to(£318m((2012:!£140.1m)!at(an(Adjusted(EBITDA(margin(of(29%(

!  Over(60(independent(outsourcing(and(referral(partners(providing(significant(volume(to(the(Group(

!  Margin(con-nues(to(increase(due(to(technology(enablement(and(scale(of(business(

SECTION!I:!“Q

UINDELL!P

LC.”!

INTRO

DUCTIO

N!&!H

IGHLIG

HTS!


Technology(Enabled(Claims(Outsourcing(

A(number(of(Major(and(Smaller(Customer(Wins((circa!60)!in(last(24(months(underpin(c.£1bn(of(Organic(Growth(with(30%+(margin(

This!had!to!be!funded!(6!month!WC!cycle)!–!3!equity!raises!in!the!last!2!years!totalling!c£260m!(growth!and!some!acquisiGon!cash)(!Sample(Customers(include:(

(

(

!!!

October!£50m!pa.!win!with!!!!!!!!!!!!!!!!!!!!!!!!!!!!and!£150m!of!new!contracts!(funded)!!  100%(success(rate(to(date(on(conversions(from(pilots(or(formal(bid!

What(is(Driving(Demand(–(Why?(

!  Loss!of!ancillary!income!hurGng!results!!  RegulaGon!(Law!firms!can!no!longer!pay!referral!fees!under!exisGng!contracts)!!  Volume!(QPP!3x!the!size!of!nearest!compeGtor)!!  Have!been!trialling!QPP!with!subsidiary!brands!e.g.!Aviva,!Zurich,!Axa!

There(are(s-ll(a( small(number(of( infill(earnings(enhancing(ver-cal(opportuni-es(available! to! the!Group,!which!provide!us!with!a!unique!offering! in!both!of!our!core!markets!but(this( is(not(a(current(focus(for(the(board.! !However,( this(would(drive(significant(organic(growth(during(a(period(of(market(share(grab(that(only(comes(along(once(in(a(decade(and(with(our(unique(combined(offering(and(market(leading(

technology(it(is(quite(clear(that(we(are(in(pole(posi-on(to(capitalise(on(this(opportunity!!

Significant(market(share(win(during(this(period(of(technology(and(regulatory(change(should(underpin(the(Group’s(success(for(the(next(decade(and(

beyond(O((With!a!medium!term!target!of!33%!growth!per!annum!and!guidance!of!30%+!EBITDA!margin!with!a!progressive!dividend!policy!planned!when!cash!conversion!increases!post!roll!out!of!collaboraGon!protocols!(

…Outsourcing(cash(posi-ve(from(Q4(2014(at!current!market!expectaGons!and(significantly(cash(posi-ve(in(2015(Balance(Score(Card(established(for(each(business(division(to(achieve(this(target(–(Legal(Division(is(key(for(Cash!((

(

SECTION!I:!“Q

UINDELL!P

LC.”!

INTRO

DUCTIO

N!&!H

IGHLIG

HTS!


SecGon!II:!“Quindell!Services!Division”!Business(Process(Services,(Legal(Services(&(Health(

Robert(Fielding!Group!Chief!ExecuGve!@!Services!Division!

Robert(

Fielding!

Chief!ExecuGve!!Services!Division!

!

SECTION!II!


Introduc-on(to(Quindell(Services(Division(SECTIO

N!II:!“QUINDELL!SERVICES!D

IVISION”!

BUSIN

ESS!PRO

CESS!SERVICES,!LEGAL!SERVICES!&

!HEALTH!


Inves-ng(in(our(people(We(have(achieved(

Investor(In(People(status(since(2003(and,(in(2010,(

were(awarded(Silver(Status.(The(Silver(Status(

award(is(one(that(only(5O10%(of(those(businesses(

that(have(the(Investor(In(People(status(manage(to(

achieve.(The(Investors(In(People(assessor(noted(

that(“it(was(clear(that(the(organisa-on(has(

developed(and(communicated(an(ambi-ous(but(

realis-c(strategy(for(con-nued(growth(...(People(

appreciated(the(openness(of(the(Directors(in(

communica-ng(the(future(aims((of(Ai).”!

Rewarding(dedicated(staff(Quindell(

recognises(those(members(of(staff(who(

have(shown(their(dedica-on(to(the(

Company(over(a(significant(period(of(

-me.(As!well!as!rewarding!staff!on!an!ongoing!basis!for!specific!achievements,!Quindell!also!recognises!the!efforts!made!by!staff!throughout!their!service.!We!hold!a!long!service!award!scheme!to!acknowledge!staff!with!achievements!of!!5!and!10!years!service.!

AwardOwinning(people(delivering!award@winning!customer!service.!

Sevng(the(standard(

Individuals(are(ac-vely(encouraged(to(

gain(recognised(qualifica-ons.(We(

provide(support(for(externally(

accredited(programmes(and(also(have(

our(own(inOhouse(training(facility(so(that(

Quindell,(through(the(endeavours(of(its(

dedicated(people,(can(offer(customers(

an(even(bewer(service.!

Driving(performance(through(our(people(SECTIO


IVISION”!

BUSIN

ESS!PRO


!HEALTH!


“Create(a(value(driven,(high(performance(culture(which(ins-ls(a(

sense(of(pride,(passion(and(par-cipa-on(with(con-nuous(

Innova-on(underpinned(by(Quindell(Challenger(Technology”(

SECTION!II:!“Q

UINDELL!SERVICES!D

IVISION”!

BUSIN

ESS!PRO


!HEALTH!

People(Vision(&(Values(


Develop(

outstanding(

talent(

Enhance(

communica-ons(

&(engagement(

Source(

outstanding(

talent(

Build(leadership(

capability(

Create(a(fluid(

organisa-on(Agile&and&responsive&to&change&

Strategic(People(Goals(SECTIO


IVISION”!

BUSIN

ESS!PRO


!HEALTH!


The(full(impacts(of(road(traffic(accidents(SECTIO


IVISION”!

BUSIN

ESS!PRO


!HEALTH!


“Our!real!Gme!working!IT!links!with!Avis!mean!that!we!can!locate,!reserve!and!confirm!car!hire!within!seconds.”!

USPs(Technology(Enabled(Conversion(&(Supply(Chain(Waterfall(Effect(

Revenue!From! Revenue!To!250,000!

6,237! £7,484,400!

5,468! £10,936,000!

5,468! £2,187,200!

5,468! £1,913,800!

2,734! £1,367,000!

34,825! £35,228,400!

9,450! £11,340,000!

£8,731,800!

£13,670,000!

£2,274,688!

£2,159,860!

£1,503,700!

£41,570,048!

£13,230,000!

Repair!

Legal!

Medical!

Rehab!

Cost!Recovery!

Total!

Hire!

£1,200!@!£1,400!

£2,000!@!£2,500!

£400!@!£416!

£350!@!£395!

£500!@!£550!

£1,200!@!£1,400!

Unit!Average!Range!

Cases( Conversion( Converted(Cases( Financial(Benefit( Total(Financial(Benefit( BPO(Revenue(

Hire((MOBILISA)=!100%!of!Claims!! 13,500! 70%+! 9,450! £350! £3,307,500! £11,340,000!Repair!=!66%!of!Claims! 8,910! 70%+! 6,237! £60! £374,220! £7,484,400!

PI!(Med,!Rehab!&!Costs)!=!45%!of!Claims! 6,075! 90%+! 5,468! £800! £4,374,000! £16,404,000!

Ancillary(Income(Financial(Benefit(from(Non(Fault(Claims(FNOL((Conversion(50%)!

Ancillary(Income(Financial(Benefit(from(Non(Fault(Claims(ADS(FNOL!

Non(Fault(33%((9,900)!45%((13,500)!

Split(34%(10%(

Fault(33%((9,900)!45%((13,500)!

ADS(FNOL(

30,000(Claims(

£3,710,520( £16,374,600(

£8,055,720( £35,228,400(

250,000(Policyholders((

Claims!frequency!rate!c.12%!!(excluding!Windscreens)!!

Steps:(1.!Via!margin!in!effecGve!supply!chain!maintain(income(2.!ADS!change!to!raGos!reduce(leakage(to(supply(chain(3.!IntegraGon!to!improve(customer(journey(4.!Challenger!process!to!improve(conversion(from(industry!50%(norm(!Combina-on(of(Steps/USPs(doubles(Revenue(and(Partner(Ancillary(Income(with(sustainable(c.(25%(Open(Book(Margin(

TransacGonal!Units!!Policies!Category!

SECTION!II:!“Q

UINDELL!SERVICES!D

IVISION”!

BUSIN

ESS!PRO


!HEALTH!


Quindell(Services(Division(O(Driving(performance(through(our(people(

(

State(of(the(Art(Contact(Centre(

The!full!target!operaGng!model!delivers!a!!client!journey!from!FNOL!moving!through!each!of!the!owned!business!segments!within!Quindell.!!This!improves!the!client!experience,!reduces!handing!clients!to!mulGple!third!party!suppliers!and!increases!efficiency!rates!through!integrated!systems!and!procedures.!

2010(UK(Motor(Claims(Spend(100%(=((

>(£10!billion!Expenses1!

INSURER(OPERATING(

COSTS(

17%(

VEHICLE(REPAIR(&((

HIRE(COSTS(

32%(

UNINSURED!DRIVERS!

5%!

INSURANCE!PREMIUM

!!TAX!5%!

FIRE!&!!THEFT!6%!

LEGAL(BILLS((

FROM(PI(COSTS(

11%(

FRAUD(

7%(

PERSONAL(INJURY(

COSTS(

17%(

((Quindell(is(posi-oned(to(deliver(savings(of(20%(to(the(bowom(line(against(the(total(cost(of(claims,(not(just(the(repair(of(the(vehicle!(((

Consumer(

Direct(

Accident(Advice(

Helpline(

(Google!adwords,!Social!media,!etc.)!

Insurer((

and(Broker(

(Referral!sourced!from!car!Insurers!and!Brokers)!

Outsourcers,(OEM’s,(

Bodyshops(&(Clinics(

(e.g.!RAC,!Honda,Peugeot,!Renault,!Citroen)!

State!of!the!Art!Contact!Centre!!

Vehicle!Hire!100%!of!cases;!70%!conversion!

Car!Repair!66%!of!cases;!70%!conversion!

Personal!Injury!claims,!medical!reporGng,!rehab!

45%!of!cases;!90%!conversion!

ADS!FNOL!(Advanced!Decision!Support!!First!NoGficaGon!of!Loss)!Verify!Coverage!Establish!Requirements!

!c.50%!insurer!&!broker!sources!

c.25%!of!total!services!cases!from!each!other!!category;!!Greater!than!100!referral!partners!

Quindell!integrated!!value!chain!/!services!

Quindell!revenue!per!converted!case!!

Quindell!low@end!revenues!per!1%!of!UK!motor!accidents!handled!(250K!policies;!30K!claims;!13.5K!non@fault!drivers)!

£1,200(–(1,400(

13.5K(x(100%(x((

70%(x(£1.2K(=(£11.3m(£1,200(–(1,400(

£3,000(–(4,200(

13.5K(x(45%(x(

90%(x(£3K(=(£16.4m(

13.5K(x(66%(x((

70%(x(£1.2K(=(£7.5m(

Quindell’s!client!driven!contact!model!involves!a!law!firm!(QLS)!providing!an!FNOL!service!where!!the!insurer!or!broker!has!provided!their!customer!with!the!telephone!number!in!its!policy!document!

£35m+!of!revenues!to!Quindell!!(at!c.30%!margin)!per!1%!of!UK!!Accidents!Handled!by!Quindell!

Incident( FNOL( Quindell( EBIT(

Roadside(Recovery(

Vehicle(Hire(

Repair(/(Total(Loss(

Rehabilita-on(

Medical(Legal(Repor-ng(

Personal(Injury(Legal(Services(

Cost!per!legal!case:!!c.!£650!(fee)!

Cost!per!legal!case:!!c.!£800!(fee)!

SECTION!II:!“Q

UINDELL!SERVICES!D

IVISION”!

BUSIN

ESS!PRO


!HEALTH!

Quindell(

Legal(Services(

Quindell(

Health(

Services(

Quindell(Business(

Process(Services(


Balanced(Scorecard(for(Quindell(Legal(Services(

!  Ensure!40%!of!cases!are!Portal!for!rapid!cash!(c.!6!months)!and!60%!Non@Portal!higher!Revenue!and!Margin!

!  Deliver!EBITDA!target!of!between!circa!35%!to!c.40%!

!  Deliver!to!the!cash!targets!to!meet!market!expectaGons!

Finance(

Using!Challenger!&!Champion!processes:!!  Reduce!core!seslement!Gmes!!  Improve!fee!earner!efficiency!raGos!!  Improve!and!maintain!quality!

control!

Process(

!  Recruitment!of!colleagues!in!line!with!the!resource!models,!aligned!to!the!financial!targets!

!  Recruitment!spread!across!our!10!locaGons!

!  Asract!core!experienced!leadership!talent!

!  Ensure!staff!are!retained,!trained!and!moGvated!

People(

!  Seek!business!that!delivers!40%!in!Portal!60%!Non@Portal!cases!

!  Ensure!full!regulatory!compliance!!  Capped!Volume!of!Work!so!drive!for!

lower!Cost!of!AcquisiGon!per!case!!  Ensure!good!mix!of!source!of!Work!!  Deliver!to!all!end!consumers!and!

introducers/referrers!SLA’s!

Customer(

SECTION!II:!“Q

UINDELL!SERVICES!D

IVISION”!

BUSIN

ESS!PRO


!HEALTH!


SecGon!III:!“Quindell!Services!Division”!Quindell(Legal(Services(

SECTION!III!

Phil(Hodgkinson!Chief!ExecuGve!Officer!Quindell!Legal!Services!

Phil(

Hodgkinson!

Chief!ExecuGve!Officer!Quindell!Legal!Services!


No(sign(of(a(slowdown(in(the(rising(costs(of(personal(injury(claims(

Claims!costs!in!2012e:!!  The!real!cost!of!claims!exceeded!

previous!forecasts,!totalling!£9.8bn!in!2011,!with!conGnued!growth!in!2012.!

!  This!increase!took!place!against!a!backdrop!of!extensive!work!on!Lord!Jackson's!review!into!civil!liGgaGon!costs,!which!resulted!in!the!planned!implementaGon!of!the!civil!jusGce!reforms.!

!  The!overall!increase!since!2007!has!been!excepGonally!high,!with!2011!seeing!another!strong!growth!spurt,!both!in!motor!and!clinical!negligence!costs,!indicaGng!that!the!personal!injury!market!is!not!showing!any!signs!of!slowing!down.!!

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

To!meet!our!Balanced!Score!Card!financial!objecGve!for!margin,!case!value!and!cash!profile!Quindell!has!changed!the!mix!of! its!Introducer!and!End!Consumer!Customers!to!include!a!increased!%!of!EL/PL!work!led!by!Hearing!Loss!Claims.! !Quindell’s!industry!knowledge!based!on!being!the!UK’s! largest!Cost!Firm,!Peer!discussion!with! Insurers!and!relevant! Introducers! indicates!that!the!growth! in! this! segment!has! been!under! esGmated!by!prior! Forecasts! due! to! changes! in! European! LegislaGon! and!market! shiJ!towards!this!segment!post!LASPO!–!Quindell’s!revised!market!forecast!are!included!above.!!

The! market! will! increase,! as! more! consumers/employees! are! being! made! aware! of! the! ability! to! claim! for! hearing! loss.! The!following!growth!areas!will!add!to!the!number!of!Miners,!TexGle!Workers!and!Shipyard!Workers,!who!are!exposed!to!excessive!noise.!Growth!areas!in!2014/2016!include:!Building!Industry!/!Mill!Workers!/!Processing!plants!/!Packaging!/!Foundry!/!Motorcycle!Couriers!/!Drilling!/!Cinema!/!Nightclubs!/!Bars.!

Customer(

Source: Datamonitor, ABI, NHSLA, Standard & Poor�s, CRU

2,699! 3,237!3,965!

5,040! 5,618!6,474! 6,981! 6,555! 6,158! 5,874! 5,792! 6,158! 5,874! 5,792!

2,028! 1,261!1,383!

1,367!967!

1,094!976!

927!891! 838! 844!

1,791! 2,388! 2,594!

1,002! 920!

1,064!

854! 881!

911!966!

937!927! 937! 941!

927! 937! 941!

613! 661!

807!827! 911!

1,330!1,463!

1,536!1,613! 1,677! 1,728!

1,613! 1,677! 1,728!

0!

2000!

4000!

6000!

8000!

10000!

12000!

2006e! 2007e! 2008e! 2009e! 2010e! 2011e! 2012f! 2013f! 2014f! 2015f! 2016f! 2014Qf!2015Qf!2016Qf!

Personal(Injury(Claim

s(Costs((£m)(

Motor! Employers!Liability! Public/Product!Liability! Clinical!Negligence!

Forecast!


!  On!target!to!have!1500+!colleagues!by!the!end!of!2014!located!across!10!sites!in!the!UK.!We!currently!have!circa!1,100!colleagues,!so!as!per!the!balanced!scorecard!this!is!c.8!extra!colleagues!per!month!per!locaGon.!

!!!

Quindell(Legal(Services((QLS)(Overview(

0! 100! 200! 300! 400! 500!

Non@Portal!

Portal!

!  The!above!demonstrates!a!circa!100%!increase!in!cases!handled!per!fee!earner!

March!2014!Current!At!AcquisiGon!

Maximum!

OpGmum!

!  Quindell!manage!a!wide!range!of!retail!legal!services!including!Motor! RTA,! MulG@track,! EL! &! PL! (growth! led! by! Industrial!Disease!primarily!Hearing!Loss),!Clinical!Negligence!&!Probate!

!  Quindell!are!currently!enjoying!a!Run!Rate!of!c.180,000!cases!pa!

!  Quindell! Legal! Services! benefit! from! Quindell! soJware! and!Quindell! Champion!&!Challenger! process! re@engineering.! This!has! been! key! to! delivering! operaGonal! efficiency! and!effecGveness!gains!for!example!100%!case!load!increase!

!  All!systems!are!fully! integrated!with!electronic!messaging!and!data!exchange!across!the!group!

!  Quindell!delivers!and!operates!a!Technology!enabled!Balanced!Scorecard!approach!to!Retail!Legal!Services!

!  Regulated!by!and!members!of!:!

!

!!

!

!

Quindell(Champion(&(

Challenger(ReOengineering(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!


c.£650m(Run(Rate(in(Q2(

now(c.£900m(Run(Rate(H2(

Quindell,! target!1@in@4!claims! in!RTA!but! in!Legal!as! the!%!of!claims!related!to!RTA!sesled!in!the!portal!increased!(from!40%!to! c.70%! today)! our! strategy!was! broadened! to! achieve! our!balanced! score! card! objecGve! (being! 60%! of! cases! sesled!outside!of!portal!40%!in!portal)!thus!margins!comfortably!met.!!

Quindell!have!migrated!our!customer!base!from!primarily!RTA!led!(80/20)!to!a!mix!of!RTA!/EL/PL!led!by!Hearing!Loss!claims.!

Based!on!our!prior!mix,!with!RTA!at!£2,000!@!£2,500!!and!EL/PL!at!£9,000!to!£9,500!resulGng!in!a!case!average!value!of!£3,650,!the! increase! in! EL/PL! (led!by!Hearing! Loss)! changes! the! case!average! in!H2! to! c.£5,000.! ! This! implies! that!we!are! able! to!reduce! the! number! of! cases!we! need! to! 15,000! per!month!(8,400!RTA,!6,600!including!all!types!of!EL/PL)!and!sGll!be!able!to!meet!market!expectaGons!in!2014!and!beyond.!!Run!Rate!in!H2!increases!to!c.£900m!from!c.£650m!in!Q2!whilst!reducing!our!targeted!c.£12m!in!case!acquisiGon!per!month!to!c.!£10m.!!!

Quindell(Legal(Services(–(Case(Volumes(Post! integraGon! a! significant( increase( in( organic( volume( has! been! achieved! across! all! three!Introducers!Types!being! Insurer/Broker,!Consumer!Direct!and! Intermediaries!whilst! improving! the!raGo!of!instrucGons!per!Employee,!Case!seslement!profile!and!average!Value!per!Case…How?!(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

28%! 30%! 23%!33%!

33%!

29%! 31%! 37%! 38%! 33%!

0%!

20%!

40%!

60%!

80%!

100%!

Q2!'13! Q3'!13! Q4!'13! Q1!'14! Q2!'14!(Forecast)!

Percentage(of(work(by(Introducer(Type(

7046! 7817! 9774! 10225!16000!4667! 6081! 5618!

12085!

16000!

4693!6256!

9218!

13817!

16000!

0!

10000!

20000!

30000!

40000!

50000!

Volumes(of(Work(Intake(by(Introducer(Type(

Insurer!/!Broker! Direct!Consumer! Outsourcers,!Intermediaries!&!Car!OEMS!

c.50%(UP(

c.33%(UP(

c.20%(UP(

c.20%(UP(


SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

0!

200000!

400000!

600000!

800000!

1000000!

Q4!'13! Q1!'14! Q2!'14!!!!!!!(Run!Rate)!

Q3!'14!(Target)!

Q4!'14!(Target)!

Daily(Average(Cash(Intake(

!  Reset!expectaGons!to!lower!volume!higher!margin,!delivers!cash!savings!Q2!2014!vs!Q3!2014!of!c.£2.5m!!  Implied!Work!Intake!vs!Cash!Intake!growth!deferred!by!six!months!targets!c.£17.5m!improvement!in!Q3!!  H1!new!business!wins!have!been!used!to!churn!Work!Intake!by!Introducer!Type!to!reduce!the!Cost!of!

AcquisiGon!per!case!by!>£100!implying!cash!improvement!target!of!£5m!in!Q3!2014!vs!Q2!2014!!  Total!Target!Cash!improvements!in!Q3!vs!Q2!of!£25m!to!meet!Balance!Score!Card!ObjecGves!for!2014!

Finance(

Quindell(Legal(Services(–(Cash(Profile(Post! integraGon! a! significant( increase( in( organic( volume( has! been! achieved! across! all! three!Introducers!Types!being! Insurer/Broker,!Consumer!Direct!and! Intermediaries!whilst! improving! the!raGo!of!instrucGons!per!Employee,!Case!seslement!profile!and!average!Value!per!Case…How?!(

4667! 6081! 5618!12085!

16000!

4693!6256!

9218!

13817!

16000!

0!

10000!

20000!

30000!

40000!

50000!

Q2!'13! Q3'!13! Q4!'13! Q1!'14! Q2!'14!(Forecast)!

Volumes(of(Work(Intake(by(Introducer(Type(

c.33%(UP(

c.20%(UP(

c.20%(UP(

Focus!on!conGnuing!to!increase!Cash!Intake!inline!with!Volume!of!Work!Intake!deferred!by!six!months!

c.50%(UP(

c.20%(UP(c.20%(UP(

c.33%(UP(

c.50%(UP(

£!

£!

£!

£!

£!

£!


Customer(Journey(–(Motor(

FNOL( Cash(

Portal((Submission(

Retained(&(ATE(provided((

Medical(Legal((&(rehabilita-on(

(

Sewlement(pack(

Valua-on(

Post(medical(colla-on(

Quindell(

Challenger(process(

Quindell(

People(&(Values(

Quindell((

Technology(

Liability((&(Fraud(screen(

Claim(Form(No-fica-on(

(

With! the! key! elements! of! the! case! journey! fully!integrated! &! delivered! within! Quindell! the! Gme!required! to! handle! cases! is! reduced,! fee! earner!efficiency! increased,! delivering! market! leading! raGos!of!cases!per!fee!earner!!!Currently! circa!70%!of! cases!are! retained!within! the!Portal! process! with! an! average! seslement! Gme! of!circa!6!months!due!to!the!Gme!necessary!to!conduct!rehabilitaGon! and! the! prescribed! Gmelines! for! each!element!of! the! legal!process! to!allow!the!defendant!to! access! the! level! of! damages! before! the! case,!during!this!period!revenue!is!accrued!income.!!A!large!proporGon!of!the!remaining!cases!are!sesled!with!9@12!months!but!some!liGgated!and!mulG@track!cases! can! take! circa! 18! @24! months.! ! Legal!CollaboraGon! Protocols! or! Pre@Payment! approaches!targeted!to!improve!this!industry!profile!in!H2!2014.!

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

Using!Challenger!&!Champion!processes:!!  Reduce!core!seslement!Gmes,!Improve!fee!earner!efficiency!raGos!&!Improve!and!maintain!quality!control!

Process(


We!operate!a!100%!clinic!model!unlike!compeGtors!to!focus!on!an!ethical!approach,!reducing!potenGal!for!fraud!and!ensuring!that!high!quality!audiology!is!a!fundamental!part!of!our!iniGal!ve~ng!process.!!Completely!independent,!fully!qualified!audiologists!staff!our!clinics.!We!robustly!assess!all!new!cases!against!a!strict!set!of!acceptance!criteria.!Our!criteria!are!amongst!the!most!detailed!and!prescripGve!in!the!market!place,!parGcularly!in!relaGon!to!our!stance!on!limitaGon.!!!!At! a! clinic,! an! independent! audiologist! assesses! the!potenGal!client.!If!the!results!indicate!the!presence!of!noise! induced! hearing! loss! (10! dB! +)! the! client!progresses! for! a! more! detailed! assessment! of! their!case.!!!Our!detailed!quesGonnaire!is!standard!across!all!of!our! clinics! technology! based.! ! Once! completed,! a!member!of!our!legal!team!who!is!present!at!the!clinic!will! then! review! the! completed! audiogram! and!completed! quesGonnaire! and! make! a! final!assessment!of!the!case,!based!on!a!detailed!criteria.!!Due!to!their!complexity,!almost!all!cases!fall!outside!!of!the!scope!of!the!Portal!Process!and!will!therefore!follow!a! similar! process! to! the!motor!work!which! is!conducted!outside!the!portal!protocol!

Customer(Journey(–(Hearing(Loss(

Awend(clinic( Cash(

Claims(No-fica-on(

Retained(&(ATE(provided((

Medical(Legal((&(rehabilita-on(

(

Sewlement(Nego-a-on(

Valua-on(

Post(medical(colla-on(

Quindell(

Challenger(process(

Quindell(

People(&(Values(

Quindell((

Technology(

Full(vet(and(audio(review(

Defendant((Tracing(

Using!Challenger!&!Champion!processes:!!  Reduce!core!seslement!Gmes,!Improve!fee!earner!efficiency!raGos!&!Improve!and!maintain!quality!control!

Process(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!


Quieter(O(Louder(

Changes(in(Hearing(Loss(claims(

The(noise(threshold(above(which(

employees(can(make(a(claim(was(

reduced(in(2006…!

…and(the(introduc-on(of(the(Ministry(of(

Jus-ce’s(Claims(Portal(appears(to(be(an(

irrelevance(as(almost(all(cases(fall((

outside(the(scope(of(the(Portal(due(to(

the(number(of(defendants(involved.!Old(Ac-on(Level(–(85(dB(

Deafness!Claim!Noise!Threshold!

New(Ac-on(Level(–(80(dB(

Deafness!Claim!Noise!Threshold!

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!


Hearing(Loss(Claims(opportunity(for(Quindell(

As(almost(all(of(these(claims(fall(outside(

of(the(MOJ(Claims(Portal,(in(addi-on(to(

the(success(fee(from(damages,(there(is(

an(increase(in(revenue(available(on(a(

per(claim(basis…!

Claim

(Sewlement(Value(

MOJ(Claims(Portal( Outside(Claims(Portal(

£1,000!@!£10,000!

£10,000!@!£25,000!

Solicitor’s(fee(capped(@(£500(

Solicitor’s(fee(capped(@(£800(Solicitor’s(fee(uncapped(

1(

2(

3(

1(

MOJ(Claims(Portal( Outside(Claims(Portal(

Claim

s(required(to(create(£9,000(revenue(

…resul-ng(in(less(claims(being(required(

to(generate(the(same(value(of(revenue,(

increasing(Quindell’s(profit(per(claim.!

4(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!


Legal(Services(Revenue(per(Case(Type/Target(Mix(H2(15,000(Cases((SECTIO

N!III:!“QUINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

!£@!!!!

!£500!!

!£1,000!!

!£1,500!!

!£2,000!!

!£2,500!!

!£3,000!!

!£3,500!!

!£4,000!!

RTA!in!MOJ!Portal!(5,880!

Cases)!

RTA!Personal!Injury!Fast!Track!!!!!!!!!!!!!!!!!!!!!!!!!(1,096!Cases)!

RTA!LiGgated!!!!!!!!!!!!!!!!!!!!!(1,340!Cases)!

!£@!!!!

!£5,000!!

!£10,000!!

!£15,000!!

!£20,000!!

!£25,000!!

RTA!MulG!Track!!!!!!!!!!!!!!!

(84!Cases)!

!£@!!!!

!£1,000!!

!£2,000!!

!£3,000!!

!£4,000!!

!£5,000!!

!£6,000!!

!£7,000!!

!£8,000!!

!£9,000!!

!£10,000!!

EL/PL!(Hearing!Loss)!(6000!Cases)!

EL/PL!Other!!!!!!!!!!!!!!!!(600!Cases)!

Ancillary!Income!

Cost!draJing!

Client!deducGon!

Base!fee!

This!graph!shows!our!average!value!per!case!across!all!RTA!work!types!remains!in!the!range!previously!guided!of!£2,000!to!£2,500!per!case!taking!into!consideraGon!the!%!mix!of!work!within!RTA!with!circa!70%!of!claims!now!sesled!within!the!MOJ!Portal.!!Actual!Case!Value!based!on!this!work!mix!in!RTA!is!£2,124!for!new!work.!

Finance(


Legal(Services(Total((Life(of(Case)(Revenue(based(on(15,000(Cases(SECTIO

N!III:!“QUINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

!£@!!!!

!£10,000,000!!

!£20,000,000!!

!£30,000,000!!

!£40,000,000!!

!£50,000,000!!

!£60,000,000!!

!£70,000,000!!

!£80,000,000!!

RTA!in!MOJ!Portal!(5,880!

Cases)!

RTA!Personal!Injury!Fast!Track!!!!!!!!!!!!!!!!!!!!!!!!!(1,096!Cases)!

RTA!LiGgated!!!!!!!!!!!!!!!!!!!!!(1,340!Cases)!

RTA!MulG!Track!!!!!!!!!!!!!!!(84!Cases)!

EL/PL!(Hearing!Loss)!!!!!!!!!!!!!!!!!!!!

(6000!Cases)!

EL/PL!Other!!!!!!!!!!!!!!!!(600!Cases)!

Total!!!!!!!!!!!!!!!!!!!!(15,000!Cases)!

Ancillary!Income!

Cost!draJing!

Client!deducGon!

Base!fee!

This!graph!shows!our!average!value!per!case!across!all!current!work!types!and!demonstrates!further!our!change!in!work!mix,!highlighGng!the!reasoning!behind!the!increase!in!case!value!from!£3,650!to!£5,000!in!H2.!

Finance(


People(Competency((Fee(Earning(&(Non(Fee(Earner(Community)((O(Total(Current(&(Full(Year(Target(

! ! !!((

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

35! 45! 19! 40!18! 20!

3!10!

16!30!

19!

100!

155!

234!

123!

344!

252! 275!

460!510!

0!

50!

100!

150!

200!

250!

300!

350!

400!

450!

500!

550!

Current!Motor!!(RTA)!

FY!Target!!Motor!!(RTA)!

Current!!Non!Motor!(EL/PL!!Growth)!

FY!Target!!Non!Motor!(EL/PL!Growth)!

Current!!Costs!&!Debt!Recovery!

FY!Target!!Costs!&!Debt!Recovery!

Current!!FNOL!&!!

Back!Office!Admin!

FY!Target!!FNOL!&!

Back!Office!Admin!

Solicitors! CILEx! FE’s!5!yrs! FE!Balance! Cost!Lawyers! Non!FE!

Appropriate!raGos!of!qualified!versus!non!qualified!fee!earners!at!a!minimum!of!15:1!to!provide!the!appropriate!supervision.!!To!date!in!2014!we!have!recruited!319!new!staff!across!8!locaGons.!!Having!now!added!2!new!locaGons!we!are!confident!of!asaining!our!target!for!new!staff!in!the!remainder!of!2014!at!504!heads.!

People(

54! 85!21! 30!35!130!

278!

578!252!

275!460!

510!

0!100!200!300!400!500!600!700!800!900!

1000!1100!1200!1300!1400!1500!1600!

Total!Current! Total!FY!Target!


Managing(our(growth(

Leeds(

Manchester(

Blackpool(

Liverpool(

Prescow(

Chelmsford(

London(Aldershot(

Fareham(

Stanmore(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!It! is! important!during!periods!of!rapid!growth!that!a!business!!the!size! of! QLS! can! meet! staffing!demands! and! requirements,! to!match! the! growth.! QLS! benefits!from! Quindell’s! integrated!systems! that! ensure! that! enable!a! single! naGonwide! service!delivered!to!customers.!To! put! the! size! of! our! task! in!relaGon! to! staffing! for! the!r ema i nde r! o f! 2 0 14 ,! o u r!requirement!is!2!new!employees,!per! site,! per! week,! a! figure! we!h a v e! a l r e a d y! a c h i e v e d!comfortably!in!2014.!

QLS! have! not! only! organically!grown! at! exisGng! and! acquired!sites!but!have!also!embarked!on!growth! in! certain! areas! of! the!UK,! in!parGcular! areas!with!high!levels!of!staff!which!suit!our!new!mix!of!work.!We!have!been!able!to! take! advantage! of! firms! who!have! closed! leaving! high! calibre!staff!for!us!to!recruit.!!In! 2014! to! date! we! have!employed! an! addiGonal! 319!staff,! and! project! to! recruit! a!further! 504! staff! across! all! sites!by!the!end!of!Q4!2014.!

The!above!demonstrates!our!ability!to!recruit!addiGonal!staff!required,!through!our!NaGonwide!locaGons.!To!grow!quickly!would!be!difficult!to!achieve!over!two!or!three!sites,!but!with!ten!sites!across!the!UK,!strategically!placed!in!catchment!areas!of!our!growth!work!streams!,!our!ability!to!keep!pace!has!grown,!and!we!are!currently!on!track!from!a!recruitment!perspecGve.!

People(


…irreversible(damage(to(the(inner(ear(as(a(result(of(prolonged(exposure(to(high(levels(

of(noise.!

Noise(Induced(Hearing(Loss(Explained(O(What(is(it?(

Ear(canal( Ear(drum(

Hammer(

Anvil(

S-rrup(

Auditory(nerve(

Cochlea:(

deafness(is(caused(by(

damage(to(structures(

within(the(cochlea(

Cochlea:(

deafness(is(caused(by(

damage(to(structures(

within(the(cochlea(

Noise(

Messages(

to(brain(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!


Being( diagnosed(with( noise( induced(hearing( loss( also( depends( on( the( dura-on( and(

volume(of(noise(exposure.(Decibels(are(a( logarithmic( (not( linear)( scale,( so( for(every(

three(decibels((dBs)(sound(intensity(is(doubled(and(exposure(-me(before((

poten-al(damage(is(suffered(is(halved(e.g.(86(dB(is(twice(as(

intense(at(83(dB.(!

How(much(is(too(much?(

A(whisper(

Busy(city(

traffic( A(helicopter(

An(iPod(at(

peak(volume( Fireworks( A(shotgun(A(raindrop(

Normal(

conversa-on(

20(dBs(

165(dBs(

145(dBs(

115(dBs(

105(dBs(

85(dBs(

60(dBs(

50(dBs(

Considered(

the(limit(of(

safe(exposure(

SECTION!III:!“Q

UINDELL!SERVICES!D

IVISION”!

QUINDELL!LEG

AL!SERVICES!

!©!JUNE!2014!–!QUINDELL!PLC.!ALL!RIGHTS!RESERVED.!DO!NOT!DISTRIBUTE!WITHOUT!PERMISSION. !!

APPENDIX(I:(“SUPPLY(CHAIN(WATERFALL(EFFECT”!ConsulGng!•!SoJware!•!Outsourcing!•!Broking!

…Minimize(Opera-onal(Cost,(Exceed(Service(Expecta-ons,(Grow(Market(Share(and(Maximize(Ancillary(Income((Quindell,!a!Strategic!Digital!Technology!and!Outsourcing!Partner,!re@engineering!industries!to!drive!down!costs!using!Ethical!pracGces!and!CollaboraGve!models!!!

Don’t(get(le^(behind,(choose(Quindell…(

QUINDELL(OVERVIEW(OF(GROWTH(IN(DIGITAL(SOLUTIONS(

SAMPLE(CLIENT(DEMONSTRATIONS(/(PRESENTATIONS!

INDU

STRY!TRANSFO

RMATIO

N!DRIVEN!BY!CHALLEN

GER!R

E@ENGINEERIN

G!


DISCLAIM

ER!This!presentaGon!is!being!supplied!to!you!by!Quindell!Por�olio!plc!(‘the!Company’!or!‘Quindell’)!solely!for!your!informaGon!and!may!not!be!reproduced!or!redistributed!in!whole!or! in!part.!This!document!has!not!been!approved!by!a!person!authorised!under!the!Financial!Services!and!Markets!Act!2000!(‘FSMA’)!for!the!purposes!of!secGon!21!FSMA.!!This! presentaGon! does! not! consGtute,! or! form! part! of,! a! prospectus! relaGng! to! the! Company! nor! does! it! consGtute! or! contain! any! invitaGon! or! offer! to! any! person! to!underwrite,!subscribe!for,!otherwise!acquire,!or!dispose!of!any!shares!in!the!Company!or!to!advise!persons!to!do!so!in!any!jurisdicGon,!nor!shall!it!form!the!basis!of!or!be!relied!upon!in!connecGon!with!any!contract!or!commitment!whatsoever.!Recipients!of!this!presentaGon!who!are!considering!a!purchase!of!shares!in!the!Company!are!reminded!that!any!such!purchase!must!be!made!solely!on!the!basis!of!informaGon!that!the!Company!has!released!into!the!public!domain.!!!Whilst!all!reasonable!care!has!been!taken!to!ensure!that!the!facts!stated!in!this!presentaGon!are!accurate!and!that!any!forecasts,!opinions!and!expectaGons!contained!in!this!presentaGon!are!fair!and!reasonable,!the!informaGon!contained!in!this!document!has!not!been!independently!verified!and!accordingly!no!representaGon!or!warranty,!express!or!implied,!is!made!as!to!the!accuracy,!fairness!or!completeness!of!the!informaGon!or!opinions!contained!in!this!presentaGon.!None!of!the!Company,!its!shareholders!or!any!of!their!respecGve!advisers,!parents!or!subsidiaries!nor!any!of!their!respecGve!directors,!officers,!employees!or!agents!(including!those!of!their!parents!or!subsidiaries)!accepts!any!liability!or!responsibility!for!any!loss!howsoever!arising,!directly!or!indirectly,!from!any!use!of!this!presentaGon!or!its!contents.!!This! presentaGon! does! not! consGtute! a! recommendaGon! regarding! the! shares! of! the! Company.! Recipients! of! this! presentaGon! should! conduct! their! own! invesGgaGon,!evaluaGon!and!analysis!of!the!business,!data!and!property!described!therein.!If!you!are!in!any!doubt!about!the!informaGon!contained!in!this!presentaGon,!you!should!contact!a!person!authorised!by!the!Financial!Services!Authority!who!specialises!in!advising!on!securiGes!of!the!kind!described!in!this!presentaGon.!!The!securiGes!of!the!Company!have!not!been!and!will!not!be!registered!under!the!US!SecuriGes!Act!of!1933,!as!amended!(‘the!SecuriGes!Act’)!or!under!the!laws!of!any!state!or!other! jurisdicGon! of! the!United! States,! and!may! only! be! offered! or! sold!within! the!United! States! pursuant! to! an! exempGon! from,! or! in! a! transacGon! not! subject! to,! the!registraGon!requirements!of!the!SecuriGes!Act!and!applicable!state!laws.!No!public!offering!of!securiGes!of!the!Company!will!be!made!in!the!United!States.!!This!presentaGon!is!only! being! provided! in! the!United! States! to! investors! that! are! “Qualified! InsGtuGonal! Buyers”! as! defined! in! Rule! 144A!under! the! SecuriGes!Act! (‘QIBs’).! By! asending! any!meeGng,!webcast!or!teleconference!where!this!presentaGon!is!made!or!by!otherwise!accepGng!these!presentaGon!slides,!you!represent!and!acknowledge!that!you!are!a!QIB.!!Certain!statements!within! this!presentaGon!consGtute! forward! looking!statements.!These! forward!Looking!statements! involve!risks!and!other! factors!which!may!affect! the!actual!results,!achievements!or!performance!expressed!or!implied!by!those!forward!looking!statements.!These!risks!and!other!factors!include,!but!are!not!limited!to,!general!economic!and!business! condiGons,! changes! in! government! regulaGon,! currency!fluctuaGons,! compeGGon,! taxaGon,! gearing! risks,! illiquidity!of! investments! and!other! risks.!!Some!statements!may!consGtute!the!opinions!of!the!directors!of!the!Company.!!!!There! can!be!no!assurance! that! the! results! and!events! contemplated!by! the! forward! looking! statements! contained! in! this! presentaGon!will,! in! fact,! occur.! These! forward!looking!statements!are!correct!or!represent!honestly!held!views!only!as!at!the!date!of!delivery!of!this!presentaGon.!!!The!Company!will!not!accept!any!obligaGon!to!release!publicly!any!revisions!to!these!forward!looking!statements!to!reflect!events,!circumstances!and!unanGcipated!events!occurring!aJer!the!date!of!this!presentaGon!except!as!required!by!law!or!by!regulatory!authority.!!!By! accepGng! this! presentaGon,! you! agree! to! be! bound! by! the! above! provisions! and! limitaGons! and! to! keep! permanently! confidenGal! the! informaGon! contained! in! this!presentaGon!or!made!available!in!connecGon!with!further!enquiries!to!the!extent!such!informaGon!is!not!made!publicly!available!(other!than!through!a!breach!by!you!of!this!provision).!

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