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Strictly confidential

ANALYST PRESENTATION

This presentation (the “Presentation”) has been prepared by Equiniti Group Limited (the “Company”) and its subsidiaries from time to time (the “Group”) solely for use at investor meetings held in September 2015. For the purposes of this disclaimer, references to the Presentation shall be deemed to include references to this document, the presenters’ speeches, the question and answer session and any other related verbal or written communications. This Presentation is an advertisement for purposes of the United Kingdom Prospectus Rules and not a prospectus. Investors shouldnot subscribe for or purchase any securities except on the basis of information contained in a prospectus which has been published by the

• Company. Save as set out below, the Presentation has been prepared on the basis of information held by the Group and also from publicly available information. This information, which does not purport to be comprehensive, has not been independently verifiedby or
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• r in connection with it (the “Information”).

The provision of the Information or any part of it does not constitute, and should not be construed as, part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for, any securities in any member of the Group anditis not intended to provide the basis of any investment decision nor does it nor is it intended to form the basis of any contract for acquisition of or investment in any member of the Group, financial promotion, or any offer or invitation in relation to any acquisition oforinvestment in any member of the Group in any jurisdiction, nor should it be considered as legal, financial or tax advice in relation to the same. Recipients of this Presentation who intend to purchase or subscribe for securities offered by the Company or any member of the Group following the publication of a prospectus in the future are reminded that such purchase or subscription should be made solely on the basisof the information contained in the prospectus and, if relevant, any supplementary prospectus, to be published by the Companyor a member of the Group, and only after obtaining independent legal, financial and tax advice. You will hold the Information in strict confidence and you will not disclose, redistribute, reproduce, publish, pass on, or otherwise divulge the Information, electronically or otherwise, whether in whole or in part or directly or indirectly (or permit anyof the foregoing) to any other person without the prior written consent of the Company. The Information has not been verified. Each recipient is responsible for making its own decision on the use, accuracy, reliability, fairness, completeness, appropriateness and validity of any Information. Neither the Company nor any of its parent or subsidiary undertakings, or the subsidiary undertakings of any such parent undertakings, or any of such person's respective directors, officers, partners, employees, agents, affiliates or advisers nor any other person makes any representation or warranty of any sort as to, and no reliance should be placed on, the accuracy, completeness, fairness or reasonableness of the Information or the opinions contained in this Presentation or in any other document or information made available in connection with this Presentation. No personshall have any right of action against the Company or any of their respective parent or subsidiary undertakings, or the subsidiary undertakings of any such parent undertakings, or any of such person's respective directors, officers, partners, employees, agents, affiliates or advisers or any other person in relation to the accuracy or completeness of any such information or for any loss, however arising, from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. No duty of care is owed or will be deemed to

• we to you or any other person in respect of the Information.

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• notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation.

This Presentation contains statements that constitute forward-looking statements relating to the business, financial performanceand results of the Company and the industry in which the Company operates. These statements may be identified by words such as “may”, “will”, “shall”, “anticipate”, “believe”, “intend”, “project”, “goal”, “expectation”, “belief”, “estimate”, “plan”, “target”,or“forecast” and similar expressions or the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their

• context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results willbe achieved. All statements regarding the future are subject to inherent risks and uncertainties and various factors could cause actual future

results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environmentin which the Company will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and neither the Company, GS nor any other person accepts any responsibility for the accuracy

• f the opinions expressed in this Presentation or the underlying assumptions. Past performance is not an indication of futureresults and past performance should not be taken as a representation that trends or activities underlying past performance willcontinue in the
• future. The forward-looking statements in this Presentation speak only as at the date of this Presentation and the Company expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in

the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement isbased after the date of this Presentation or to update or to keep current any other information contained in this Presentation or to provide any additional information in relation to such forward-looking statements. You are therefore cautioned not to place any undue reliance on such forward-looking statements. Statements as to historical performance or financial accretion are not intended to mean that future performance or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this Presentation should be construed as a profit forecast. No reliance may or should be placed by any person not attending the Presentation for any purposes whatsoever on the Information contained in this document or any other material discussed at the Presentation. Neither the Company, nor any of its directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty,express or implied, as to the truth, fullness, accuracy or completeness of the Information in this Presentation (or whether anyinformation has been omitted from the presentation) or any other information relating to the Company, whether written, oral or in a visual orelectronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the presentationorits contents or otherwise arising in connection therewith. By attending this Presentation, you agree to be bound by the foregoing provisions, limitations and conditions and, in particular, you have represented, warranted and undertaken that: (i) you will observe the foregoing provisions, limitations and conditions; and (ii) you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep the Information given at the Presentation and this document and its contents confidential.

DISCLAIMER

2

TODAY’S PRESENTERS

3

 Guy joined as CEO in January 2014  Joined from Morrison plc, the property services provider to the public and private sectors, where he was CEO for 5 years  Prior to this he was Managing Director of the Built Environment at Amey  Guy previously worked for The Berkeley Group, General Electric and Rolls-Royce  He holds an MA in Engineering Science from the University of Cambridge, a PhD in applications of artificial intelligence, and is a Chartered Engineer  John joined as CFO in June 2015  Previously was CFO for over 10 years at Northgate Information Solutions Ltd, a FTSE 250 organisation listed on the LSE before it was acquired by KKR in 2008  Prior to this he was CFO of Subterra Ltd, a subsidiary of Thames Water plc which delivered engineering services to businesses across Europe  He is a fellow of the Institute of Chartered Accountants, has a first class degree in Finance, and a background in corporate finance

Guy Wakeley Chief Executive Officer John Stier Chief Financial Officer

MATT PORTER MANAGING DIRECTOR INTELLIGENT SOLUTIONS

Intelligent Solutions Operations

LIAM MCGRATH MANAGING DIRECTOR GROUP OPERATIONS

INTRODUCTION TO EQUINITI

5

Equiniti is a technology enabled platform business, providing non-discretionary payment and administration services to blue-chip companies, Government and retail investors in the UK

EQUINITI TAKES PRIDE IN BEING PART OF UK CORPORATE HISTORY

6

• Proud, long served and fully integrated

business lines

• Both are distinguished business

lines and trusted brands with long heritage, reputation of reliability and consistent track record

1 2 Lloyds Bank Registrars (since 1957) Government Paymaster General (since 1836)

• Leverage core skills and reputation to

service 70% of the FTSE100 as well as large Government departments

WHAT WE DO

H1 2015 REVENUE SHARE1

INVESTMENT SOLUTIONS REGISTRATION SERVICES  Registration  Shareholder services  Corporate actions and dividends EMPLOYEE SERVICES  Employee benefit schemes  Employee share plans INVESTMENT SERVICES  Retail investor services  Executive share dealing  Wealth management solutions  White label share dealing  International payments

PENSION SOLUTIONS  Pension administration to public and private sectors  Pension administration software  Data analytics INTELLIGENT SOLUTIONS  Loan administration  Enterprise workflow & case management  Data analytics

EQUINITI PROVIDES SERVICES AND SOLUTIONS THAT SUPPORT COMPLEX AND REGULATED PROCESSES…

MARKET POS.

26% 40% 32%

7

Technology-led End-user Engagement Data-driven Payments Processing Regulated, Embedded Processes

Source: Management information, management estimates

• 1. Interest income accounts for 2% of H1 2015 revenue

#1 #1 #4 #2 …THAT SHARE A SET OF COMMON CAPABILITIES

• EST. MARKET

SHARE

49% 25% 7% 15%

#1 #4

10%

KEY SERVICES

FTSE100 REGISTERS PUBLIC SECTOR COMPLAINTS, CASE MANAGEMENT, AND REGULATORY SERVICES

Investment Solutions (32%)1 Pension Solutions (40%)1 Intelligent Solutions (26%)1

Registration Services Employee Services Investment Services

Macro-economic recovery driving capital markets activity, investor confidence and increase in interest rates

    

Pension reform to address demographic changes

  

Regulation & compliance across all markets

    

Outsourcing of complex activities to technology partners

    

Digitalisation driving channel shift

    

OUR MARKETS ARE LARGE AND SUPPORTED BY SECULAR AND RESILIENT TRENDS

8

1 2 3 4 5

Source: Management estimates 1. Percentage contribution of H1 2015 total reported revenues (Interest Income contributed 2%)

Total Market Size = £3.9bn

OUR KEY ASSETS

SCALE PROVIDER OF SOLUTIONS TO LARGE CORPORATES AND GOVERNMENT, FACILITATING MIDDLE-OFFICE INTERACTIONS WITH THEIR EMPLOYEES, SHAREHOLDERS, CUSTOMERS AND CITIZENS

1,700

CLIENTS

>20 YEARS

AVERAGE FTSE 100 SHARE REGISTRAR RELATIONSHIP

INVESTED BETWEEN 2007 - 2014

£85m +

(excl. M&A)

70m

SHAREHOLDER RECORDS HELD

£90bn

PAYMENTS MADE EACH YEAR

• c. 350,000

RETAIL CLIENTS1

SELFTRADE

ACQUISITION COMPLETED INTERACTIONS WITH

27m

SHAREHOLDERS / PENSIONERS

1.1m

EMPLOYEES IN SHARE PLANS

LONG-TERM, HIGH-FIDELITY CUSTOMERS WELL-INVESTED, SCALABLE TECHNOLOGY OPPORTUNITY IN D2C ACCESS TO NEW MARKETS

9

Source: Management information

• 1. Marketing rights to c. 4m further known individuals through Corporate Sponsored Nominee and Club Together

5

NEW MARKETS SUCCESSFULLY ENTERED IN 2014

RELATIONSHIP WITH

• c. 70

OF THE FTSE 100

ACQUIRE AND DEVELOP

NEW CAPABILITIES

LONG-TERM, HIGH-FIDELITY BLUE CHIP CUSTOMERS

1

INVESTMENT HIGHLIGHTS

A LEADER IN LARGE AND GROWING MARKETS

2

WELL-INVESTED, SCALABLE AND MODERN PROPRIETARY TECHNOLOGY

3

STRONG M&A TRACK RECORD, ADDING CAPABILITIES AND PROPOSITION

6

RESILIENCE, PROFITABILITY AND CASH GENERATION

4

MULTIPLE GROWTH OPPORTUNITIES AND STRONG MOMENTUM

5

10

Source: Management information

0% 5% 10% 15% 20% 25% 30% 35% 40% Top 24 Accounts Other Corporates Government¹ Consumer²

LONG-STANDING BLUE-CHIP RELATIONSHIPS DIVERSE CUSTOMER BASE -% OF TOTAL REVENUE BY CUSTOMER TYPE

LONG-TERM, HIGH-FIDELITY BLUE CHIP CUSTOMERS

 Average FTSE 100 registry client relationship >20 years  There were no discontinuing clients in 2014 and H1 2015 with revenues greater than £250k

Corporates

SUPPLEMENTED BY NEW CUSTOMER WINS

11

29 18 10 67 11 15 21 12 32 10 58 8 16 10 49 53 20 25 25 2 1 1 <1 <1 1 1 1 30

Years in relationship

Source: Management information

• 1. Includes NHS, the Cabinet Office, Civil Service Pension Scheme (MyCSP), UKAR
• 2. Consumer includes D2C and unallocated B2B2C

1

2

HIGH BARRIERS TO ENTRY UNIQUE POSITIONING MARKET POSITION

• c. 49%¹ of

FTSE 100 8 million pension scheme members REGISTRATION SERVICES #1 EMPLOYEE SERVICES #1

PENSION SOLUTIONS #2

INVESTMENT SERVICES #4

CUSTOMER STICKINESS TECHNOLOGY OPERATIONAL EXPERTISE

1.1 million employees in share plans 350,000 retail customers

High Scalable Technology Platforms Focus on Complex Regulated Processes High Low Low

12

A LEADER IN LARGE AND GROWING MARKETS

Source: Management information, Management estimate

• 1. As of August 2015, FTSE 100 clients with share registration services

PUBLIC SECTOR PENSION SOLUTIONS #1

WELL-INVESTED AND SCALABLE PROPRIETARY TECHNOLOGY

Custody and settlement, investment and wealth management Compendia pension administration and payroll Share registration, dividend and shareplan administration Enterprise workflow & Case and complaints management

FOUR MAIN PLATFORMS

WELL-INVESTED £85m+1 investment between 2007 and 2014 has strengthened Equiniti’s market-leading platforms SCALABLE Capacity across all platforms results in low marginal costs as growth accelerates FLEXIBLE Proprietary platforms can be adapted and white– labelled to facilitate provision of diverse data- intensive solutions SECURE AND RESILIENT Data centres that have been configured for security, resilience and scale

13

Source: Management information

• 1. Excludes pre-carve out expenditure on Sirius and excludes acquisitions

OUR TECHNOLOGY IS AN ENABLER TO DRIVE US FORWARD IN A WORLD INCREASINGLY FOCUSED ON DIGITAL TRADING AND STRATEGIC USE OF DATA

3

14

+10% revenue growth1

(2012-14 CAGR)

£82 million in EBITDA1

(LTM Jun-2015)

>100% average free cash flow conversion2

1. Figures shown include standalone MyCSP estimated revenues of £22.8m calendarised to December 2012, £38.8m calendarised to December 2013, and £50.7m calendarised to December 2014. Figures shown include standalone MyCSP estimated EBITDA of £0.5m calendarised to December 2012, £7.9m calendarised to December 2013, and £12.7m calendarised to December 2014. MyCSP has been consolidated by Equiniti from Sept-2014 upon reaching 51% ownership in MyCSP; for 2014, £11.1m and £5.6m have been consolidated in Adjusted Revenue and Adjusted EBITDA and for H1-2015, £30.8m and £7.4m have been consolidated in Adjusted Revenue and Adjusted EBITDA. Calendarisation is based on monthly management accounts. 2. 2012-14 Free cash flow conversion defined as (EBITDA + ΔNWC) / EBITDA. Free cash flow conversion shown here is based on EBITDA pre-exceptionals that includes MyCSP as reported (consolidated as of September 2014; not illustrative combination as shown on the revenue and EBITDA charts above).

£350 million in revenues1

(LTM Jun-2015)

+7% organic revenue growth1

(Average 2012-13, 2013-14 Organic Growth)

>20%1 EBITDA margins

(in 2012, 2013, 2014)

RESILIENT GROWTH, PROFITABILITY AND CASH GENERATION

4

15

ILLUSTRATIVE 2014 REVENUE BREAKDOWN

• Recurring and visible revenues –
• c. 70% dependable revenues¹
• 1. 2014 figures.
• Market leading solutions (specialised skills,

focus, innovation, technology platforms)

• Technology – proprietary, differentiated,

scalable, competitively priced

• Agile, dependable, secure
• Mutually beneficial relationships (e.g., BT,

Santander, L&G, Citi, M&S, RMG)

• Long-term and deep client relationships; strong

relationship building for new clients

DIFFERENTIATED VALUE PROPOSITION DRIVES ORDER INTAKE MOMENTUM

• Good momentum in the business –

Strong order intake

RESILIENT GROWTH, PROFITABILITY AND CASH GENERATION

4

RECURRING AND VISIBLE REVENUES AND STRONG ORDER MOMENTUM

​Long-term Contracted ​Project ​Transactional ​Interest Contracted Behaviourly Recurring ​Long-term Contracted ​Project ​Transactional ​Interest Contracted Behaviourly Recurring Other

NEW WINS CROSS SELL, UPSELL ACCESS NEW MARKETS D2C  26 (54%) main market mandates won in 2014  There were no discontinuing clients in 2014 and H1 2015²  Track record of cross- selling with average of

• approx. 5x entry service

revenue¹  20% growth from strategic clients in H1 2015  19 new markets identified  5 new markets successfully entered in 2014  Acquire and develop new capabilities  350,000 retail clients  Selftrade acquisition completed  Interactions with 27m shareholders/pensioners  1.1m employees in share plans LONG-TERM, HIGH-FIDELITY CUSTOMERS WELL-INVESTED, SCALABLE TECHNOLOGY

INVESTED BETWEEN 2007 - 2014

MULTIPLE GROWTH OPPORTUNITIES AND STRONG MOMENTUM

5

16

Source: Management information 1. Total customer revenue as a multiple of core share registration revenue (2014, FTSE 100) 2. With revenues greater than 250k

17

KEY INITIATIVES IN 2014-2015

 Clear focus on our clients through our key account programme. Build sales specialism in products/services  Strong alignment between Accounts and Sales to support cross-selling, and

• marketing. Cross-selling method

 Focus on sales performance  Good momentum build over the last 18 months  Continuing investment in CRM, MI, knowledge management, tools and processes  Strong qualification, governance and consistent processes

Key Accounts (24 strategic, 100 corporate/PS) c50 Client Account Managers c25 Sales Solutions and Operations (Solutions, Innovation, Bid Management, Governance, CRM, MI) New Business Strategic BPO New Business Pension Solutions New Business Intelligent Solutions New Business Investment Solutions Clients c50 New Business Sales Operational focus Strategic BPO Operational focus Pension Solutions Operational focus Intelligent Solutions Operational focus Investment Solutions c30 Marketing Markets, Strategic Positioning, Digital, PR, Comms Operations and Support (Delivery, SMEs, PMs, Transformation, IT, HR, legal, finance/commercial)

OUR INTEGRATED SALES ENGINE TO DRIVE CROSS SELL AND UPSELL

Source: Management information

5

46% 50% 4% 100% B2B B2B2C D2C Total 1x

• c. 5x

Share Registration Other Reg. Services Employee Services Investment Services Pension Solutions Total

18

Cross Selling and Up Selling Across Services1 Cross Selling and Up Selling Across Channels1

SHARE DEALING SAYE/EXECUTIVE

Source: Management information

• 1. Based on 2014 sales

THE “X-FACTOR”

AVERAGE REVENUE PER FTSE 100 CLIENT WAS APPROX. 5X SHARE REGISTRATION REVENUES¹

5

19

THE “X-FACTOR” FOR OUR KEY ACCOUNTS

TOTAL REVENUE / CORE SHARE REGISTRATION REVENUE BY CLIENT (2014, CLIENTS OF THE 24 KEY ACCOUNTS WITH SHARE REGISTRATION SERVICES1)

0x 5x 10x 15x 20x Median = 5.2x

Source: Management information

• 1. Excludes Aviva, HSBC, RBS, Citi, Santander and CSC from Top 24

Highest multiples (truncated for clarity of presentation) are 41.0x and 18.9x, respectively

5

Nat West Exec Dealing

Executive share dealing

ICS Computing

Case management, payroll services, near-shore BPO services

Hazell Carr

Regulatory resources

ProSearch

Asset Reunification services

STRONG M&A TRACK RECORD, STRENGTHENING PROPOSITION AND ADDING CAPABILITIES TO GROW

20

Investment Solutions Pension Solutions Intelligent Solutions

David Venus

Company secretarial services

Xafinity Group

Pension solutions

360 Clinical

Medical revalidation platform and services

Peter Evans

Financial services software

Prism CoSec

Company secretarial services

Invigia

Complaints handling software

2008 2009 2010 2011 2012 2013 2014 2015

Pancredit

Loan Administration

6

Source: Management information

JP Morgan CDS

Executive corporate dealing services

Killik Global Share Plans

Executive share plans

Transglobal Payment Solutions

International Payments

Selftrade

Online share execution platform

Strictly confidential

21

Our strategy is to drive superior organic growth by leveraging our technology platforms into our unparalleled customer base

OVERVIEW OF OPERATING MODEL

OUR OPERATING MODEL

REGISTRATION SERVICES

CLIENTS

KEY ACCOUNTS MANAGEMENT EMPLOYEE SERVICES INVESTMENT SERVICES PENSION SOLUTIONS INTELLIGENT SOLUTIONS GROUP TECHNOLOGY OTHER SHARED CENTRAL FUNCTIONS (HR, Finance, GPMO, Marketing, etc.) GROUP OPERATIONS (OFFSHORE) INVESTMENT SOLUTIONS

23

Source: Management information

GROUP OPERATIONS (ONSHORE)

OUR FOOTPRINT: OVER 20 SITES IN THE UK AND 1 IN INDIA

24 1

2

3 5 6 7 8 9 10 11 17

Investment Solutions Pension Solutions Intelligent Solutions Central

1

2

9 3 5 6 7 8 10 11 21 20 19 18 17 13 16 12 22

14

14 23

Legend: London Crawley Birmingham Worthing / Lancing Belfast

1 3 4 2 5

Five Hubs

Source: Management information

4

24

14

4 15

Stirling (Pensions Solutions) Edinburgh (Registration Services, Key Account Managers) Belfast (PSTP & People Services) Leeds (Intelligent Solutions, Pension Solutions) Fleetwood (Pension Solutions) Preston (Pension Solutions) Stafford (Pension Solutions) Liverpool (MyCSP and Pension Solutions) Newcastle (MyCSP) Cheadle (MyCSP) Birmingham (Contact Centre, Registration Services, Pensions Solutions, Customer and Telephony) Ipswich (Employee Services) Crawley (Pension Solutions) London (Head Office, Pension Solutions, Investment Services. Investor Analytics, Registration Services, PSTP, Wealth Services) Worthing (Investment Solutions, MyCSP, Print and Mail) Lancing (Registration Services, Investment Services, Employee Services) Farnborough, (Pension Solutions) Walton-on-Thames (Complaints Mgmt.) Bath (Pension Solutions) Bristol (Pension Solutions) Cardiff (Xanite Platform) Chennai (PSTP & Group IT Services) Reading (Pension Solutions, Hazell Carr) Worcester (Pension Solutions)

12 13 16 18 19 20 21 22 23 24 14 15

Total: 3,853 Group Operations : 1,332 Headcount (Jun-2015)

25 1

2

3 5 6 7 8 9 10 11 17

Investment Solutions Pension Solutions Intelligent Solutions Central

1

2

9 3 5 6 7 8 10 21 20 19 22

14

Legend: London Crawley Birmingham Worthing / Lancing Belfast

1 3 4 2 5

Five Hubs

Source: Management information

4

24

14

4

Stirling (Pensions Solutions) Edinburgh (Registration Services, Key Account Managers) Belfast (PSTP & People Services) Leeds (Intelligent Solutions, Pension Solutions) Fleetwood (Pension Solutions) Preston (Pension Solutions) Stafford (Pension Solutions) Liverpool (MyCSP and Pension Solutions) Newcastle (MyCSP) Cheadle (MyCSP) Birmingham (Contact Centre, Registration Services, Pensions Solutions, Customer and Telephony) Ipswich (Employee Services) Crawley (Pension Solutions) London (Head Office, Pension Solutions, Investment Services. Investor Analytics, Registration Services, PSTP, Wealth Services) Worthing (Investment Solutions, MyCSP, Print and Mail) Lancing (Registration Services, Investment Services, Employee Services) Farnborough, (Pension Solutions) Walton-on-Thames (Complaints Mgmt.) Bath (Pension Solutions) Bristol (Pension Solutions) Cardiff (Xanite Platform) Chennai (PSTP & Group IT Services) Reading (Pension Solutions, Hazell Carr) Worcester (Pension Solutions)

12 13 16 18 19 20 21 22 23 24 14 15

BIRMINGHAM

• Award winning contact

centre

• 450 seats
• Multi-channel

11 18 17 12 14 23 15 13 16

Investment Solutions Pension Solutions Intelligent Solutions Central

CENTRES OF EXCELLENCE

CUSTOMER CONTACT

26 1 3 5 6 7 8 9 10 11 17

Investment Solutions Pension Solutions Intelligent Solutions Central

2

22

14

Legend: London Crawley Birmingham Worthing / Lancing Belfast

1 3 4 2 5

Five Hubs

Source: Management information

4

14 Stirling (Pensions Solutions) Edinburgh (Registration Services, Key Account Managers) Belfast (PSTP & People Services) Leeds (Intelligent Solutions, Pension Solutions) Fleetwood (Pension Solutions) Preston (Pension Solutions) Stafford (Pension Solutions) Liverpool (MyCSP and Pension Solutions) Newcastle (MyCSP) Cheadle (MyCSP) Birmingham (Contact Centre, Registration Services, Pensions Solutions, Customer and Telephony) Ipswich (Employee Services) Crawley (Pension Solutions) London (Head Office, Pension Solutions, Investment Services. Investor Analytics, Registration Services, PSTP, Wealth Services) Worthing (Investment Solutions, MyCSP, Print and Mail) Lancing (Registration Services, Investment Services, Employee Services) Farnborough, (Pension Solutions) Walton-on-Thames (Complaints Mgmt.) Bath (Pension Solutions) Bristol (Pension Solutions) Cardiff (Xanite Platform) Chennai (PSTP & Group IT Services) Reading (Pension Solutions, Hazell Carr) Worcester (Pension Solutions)

12 13 16 18 19 20 21 22 23 24 14 15

CARDIFF

• FinTech innovation centre
• Graduates supporting

Hazell Carr

• Powering Selftrade

development

2 1 9 3 5 6 7 8 10 11 21 20 19 18 17 13 16 12 14 23 24 4 15

Investment Solutions Pension Solutions Intelligent Solutions Central

CENTRES OF EXCELLENCE

INNOVATION

27 1 3 5 6 7 8 9 10 11 17

Investment Solutions Pension Solutions Intelligent Solutions Central

2

22

14

Legend: London Crawley Birmingham Worthing / Lancing Belfast

1 3 4 2 5

Five Hubs

Source: Management information

4

14 Stirling (Pensions Solutions) Edinburgh (Registration Services, Key Account Managers) Belfast (PSTP & People Services) Leeds (Intelligent Solutions, Pension Solutions) Fleetwood (Pension Solutions) Preston (Pension Solutions) Stafford (Pension Solutions) Liverpool (MyCSP and Pension Solutions) Newcastle (MyCSP) Cheadle (MyCSP) Birmingham (Contact Centre, Registration Services, Pensions Solutions, Customer and Telephony) Ipswich (Employee Services) Crawley (Pension Solutions) London (Head Office, Pension Solutions, Investment Services. Investor Analytics, Registration Services, PSTP, Wealth Services) Worthing (Investment Solutions, MyCSP, Print and Mail) Lancing (Registration Services, Investment Services, Employee Services) Farnborough, (Pension Solutions) Walton-on-Thames (Complaints Mgmt.) Bath (Pension Solutions) Bristol (Pension Solutions) Cardiff (Xanite Platform) Chennai (PSTP & Group IT Services) Reading (Pension Solutions, Hazell Carr) Worcester (Pension Solutions)

12 13 16 18 19 20 21 22 23 24 14 15

LANCING / WORTHING

• Print and mail

hub

• Data centres
• Employee

benefits and share registration

Investment Solutions Pension Solutions Intelligent Solutions Central

CENTRES OF EXCELLENCE

BACK OFFICE AND FULFILMENT CRAWLEY

• Centre of

excellence for pensions

• Compendia

platform development

• Support for

Europe’s largest pension scheme

2 1 9 3 5 6 7 8 10 11 21 20 19 24 4 18 17 12 23 16 15 14 13

28 1 3 5 6 7 8 9 10 11 17

Investment Solutions Pension Solutions Intelligent Solutions Central

2

22

14

Legend: London Crawley Birmingham Worthing / Lancing Belfast

1 3 4 2 5

Five Hubs

Source: Management information

4

14 Stirling (Pensions Solutions) Edinburgh (Registration Services, Key Account Managers) Belfast (PSTP & People Services) Leeds (Intelligent Solutions, Pension Solutions) Fleetwood (Pension Solutions) Preston (Pension Solutions) Stafford (Pension Solutions) Liverpool (MyCSP and Pension Solutions) Newcastle (MyCSP) Cheadle (MyCSP) Birmingham (Contact Centre, Registration Services, Pensions Solutions, Customer and Telephony) Ipswich (Employee Services) Crawley (Pension Solutions) London (Head Office, Pension Solutions, Investment Services. Investor Analytics, Registration Services, PSTP, Wealth Services) Worthing (Investment Solutions, MyCSP, Print and Mail) Lancing (Registration Services, Investment Services, Employee Services) Farnborough, (Pension Solutions) Walton-on-Thames (Complaints Mgmt.) Bath (Pension Solutions) Bristol (Pension Solutions) Cardiff (Xanite Platform) Chennai (PSTP & Group IT Services) Reading (Pension Solutions, Hazell Carr) Worcester (Pension Solutions)

12 13 16 18 19 20 21 22 23 24 14 15

• 439 operations, IT

and support staff

• Supporting all areas of the

business

• 321 degrees, 123 masters,

7 ITIL

CHENNAI

2 1 9 3 5 6 7 8 10 11 21 20 19 18 17 13 16 12 14 23 24 4 15

Investment Solutions Pension Solutions Intelligent Solutions Central

OFFSHORE OPERATIONS

Shareholder Processing Pensions Payroll (annuities) Employee Services Client Task Delivery (reconciliations) HR Payroll Pensions Administration* Business Processing* Pensions Payroll (other)* Investment Services (other)* Roles off-shored by end 2015 Potential scope for off-shoring

RATIONALE INITIAL IMPLEMENTATION ACHIEVED  Drive cost saving  Increase scalability  Reduce time to market  Secured prime location in Chennai  Rapid scaling of team  Established capability  Established strong basis for further off- shoring across technology and

• perations

 24/7 availability  40 to 400  321 degrees, 123 masters  £2.8m saved in tech, £450k in

• perations

THE OFFSHORING OPPORTUNITY

CURRENT VS. POTENTIAL PROCESSING ROLES OFF-SHORED (% OF FTE IN SCOPE, AS OF END 2015)

80% 75% 50% 50% 40% 5% 0% 0% 0% 29

Source: Management information * Indicative only: detailed scoping has not yet been undertaken across these areas and off-shoring will depend on client permissions, system improvements and standardisation. Off-shoring in Pensions Administration is unlikely before 2017

FOCUS ON OPERATIONAL EXCELLENCE

• In 2014, 2.4 million customer calls
• 43 million pieces of post
• £92.7bn in payments

KPIs, MI & REPORTING DASHBOARDS SERVICE EXCELLENCE

• Contact centre
• Complaints team
• Operational excellence team

CENTRALISED EXCELLENCE

• Six Sigma quality
• Brand reputation
• Experienced Team (average 9

years of tenure; >80% retention)

CUSTOMER EXPERIENCE

Award winning contact centre NPS1 of 37% SLA’s on Green 90% satisfaction2 Sigma > 5.43

SCALE

30

Source: Management information

• 1. Net Promoter Score (NPS) measures customers’ overall brand experience. NPS score calculated as the average of all EQ business divisions as of H1 2015.
• 2. Based on a post call survey conducted after a shareholder/pension member or pensioner had called the Contact Centre. 90% of the customers replied satisfied/very satisfied to the question ‘How satisfied

are you with the overall service you received from us today?’

• 3. Every month since January 2014; scale of 0 to 6 with 6 being the highest quality standard

FOCUS DIVISION: INTELLIGENT SOLUTIONS

DESCRIPTION Products & Services

• Complaints, case management and regulatory

services: Includes Hazell Carr and Invigia

• Other case management

‒ Specialist public sector technology: Government service provider for managing large data sets and sensitive content ‒ Complex HR and payroll solutions for both public and private sector clients ‒ Loan administration including mortgage

• rigination and administration

‒ Data analytics: Asset reunification and identity validation, including big data and single customer view

Market and Competitive Positioning

• £970M addressable market,

5% CAGR in 2014-19 – Increase in regulatory scrutiny and scope – Trends towards outsourcing – Rise of social media to drive volumes of complaints – Boom in consumer lending

INTELLIGENT SOLUTIONS

Specialised software and service solutions targeting complex or regulated processes

KEY HIGHLIGHTS

• Proprietary software platforms to enable end to end outsourced

remediation and lending solutions

• Emerging challenger in fragmented markets
• Leverages existing relationships to cross-sell into established

customer base

• Large pipeline of acquisition opportunities

#4 COMPLAINTS, CASE MANAGEMENT, AND REGULATORY SERVICES ~10% MARKET SHARE

MARKET POSITION

32

Source: Management information, management estimates

Proprietary technology platforms:

ADJUSTED REVENUE EVOLUTION

80 82 90 41 48 2012A 2013A 2014A H1 2014 H1 2015 17 16 16 7 10 2012A 2013A 2014A H1 2014 H1 2015

ADJUSTED EBITDA EVOLUTION

CAGR: (1)%

Charter Pancredit

OUR PRODUCTS AND SERVICES

33

DESCRIPTION REVENUE SHARE, 20141 HIGHLIGHTS

• Manages large and very sensitive

content using proprietary technology

• Trusted government

service provider

• Tried, tested technology

solutions de-risking public sector projects Specialist Public Sector Technology

• Full range of HR and payroll services

and software to private / public sector clients

• Equiniti’sPeopleAXis the
• nly Microsoft-certified

payroll solution in the UK Complex HR Solutions

• Provides specialist software, people

and process know-how to financial institutions and large corporates for complaints processing and case management

• Award-winning complaints

management platform

• Europe’s largest

complaints handling system with >70,000 users

• Services related to asset

reunification and identity validation

• Handling and cleansing of large data

for corporates

• Big data, predictive

analytics and single customer view

• Key cross sell into

Registration Services

BEGAN ACTIVITY

• 2010
• 2009
• 2009
• 2014

Loan Administration Data Analytics

• End-to-end loan servicing through

Pancreditplatform

• 2008
• Market-leading software

reflecting 25 years of experience

• Strong brand and a number
• f relevant adjacencies

OTHER CASE MANAGEMENT

COMPLAINTS, CASE MANAGEMENT AND REGULATORY SERVICES

KEY CUSTOMERS/ RELATIONSHIPS

Source: Management information

• 1. Total is before intercompany eliminations and after normalisations and pro-forma adjustments

(amortisation of acquisition intangibles and exceptionals)

Proprietary technology platforms:

Charter Pancredit

REVENUE TYPE, 20141

68% PROJECT REVENUES DRIVEN BY REGULATED CASE WORK

34

Contracted Transactional Project REVENUE MODEL

• Complaints handling software (Invigia):
• Upfront licensing fee
• Project execution and product

implementation fees

• Recurring support fees
• Hazell Carr: Fees charged per placement
• f administrators and actuaries at clients
• n a transactional basis
• Upfront licensing fee
• Project execution and product

implementation fees

• Recurring support fees
• Depending on the product/service, fees are

charged on a contract and/or project basis

• Upfront licensing income
• Project execution and product implementation
• Recurring support / maintenance
• Service fees charged as % of the value of

shares reunited with owners

• Transaction fees for each customer tracing

and screening Specialist Public Sector Technology and Complex HR Solutions Loan Administration Data Analytics

OTHER

COMPLAINTS, CASE MANAGEMENT AND REGULATORY SERVICES

Source: Management information

• 1. Total is after intercompany eliminations, normalisations and pro-forma adjustments

(amortisation of acquisition intangibles and exceptionals)

ENTERPRISE WORKFLOW & CASE AND COMPLAINTS MANAGEMENT

Scale

• >4.5m complaints processed on

clients’ behalf

• Supporting 50% of UK Police Forces
• >70,000 users

Customisable solution

• Automated FCA reporting
• Root cause analysis
• Secure data management

Digital

• Social media triage

35

Source: Management information

HISTORICAL FINANCIAL PERFORMANCE

• Consistent and sustainable 7%1, 2 organic revenue growth over 2012-14
• 10% annual revenue growth1 including M&A
• EBITDA grew in line with revenues over 2012-141
• Strong Momentum in H1 2015
• Historical exceptional costs associated with financial, organisational and operational

initiatives

• >100% average cash conversion³ over FY12-FY14 and in H1 2015
• Significant tax assets drive expected cash tax rate of 15%
• c. 3.25x leverage by Dec-2015; 30% dividend payout

FINANCIAL OVERVIEW

37

Source: Management information 1. Figures shown include standalone MyCSP estimated revenues of £22.8m calendarised to December 2012, £38.8m calendarised to December 2013, and £50.7m calendarised to December 2014. Figures shown include standalone MyCSP estimated EBITDA of £0.5m calendarised to December 2012, £7.9m calendarised to December 2013, and £12.7m calendarised to December 2014. MyCSP has been consolidated by Equiniti from Sept-2014 upon reaching 51% ownership in MyCSP; for 2014, £11.1m and £5.6m have been consolidated in Adjusted Revenue and Adjusted EBITDA and for H1-2015, £30.8m and £7.4m have been consolidated in Adjusted Revenue and Adjusted EBITDA. Calendarisation is based on monthly management accounts. 2. Based on average from 2012-2013 and from 2013-2014. 3. Cash conversion defined as (EBITDA pre-exceptionals + ΔNWC) / EBITDA pre-exceptionals. EBITDA pre-exceptionals includes MyCSP since consolidation (from September 2014).

UNDERSTANDING OUR UNDERLYING FINANCIAL PERFORMANCE

38

Source: Management information

Reported Revenue (£m) Adjusted Revenue (£m) Illustrative Combination with MyCSP (£m)

3

• Adjustments relate to three main factors:

– Legacy revenues from discontinued contract – Normalisation of effect of interest rate swaps put in place initially in 2008 – Funds released from unallocated client fund accounts

• Equiniti reached 51% ownership (from 40% previously) and full consolidation of MyCSP in September 2014
• Illustrative Combination with MyCSP adds to the Adjusted Revenue the standalone Revenue of MyCSP to show

perimeter of business similar to today over 2012 to 2014

2 1

2012 2013 2014 ’12-’14 CAGR H1 2015

267 275 292 181 244 263 291 181 266 297 322 181

• Adjustments are material in 2012 and 2013, whilst 2014 and 2015 numbers have only minor adjustments (<£1m)
• Adjustments to reported Revenue and EBITDA were deemed by Equiniti’s auditors to be exceptional in nature

5% 10%

SUMMARY P&L FOR EQUINITI AND MYCSP

39

1. Discontinued Lloyds Wealth Contract, Interest swaps, Interest / balance releases, Xafinity Consulting charge / TSA and SAYE one off releases. 2. Exceptional items amount to £(11.8)m, £(25.0)m, £(12.6)m, £(6.9)m and £(4.5)m in FY12, FY13, FY14, H1 2014 and H1 2015, respectively. EBITDA pre-exceptionals is also before share of profit of associates and before gain on disposal of associates (i.e. the minority interest in MyCSP) in 2014. 3. Full results for MyCSP and not reported by Equiniti. MyCSP has been consolidated only from Sept-2014 calendarised to December. Revenue figures shown include standalone MyCSP estimated revenues

• f £22.8m calendarised to December 2012, £38.8m calendarised to December 2013, and £50.7m calendarised to December 2014. EBITDA figures shown include standalone MyCSP estimated EBITDA of

£0.5m calendarised to December 2012, £7.9m calendarised to December 2013, and £12.7m calendarised to December 2014. MyCSP has been consolidated by Equiniti from Sept-2014 upon reaching 51%

• wnership in MyCSP; for 2014, £11.1m (£14.0m shown in the table is gross contribution since acquisition, including hence £2.9m of intercompany revenues) and £5.6m have been consolidated in

Adjusted Revenue and Adjusted EBITDA and for H1-2015, £30.8m and £7.4m have been consolidated in Adjusted Revenue and Adjusted EBITDA. Calendarisation is based on monthly management accounts. 4. For 2014, LTM and H1-2015 illustrative combination with MyCSP excludes the portion of revenue and EBITDA already reported at Adjusted Revenue and Adjusted EBITDA. 5. MyCSP gross revenues adjusted for intercompany eliminations to come to the Illustrative Combination with MyCSP. £ m FY12 FY13 FY14 LTM Jun-15 H1 14 H1 15 YOY '14-'15 Reported Revenue 267 275 292 341 133 181 36% Adjustments1 (23) (12) (1) (1) (0) (0) NM Adjusted Revenue 244 263 291 340 133 181 36% MyCSP3 23 39 51 58 24 31 30% (-) IC Elimination - Pre-acquisition Adjustment5 (1) (5) (6) (3) (3) NM (-) MyCSP Revenues consolidated in Adjusted Revenues NA NA (14) (45) NA (31) NM Illustrative Combination with MyCSP4 266 297 322 350 153 181 18 % £ m FY12 FY13 FY14 LTM Jun-15 H1 14 H1 15 YOY '14-'15 EBITDA pre-exceptionals2 81 76 70 80 29 39 35% Adjustments1 (20) (11) (3) (1) (2) (0) NM Adjusted EBITDA 61 66 67 79 26 38 45% % Margin 25% 25% 23% 23% 20% 21% NM MyCSP3 1 8 13 16 4 7 64% (-) MyCSP EBITDA consolidated in Adjusted EBITDA NA NA (6) (13) NA (7) NM Illustrative Combination with MyCSP4 62 73 74 82 31 38 24% % Margin 23% 25% 23% 23% 20% 21% NM

40

Illustrative Combination with MyCSP Revenue (£m)¹ Illustrative Combination with MyCSP EBITDA (£m)¹ Cash Conversion (£m)²

133

Resilient >20%1 EBITDA margins >100% average cash conversion

• ver 2012-142

241

244 263 291

511 311 266 297 322 391 231 153 181

61 66 67 1 8 62 73 74 26 4 31 38

131 71

MyCSP (non-consolidated, net of intercompany eliminations)1 MyCSP (consolidated)1 Equiniti adjusted1

2012 2013 2014 H1 2014 H1 2015

112% 109% 95% 77% 100%

Source: Management information

• 1. Figures shown include standalone MyCSP estimated revenues of £22.8m calendarised to December 2012, £38.8m calendarised to December 2013, and £50.7m calendarised to

December 2014. Figures shown include standalone MyCSP estimated EBITDA of £0.5m calendarised to December 2012, £7.9m calendarised to December 2013, and £12.7m calendarised to December 2014. MyCSP has been consolidated by Equiniti from Sept-2014 upon reaching 51% ownership in MyCSP; for 2014, £11.1m and £5.6m have been consolidated in Adjusted Revenue and Adjusted EBITDA and for H1-2015, £30.8m and £7.4m have been consolidated in Adjusted Revenue and Adjusted EBITDA. Calendarisation is based on monthly management accounts.

• 2. 2012-14 cash conversion defined as (EBITDA pre-exceptionals + ΔNWC) / EBITDA pre-exceptionals. EBITDA pre-exceptionals includes MyCSP as reported (consolidated as of

September 2014; not illustrative combination as shown on the revenue and EBITDA charts above).

• 3. Based on average from 2012-2013 and from 2013-2014.

Intercompany Eliminations

RESILIENT GROWTH, PROFITABILITY AND CASH GENERATION

7% average

• rganic YoY growth

in 2012-143

41

37 38 37 18 21 4 11 4 2 1 2012A 2013A 2014A H1 2014 H1 2015 41 49 41 22 20 24 25 28 14 14 2012A 2013A 2014A H1 2014 H1 2015 19 25 26 13 21 2012A 2013A 2014A H1 2014 H1 2015 74 77 101 2012A 2013A 2014A H1 2014 H1 2015 96 72 111 62 132 231 391 511 241 311

80 82 90 41 48

2012A 2013A 2014A H1 2014 H1 2015 CAGR: 0%

INTELLIGENT SOLUTIONS –ADJUSTED REVENUES PENSION SOLUTIONS –ADJUSTED REVENUES INVESTMENT SERVICES –ADJUSTED REVENUES EMPLOYEE SERVICES–ADJUSTED REVENUES REGISTRATION SERVICES –ADJUSTED REVENUES

STRONG PERFORMANCE ACROSS ALL SEGMENTS

MyCSP (non-consolidated, net of intercompany eliminations)¹ MyCSP (consolidated)1 Intercompany Eliminations Core registration services Corporate actions

• 1. Figures shown include standalone MyCSP estimated revenues of £22.8m calendarised to December 2012, £38.8m calendarised to December 2013, and £50.7m calendarised to December 2014. Figures shown include standalone MyCSP estimated EBITDA of £0.5m calendarised to December 2012, £7.9m

“CORE” REGISTRATION & EMPLOYEE SERVICES AND PENSION SOLUTIONS –RESILIENT GROWTH, HIGH PROFITABILITY AND CASH CONVERSION INVESTMENT SERVICES AND INTELLIGENT SOLUTIONS –“FURTHER GROWTH “ WITH GOOD MARGINS AND CASH GENERATION

COST OPTIMISATION – THE OFFSHORING OPPORTUNITY

42

Source: Management information * Indicative only: detailed scoping has not yet been undertaken across these areas and off-shoring will depend on client permissions, system improvements and standardisation. Off-shoring in Pensions Administration is unlikely before 2017

 Drive cost saving  Increase scalability  Reduce time to market

RATIONALE INITIAL IMPLEMENTATION

 Secured prime location in Chennai  Rapid scaling of team  Established capability

ACHIEVED

 Established strong basis for further off-shoring across technology and operations  24/7 availability  40 to 400  321 degrees, 123 masters  £2.8m saved in tech, £450k in operations 148 320 Jan-14 Jun-15 >2x

OFFSHORE MONTHLY HEADCOUNT EVOLUTION (IT AND OPERATIONS)

Shareholder Processing Pensions Payroll (annuities) Employee Services Client Task Delivery (reconciliations) HR Payroll Pensions Administration* Business Processing* Pensions Payroll (other)* Investment Services (other)* Roles off-shored by end 2015 Potential scope for off-shoring

CURRENT VS. POTENTIAL OPERATIONS ROLES OFF-SHORED (% OF FTE IN SCOPE, AS OF END 2015)

80% 75% 50% 50% 40% 5% 0% 0% 0%

THE OPPORTUNITY… …DELIVERING ON THE PLAN

STRONG CASH CONVERSION

1. Cash conversion defined as (EBITDA pre-exceptionals + ΔNWC) / EBITDA pre-exceptionals. EBITDA pre-exceptionals includes MyCSP since consolidation (from September 2014). 2. Capital expenditures relate in part to the costs of the ongoing maintenance of the Group’s IT platforms and mainly to the development of new functionality to drive growth. Some of the other major capital expenditures that have been incurred during the periods shown here include those relating to: (1) Compendia Touch, which is a new version of the Group’s proprietary Pensions administration platform; and (2) the new Selftrade web-front end trading platform and its interfaces with Xanite, the Group’s proprietary trading and custody platform. 3. Property, Plant and Equipment includes leasehold improvements, office equipment and fixtures and fixings.

43

Cash Conversion¹ Capex² Working Capital Movement

Strong Working Capital Management Significant Capex Investment During Advent Ownership >100% Average Cash Conversion over 2012-14 and in H1 2015

112% 109% 95% 77% 100% 3 1 7 7 9 9 (7) H1 2014 H1 2015 3 4 4 10 15 17 13 19 21 10 7 (4) 2012 2013 2014 PPE³ Software

2012 2013 2014 H1 2014 H1 2015 5% 7% 8% 4% 7%

Capex as a % of revenue

INTEREST INCOME

44

CONSIDERATIONS

HEDGING POLICY

• Hedging securing some future upside from current yield curve in addition to providing additional income stability
• Financial policy of hedging 50% of interest bearing balances

AVERAGE BALANCES

• Average balances have grown at double digit over 2012-14 driven by the growth in the retail share dealing and pensions businesses
• The acquisition of Selftrade (January 2015) contributed to a significant increase in cash balances of c.£400m to £1,230m

INTEREST RATES

• Average interest rates at historical lows reflecting debt market conditions
• Rate increase in 2014 driven by an effort from the company in obtaining better rates from the partners
• Current yield curve suggests a more accelerated interest rate increase

Year Ended 31 December (£ m) 2012A 2013A 2014A CAGR '12-'14 H1 2014 H1 2015 YOY '14-'15 AVG Balances (£m) client only 671 783 826 11 % 819 1,230 50 % AVG Interest Rate % 0.80% 0.61% 0.70% NM 0.69% 0.52% NM Total Adjusted Interest Income 5 5 6 4 % 3 3 13 % Normalisation (hedge) 5 4 1 NM NM Reported Revenue 10 9 6 (20)% 3 4 11 %

CONCLUSIONS AND KEY TAKEAWAYS

LONG-TERM, HIGH-FIDELITY BLUE CHIP CUSTOMERS

1

INVESTMENT HIGHLIGHTS

A LEADER IN LARGE AND GROWING MARKETS

2

WELL-INVESTED, SCALABLE AND MODERN PROPRIETARY TECHNOLOGY

3

STRONG M&A TRACK RECORD, ADDING CAPABILITIES AND PROPOSITION

6

RESILIENCE, PROFITABILITY AND CASH GENERATION

4

MULTIPLE GROWTH OPPORTUNITIES AND STRONG MOMENTUM

5

51

APPENDIX

INVESTMENT SOLUTIONS

KEY HIGHLIGHTS

• Market leadership, brand & reputation

– Long heritage with services since 1957

• High client fidelity

– Long-standing customer relationships with some

• f largest UK companies
• Supportive macroeconomic and regulatory trends
• Platform for cross-selling of additional services

– Strong expansion in add-on services

• Opportunities to grow the D2C channel through

strong pipeline of employee plans with marketing rights in the employee scheme

84 99 95 47 58 2012 2013 2014 H1 2014 H1 2015

INVESTMENT SOLUTIONS

ADJUSTED REVENUE EVOLUTION ADJUSTED EBITDA EVOLUTION

27 35 27 14 16

2012 2013 2014 H1 2014 H1 2015

CAGR: 0%

54

Source: Management information

Investment Solutions

REGISTRATION SERVICES

REGISTRATION SERVICES

DESCRIPTION

Products & Services

• Core registration services

– Share registration (contracted ≥ 3years & transactional, B2B & B2B2C) – CoSec – Dividend payment – AGM management – Investor relations and investor analytics (contracted, B2B) – Bereavement (transactional, B2B)

• Corporate Actions

– M&A, rights issues, stock split, etc. (project, B2B) Market and Competitive Positioning

• 4% CAGR 2014-19, £270m addressable

market – Increase in corporate actions (economic recovery) and CoSec (outsourcing); stable share registration

• Leader with 49% of FTSE 100 and 38% of

FTSE 250 – Key competitors: Capita and Computershare Registration and maintenance of share register, provision of shareholder services and administration of corporate actions

KEY HIGHLIGHTS

• Resilient core business

– Visible, high margin and cash generative

• Market leadership, brand & reputation

– Long heritage with services since 1957

• High client fidelity

– Long-standing customer relationships with some of largest UK companies

• Supportive macroeconomic and regulatory trends
• Platform for cross-selling of additional services

– Strong expansion in add-on services Proprietary technology platform:

56

Source: Management information, management estimates

ADJUSTED REVENUE EVOLUTION

37 38 37 18 21 4 11 4 2 1

2012A 2013A 2014A H1 2014 H1 2015

41 49 41 22 20

CAGR: 0% Core registration services Corporate actions

49% OF FTSE 100 AND 38% OF FTSE 350

SHARE REGISTERS

SHARE REGISTRATION

Scale  18.7m shareholders  70m data records  £39bn payments p.a. Performance  1m web site hits per day  Sub-second response times Resilience  Always-on / real-time

57

Source: Management information

OUR PRODUCTS AND SERVICES

DESCRIPTION REVENUE SHARE, 2014 HIGHLIGHTS

• Company secretarial service
• Investor relations services
• Investor analytics services
• CoSec support mix of FTSE 100

and FTSE 250 companies

• CoSecservices serve as a

customer acquisition channel CoSec and Investor Relations

• Servicing the initial notification
• f death and account closing

process

• ~40% of UK death notifications

received, allowing it first-hand market opportunities Bereavement Services

• Share registration service using

the Sirius platform

• Administration and payment of

dividends

• Management of AGMs, EGMs

and other corporate events

• Manage over 70mshareholder

records

• 26 (54%) main IPO mandates

wonin 2014 and 17 in 2015 YTD Registration

• Management of corporate

actions, including rights issues, M&A and other corporate activity

• Average £6m of corporate

activity revenue per annum1 Corporate Actions Core Registration Services BEGIN ACTIVITY

• 1957
• 2015
• 1980

Proprietary Technology platform:

• 2009

58

Source: Management information

• 1. Over 2012-14

10 20 30 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A

OUR PRODUCTS AND SERVICES – CORPORATE ACTIONS

• Highly captive – typically executed by the share registrar without tender
• Wide range of corporate actions revenues over 2001-14 (min of £1m in 2011 and max of £33m in 2009)
• 2001-14A average of £9m annual revenues (excluding 2009)
• 2012-14A average of £6m
• Little incremental cost to deliver corporate actions, therefore very high EBITDA margin

Highly captive but volatile in nature and with limited visibility

£7.3m £9.1m

Relevant “Flagship” Transactions

RIGHTS ISSUE 2009-10 BARCLAYS RIGHTS ISSUE 2013 PROPOSED TAKEOVER IPO 2013 £5.8m

‘01-’14 Avg excl. 2009 ‘01-’14 Avg incl. 2009 ‘12-’14 Avg

EQUINITI REVENUES FROM CORPORATE ACTIONS IN £M (2001-14)

59

Source: Management information

REVENUE TYPE, 2014

RESILIENCE AND VISIBILITY – 64% CONTRACTED REVENUES, TYPICALLY FOR 3-7 YEARS

60

Contracted Transactional Project REVENUE MODEL

• Fixed fees for provision of overall

services ; contracts of 3-7 years – Fee is calculated as a function

• f the number of shareholders

in the registry

• Fees per transaction for

shareholder services (e.g. commissions and charges for dividend cheque reissuances) CoSec and Investor Relations Bereavement Services Registration Corporate Actions Core Registration Services

• Project revenues paid in relation to

the corporate action

• Day rate and running fees

(contracted)

• Bereavement – Transactional

revenue generated by commission from partner

• Bereavement BPO – corporate fee

paid by financial institution

Source: Management information

HIGH MARKET SHARES AND LONG-STANDING RELATIONSHIPS

LONG-STANDING BLUE CHIP RELATIONSHIPS

• Share register to

– 49 of FTSE 100 (49%) – 95 of FTSE 250 (38%) – Listed international companies

10 25 11 21 16 15 25 2 58 49 53 29 18 20

Years of relationship

• Average FTSE 100 client

relationship of >20 years

• Share registration is entry

product for most customers – Equiniti successfully cross- sells to increase customer revenue – Average total revenues of

• approx. 5x share registration

revenue for FTSE 100 customers (2014)

61

Source: Management information

EMPLOYEE SERVICES

EMPLOYEE SERVICES

KEY HIGHLIGHTS

• Market leadership in share plans
• Highly-visible revenues with 78% contracted component
• Strong interest related fee component
• Favourable increases to all employee saving limits
• Growing demand for bespoking and self-service driving outsourcing
• One-stop-shop solution provider (PeopleSpace)

DESCRIPTION

Products & Services

• SAYE (Sharesave) – contracted, B2B2C
• SIP (Share Incentive Plan) and Executive share

plans (Equiniti Premier) – contracted / transactional, B2B2C

• Flexible benefits – contracted, B2B2C

Market and Competitive Positioning

• 11% CAGR in 2014-19, £210m addressable

market; Favourable regulatory and legislative change, e.g., increases to savings limits – Expected macro-economic recovery, e.g., expected interest rate rise – Demand for self-service functionality driving outsourcing

• Leading share plans administration provider

for UK PLCs (25% market share and 62% win rate1 in 2014)

• Key competitors:

– SAYE: Capita, Computershare, YBS – SIP: Capita, Computershare, YBS – Executive share plans: Capita, Computershare, Solium, Equatex

#1

IN UK EMPLOYEE SHARE PLANS

25%

MARKET SHARE

MARKET POSITION Administration of employee benefit schemes, employee share plans and saving schemes

Proprietary Technology platform:

63

Source: Management information, management estimates

• 1. In Volume; defined as # deals won / # deals pitched

ADJUSTED REVENUE EVOLUTION

24 25 28 14 14

2012A 2013A 2014A H1 2014 H1 2015

OUR PRODUCTS AND SERVICES

64

DESCRIPTION REVENUE SHARE, 2014 HIGHLIGHTS

• SIP

, bespoke Executive and Discretionary share plans

• Executive share plans, tax-

efficient way of owning a stake in the company through share incentive plans

• Market leading position
• “ifs ProShare” Awards for

most effective communication of an ESP and best new share plan

SIP & Executive Share Plans

• Subscription services to allow

employees to save a portion of their gross salary into a fund

• Option to invest in their

company’s shares

• Market leading

position

• Most popular type of

All Employee Share Plan in the UK

SAYE (Sharesave)

• Direct management of flexible

benefits plans

• Provides ability for staff to

shape benefit selections

• Management of one of

the largest Flexible Benefits plans in the UK (Lloyds Banking Group) BEGIN ACTIVITY

• 1980
• 2000
• 2005

Flexible Benefits

SIP, Executive and Other

Proprietary Technology platform:

Source: Management information

REVENUE TYPE, 2014

HIGHLY VISIBLE REVENUE – 78% CONTRACTED

65

Contracted Transactional REVENUE MODEL

• SAYE scheme balances are held by Lloyds

Banking Group, who pays Equiniti an intermediary fee (linked to interest rates) which is contracted

• Dealing fee paid by the employee (%

commission) following the vesting of

• ptions
• SIP:

— Administration fee paid by the corporate client (on a per scheme basis, generally over the length of the scheme, c.3 years) — Dealing fees paid by the employee (% commission)

• Executive Share Plans:

— Administration fee paid by the corporate client — Dealing commissions paid by the executive (% commission)

• Fee income for flexible benefits

administration (contracted; paid by the corporate client)

SAYE (Sharesave)

SIP & Executive Share Plan Flexible Benefits

Others

Source: Management information

INCREASE IN INTERMEDIARY FEES

Total SAYE Balances (£m) Blended Rate on SAYE Balances (%) SAYE Revenue – Intermediary Fee (SIF)

674 698 658 692 777 2012 2013 2014 H1 2014 H1 2015 1.63% 1.46% 1.47% 1.38% 1.54% 2012 2013 2014 H1 2014 H1 2015 5 11 10 10 6 2012 2013 2014 H1 2014 H1 2015 Regulatory Changes – Increase to all employee savings limits Intermediary fees paid to hold SAYE balances are linked to interest rates → Forward curve suggests an expected rate increase YoY Growth

66

Source: Management information

£2m £7m Pre Post

Key clients have increased SAYE limits How we monetise these balances

SAYE balances limit from £250 to £300/month SAYE balances limit from £250 to £500/month

Monthly contribution (£m)

1. Administration fee (paid by corporate) for SAYE scheme 2. Fee paid by savings carrier for introducing balances 3. Fees charged on selling shares at the end of the share plan

INCREASE IN SAYE BALANCES DRIVEN BY REGULATORY CHANGES

67

£2m £3m Pre Post

Source: Management information

INVESTMENT SERVICES

INVESTMENT SERVICES OVERVIEW

KEY HIGHLIGHTS

• #4 Retail Execution-Only Share Dealing platform in the UK; Leading

position in certificated trading

• Recent contract wins and healthy pipeline to drive growth
• Supportive market dynamics towards increased outsourcing to

technology-led providers

• Opportunities to grow the D2C channel through strong pipeline of

employee plans with marketing rights in the employee scheme

• Strong cross-selling opportunity through International Payments

DESCRIPTION

Products & Services

• Retail Share Dealing (transactional, D2C)
• Specialist Share Dealing (transactional, B2B2C)
• International Payments and Wealth: B2B and

B2B2C (contracted / project / transactional)

Market and Competitive Positioning

• £1.6bn addressable market; 6% CAGR 2014-2019

– Positive market trends: – Macro recovery expected to boost consumer confidence and encourage saving and investment – Trend towards outsourcing from growing interest in self-management and desire for self-service – Regulation – Support from regulatory change (e.g. Retail Distribution Review expected to encourage movement to execution only stockbrokers)

• Leading share in certificated trading and

execution-only investing – Key competitors are Hargreaves Lansdown and TD Direct

#4

EXECUTION ONLY RETAIL SHARE DEALING

7%

MARKET SHARE

MARKET POSITION

Provider of retail investor services, executive share dealing, wealth management solutions, white label share dealing and international payments

Payfac

Proprietary technology platforms:

Xanite

69

Source: Management information, management estimates

ADJUSTED REVENUE EVOLUTION

19 25 26 13 21 2012A 2013A 2014A H1 2014 H1 2015

WHAT THE DIVISION DOES

70

DESCRIPTION REVENUE SHARE, 2014¹ HIGHLIGHTS

• Executive and Employee Share

Dealing Services

• Certificated and online

investment dealing

• Leading market share in postal

and certificated dealing

• Provision of high touch market

sensitive trading for corporate executives

• International Payments:
• Foreign exchange services

for corporates and individuals

• Wealth Solutions:
• Outsourced ‘broker back
• ffice’ support
• ‘White labelled’ online

execution-only share dealing platform with custody and settlement solutions

• Ongoing relationship with

Citi on international payments since 2006

• 130 currencies to 180

countries

• White Label share dealing

success story with Saga

• Execution-only online and

telephony trading services

• Provision of trading services

from nominee, ISA, and SIPP accounts

• Award winning technology
• Strong brands (Selftrade,

Shareview) BEGIN ACTIVITY

• 2003
• 2011²
• 2011

Proprietary technology platforms:

Xanite Payfac

Specialist Share Dealing International Payments and Wealth Retail Share Dealing

Source: Management information 1. Note Selftrade acquired in 2015 2. Specialist Share Dealing includes Executive Share Dealing, initially acquired in 2011 from NatWest Stockbrokers and also includes certificated share dealing, a key service historically provided by Lloyds Bank, and acquired in 2007

REVENUE TYPE, 2014

89% REVENUES FROM TRANSACTIONAL ACTIVITIES IN A PLATFORM WITH SCALE AND DEPTH

71

Contracted Transactional REVENUE MODEL Specialist Share Dealing International Payments and Wealth

• For Retail Services, revenues are

generated via trading commissions and ISA administration fees

• For Selftrade, revenues are generated via

trading commissions, inactivity fees, platform fees and trail commissions Retail Share Dealing

• Revenues are predominantly generated

via dealing commissions, but also via foreign exchange and custody fees

• International payments:

— Revenue is earned on the FX margin and transaction fees

• Wealth Solutions:

— Revenues are generated via a combination of shared trading commissions, assets under administration charges and platform hosting and maintenance

Source: Management information

Specialist Share Dealing

“Our heritage in certificated share dealing” International Payments Wealth Solutions

Retail Share Dealing

International Payments

Payfac Platform

• Integrated dealing, custody, settlement and payment services offering
• Proprietary platform with multi-channel capability, deployed in the B2B, B2B2C and

D2C markets

(WHITE-LABEL) D2C

+

WEALTH MANAGER OUTSOURCING

72

PLATFORMS AND CAPABILITIES

International Payments and Wealth Xanite Platform

Source: Management information

THE INTERNATIONAL PAYMENTS OPPORTUNITY FOR EQUINITI

EXISTING CAPABILITY COMPLEX PAYMENT AND ADMINISTRATION ENVIRONMENT IDENTIFIED AS OPPORTUNITY IN STRATEGIC REVIEW LEVERAGE AND MUTUALISE KEY ACCOUNT RELATIONSHIP WITH CITI

73

INTERNATIONAL PAYMENTS

EQUINITI’S PROPOSITION CLIENTS

AGGREGATION OF REQUESTS FOR FOREIGN PAYMENTS 2 PROVIDE FIXED SINGLE CURRENCY PRICE 3 DISTRIBUTION 4

COMPETITORS

CONTRACT WITH CORPORATE CLIENT 1

(EQUINITI’S PARTNER)

Source: Management information

DEMO - CUSTODY, INVESTMENT AND WEALTH MANAGEMENT

Scale

• £18.5bn Assets under Custody
• 350,000 retail investors

End-to-end solution

• Interfaces to SWIFT and CREST systems
• Wealth management and share-dealing

for retail investors and corporate clients Digital

• D2C mobile access

74

Source: Management information

PENSION SOLUTIONS

KEY HIGHLIGHTS

PENSION SOLUTIONS

DESCRIPTION

Products & Services

• Contracted

– Pension Administration: Fully outsourced administration service – Life and Pensions: Administration and payment services for the Life Insurance segment – NHS: Pension software and specialist administration services

• Project and Software

– Projects from the contracted client base – Data Solutions: Complex administration and bulk calculation services to pension schemes – Pension Software: Pension administration software solutions (Compendia)

• MyCSP

– 51% owned JV with government providing pension administration services to the Civil Service Market and Competitive Positioning

• £850m addressable market, 5% CAGR 2014-19

– Increase in outsourcing trend driven by regulatory change (eg. GMP reconciliation)

• Equiniti has ~15% share in pensions services market and

is well positioned to take share and grow – Key competitors: Capita, JLT, Towers Watson

Provides pension administration and software solutions, payment services and data quality services to the public sector, life insurers and pension schemes

76

#2 THIRD PARTY ADMINISTRATION ~15% MARKET SHARE

MARKET POSITION

#1 PUBLIC SECTOR

Proprietary technology platforms: ADJUSTED EBITDA EVOLUTION

12 12 22 5 1 8 4 2012A 2013A 2014A H1 2014 H1 2015 13 20 29 9 14 131

ADJUSTED REVENUE EVOLUTION

• 1. Figures shown include standalone MyCSP estimated revenues of £22.8m calendarised to December 2012, £38.8m calendarised to December 2013, and £50.7m calendarised to December 2014. Figures shown include standalone MyCSP estimated EBITDA of £0.5m calendarised to December 2012, £7.9m

71

• Resilient core business

– Visible, high margin and cash generative

• Market leadership, brand & reputation

– Long heritage with services since 1836

• High client fidelity

– Long-standing customer relationships with some of largest UK companies

• Supportive macroeconomic and regulatory trends
• Platform for cross-selling of additional services

– Strong expansion in add-on services

74 77 101

2012A 2013A 2014A H1 2014 H1 2015

96 72 111 62 132 MyCSP (non-consolidated, net of intercompany eliminations)¹ MyCSP (consolidated)1 Intercompany Eliminations 231 391 511 241 311

OUR PRODUCTS AND SERVICES

77

DESCRIPTION REVENUE SHARE 2014 HIGHLIGHTS BEGIN ACTIVITY

1

• 1836
• Pension Administration: Outsourced

administration and software services for a number of public and private sector pension schemes

• #2 position in pension

administration

• 2012

MyCSP

• 51% owned JV with government, providing

pension administration services to the Civil Service

• MyCSPadministers the

Civil Service Pension Scheme

• 1948
• NHS: Provide software and specialist admin

services

• Pension Software: Compendia is a software

which can be customised to efficiently and effectively manage the rules of all pension schemes

• Compendia administers

schemes for 7m pensioner scheme members in the UK - #3 in pension software

• 1976
• Life & Pensions

– Prudential administered schemes

• utsourced to Equiniti

– Administering annuity books

• Growth in Life &Pensions

space as employers switch from occupational to contract based pensions

• 1999
• Projects from the contracted client base
• Data Solutions: Data analytics, complex and

bulk calculation services to pension schemes and life insurance companies

• Data Solutions growth

supported by market growth and continued GMP reconciliation work

• 2006

Proprietary technology platforms:

CONTRACTED PROJECT & SOFTWARE

• One of the largest pension

schemes in Europe

Source: Management information

• 1. % split includes intercompany sales

78

• c. £5,700 DIVIDENDS

TO EACH QUALIFYING EMPLOYEE SINCE 2012

TRANSFORMATION SERVICE LEVEL AGREEMENTS OPERATIONS COST TECHNOLOGY

CUSTOMER OUTCOMES & CULTURE OPERATIONS & TECHNOLOGY

40% UNIT COST

REDUCTION²

BUSINESS PERFORMANCE

13 TO 4

OFFICES

250

NEW EMPLOYEES

SLA’s improved to 98%

31% GROWTH

PRODUCTIVITY EMPLOYEES

15% INCREASE

in employee productivity¹

9 TO 1

PENSION PLATFORMS

1.5m members

OUR PRODUCTS AND SERVICES – MYCSP

CIVIL SERVICE – THE LARGEST PENSION OUTSOURCE CONTRACT EVER TENDERED

Source: Management information, myCSP press release

• 1. Increase in employee productivity defined by fact that in March 2013, headcount reduced by 15% compared to position at

vesting in 2012, and myCSP was handling same volume of work and servicing same number of members.

• 2. Contracted and committed reduction in the charge to the Cabinet Office over the 10 year contract life for servicing the civil

service pension scheme.

REVENUE TYPE, 2014

RESILIENCE AND VISIBILITY - 67% CONTRACTED REVENUES

79

Transactional Project Contracted

REVENUE MODEL

• Pension Administration and Life & Pensions:

– Fixed yearly fee for core administration – Most contracts include variable components based on members or administrative tasks

• Data Solutions:

– Project fees charged on ongoing basis for services provided

• Pension Software:

– License fees (perpetual or recurring) – Maintenance fees (fixed) – Specific fees for implementation / development projects

MyCSP

• Fixed fee contract with yearly fees agreed

upfront

• Project income charged on a time and

materials basis

CONTRACTED PROJECT & SOFTWARE

• NHS:

– Payroll admin revenue based on number

• f pensioners

– Software project income charged on a time and materials basis – Ancillary income charged as cost + pricing

Source: Management information

MARKET GROWTH FUNDAMENTALS

Increased digitalisation of pensions administration platforms Increasing buy in / buy outs transactions of defined benefit pension schemes driving demand for data cleansing and liability calculations Regulation driving implementation of fixed term and flexible and annuity and career average defined benefit Employees increasingly demanding self-service functionality Continued trend towards full pension administration outsourcing Legacy platforms (e.g., AXISe (Aquila) and Profund Classic (JLT)) are becoming obsolete and unsupported

80

Source: Management estimates

LEVERAGE AWARD WINNING TECHNOLOGY

81

MARKET LEADING PENSIONS PLATFORM RECOGNITION BENEFITS

• Configurable for all types of pension scheme
• Compendia Touch launched in 2014

– Rapid and flexible configuration for new clients – Establishment of online & mobile self-service applications

Adapts for multiple devices Use new Compendia web service API’s Push notifications

Rich self service experience

Proprietary technology platforms:

ACCESSING CONSUMER SELF-SERVICE TRENDS

Source: Management information

FINANCIAL PLAN

ORGANIC REVENUE GROWTH

83

£ m FY12 FY13 YOY '12-'13 FY13 FY14 YOY '13-'14 H1 14 H1 15 YOY '14-'15

• Avg. Organic

YoY Growth Rate 2012- 2014 Adjusted Revenue (including consolidated MyCSP contribution) 244 263 8% 263 291 11% 133 181 36% Illustrative Combination with MyCSP 266 297 12% 297 322 9% 153 181 18% Acquisitions LfL Adjustment¹ (3) (12) (11) Illustrative Combination with MyCSP (organic) 266 293 10% 297 310 4% 153 170 11% 7%

COMMENTARY

• The methodology of "organic growth" assumes same business perimeter between two consecutive

periods, i.e. the year n perimeter is adjusted to be exactly equivalent to the business perimeter in year n-1

• Overall strong growth over the last three years supported by the Regulatory environment and a

number of legislative changes supporting the markets Equiniti serves like pension changes and SAYE allowances doubling

1. FY 12 to FY13 period adjusted for Xanite (Peter Evans) (acquired in Aug-12), Prism (acquired in Dec-12), and Kilik (acquired in Oct-13). FY13 to FY14 period adjusted for Xanite (Peter Evans) (acquired in Aug- 12), Prism (acquired in Dec-12), Kilik (acquired in Oct-13), Pancredit (acquired in Apr-14), Invigia (acquired in Sep-14), and JPM CDS (acquired in Sep-14). H1 14 to H1 15 period adjusted for Pancredit (acquired in Apr-14), Invigia (acquired in Sep-14), JPM CDS (acquired in Sep-14) and Selftrade (acquired in Feb.15).

REVENUE AND EBITDA ADJUSTMENTS BREAKDOWN

84

Source: Management information

Revenue, £ m FY12 FY13 FY14 LTM Jun-15 H1 14 H1 15 Discontinued Lloyds Wealth Contract 9 7 Interest Swap 5 4 1 1 Interest / Balance Releases 6 1 Xafinity Consulting Charge/ TSA SAYE one off release 2 Adjustments 23 12 1 1 EBITDA, £ m FY12 FY13 FY14 LTM Jun-15 H1 14 H1 15 Discontinued Lloyds Wealth Contract 5 4 Interest Swap 5 4 1 1 Interest / Balance Releases 7 1 2 2 Xafinity Consulting Charge/ TSA 1 1 SAYE one off release 2 Adjustments 20 11 3 1 2

BOARD OF DIRECTORS

FULLY FORMED BOARD OF DIRECTORS

KEVIN BEESTON NON-EXECUTIVE CHAIRMAN Joined in September 2011 JOHN STIER CHIEF FINANCIAL OFFICER Joined in June 2015 VICKY JARMAN

• SR. INDEPENDENT NON-

EXECUTIVE DIRECTOR Joined in May 2014 SIR ROD ALDRIDGE OBE INDEPENDENT NON- EXECUTIVE DIRECTOR Joined in March 2010

• Strong INEDs and senior INED Vicky Jarman
• Chairman Kevin Beeston also Chairman of Taylor Wimpey, a

FTSE 100 company

• Separate CEO & Chairman

TIM MILLER INDEPENDENT NON- EXECUTIVE DIRECTOR Joined in February 2015 JOHN PARKER INDEPENDENT NON- EXECUTIVE DIRECTOR Joined in January 2014 HARIS KYRIAKOPOULOS ADVENT NON-EXECUTIVE DIRECTOR Joined in August 2013 86

Source: Management information

GUY WAKELEY CHIEF EXECUTIVE OFFICER Joined in January 2014