quindell teach in

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©!JUNE!2014!–!QUINDELL!PLC.!ALL!RIGHTS!RESERVED.!DO!NOT!DISTRIBUTE!WITHOUT!PERMISSION.
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INDUSTRY!TRANSFORMATION!DRIVEN!BY!CHALLENGER!RE@ENGINEERING!
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…(

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©!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)!
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SECTION!I:!“QUINDELL!PLC.”!
INTRODUCTION!&!HIGHLIGHTS!

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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(

!
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(

!
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!((

!
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(
SECTION!II:!“QUINDELL!SERVICES!DIVISION”!
BUSINESS!PROCESS!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(

!
“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”(
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(

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

!
“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!

!
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)!
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(

!
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:!“QUINDELL!SERVICES!DIVISION”!
QUINDELL!LEGAL!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(Claims(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(

!
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?!(
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(

!
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.!
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(

!
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!

!
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(
Claims(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(

!
Legal(Services(Revenue(per(Case(Type/Target(Mix(H2(15,000(Cases((
!£@!!!!
!£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(
!£@!!!!
!£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(
! ! !!
((
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(
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!
remainder! of! 2014,! our!
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(

!
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?(
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!
©!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!
INDUSTRY!TRANSFORMATION!DRIVEN!BY!CHALLENGER!RE@ENGINEERING!

!
DISCLAIMER!
This!presentaGon!is!being!supplied!to!you!by!Quindell!Porolio!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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