SHEDDING LIGHT ON EMBARK

1 SHEDDING LIGHT ON EMBARK02 CONTENTSINTRODUCTION 03 VITAL STATISTICS 04 WHAT WE DO 05 WHY WE DO IT 06 INVESTMENT CAPABILITIES AND MARKET CONNECTIVITY 07 MARKET OPPORTUNITY 08 SELF-DIRECTED PERSONAL PENSION 09 SSAS COMPETITIVE LANDSCAPE 10 ACHIEVING OUR VISION 11 STRATEGIC POSITIONING 12 BRANDS AND REGISTERED BUSINESSES 13 OUR PEOPLE 14 / 19 Many would say the EMBARK Group is a best kept secret in the UK financial services market. Slowly this is beginning to change and our overall strategy will become more apparent as we make you may not know is that the EMBARK Group is currently one of the largest retirement solutions providers in the UK. We deal with financial advisers and clients directly through the brands in our stable, including EBS, HornbuckleRowanmoor (who recently won Best SSAS Provider 2017, for the 10th year running at the ILP Moneyfacts Awards).

2 We also offer white label services to some of the biggest brand names in the market. We power the SIPP offerings of partners such as Bestinvest, Nutmeg, Willis Owen, and Charles Stanley Direct. And soon we will be live with a host of leaders in the fintech space including Scalable Capital and the PFS Festival 2017 we will showcase our newest offering: the EMBARK platform, a low-cost solution designed to help advisers service their core client base and profitably access/target less affluent clients via our keenly priced, leading edge technology and investment document provides further insight into who we are, what we do and why we do it. Our aim is to help financial advisers and prospective partners to better understand our value proposition, plans for the future and journey thus PRIVATELY OWNED BN ASSETS UNDER ADMINISTRATIONMULTI-MILLION YEAR-ON-YEAR CAPITAL INVESTMENT107,000+ INDIVIDUAL CLIENTS500+ EMPLOYEES>125% REGULATORY CAPITALVITAL STATISTICSThe EMBARK Group is privately-owned and independent.

3 While you may not know about us, we are financially robust and responsible for more than 11 billion in client assets. Businesses with the EMBARK Group have been trading since give you a sense of our overall size, scale, and reach below is a snapshot of our Group in numbers (as at 30 August 2017): EMBARK GROUP IN NUMBERS 05 WHAT WE DOSIPP PENSION ADMINISTRATIONINVESTMENT RESEARCH & CONSULTINGWRAP ADMINISTRATIONWORKPLACE & EBCCOMMERCIAL PROPERTYSSAS PENSION ADMINISTRATIONWe are one of the UK s largest SIPP providers. Our solutions range from the mostBespoke SIPP arrangement through to the most sophisticated/efficient eSIPP in themarket. We deliver SIPPs through our EMBARK , Rowanmoor, EBS and Hornbucklebrands today, but also provide white-label SIPPs for leading partners such asNutmeg, Charles Stanley Direct and BestInvest.

4 By volume we are one of thefastest growing and most sustainable SIPP operators in the UK acquisition we have built an investment research and consulting capability that is second to none in our sector. Our reach covers fund research, Multi-Asset research, DFM research and bespoke asset due diligence. We currently operate through three brands: The Adviser Centre, Scopic Research and DISCUS to deliver these services. Outside of research, we provide bespoke consulting services relating to investment selection, portfolio construction, operational due diligence, consumer suitability and other related operate a full platform service under the EMBARK brand, where we deliver our fully automated ISA, JISA, GIA and Personal Pension capabilities.

5 The EMBARK platform allows for the trading and holding of a wide range of UK and international assets, model portfolios and DFM services. Our platform is based on FNZ technology, the recognised UK market leader in wrap technology have established a niche employee benefits consultancy that focuses currently on digitally enabled flexible benefits, coupled with financial wellbeing advisory services. This connects us to the current auto-enrolment market as consult but not provider of pension services. In the medium term we intend to be a major player in workplace wrap , bringing to bare all of our Group strengths into this key segment in one integrated of the EMBARK Group have been pioneers in the SIPP and SSAS sector.

6 Accordingly we have built phenomenal competence in Commercial Property administration. We administer over 7,000 physical property arrangements in the UK and abroad, accounting for over 3bn in client assets. Our dedicated resource base of over 50 RICS surveyors, technicians and specialist property is the largest SSAS provider in the UK - twice the scale of our nearest competitor. We offer standard SSAS, solo SSAS for individual entrepreneurs, and more bespoke Defined Benefit SSAS arrangements. Today we administer SSAS arrangements for over 4,000 companies and for ten years have held the title Best SSAS Provider ILP Moneyfacts Awards. We also provide white-label SSAS solutions for businesses such as Standard Life CAPABILITIES AND MARKET CONNECTIVITYSPECIALIST INVESTMENTS & CASHCOMMERCIAL PROPERTY INVESTMENTSTRADITIONAL INVESTMENTSDISCRETIONARY FUND MANAGER (DFM) & PORTFOLIO SERVICES25% ( billion)23% ( billion)46% ( billion)6% ( billion)

7 INVESTMENTS HELD Alternative investment funds EPUTs Unauthorised unit trusts Unlisted equities Unlisted corporate bonds Unlisted loan notes Limited partnerships Special purpose vehicles Qualified investor schemes Trust based property syndicates Scheme borrowing Authorised employer loans Retail LIGHT industrial Offices Mixed use Land Hotels Leisure schemes Syndicated buy-to-let Commercial mortgages Regulated collectives OEICs & ICVCs SiCAVs PIBs Structured products Listed equities Listed loan notes Investment trusts ETCs & ETFs Corporate bonds Government bonds Futures Options & warrants NS&I products Cash deposits Quilter Cheviot Brewin Dolphin Charles Stanley Investec LGT Vestra Brooks Macdonald Barclays Wealth Prudential St James s Place Met Life07 DISRUPTIVECHANGEUK DEMOGRAPHICSCOVERGENCE OF PLATFORMS & SIPPSNON-ADVISED DISTRIBUTIONSIPP & SSAS MARKET CONSOLIDATIONIFA SERVICEFOCUSIFA CAPABILITIESREGULATIONFEE CHANGESCONSUMERBEHAVIOURWe are in a period of the most disruptive change the UK non-bank savings market has seen in the last 30 WE DO ITThe EMBARK Group was established in 2013 to harness specific opportunities identified in the UK non-bank savings market.

8 These long range macro trends have accelerated since launch:UK Demographic From annuity to drawdown Higher / savings ratios Shifts from traditional pensions to SIPPSFee changes Major fee changes in the value chain Legacy platforms and SIPP businesses suffering with greater risk Regulatory capital charges are having an impactConsumer behaviour Digital purchasing of financial services Awareness of the critical nature of pensions Comfort with self-investment Focus on longevity and valueConvergence of platforms and SIPPs Platforms not built for the now central SIPP proposition + SIPP firms have underinvested in technology = commercial opportunityNon-advised distribution Material growth in this

9 Area Technology, Artificial Intelligence and behavioural predictive tools are enabling millennial investorsIFA service focus Less open architecture Higher TER sensitivity Risk and digital integration with partners is keyIFA capabilities Continued expansion of Networks and consolidating Nationals Split between Independent and Restricted (vertically integrated businesses) Major change in pricing mechanicsRegulation Driving toward scale players across the value chain Risk integration is becoming central Appetite for riskier asset types dropping rapidly PI cover harder to findSIPP and SSAS market consolidation Regulation pushing the need for scale Technology investment a must, requiring scale Generational loss of SIPP market pioneers Complexity increasing Margins tighter Capital requirements are forcing exit08 MARKET OPPORTUNITYWe believe the UK SIPP and SSAS markets will continue to grow at pace in 2017 and beyond, based on reports from Platforum, the lang cat and Fundscape.

10 Below is a synthesis of these, showing predicted Compound Annual Growth Rates (CAGR) for each of our focus SIPPSIMPLE SIPPSSASWORKPLACE SAVINGS / EBCPLATFORM (ALL WRAPPERS)FINANCIAL PLANNING3YR GROWTH CAGR = 3 - 4%3YR GROWTH CAGR = 25 - 30%3YR GROWTH CAGR = 2 - 3%3YR GROWTH CAGR = 7 - 8%3YR GROWTH CAGR = 6 - 7%3YR GROWTH CAGR = 4 - 5%KEY FACTORS Reducing competition and concentration of the top 6 players Reducing IFA appetite for complex assets Property expertise increasingly core Regulatory requirement increasingly complex Pricing likely to rise after 3 to 4 years of reductionKEY FACTORS Large opportunity for API/STP driven providers Material XO/Robo entrants in need of SIPP services (2017/2018)