#1OMNI BRIDGEWAY 1H23 Results 23 February 2023#2Contents 01 Highlights 04 Strategy 02 Financial results 05 Annexure 03 Portfolio performance OMNI BRIDGEWAY 1H23 RESULTS | 23 FEBRUARY 2023 Certain terms used throughout this presentation, including but not limited to, total gross income and revenue, investment income, estimated portfolio value (EPV), implied embedded value (IEV), and commitments are presented as non-IFRS information. Further to this, commitments and EPV include conditional and Investment Committee approved investments, whereas IEV excludes them. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Throughout the presentation, consistent with all funds, Fund 5 is presented at 100% values, the outside investor portion is shown in non-controlling interests (NCI). Within OBL's Consolidated Financial Statements, Fund 5 is brought in at the Group's attributable share of income, assets, and liabilities with no associated NCI. Further information on terms, including definitions of key concepts, is available on slide 19 and in our Glossary at https://omnibridgeway.com/investors/omni-bridgeway-glossary and Notes at https://omnibridgeway.com/docs/default-source/investors/general/notes-to-qpr.pdf and should be read in conjunction with this presentation.#31H23 RESULTS | 23 FEBRUARY 2023 Strong portfolio growth For the 6 months ended 31 December 2022 Total gross income and revenue $170.2m From diversified sources and a secondary market sale & New commitments1 $304.2m 55% of FY23 target DE OMNI BRIDGEWAY Funds under management² ~$3bn Across a balanced portfolio Highlights Financial results Net loss after tax $(30.1)m Down $21.4m due to lower than expected completions Success rate 76% 3yr ROIC 1.15x 3yr IRR 35% Across finalised litigations Estimated portfolio value (EPV)1 $29.8bn Up 9.6% on 30 June 2022 Implied embedded value (IEV) $3.8bn Up 5.2% on 30 June 2022 EPV conversion rate 14% 3 year rolling average Cash and receivables $220.0m Plus access of up to $100m debt 1. Includes conditional and Investment Committee approved investments. 2. After full establishment of Fund 8. Portfolio performance Strategy Annexure 3#41H23 RESULTS | 23 FEBRUARY 2023 OMNI BRIDGEWAY Successful execution of strategic and operational objectives . • Substantial growth in commitments of $304.2m, adding $5.1bn EPV and up 60% on 1H22 (+191% for the US) On track to achieve FY23 commitments target of $550 million through strong 1H23 activity and a $228m pipeline Recognised $92.3 million litigation proceeds, completed 13 investments Accelerated future potential returns and reallocated capital from the completion of a secondary market sale -US$20m into Fund 1 reducing its 1 NCI balance to ~$12m Maintained strong track record with a high success rate of 76%, a key performance indicator • Commenced the second generation funds series II upsizing process that will create US$1bn additional FUM . Achieved geographic expansion in northern hemisphere with offices opened in Miami, Chicago, Paris, Milan . Enhanced portfolio diversification through both investment type and area of law • Made executive leadership appointments including Global CFO and Co-CIO EMEA reflecting global focus Highlights Financial results Portfolio performance Strategy Annexure CEO succession MD & CEO Andrew Saker has announced his intention to retire, succeeded by Executive Director and Co-CIO - EMEA, Raymond van Hulst, as part of a carefully planned executive management transition#51H23 RESULTS | 23 FEBRUARY 2023 Financial highlights OMNI BRIDGEWAY Highlights Financial results Portfolio performance . • Diverse sources of revenue from litigation completions, a secondary market sale, management fees, interest Net loss after tax of $30.1m, down $21.4m There is an estimated profit before tax of ~$33m inherent in the matters for which income is yet to be recognised at 31-Dec-22, which if unlocked prior to 1H23 period end would have resulted in a profit - satisfaction of the income recognition criteria may result in recognition of this profit in future periods Completions were modest with a number of protracted settlement mediations, albeit in advanced stages of litigation Impairment expense and adverse costs down 88% to $3.7m due to unusually high 1H22 impairments Costs consistent with growth targets Employee expenses up 29% with ~$7m of the change related to headcount growth to 214 (from 183 at 31-Dec-21) reflected in improved commitment levels, whist still achieving significant efficiency gains Corporate overheads reflect resumed levels of pre-COVID expenditure for certain categories, new operating locations and investment in marketing efforts Change $m 1H23 1H22 from 1H22 Consolidated Group grossed up to include all Funds at 100% Litigation investments proceeds 92.3 115.5 (20)% Third party income from sale of investment vehicle 86.6 Less third party interest of Fund 5 (18.2) Litigation investments proceeds Management fees 160.7 115.5 39% 3.5 3.2 6.0 8.4 170.2 127.1 9% (29)% 34% Interest revenue and other Total gross income and revenue Litigation investments costs derecognised (non-cash) (61.5) (70.6) (13)% Reclassification to share of income from associates (2.5) Third party share of sale of investment vehicle (86.6) Total income 19.6 56.5 (65)% Litigation investments - impairment and adverse costs (3.7) (31.0) (88)% Amortisation of litigation investments - claims portfolio (2.7) (2.4) 13% Employee expenses (39.0) (30.3) 29% Other expenses (17.5) (13.5) 29% Fair value adjustments of financial assets and liabilities 2.4 Profit/(loss) before tax (43.4) (18.3) 136% Income tax benefit / (expense) Profit/(loss) after tax 13.3 (30.1) 9.6 (8.7) 39% 242% 5 Strategy Annexure#61H23 RESULTS | 23 FEBRUARY 2023 Optimised capital and operational efficiencies Value created through scaling our team of legal asset specialists improved operational efficiencies Demonstrating our ability to attract, retain and develop the best talent in the industry The Group continues to maintain a strong financial position based on: • $93.0m cash and receivables on OBL balance sheet and access of up to $100m undrawn debt • Sufficient capital and dry powder to support growth, deployment obligations, liquidity requirements and corporate initiatives OMNI BRIDGEWAY $m Efficiency ratios 1H23 1H22 Change from 1H22 EPV managed per IM $m EPV generated per IM $m EPV/investment managers 303 237 28% New investment EPV / investment managers 86 60 43% CAGR 30% CAGR 24% Management fees / total expenditure¹ 6% 8% (25)% Total expenditure1/ IEV 2% 1% 100% Working capital ratio Headcount Number of offices Number of investments EPV² 1.5:1 2.9:1 (48)% 303 214 183 17% 279 86 237 75 208 24 180 56 59 60 20 20% 60 315 322 (2)% 29,803 23,150 29% 1H21 2H21 1H22 2H22 1H23 1H21 2H21 1H22 2H22 1H23 1. Excluding amortisation, impairments and adverse costs. 2. Includes current unconditional investments, conditional investments and Investment Committee approved investments Highlights Financial results Portfolio performance Strategy Annexure#71H23 RESULTS | 23 FEBRUARY 2023 Securing portfolio growth to generate future income Investments carrying value 1,2 $642.9m 427.0 19.9 627.9 CAGR 20% (42.2) 123.9 (73.5) 163.4 152.0 42.0 105.2 163.8 132.4 516.8 529.9 510.5 EPV1,2 $29.8bn 30-Dec-22 642.9 9.5 CAGR 41% 15.8 20.1 27.2 29.8 Commitments 1,2 $304.2m CAGR 38% 412.6 146.1 313.2 OMNI BRIDGEWAY 463.3 178.8 97.5 223.0 53.1 94.6 FY23 target $550m to $600m 67.7 228.1 56.2 235.5 118.2 93.4 63.9 1H23 304.2 64.0 21.2 120.0 126.0 60.9 95.5 22.7 FY19 FY20 FY21 FY22 Investments Investment completions deployments³ Other 1H23 FY19 FY20 FY21 FY22 1H23 FY19 Balance sheet Fund 1 Fund 2&3 Fund 4 Fund 5 Impairments Fund 5 Fund 6 Fund & 1. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Here, Fund 5 is presented at 100%. 2. Includes conditional and Investment Committee approved investments. 3. Investment deployments includes capitalised overheads and investment updates. 4. Other includes foreign currency adjustments and impairments. 68.7 FY20 FY21 FY22 FY23 1Q 2Q 3Q 4Q Term sheets Target 7 Highlights Financial results Portfolio performance Strategy Annexure#81H23 RESULTS | 23 FEBRUARY 2023 Balanced and diversified portfolio¹ • Diversification provides mitigation to risk of competition and regulatory intervention and portfolio concentration • OMNI BRIDGEWAY Consistent with reducing concentration risk, the average investment size across the portfolio is $1.7m ($0.7m for OBE investments, $2.8m for all other investments) The 10 largest investments represent 25% of the total portfolio EPV compared to 46% three years ago EPV by region 27% 28% 45% APAC Americas EMEA EPV by investment type 24% 5% 7% 21% 43% EPV by funding source EPV by case concentration 1% 1% 4% 15% 11% 33% 35% 75% ■Single Party Law Firm Class actions Arbitration Other Balance sheet Fund 4 Fund 8 Fund 1 Fund 5 Funds 2&3 Fund 6 25% 10 largest cases ■Balance Balanced portfolio with growth potential in all regions, particularly in the US Global class action investments represent 21% of our portfolio (12% Australia, 9% ROW) 1. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Here it is presented at 100%. Diversified funding sources whereby investments are funded through dedicated investment vehicles with global co-investors and joint venture structures The 10 largest cases are spread across Funds 1 to 5 with no balance sheet exposure and no concentration in any single fund One of the investments is a law firm portfolio comprising multiple individual cases For investments in cost shifting jurisdictions, we have after-the-event (ATE) insurance in place for adverse costs orders 8 Highlights Financial results Portfolio performance Strategy Annexure#91H23 RESULTS | 23 FEBRUARY 2023 Portfolio summary Amounts attributable to investors Amounts attributable to Omni Bridgeway Current investments Completed investments OMNI BRIDGEWAY EPV Success rate Average At 31-Dec-22 Committed Capital Returns Capital Fees # duration EPV IEV Average # duration conversion $ weighted EPV rate average ROIC IRR Fund 1 100% $12m $61m $8m 14 6.1 yrs $1,338m $201m 34 3.4 yrs $2,013m 11% 72% 0.44x 13% Funds 2&3 100% $62m $49m $31m $6m 25 3.8 yrs $3,335m Fund 4 79% $138m $35m 34 1.2 yrs $9,006m $500m $1,351m 16 1.6 yrs $453m 17% 43% 0.86x 104% 8 1.1 yrs $822m 11% 98% 0.59x 93% Fund 51 68% $125m $31m 50 1.6 yrs $7,234m $1,085m 9 1.3 yrs $851m 5% 76% 0.22x 17% Fund 6 100% $125m $7m 152 6.8 yrs $3,888m $583m 223 3.1 yrs n/a n/a 77% 3.1x 177% Fund 7 4% $5m <$1m n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2 Fund 8 3% Funds total $455m $61m $165m $14m 277 Balance sheet 7 Portfolio total $455m $61m $165m $14m 284 0.1 yrs 4.8 yrs 11.5 yrs 5 yrs $15m $2m n/a n/a n/a n/a n/a n/a n/a $24,816m $292m $25,108m $3,722m $44m 193 3.0 yrs $5,354m 20% 78% 1.62x 80% $3,766m • • Highlights Financial results Portfolio performance Strategy Fund 1 and Funds 2&3 - in harvest mode with NCIS continuing to have priority - these first generation structures will provide a substantial back-end return attribution in future periods. Fund 4 and Fund 5 - the series one investment periods have been extended by 6 months while discussions are underway with investors to upsize the funds. Fund 6 - in harvest mode; merits investment opportunities previously undertaken by Fund 6 are flowing to Fund 5; enforcement investment opportunities will flow to Fund 8 once closed. Fund 7 - being restructured and rolled into Fund 8. Fund 8 - €8.8m new investment commitments plus €18.4m agreed term sheets (~9% fund capacity at 31-Dec-22) will be warehoused on OBL balance sheet until Fund 8 is fully established. • · 1. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Here it is presented at 100%. Annexure#101H23 RESULTS | 23 FEBRUARY 2023 OMNI BRIDGEWAY Provisional attribution from estimated future completions1 $1.2bn of IEV and fees provisionally attributed to OBL is based on the realisation of the current unconditionally funded portfolio and utilising past performance of 15% EPV conversion and management fees - refer to slide 19 for additional assumptions. At 31-Dec-2022 $m Total EPV Balance sheet Fund 1 Funds 2&3 Fund 42 Fund 52,3 Fund 64 Fund 8 Total IEV Possible completion period (PCP) Sensitivity analysis EPV conversion rate to IEV 15% EPV conversion rate Excl. material 6 months to 30-Jun-23 impaired FY24 2,163 8,037 FY25 5,838 FY26+ TOTAL 9,070 25,108 10% 25,108 20% 25,108 investments PCP delay of 12 months 23,537 25,108 IEV at 15% EPV conversion rate 5 16 23 0 44 29 58 39 44 97 73 21 10 201 134 268 201 201 133 161 78 128 500 334 667 500 500 29 468 269 585 1,351 901 1,801 1,120 1,351 38 348 379 320 1,085 723 1,447 1,085 1,085 21 140 105 317 583 389 778 583 583 0 1 1 0 2 2 2 2 2 323 1,207 876 1,360 3,766 2,512 5,021 3,530 3,766 IEV provisional distribution attributable to OBL 104 406 Management fees to OBL5 5 10 256 20 360 25 1,126 60 722 60 1,571 1,071 1,116 60 60 60 Performance fees to OBL Total to OBL IEV provisional distribution attributable to NCI 109 219 416 Not included in analysis 276 Not included in analysis 801 620 385 1,000 1,186 782 1,631 1,131 2,640 1,790 3,450 2,459 1,176 2,650 1. Refer to the Notes on slide 19 which accompany this slide and the Glossary at https://omnibridgeway.com/investors/omni-bridgeway-glossary which includes key concepts. Both the Notes and the Glossary should be read in conjunction with this presentation. 2. Excluding performance fee entitlement. 3. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Here, Fund 5 is presented at 100%. 4. Utilises NCI's historic share of proceeds, being a blend of A, B, C investment specific waterfalls. 5. Sensitivity scenarios have not been applied to management fees. Highlights Financial results Portfolio performance Strategy Annexure 10#111H23 RESULTS | 23 FEBRUARY 2023 A strong platform for growth OMNI BRIDGEWAY Highlights Financial results We are an alternative asset manager and investor in litigation and enforcement assets; a class that is typically uncorrelated with economic cycles and macro events The current global uncertainties, supply chain disruption, and constraints on access to capital may create further investment opportunities We have a strong platform for growth and a balanced portfolio that is delivering results Our FY23 goals include: • • • $550m to $600m commitment target (20% to 30% yoy growth) with continued focus on high-quality investments Increase FUM to between ~$4bn and $4.5bn via series II of Funds 4 and 5 Executing our US growth strategy Optimising our capital structure for greater flexibility and capacity Mitigating risks through diversification across our global portfolio Potentially launching additional funds to accelerate our FY25 FUM target of $5bn Expanding into new markets in APAC, the Americas and EMEA Exploring potential merger and acquisition opportunities Finalise establishment of Fund 8, our new global enforcement fund FY25 target $5bn FUM $1bn annual commitments Key short-term drivers Investment completions Growth in commitments Secondary market sales • Sustained improvement in operational efficiencies Relevant long term metrics Achievement of 5-year business plan targets Growth of resources to support our business and enhance our capability Expansion of products and diversification of risk Portfolio performance Strategy Annexure 11#12Annexure OMNI BRIDGEWAY#131H23 RESULTS | 23 FEBRUARY 2023 OMNI BRIDGEWAY Structure of established Funds ° • If an investment is successful, the defendant will pay an agreed amount to the claimant's lawyers trust account - The lawyer will deduct the fees owing to the Group and pay the balance of funds to the client If the claim fails, the Group is responsible for paying the counterparty's costs on the terms agreed with the client, if it is not covered by ATE or AC insurance In addition, damages are not always awarded in cash. Investment Managers require the ability to appraise non-cash collateral when pricing the risks of an investment prior to the funding decision, and require the ability to collect varying forms of collateral for monetisation The Group has an established track record of identifying, appraising and collecting non-cash collateral in a variety of jurisdictions Fund 1 Funds 2&3 Fund 4 Fund 5 Funds 6&7 Hybrid whole of fund 4. <20% IRR, 80% to investors (incl the Group) 20% performance fee Туре European whole of fund European whole of fund American deal by deal American deal by deal Waterfall 1. Investor capital 1. Investor capital 1. Investor capital (including the Group) 1. 2. 2. Investor preferred 2. Investor preferred 2. Hurdle 8% Investor capital (including the Group) Hurdle 8% 3. Catch-up return return 3. Catch-up 3. Investor undrawn fee 3. Investor undrawn fee 4. 4. Group management fee 4. Group management fee <20% IRR, 80% to investors (incl the Group) 5. Group capital 5. Group capital 6. Profit distribution: 6. Profit distribution: Group 85% Investor 15% Group 80% Investor 20% 20% performance fee 5. Profit distribution: Group 30% performance fee Investors (incl the Group) 70% 5. Profit distribution: Group 30% performance fee Investors (incl the Group) 70%) Merit investments + Fund 7 1. Capital 2. Hurdle 10% 3. Performance fee; 4. IRR <20%, 20% IRR >20%, 30% Balance to investors (incl the Group) pro rata Enforcement investments 1. Investor capital 2. Hurdle IRR 20% 3. Profit distribution (Group 100%) Management fee Part of waterfall return Part of waterfall return Paid quarterly Capital recycling Not permitted Not permitted Permitted Paid quarterly Permitted As called Permitted Highlights Financial results Portfolio performance Strategy Annexure 13#141H23 RESULTS | 23 FEBRUARY 2023 Fund summary FUND 1 USA Launched Feb-17 Size: USD172m USD million Called Distributions Total USD AUD equivalent FUNDS 2&3 REST OF WORLD Launched Oct-17 Size: AUD189m AUD million Called Distributions Total AUD FUND 4 USA Launched Apr-19 Size: USD500m USD million Called Distributions Total USD AUD equivalent FUND 5 REST OF WORLD Launched Sept-19 Size: USD500m USD million Called Distributions Total USD AUD equivalent FUND 61 Launched Jan-17 Size: EUR150m EUR million Called Distributions Total EUR AUD equivalent OMNI BRIDGEWAY Capital called Uncalled capital Accumulated preferred return Accumulated special distribution Total Investor Omni Total Investor Omni Investors 166.7 125.0 41.7 5.0 3.8 1.3 52.7 Investors 1.8 Accumulated management fee Omni 5.6 (125.0) (125.0) n/a n/a n/a (46.3) 41.7 41.7 5 3.8 1.3 6.4 61.2 61.2 7.3 5.5 1.8 9.4 1.8 2.6 5.6 8.2 Accumulated Capital called Uncalled capital Total Investors Omni Total Investors Omni 153.6 122.9 30.7 35.4 28.3 7.1 preferred return Investors 42.3 Accumulated special distribution Investors 6.9 Accumulated management fee Omni 6.3 (61.2) (61.2) n/a n/a n/a 92.4 61.7 30.7 35.4 28.3 7.1 42.3 6.9 6.3 Capital called Uncalled capital Recycled proceeds Total Investors Omni Total Investors 191.1 152.8 38.3 308.9 247.2 Omni 61.7 Total Investors Omni (73.5) (58.8) (14.7) 117.6 94.0 23.6 308.9 247.2 61.7 172.8 138.1 34.7 453.9 363.3 90.7 Capital called Uncalled capital Total Investors Omni Total Investors Omni Total Recycled proceeds Investors Omni 118.2 96.2 22.0 381.8 303.8 78.0 (11.7) (11.0) (0.7) n/a n/a n/a 106.5 85.2 21.3 381.8 303.8 78.0 156.5 125.2 31.3 561.0 446.4 114.6 Capital called Uncalled capital Total Investors Omni Total Investors Omni Total Recycled proceeds Investors Omni 83.5 79.3 4.2 66.5 63.2 3.3 47.3 44.9 2.4 n/a n/a n/a 83.5 131.3 79.3 4.2 66.5 63.2 3.3 47.3 44.9 2.4 124.7 6.6 104.6 99.4 5.2 74.4 70.7 3.7 Capital called Uncalled capital Recycled proceeds Total Investors Omni Total Investors Omni Total Investors Omni 3.5 3.3 0.2 96.5 91.7 4.8 n/a n/a n/a 3.5 3.3 0.2 96.5 91.7 4.8 5.1 4.9 0.3 141.8 134.7 7.1 FUND 7 Launched Jul-19 Size: USD100m USD million Called Distributions Total EUR AUD equivalent Data for Fund 6 is current at 30 September 2022 1. Highlights Financial results 14 Portfolio performance Strategy Annexure#151H23 RESULTS | 23 FEBRUARY 2023 Investment income $m Investment income Investments completed in 1H23 Investments completed in prior periods Ongoing investments Total income recognised in 1H23 4 51 6 7 Funds Balance sheet 1 2&3 30.5 0.4 9.7 4.1 ― <1 - 4.0 4.4 19.9 13.1 4.1 34.5 4.4 20.3 22.8 884 <1 0.2 6.0 6.2 Binding conditional settlements 14.0 Successful judgments Executed settlements Agreed in principle settlements Total income yet to be recognised² at 31-Dec-22 14.0 Ing | | | | | | | | | | 22.5 0.6 0.6 22.5 Income recognised in 1H23 and yet to be recognised at 31-Dec-22 18.1 34.5 4.4 20.3 23.4 28.7 | || 1 | | | OMNI BRIDGEWAY Total 40.6 4.3 47.4 92.3 14.0 22.5 0.6 37.1 129.4 $129.4m investment income (recognised and yet to be recognised) comprising: $98.5m attributable to providers of third-party capital, with ~$40m of this relating to our first-generation funds third party capital - this in turn will accelerate returns for OBL shareholders under the relevant waterfall structures $30.9m provisional distribution attributable to OBL shareholders Recognised investment income of $92.3m comprises: $40.6m recognised from 13 fully completed investments which had an EPV of $1.02bn $51.7m recognised from partial completions and completions in previous periods $37.1m income yet to be recognised (IYTBR) at 31-Dec-22 relates to substantially completed investments with conditional settlements or judgments on appeal which may be recognised in future periods - the corresponding EPV of these investments is $121m, all of which have an estimated completion period of FY23. The defendant's appeal relating to a Fund 1 investment, previously reported as a successful judgment in our 2Q23 Investment Portfolio Report on 30- Jan-23 with $27.2m IYTBR, has resulted in the summary judgment being vacated and the case remanded back to the first instance court. As such the IYTBR has been removed but the investment's EPV remains in our portfolio assumptions with a possible completion period of FY23. Provisional distribution of income recognised and yet to be recognised³ - provisional distribution attributable to OBL shareholders - Provisional distribution attributable to NCI 18.1 4.1 6.9 1.8 30.9 34.5 4.4 16.2 16.5 26.9 98.5 Distribution waterfall of income recognised in 1H23 and yet to be recognised at 31-Dec-22 18.1 34.5 4.4 20.3 23.4 28.7 129.4 Income conversion rate EPV of investments completed in 1H234 487 Life to date income of fully completed investments in 1H23 Income conversion rate for 1H23 31 n/a 6% n/a 1. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Here, Fund 5 is presented at 100%. 2. Subject to change and may be recognised in FY23 or later. TA <1 535 <1 1,023 10 <1 41 2% 28% 4% 3. Represents indicative cashflows anticipated to flow out of the Funds due to the income generation included in the table above. It represents the aggregate estimate of the cash distributed and yet to be distributed under the various distribution waterfalls of the Funds assuming the income is equivalent to gross cash proceeds and disregarding the tax status of the relevant Fund. The Fund's capital status and waterfalls operate on a cash collection and distribution basis and do not align with the accounting treatment. Accordingly, the NCI attribution disclosed in OBL's Consolidated Financial Statements will not necessarily match this. 4. Includes investments that fully completed in the period and the total income recognised over the investments' life and excludes partial completions in the period. 15 Highlights Financial results Annexure Portfolio performance Strategy#16Non-controlling interest (NCI) in Group balance sheet 1H23 RESULTS | 23 FEBRUARY 2023 OMNI BRIDGEWAY . Accelerated returns to investors from first generation funds with $71m distributed to providers of third-party capital • Fund 6 have retained and recycled proceeds into investments during the period $m Fund 1 Funds 2&3 Fund 4 Fund 51 Fund 6 Fund 8 Total Opening 30-Jun-22 Called during the period (73.2) (112.8) (91.0) (133.6) (410.6) (10.5) (8.4) (26.9) (12.6) (58.4) Distributed during the period 31.8 19.5 19.7 71.0 Deconsolidation of subsidiary 57.7 57.7 Change in share of net assets attributable to NCI (1.1) (7.4) 0.6 1.1 (6.8) (Profit) loss attributable to NCI (5.6) (7.8) 0.7 (12.7) Other comprehensive (income) / loss attributable to NCI 3.6 (0.1) (0.6) (1.1) Closing 31-Dec-22 2.7 (109.2) (106.0) (145.5) Capital remaining available to be called (NCI & parent interest) 7.3 35.4 453.9 104.6 1.8 (358.0) 601.2 Remaining number of cases (NCI & parent interest) Remaining EPV (NCI & parent interest) 14 25 34 50 152 2 277 1,338 3,335 9,006 7,234 3,888 15 24,816 NCI distribution history FY18 FY19 FY20 FY21 FY22 1H23 Total distributions 1. Fund 5 is not consolidated within OBL's Consolidated Financial Statements. Highlights Financial results Portfolio performance Strategy Annexure 4.3 4.3 18.4 4.0 22.4 57.8 10.6 3.3 71.7 36.2 27.0 2.1 65.3 80.6 32.7 113.3 31.8 19.5 19.7 71.0 229.1 61.1 57.8 348.0 16#17Highlights Financial results Portfolio performance Strategy Annexure 1H23 RESULTS | 23 FEBRUARY 2023 IP portfolio in focus - a growing risk adjusted opportunity Growth opportunity . Fastest area of growth in OBL's portfolio . Economic and market pressures drive • • companies to monetize and enforce their intellectual property assets at an increasing rate Higher EPV per $ of commitment, better pricing, and higher expected conversion rate due to client acceptance of lower share of early campaign recoveries IP represents 14% of total EPV compared to 9% two years ago IP represents 12% of new commitments compared to 7% two years ago . High returns with unique risk mitigants . . OMNI BRIDGEWAY Rigorous underwriting by award-winning, global team of former IP litigators from top law firms Extensive sourcing capabilities and rigorous case selection process (~99% rejection rate) Deals are structured to account for unique IP risks and opportunities Continuous monitoring and case assessment as milestones are reached Specialist investment committee member Inherent diversification of risk Investments may be cross-collateralised against multiple patented inventions and multiple potential infringers and licensees ⚫ Global presence enables funding of multi-jurisdictional campaigns that hedge risk and drive settlement OMNI BRIDGEWAY $ Investments Claimant Patent Portfolio P P₁ • Multiple, independent paths to optimise returns to OBL P₁ P₂ D. D₂ D3 P5 4 Pool of potential infringers D1 D2 D3 D1 D2 D3 Available Jurisdictions 1 2 1 2 1 Jz J₁ J2 1 D1 Jz J₁ 2 12 J₁ J2 17#181H23 RESULTS | 23 FEBRUARY 2023 Regulatory reform OMNI BRIDGEWAY Highlights Financial results Portfolio performance Strategy Annexure US Some US courts have set rules requiring disclosure of litigation funding arrangements. Omni Bridgeway continues to review and consider the implications of such rules. The US Chamber of Commerce's Institute for Legal Reform continues to promote the introduction of litigation finance legislation at the state level in Delaware, Kansas, Illinois, Iowa, Maine, Ohio, Rhode Island, and Wisconsin. The US Government Accountability Office (GAO) initiated an inquiry into the US litigation funding industry. This non-partisan branch of the federal government provides research reports to Congress. Representatives from the ILFA (including Omni Bridgeway) participated in the inquiry. The GAO report was published in December 2022. It surveyed the third-party litigation finance market, discussed pros and cons and distinguished between commercial and consumer funding. The report made no specific recommendations. Europe In September 2022, the EU Parliament approved a Committee on Legal Affairs report into litigation funding lead by EU Parliament member Axel Voss. Voss Report relied heavily on the inaccurate information in the previous Australian government's regulatory review process. The EU Parliament has requested the European Commission to propose a Directive after 25 June 2023, following which, if enacted, Member States would have time to implement the Directive in their domestic law. Australia Following the change of the federal government in May 2022, a more favourable regulatory landscape emerged. In June 2022, the Federal Court of Appeal held that a funded class action is not a MIS (managed investment scheme). In December 2022, the federal government enacted regulations that exempt litigation funders from holding an Australian Financial Services Licence (AFSL) and other financial services regulatory requirements. New Zealand In June 2022, Aotearoa New Zealand Law Commission published a report on class actions and litigation funding. It recommended the creation of a statutory class action regime with the courts regulating funding of such actions. Importantly, the Commission recognised the benefits of litigation funding, particularly given the high costs of large, complex litigation that, in all jurisdictions, can limit access to justice. 18#19Highlights Financial results Portfolio performance Strategy Annexure 19 1H23 RESULTS | 23 FEBRUARY 2023 OMNI BRIDGEWAY Provisional attribution from estimated future completions of current portfolio Assumptions and notes Refer to slide 10 The attribution of implied embedded value (IEV) between OBL equity and non controlling interests (NCI) has been prepared on the basis of the following underlying assumptions: • • • • . • • All unconditionally funded investments in the Group's investment portfolio at the date stated (Portfolio Investment(s)) complete in the selected Possible Completion Period (PCP). All Portfolio Investments are completed at their full estimated portfolio value (EPV). The income received by the Omni Bridgeway funding entity upon the completion of a Portfolio Investment reflects the long term conversion rate (LTCR) (which includes losses) and hence equals the full implied embedded value (IEV) of an investment. The residual capital to be deployed in Funds 2&3 is deployed in equal portions during FY23 and FY24. For Funds 4 and 5 the attribution is split solely in proportion to capital commitments. For Fund 6 the attribution to OBL equity reflects the historic blended average proportion of proceeds received by OBL equity (excluding performance fees). FX rates are assumed to remain constant across the periods. Performance fees in Funds 4, 5 and 6 have been excluded from the attribution and hence any performance fees earned will see an IEV attribution shift from NCI to OBL equity. The sensitivity analysis provided uses the following assumptions: • • • IEV is adjusted to reflect variations in the income conversion rate from the LTCR of 15%. The selected sensitivity rates are 10% and 20%. EPV of material impaired investments excluded from EPV with commensurate flow-on to IEV and attribution. PCP on all Portfolio Investments is delayed by 12 months. Duration risk has traditionally been addressed through a time based pricing escalator. Historically these capped out at a certain level, leaving the Group exposed to further delays. We have sought to address the risk by incorporating some additional IRR protection provisions. The 12 month delay sensitivity does not incorporate the effects of these duration protections and assumes the income is the IEV at whatever time it is received. Management fee assumptions: • • • • The estimated management fees are based upon aggregated anticipated budgeted investment deployment for Funds 4, 5 and 6. Estimated portfolio value (EPV) assumptions: EPV includes all Portfolio Investments, which includes, irrespective of impairment, investments which have had a negative award or judgment but nonetheless the Group believes have positive prospects of success on appeal. At 31 December 2022 such investments included Westgem (EPV of $30m with PCP in FY24) and a Fund 4 investment with PCP in FY24. Conditionally funded and IC approved investments are not included in the EPV. Possible completion period (PCP): PCP is a dynamic concept and is subject to regular review and updating to take account of the circumstances of the underlying investment. It is to be expected that the PCP for some investments within the portfolio will be adjusted at each reporting date. PCP is not necessarily the same as anticipated IFRS income recognition period.#201H23 RESULTS | 23 FEBRUARY 2023 OMNI BRIDGEWAY Highlights Financial results Portfolio performance Strategy Annexure . • • • . • . • . • The material in this presentation has been prepared by Omni Bridgeway (OBL) and is general background information about Omni Bridgeway's activities. The information is given in summary form and does not purport to be complete. A number of terms used in this presentation including: ROIC, EPV, IEV, net cash generation, operational cash expenditure, success rate on dollar weighted average, IRR and actual and budgeted commitments are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 - Disclosing non-IFRS financial information, issued in December 2011. This information has not been audited or reviewed by BDO unless expressly stated. For further commentary and analysis refer to Omni Bridgeway's 2023 Half Year Report, see the Investors section of our website. Capitalised terms not defined within this presentation have the meanings given to such terms in OBL's glossary which can be found at https://omnibridgeway.com/investors/omni-bridgeway-glossary and should be consulted for further detail. This presentation contains certain forward-looking statements that can generally be identified using forward looking words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target" and other similar expressions. Estimates of, indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. Forward looking statement involve risks and uncertainties. Forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee or future performance. Forward looking statements involve known and unknown risks, uncertainties, assumptions, and contingencies which are subject to change without notice, as are statements about market and industry trends which are based on interpretations of current market conditions. Actual results, performance or achievements may vary materially from any forward looking statements and the assumptions on which statements are based. Except as required by law or regulation, OBL disclaims all obligations to update publicly any forward looking statements, whether as a result of new information, future events, or results or otherwise. This presentation is provided for general information purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase any Omni Bridgeway securities. Neither the information in this presentation nor any part of it shall form the basis of or be relied upon in connection with any future offer of Omni Bridgeway securities or act as an inducement to enter into any contract or commitment whatsoever. To the maximum extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in the presentation. The information in this presentation is not investment advice and has been prepared without taking into account your investment objectives, financial situation or particular needs (including financial and taxation issues). It is important that you read and consider the terms of any Omni Bridgeway securities in full before deciding to invest in such securities and consider the risks that could affect the performance of those securities. If you have any questions, you should seek advice from your financial adviser or other professional adviser before deciding to invest in Omni Bridgeway securities. By providing the material in this presentation Omni Bridgeway is not in any way making forecasts, predictions or providing earnings guidance and nothing in this presentation should be relied on as doing SO. All figures are in Australian Dollars (AUD, A$) unless otherwise stated. US Ownership Restriction - the ordinary shares of Omni Bridgeway are subject to ownership restrictions applying to residents of the United States. For further information, see the Investors section of our website or click https://omnibridgeway.com/investors/us-ownership-restriction Disclaimer This presentation is for the use for Omni Bridgeway's public shareholders and is not an offering of any Omni Bridgeway private fund. 20 20#21This presentation is authorised for release to the market by the Board. AMERICAS ASIA-PACIFIC OMNI BRIDGEWAY Chicago +1 872 260 2057 United States Dallas +1 212 488 5331 United States Houston +1 713 965 7919 LyondellBasell Tower 1221 McKinney Street Suite 2860 Houston TX 77010 United States Los Angeles +1 213 550 2687 555 W. 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