#1Premier Miton INVESTORS Results presentation For the year ended 30 September 2021 7 December 2021 Mike O'Shea, Chief Executive Officer Piers Harrison, Chief Financial Officer#2PREMIER MITON TODAY Strong organic growth with net inflows A scalable platform Premier Miton INVESTORS Delivering outperformance through active investing Synergies from merger delivered; Completed ahead of target date ATA Robust balance sheet Exciting new hires; Vibrant culture; Dedicated to clients 2021 Results 2#3RECENT ANNOUNCEMENTS Premier Miton INVESTORS • • • • The Group has approached the Board of River and Mercantile to explore potentially acquiring the entire issued and to be issued share capital of R&M. Any combination would be subject to the completion of the proposed sale of R&M's Solutions business to Schroders and the distribution of the net cash proceeds to R&M's shareholders. The Board believes the scale and synergy benefits arising from the deal would drive value accretion for both sets of shareholders. The management team has a strong track record in assessing and executing strategic opportunities, including the successful merger of Premier Asset Management Group and Miton Group in 2019. The Board believes the scale and cultural alignment between the respective businesses would deliver a balanced and resilient business across a diversified product offering, enabling employees of the combined businesses to maximise their potential. The Group will make a further announcement at the appropriate time. 2021 Results 3#42021: A STRONG YEAR OF GROWTH Assets under management ('AuM') £bn 10.6 +31% 13.9 Net flows in 2021 £m +31% 471 359 2021 First Half Second Half Cash £m +32% 2020 Adjusted profit b/tax¹ £m +28% 28.6 22.4 2020 2021 1Adjusted PBTA is after adjusting for amortisation, share-based payments, merger related costs and exceptional costs 47.7 36.0 2020 2021 Premier Miton INVESTORS 2021 Results 4#5CONTINUING TO DELIVER OUTPERFORMANCE FOR OUR CLIENTS Premier Miton INVESTORS Proportion of funds as at 30 September 2021 Since launch/ tenure 83% 17% 5 years 95% 5% 21% 79% 3 years 1 year Outperformance 82% Underperformance 18% Source: Premier Miton performance data at 30 September 2021. Outperformance indicates fund is ranked either 1st or 2nd quartile within relevant IA sector. Excludes funds without applicable IA Sector, or those which are risk-rated. Includes the performance record of incumbent Fund Managers only. Number of funds per time period are: SMI-40; 5yrs - 19; 3yrs - 24; 1yr - 33. Continued strong performance across the fund range 83% of funds are outperforming since launch/tenure 2021 Results 5#6POSITIVE MOMENTUM CONTINUES IN AUM & FLOWS AuM (£bn) Consolidated Premier Miton INVESTORS 13.6 13.9 12.0 12.6 10.6 Q4 Q1 Q2 2020 2021 2021 Q3 2021 Q4 2021 Net flows (Em) Consolidated 193 166 13 351 120 Q1 Q2 Q3 Q4 2021 2021 2021 2021 +31% for the year Continued growth during 2021 Strong investment performance +£830m for the year Four consecutive quarters of positive net flows 2021 Results 6#7A DIVERSIFIED PORTFOLIO OF FUNDS At 30 September 2021 Premier Miton INVESTORS Equity ex UK Equity UK Multi-Asset Fixed Income £5.1bn £3.1bn £3.9bn £1.0bn US Equity European Equity Global Equity1 UK Mid/Smaller Cap UK Value Ethical/UK Growth UK Income Directly Invested Multi-Manager Segregated mandates Fixed Income funds 1. Includes Global Infrastructure Fund, Worldwide Opportunities, Global Sustainable Growth, Global Sustainable Optimum Income, Global Smaller Companies 2021 Results 7#8£1.6bn £3.4bn AUM PER STRATEGY (ex. Investment Trusts) Equity, ex-UK Multi-Asset, directly invested (macro thematic & diversified) +9% +52% £5.1bn £2.0bn Equity, UK only +52% Q4 Q1 Q2 Q3 Q4 2020 2021 Q4 2020 Q1 Q2 Q3 63 £1.8bn £2.5bn Multi-Asset, Multi-Manager funds -14% Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2020 2021 2020 2021 £2.2bn £3.1bn Q4 Q4 2021 2020 13% £0.5bn 10 Q1 Fixed Income, inc seg mandates +107% Premier Miton INVESTORS 22 Q2 Q3 Q4 2021 Total AuM mix at 30 September 2021 Investment Trusts 6% 15% £13.9bn 7% 22% 37% 2021 Results 8 £1.0bn#9Merger 14-Nov-19 Nov-19 Dec-19 Jan-20 AuM (£bn) £11.2bn THE GROUP AIMS TO REACH £20BN + AUM BY 2025 +12% merger (including COVID) Historic CAGR since Steady Vaccine growth phase rollout +31% Feb-20 Mar-20 £9.1bn impact Covid Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 £10.6bn Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 £12.6bn Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 £13.9bn Sep-22 Sep-23 Sep-24 2021 Results initiatives Growth realised £20 bn Sep-25 9 10% CAGR Premier Miton INVESTORS#10DELIVERING EARNINGS GROWTH FOR OUR SHAREHOLDERS Premier Miton INVESTORS Improvement in operational leverage delivering expansion in profit margins ..... .... leading to EPS growth. £44m £56m 67.5 % 67.0 нн 66.5 66.0 65.5 65.0 12.5p 16.5p 0.0 2021 2020 2020 Total as a % of Net revenue (RHS) Fixed staff costs Variable staff costs Overheads & other 2021 Adjusted earnings per share (p) 2021 Results 10#11WE CONTINUE TO SUCCESSFULLY RAISE AUM FOR NEW AND EXISTING TEAMS Premier Miton INVESTORS New or Fund existing Strategy Launch Size* team Performance since launch* Ambition Financials Capital Securities Fund New Fixed Income Sep 2020 £80m 1st quartile £3bn + Strategic Monthly Income Fund New Fixed Income Sep 2020 £99m 2nd quartile £3bn + Segregated mandates New Fixed Income Oct 2020 £414m n/a n/a Global Smaller Companies New Global Equity Mar 2021 £45m 2nd quartile £2bn + European Sustainable Leaders Existing European Equity May 2021 £85m 1st quartile £2bn + European Equity Income New European Equity Sep 2021 £9m 1st quartile £2bn + £732m £12bn + * At 31 October 2021 (unaudited) 3 new teams 5 new funds More capacity 2021 Results 11#12TARGET OF £20BN+ IS ACHIEVABLE Premier Miton INVESTORS 5.0 4.5 £20bn + Based on modest 4.0 growth targets 3.5 3.0 AuM 2.5 T T £bn £14bn October 2021 2.0 1.5 1.0 0.5 0.0 Global Equities UK Income UK Growth & Ethical Income Fixed Multi- Multi- Asset, Asset, UK Value European US Equities UK Small Equities & Mid Cap Diversified Macro Multi- Asset, Multi-Mgr Thematic No. funds 8 2 5 8 1 3 2 8 IA market size (£AuM) 163bn 44bn 160bn 244bn 183bn 183bn 160bn 63bn 85bn 160bn 183bn % market share^ 0.6% 2.3% 0.9% 1.0% 0.8% 0.8% 0.9% 6.3% 3.5% 1.6% 1.1% (potential) Cumulative Multi-Asset Fixed Income Ex-UK Equity UK Equity total AuM (RHS) ^ market share is equal to AuM divided by relevant IA market size 2021 Results 12#13GOOD DISTRIBUTION CAPABILITIES TO DELIVER GROWTH Premier Miton INVESTORS Regional sales teams, geographically structured, supported by a telephone sales desk with a client- focused approach 21 full time team headcount Targeted marketing to increase awareness of products supported by a well-defined brand Additional sales events as we emerge from pandemic A strong profile with financial advisers, nationals, networks and platforms Excellent relationships with wealth managers, financial institutions and multi-managers Combination provides broad coverage of intermediary channels including UK advisers, wealth managers and platforms Underpinned by a highly scalable marketing team that has dedicated individuals responsible for digital channels, RFPs and client engagement materials Strong presence with advisers and wealth managers, effective use of technology and CRM software to identify and stratify client base Distribution management platform - all client data in Salesforce 2021 Results 13#14A STRATEGIC COMMITMENT TO RESPONSIBLE INVESTING Premier Miton INVESTORS Growth of ESG product range Core actions Total AuM (Em) +56% 331 2020 518 2021 Experienced Head of Responsible Investing in place A growing range of five dedicated ESG funds; first dedicated ESG multi asset fund targeted for H1 calendar year 2022 Continuing the integration of ESG factors across fund range An increasing allocation to companies aligned to sustainable growth themes Ongoing support of CFA ESG Investing qualification 2021 Results 14#15OUTPERFORMANCE FROM GENUINELY ACTIVE INVESTING Premier Miton INVESTORS 3YR performance of Premier Miton's open ended equity funds versus relevant indices 80% 66.2% 60% Premier Miton's active funds returned 66.2% versus their relevant benchmark/indices of 38.3% over 3 years 40% -38.3% Over this period the blended beta was 0.8 -20% -40% 20% Nov-18- Premier Miton Equity funds weighted TR in GB Premier Miton Equity indices weighted TR in GB Jan-19- Mar-19- May-19- Jul-19- Sep-19- Nov-19- Jan-20- Mar-20 May-20 Jul-20 Sep-20- Nov-20- Jan-21 - Mar-21 - May-21- Jul-21 Sep-21- Nov-21- Source: FE data as of 31 October 2021 for funds with a 3yr track record. Not to be considered as recommendations to buy or sell any securities. Active share for funds. opposite was 84.3% Superior returns via Alpha without owning structural Beta nor index dead- weights 2021 Results 15#16BUILDING A VIBRANT CULTURE AND SUPPORTING OUR EMPLOYEES Our purpose To actively and responsibly manage our clients' investments for a better financial future Recruitment & retention 3 new investment teams hired in last 12 months ✓ 4% total turnover* *at 30 September 2021 Premier Miton INVESTORS Our values Dedicated Independent Collegiate Passionate Responsible An attractive culture Freedom of thought and openness to new ideas ✓ Regular firmwide meet ups and 'Insights' sessions ✓ Continued focus on diversity: 38% female representation at Board level ✓ Flexible remote working Wellness & community ✓ Group funded employee assistance programme Health and mental health awareness: online counselling sessions, stress and resilience workshops during lockdown The Group supports four recognised charities ✓ CFA ESG accreditation 2021 Results 16#17A COMPELLING INVESTMENT CASE Premier Miton INVESTORS Strong AuM growth Attractive culture for talented individuals ↑ Ample capacity across the fund range High performing investment teams Robust balance sheet Diverse range of products meeting clients' needs 2021 Results 17#18Financials Premier Miton INVESTORS#19GOOD PROGRESS MADE IN THE YEAR AVERAGE AUM (£bn) NET REVENUE MARGIN (bps) 12.8 65.9 65.0 10.1 2020 2021 2020 2021 ADJUSTED PROFIT (£m) * ADJUSTED PROFIT MARGIN (%) 28.6 33.5 33.8 22.4 2020 2021 * Profit before interest, taxation, amortisation, share-based payments and exceptional items. 2020 2021 Premier Miton INVESTORS 2021 Results 19#20IMPROVED AUM DUE TO NETFLOWS AND OUTPERFORMANCE £m Average AuM Closing AuM Audited year to 30 Sept 2021 12,751 13,931 Audited year to 30 Sept 2020 10,110 10,608 Net revenue 84.5 66.8 Net management fee margin (bps) 65.0 65.9 Administration expenses (55.8) (44.4) Adjusted profit before tax 28.6 22.4 Amortisation (5.1) (4.5) Share-based payments (4.5) (3.6) Merger related costs (1.4) (4.5) Exceptional costs (0.1) (0.2) Profit before tax 17.5 9.6 Premier Miton INVESTORS AuM ended the year at £13.9bn (2020: £10.6bn). The increase was due to good fund performance, a return to net inflows of £830 million and strong market performance. Net management fee margin reduced marginally versus the previous year, the reduction driven by the change in our business mix and the impact of flows and markets on our existing business. Administration expenses reflect the inclusion of an additional 1.5 months associated with Miton along with the annualised impact of the investment in new teams at the end of 2020 (see pages 21 & 22 for further detail). Amortisation includes a full annualised charge relating to the unwinding of intangible assets recognised on merger. The share-based payment charge reflects a full charge for the awards issued in the previous year. Merger was completed in the year, no further costs associated with this are anticipated. PBT increased by 82% 2021 Results 20 20#21PROFIT BRIDGE £m 9.6 17.4 (1.1) 1.2 (2.4) (7.7) (1.2) 3.2 (1.5) Increase in avg Reduction in net Other income FY20 PBT additional 1.5mths revenue from the former AuM (flows) and management fee margin from 65.9bps to 65bps Miton funds major component being initial charge on UK Smaller Companies Annualised increase in fixed costs associated for 1.5 months of former Miton staff and impact of new joiners at the end of 2020 Change in variable remuneration due to higher AuM and full 12 months of former Miton funds Increase in overheads including fund accounting costs Increase due to full annualised cost of SBPS, & amortisation 17.5 Premier Miton INVESTORS Reduction in merger and exceptional costs FY21 PBT 2021 Results 21#22INCREASED HEADCOUNT TO DRIVE GROWTH Administration expenses (excl. share-based payments) (£m) +26% 55.8 44.4 16.7 15.5 Fixed staff costs Variable staff costs Overheads & other Depreciation 10.9 18.6 Premier Miton INVESTORS Administration expenses increased by 26% to £55.8m The rise reflects the increase in costs associated with an additional 1.5 months of former Miton staff as well as the annualised impact of new joiners at the end of 2020. The headcount for the year has increased from 149 to 160 due primarily to further hires in the investment teams. Variable staff costs represent general discretionary bonuses, sales bonuses and bonuses in respect of the fund management teams, plus associated employers' national insurance Overheads and other costs of £16.7m are comprised of: 19.1 16.7 Other IT costs Occupancy 12% 3% 2% 2020 2021 Compliance, legal, insurances 16% Adjusted PBTA margin 33.5% 33.8% FTE staff (average) 150 153 16% Sales & marketing FTE staff (closing) 149 160 51% Administration (fund accounting, Bloomberg) 2021 Results 22 22#23WE CONTINUE TO MAKE OUR PLATFORM MORE EFFICIENT Premier Miton INVESTORS • • Successful completion of the merger in the year ahead of target Single operating model adopted with in-house Authorised Corporate Director (ACD') for all funds from 27 November 2020 Rebranding of funds complete to include the prefix 'Premier Miton' The Group standardised its remuneration structures to retain and reward its employees whilst also aligning with the interests of our clients The Group maintains a strong and resilient balance sheet 2021 Results 223#24DIVIDEND Premier Miton INVESTORS Dividends paid/proposed to shareholders for the year ended 2021 (£m) £14.7m £5.4m £9.3m (3.7p per share) paid Aug 2021 (6.3p per share proposed) payable Feb 2022 2021 final (proposed) Interim Final dividend proposed of 6.3p per share Dividends paid/proposed relating to the 2021 year total 10.0p per share (2020: 7.0p) – an increase of 43% This represents a dividend pay-out of approximately 61% of adjusted profit after tax¹ The Group seeks to maintain a dividend policy that targets an ordinary dividend payout of approximately 50% to 65% of adjusted profit after tax The Group distributes twice-yearly, in line with its reporting calendar 1 adjusted for merger related costs, exceptional costs, share- based payments, amortisation 2021 Results 24#25REALISATION OF GROWTH CASH (Em) +32% OVERHEADS (£m) 23% 20% 47.7 15.5 16.7 36.0 2020 2021 2020 TOTAL DPS (p) +43% 2021 ADJUSTED EPS (p) +32% 10.0 16.5 7.0 12.5 2020 2021 2020 2021 Premier Miton Overheads as a % of net revenue INVESTORS 2021 Results 25 25#26A COMPELLING INVESTMENT CASE Premier Miton INVESTORS Strong AuM growth Attractive culture for talented individuals ↑ Ample capacity across the fund range High performing investment teams Robust balance sheet Diverse range of products meeting clients' needs 2021 Results 26 26#27Appendices Premier Miton INVESTORS#28PRODUCT MIX As at 30 September 2021: Premier Miton INVESTORS 18 Equity funds £8.2bn 9 UK equity funds 2 US equity funds 4 Global equity funds 3 European equity funds 20 Multi-asset funds £3.9bn 8 Multi-manager funds 6 Diversified directly invested funds 5 Macro thematic directly invested funds 1 Managed index fund 5 Investment trusts £0.8bn 3 UK focused investment trusts 1 Global renewables investment trust 1 Global trust of investment trusts 5 Fixed income funds £0.6bn 2 Sterling bond funds 1 Contingent capital securities fund 1 Money market fund 1 Defensive growth fund 50 products managed, total AuM: £13.9bn 2 Segregated mandates £0.4bn 1 Corporate bond fund 1 Diversified bond fund 2021 Results 28 28#29UK equities SINGLE STRATEGY PERFORMANCE Performance and fund size as at 30 September 2021 (numbers represent quartile rankings within relevant sector) Ex-UK equities Premier Miton INVESTORS Investment Performance (in quartiles) Y-o-Y Fund Active Share* Name fund size growth 3YR SMI Size £m (%) Premier Miton European Opportunities +53% 2,903 1 1 93% Premier Miton US Opportunities +55% 1,290 2 2 94% Premier Miton US Smaller Companies +59% 347 1 1 97% Premier Miton Pan European Property Share +1% 178 n/a n/a 50 41% Premier Miton Global Sustainable Growth Premier Miton Global Infrastructure Income Premier Miton European Sustainable Leaders +15% 116 n/a 1 92% +7% 92 1 72% new 76 n/a 95% Premier Miton Worldwide Opportunities +30% 58 1 1 n/a Premier Miton Global Smaller Companies new 41 n/a 98% Premier Miton Global Sustainable Optimum Income Premier Miton European Equity Income +43% 21 n/a 1 92% new 9 n/a 1 80% 5,131 Premier Miton UK Multi Cap Income Premier Miton UK Value Opportunities Premier Miton Monthly Income Premier Miton UK Growth Premier Miton Ethical Premier Miton Income Premier Miton UK Smaller Companies Premier Miton Optimum Income 1st quartile 2nd quartile 3rd quartile 4th quartile change in fund manager * Active share demonstrates the difference between a fund's holdings and that of its benchmark index. +39% 1,166 86% +109% 724 1 1 92% +4% 262 n/a 4^ 70% +126% 299 1 92% +58% 252 1 1 92% +1% 187 n/a 4^ 70% +114% 141 1 94% +8% 62 n/a 4^ 70% 3,093 2021 Results 29 29#30Diversified Macro 11 Thematic MULTI-ASSET PERFORMANCE Performance and fund size as at 30 September 2021 (numbers represent quartile rankings within relevant sector) Multi-Manager Investment Performance Y-o-Y (in quartiles) Fund Size Fund fund size 3YR SMI (£m) growth Premier Miton Multi-Asset Distribution Premier Miton Multi-Asset Monthly Income -13% 1,015 3 3 -3% 542 3 1 Premier Miton Multi-Asset Global Growth -17% 130 3 1 Premier Miton Liberation range -10% 331 n/a n/a Premier Miton Multi-Asset Absolute Return Fund -6% 137 n/a n/a 2,156 Premier Miton Cautious Multi Asset -11% 383 2 1 Premier Miton Cautious Monthly Income -38% 124 3 1 Premier Miton Defensive Multi Asset +225% 181 2 2 Premier Miton Multi-Asset Growth and Income -13% 570 * 1,258 Premier Miton Diversified Growth +77% 330 1 1 Premier Miton Diversified Dynamic Growth Premier Miton Diversified Income +144% 44 n/a 1 +33% 40 1 1 Premier Miton Diversified Cautious Growth Premier Miton Diversified Balanced Growth Premier Miton Balanced Multi Asset +155% 42 n/a 1 +159% 42 n/a 2 +146% 5 Λ Л 505 1st quartile 2nd 3rd quartile quartile 4th quartile Amanager changed to N Birrell from 1 March 2021. Source: Premier Miton performance data as at 30 September 2021 against relevant IA sectors. Excludes Connect, Premier Miton Multi-Asset Absolute Return and Premier Miton Managed Index Balanced. *manager changed to D Jane / A Rayner from 1 February 2021. 2021 Results 30 Premier Miton INVESTORS#31PRODUCT RANGE - SINGLE STRATEGY AND FIXED INCOME at 30 September 2021 AuM AuM 31 Mar 2020 30 Sep 2020 31 Mar Strategy £m £m Equity Funds Premier Miton UK Multi Cap Income Fund 756 837 Premier Miton UK Smaller Companies Fund Premier Miton US Opportunities Fund Premier Miton US Smaller Companies Fund Premier Miton UK Value Opportunities Fund Premier Miton European Opportunities Fund Premier Miton Global Infrastructure Income Fund 35 66 576 834 1,089 125 219 326 347 1,052 1,897 2,416 30 43 Premier Miton Worldwide Opportunities Fund 43 44 FP Miton Income Fund 1,2 123 Premier Miton Income Fund Premier Miton Monthly Income Fund Premier Miton Optimum Income Fund Premier Miton Ethical Fund 197 184 130 250 63 56 121 160 Premier Miton UK Growth Fund 105 132 Premier Miton Pan European Property Share Fund 218 176 Premier Miton Global Sustainable Growth Fund 82 101 Premier Global Infrastructure Income Fund³ 50 43 Premier Miton Global Sustainable Optimum Income Fund 18 15 Premier Miton Global Smaller Companies Fund Premier Miton European Sustainable Leaders Fund Prmeier Miton European Equity Income Fund 4,050 5,404 7,048 Fixed Income Funds Premier Miton Corporate Bond Monthly Income Fund 44 82 Premier Miton UK Money Market Fund¹ 192 185 Premier Miton Financials Capital Securities Fund 64 Premier Miton Strategic Monthly Income Bond Fund Premier Miton Defensive Growth Fund 55 147 100 383 486 Investment Trusts The Diverse Income Trust plc 293 322 Miton Global Opportunities plc 58 71 Miton UK Microcap Trust plc 57 70 Acorn Income Fund Limited 76 81 Premier Miton Global Renewables Trust plc. 47 55 531 599 ཧཱུྃ⪜བྷྱཿ༅ གཽཉྫུགྷཀྵུབྷུན།ø88ཊྛིཇོད⪜ནྡྷུ 8ཤྩcct ཟླཎྜཝེཊ AuM AuM 30 Sept 2021 2021 Year of launch/ tenure £m £m Fund Manager(s) Premier Miton INVESTORS Quartile4 performance from launch/ tenure 935 234 1,166 Gervais Williams/Martin Turner 141 2011 1 1,290 Gervais Williams/Martin Turner Nick Ford/Hugh Grieves 2012 1 2013 2 349 623 347 Nick Ford/ Hugh Grieves 2018 1 724 Andrew Jackson 2016 1 2,903 Carlos Moreno/Thomas Brown 2015 1 49 92 Jim Wright 2017 1 56 58 Nick Greenwood 2003 1 192 186 Emma Mogford 2020 4 258 262 Emma Mogford 2020 4 62 62 Emma Mogford/Geoff Kirk 2020 4 209 252 Jon Hudson/Benji Dawes 2019 1 219 299 Jon Hudson/Benji Dawes 2017 1 173 178 Alex Ross 2005 n/a 111 116 Duncan Goodwin 2020 1 41 17 21 Duncan Goodwin/Geoff Kirk 2020 1 15 41 Alan Rowsell/Imogen Harris 2021 2 76 Carlos Moreno/Thomas Brown 2021 1 9 Will James 2021 1 8,223 136 159 Lloyd Harris/Simon Prior 165 201 Chun Lee/Hoy Wan 73 79 Lloyd Harris/Rob James 72 77 Lloyd Harris/Simon Prior 74 78 Robin Willis/Daniel Hughes 2020 1 2019 4 2020 n/a 2020 2 2019 n/a 520 594 396 423 Gervais Williams/Martin Turner 2011 88 100 Nick Greenwood 2003 107 106 Gervais Williams/Martin Turner 2015 93 102 Chun Lee/ Robin Willis, Unicorn AM 1999 1227 47 53 James Smith 2012 1 731 784 Segregated Mandates Sentinel Universal Portfolio 89 Quilter Investors Corporate Bond Fund 230 263 Quilter Investors Diversified Bond Fund. 136 148 89 366 411 2021 Results 31#32PRODUCT RANGE - MULTI-ASSET at 30 September 2021 AuM AuM AuM AuM 31 Mar 30 Sep 31 Mar 30 Sept 2020 2020 2021 2021 £m £m Strategy Multi-asset funds Premier Miton Cautious Multi-Asset Fund Premier Miton Defensive Multi Asset Fund £m £m Fund manager(s) Year of launch/ tenure Quartile 4 400 431 377 383 David Jane/Anthony Rayner 2014 1 52 56 124 181 David Jane/Anthony Rayner 2014 2 Premier Miton Balanced Multi Asset Fund 1 2 3 5 Neil Birrell 2021 1 Premier Miton Cautious Monthly Income Fund¹ Premier Miton Multi-Asset Absolute Return Fund 202 200 124 124 David Jane/Anthony Rayner 2011 1 162 146 138 137 Multi-manager team 2009 n/a Premier Miton Multi-Asset Conservative Growth Fund4 Premier Miton Multi-Asset Monthly Income Fund Premier Miton Multi-Asset Distribution Fund Premier Miton Multi-Asset Growth & Income Fund Premier Miton Multi-Asset Global Growth Fund Premier Miton Liberation No. IV Fund 111 112 88 579 560 552 542 Multi-manager team 2009 1 1,184 1,165 1,052 1,015 Multi-manager team 1999 3 658 657 618 570 David Jane/Anthony Rayner 2021 4 150 156 127 130 Multi-manager team 2012 1 120 121 111 106 Multi-manager team 2012 n/a Premier Miton Liberation No. V Fund 141 144 138 127 Multi-manager team 2012 n/a Premier Miton Liberation No. VI Fund 74 71 70 67 Multi-manager team 2012 n/a Premier Miton Liberation No. VII Fund 30 31 32 32 Multi-manager team 2012 n/a Premier Miton Diversified Growth Fund 154 185 245 330 Neil Birrell 2013 Premier Miton Diversified Income Fund Premier Miton Diversified Balanced Growth Fund Premier Miton Diversified Cautious Growth Fund 27 29 34 40 Neil Birrell 2017 1 14 16 29 42 Neil Birrell 2019 2 15 16 33 42 Neil Birrell 2019 1 Premier Miton Diversified Dynamic Growth Fund Premier Miton Managed Indexed Balanced Fund Premier Portfolio Management Service 15 18 39 44 Neil Birrell 2019 1 1 1 1 1 Wayne Nutland 2019 3 2 2 2 1 PPMS Investment Committee Total AuM 4,092 9,145 4,119 3,937 3,919 10,608 12,602 13,931 Denotes a unit trust 2 FP Miton Income Fund merged into the Premier Monthly Income Fund by way of a scheme of arrangement in accordance with FCA regulations on 25 September 2020 3 Premier Global Infrastructure Income Fund merged into the Premier Miton Global Infrastructure Income Fund on 24th September 2021 4 Premier Miton Multi-Asset Conservative Growth Fund merged into the Premier Miton Defensive Multi Asset Fund on 18 June 2021 5 The quartile performance rankings are based on Investment Association sector classifications where applicable, with data sourced from FE Analytics using the main representative post-RDR share class, based on a total return, UK sterling, mid-to-mid basis for OEIC funds and bid-to-bid for unit trusts (Premier Miton Cautious Monthly Income Fund and Premier UK Money Market Fund). All data is as at 30 September 2021 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s). Performance for investment trusts is calculated on Net Asset Value (NAV), ranked against the relevant [Morningstar category for each investment trust, and is sourced from Morningstar Direct]. Performance for Miton Global Opportunities plc and Acorn Income Fund is quoted over ten years Premier Miton INVESTORS 2021 Results 32#33RANGE OF SPECIALIST RESPONSIBLE FUNDS Premier Miton INVESTORS Fund Performance Active Objective Size quartile SMI share Premier Miton Ethical Fund^ A UK equity growth fund seeking to invest in companies with a positive societal footprint. 1 92% £252m Premier Miton European Sustainable Leaders Fund Premier Miton Global Sustainable Growth Fund Premier Miton Global Optimum Sustainable Income Fund A sustainable and ESG focused European equity fund 1 95% £76m A global equity growth fund focussed on long-term sustainable growth themes. 1 92% £116m A global equity income fund focussed on long-term sustainable growth themes. 92% £21m Premier Miton Global Renewables Trust Premier Miton Balanced Multi Asset Fund An income focussed investment trust focused on investing in global renewable energy sectors and other sustainable infrastructure investments. Planned sustainable investment approach subject to relevant approvals. First dedicated ESG multi asset fund targeted for H1 calendar year 2022. 1 99% £53m 1 n/a £5m ^ to be renamed Premier Miton Responsible UK Equity Fund in December 2021 to better represent responsible investment approach 2021 Results 33#34BALANCE SHEET £m 30 Sept 2021 30 Sept 2020 Non-current assets Goodwill Intangible assets Other investments Property and equipment Right-of-use assets 70.7 70.9 27.4 32.2 0.1 0.1 1.7 2.4 1.8 2.4 Deferred tax asset 2.2 1.6 Trade and other receivables 1.0 0.4 104.8 110.0 Current assets Financial assets at FVTPL 3.5 2.7 Trade and other receivables 146.1 44.4 Cash and cash equivalents 47.7 36.0 197.3 83.1 Total assets 302.1 193.1 Current liabilities Trade and other payables (163.2) (53.0) Current tax liabilities (3.0) Lease liabilities (0.9) (0.9) (164.1) (56.9) Non-current liabilities Provisions (0.4) (0.4) Deferred tax liability (4.2) (4.1) Lease liabilities (1.2) (2.1) Total liabilities (169.9) (63.5) 132.2 129.7 Net assets Equity Share capital 0.1 0.1 Merger reserve 94.3 94.3 Own shares held by an EBT (15.8) (14.6) Capital redemption reserve 4.5 4.5 Retained earnings 49.1 45.4 Total equity shareholders' funds 132.2 129.7 Premier Miton INVESTORS Goodwill: £55.4m recognised in 2020, on merger Intangible assets: former Miton IMAs recognised on merger and amortised over 7 years Right-of-use assets (and lease liabilities): arising due to adoption of IFRS 16 and the recognition of on-balance sheet leases Financial assets FVTPL: seed investments in funds and deferred remuneration obligations Provisions: dilapidation provision on London & Reading offices DTL: recognised on IMA's arising from merger; unwinding over 7 years Merger reserve: arising from all share merger with Miton Group Plc in 2020 2021 Results 34#35A GOOD TIME FOR ACTIVE MANAGEMENT Combined weight of the five largest stocks in the S&P 500 index 25% 24% 23% Top five as of 30 Sep 2021 Apple 6.1% 22% Microsoft 5.8% 21% Amazon 3.8% 20% Facebook 2.2% 19% Google 4.3% Total 22.2% 18% 17% 16% 15% 14% 13% 12% 11% 10% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Source: Boomberg data as of 30 September 2021. Not to be considered as recommendations to buy or sell any securities. Premier Miton INVESTORS 8% of the stocks in S&P500 give an investor 50% of the risk Active management tends to outperform when market concentration is declining. Average active share of the Premier Miton fund range is >85% 2021 Results 35 35#36IF INVESTORS' DEMAND FOR UK EQUITIES INCREASES, THE GROUP IS WELL PLACED TO CAPTURE FLOWS Premier Miton INVESTORS UK FTSE All-Share Index vs the US S&P 500 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 95 1965 1968 Source: Refinitiv 1972 1976 1980 1983 1987 1991 1995 1998 2002 2006 2010 2013 2017 The UK is ripe for M&A, outperformance vs the U.S. and we are positioned to capitalise on this dislocation. ....AND THE GROUP IS WEIGHTED TOWARDS THE UK. Positions by geography at 1 December 2021 Other 3% United Kingdom United States 21% 39% Europe 37% Investor presentation 36#37DISCLAIMER Premier Miton INVESTORS This Presentation is strictly private and confidential, may not be distributed to any person other than the direct recipient and may not be copied, re-produced, discussed, published, quoted or referenced, in any form, in whole or in part, for any purpose whatsoever, without the prior written consent of Premier Miton Group plc ('Premier Miton'). Any distribution or reproduction of this Presentation in whole or in part is unauthorised. Failure to comply with this restriction may constitute a violation of applicable laws. This Presentation is not intended to provide, and should not be construed as, or relied upon for, legal, tax, financial, business, regulatory or investment advice, nor does it contain a recommendation regarding any particular course of action. The merits or suitability of any options described in this Presentation must be independently determined by the recipient on the basis of its own investigation and evaluation. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related implications. Recipients of this presentation are advised to seek expert advice before making any decision. The Presentation is provided for general information only and does not purport to contain all the information that may be required to evaluate the options described herein. The information and opinions contained in this Presentation are provided as at the date of this Presentation. Save in the case of fraud, no liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this Presentation is accepted and no representation, warranty or undertaking, express or implied, is or will be made by Premier Miton, any person acting for it or on its behalf, or any of its affiliates or its or their respective directors, officers, employees, advisers, representatives or other agents for any information or any of the opinions contained herein or for any errors, omissions or misstatements. No such person makes or has been authorised to make any representation or warranties (express or implied) in relation to Premier Miton or as to the truth, accuracy or completeness of this Presentation. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation as to the future. Premier Miton does not believe (as at the date of production of this Presentation) that the information contained in this Presentation is inside information for the purposes of Part V of the Criminal Justice Act 1993 or the UK Version of the Market Abuse Regulation ('Relevant Legislation'). Recipients of this Presentation should conduct their own analysis as to the status of the information in this Presentation in the context of the Relevant Legislation and, where necessary, should seek their own legal advice. Premier Miton does not accept any responsibility or liability for any acts or omissions by any person in reliance on Premier Miton's evaluation of the status of the information in this Presentation in the context of the Relevant Legislation. The information provided in relation to the investment funds in this presentation is as at 30 September 2021 unless otherwise stated. The value of investments and any income will fluctuate and investors may not get back the full amount invested. Past performance is not a guide to future returns. Premier Miton Group plc includes the following companies that are regulated by the Financial Conduct Authority: Premier Portfolio Managers Limited (FRM 122067) and Premier Fund Managers Limited (FRN 143097). The Registered Office for Premier Miton Group plc (Co House No. 06306664), Premier Portfolio Managers Limited (Co House No. 01235867) and Premier Fund Managers Limited (Co House No. 02274227) is Eastgate Court, High Street, Guildford, Surrey GU1 3DE. 2021 Results 37