#1OUTsurance Group Limited Financial Results – 31 December 2022 (unaudited) OUT SURANCE You always get something out.#2Macro-economic trends Inflation and interest rate environment impacting operational performance CPI Inflation 8.0% Interest rates 6.8% 7.8% 7.0% 6.5% 7.2% 6.0% 5.9% 5.0% 7.0% Exchange rates 16.65 16.02 15.14 14.05 14.04 4.5% 4.0% 4.0% 3.8% 11.64 11.65 11.07 10.15 3.1% 9.86 3.1% 3.0% 3.5% 3.5% 2.0% 1.5% 0.8% 1.0% 1.8% 1.8% 0.9% 0.0% Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 0.1% 0.1% Australia - CPI South Arica CPI Australia Cash Rate SARB Repo Rate USD/ZAR AUD/ZAR Average exchange rates observed during interim reporting periods. OUTsurance Group Limited OUT 2#3Overview of key operational themes OUTsurance South Africa OUTsurance Personal OUTsurance Business OUTsurance Life Escalating premium inflation in response to claims cost pressure. Limited real growth on the back of challenging macro environment. Normalisation of motor claims frequency when compared to lock- down conditions in H1-2021. Wet weather, loadshedding, vehicle theft and reinsurance cost contributing to claims performance. Focus on reaching profitability and target margins in OUTsurance Brokers (tied-agency). Premium inflation conditions and continued strong policy growth in OUTsurance Brokers. Improved economies of scale and attritional claims performance. Strong new Business performance in the Funeral segment (including Shoprite). Volatile yield environment is the primary driver for large policyholder liability movement and operating loss. Continued investment into Funeral and tied-agency distribution for Underwritten Life. VNB margins negatively impacted by higher per policy acquisition costs. OUTsurance Group Limited OUT 3#4Overview of key operational themes Youi Youi Direct Youi BZI Youi CTP Significant premium inflation resulting from recent natural perils losses, higher reinsurance cost and retention and higher general inflation impacting repair costs. Benign weather environment with large reduction on natural event claims. Moderated unit growth with focus on pricing discipline. Operational profit realised attributed to scale, better claims performance and favourable weather. Net earned premium growth of 138.5% and reduction in claims ratio from 87.6% to 63.2%. Moderating new business growth resulting from increased competition in the broker channel. (as guided at year-end) Launch of CTP in South Australia on 1 July 2022 contributing to higher operating loss. Continued strong gross and net premium growth. Claims experience remains volatile on the small book and impacted by a large single loss event. OUTsurance Group Limited OUT 4#53 953 4 916 6 151 7 232 CAGR = 13.2% 7 661 7 757 Group gross written premium (R'million) 8 102 8 594 Premium performance Product and channel diversification strategy contributing the strong premium growth 10 144 11 600 • Consolidated revenue growth benefitting by 5% weaker AUD/ZAR and rising premium inflation • Annualised new business premium written moderating with new ventures now in the base and focus on pricing discipline. 17.4% 13 618 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 OUTsurance Group Limited OUT LO 5 1 793 2 055 Annualised new business premium written (R'million) 2 869 3 382 8.6% 3 673#6Group consolidated results overview OHL Group operating profit (R' million) 656 786 949 1 219 1 487 1 695 1 620 1 508 1 766 1 142 1 894 CAGR = = 11.2% 888 558 588 65.8% 472 363 348 196 22 1 139 1 137 1 148 1 145 1 178 170 27 27 1 023 972 1 006 927 757 759 — (101) Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 ■OUTsurance South Africa (incl. Life) Youi Group OUTsurance Group Limited OUT CO 6#7Group consolidated results overview Net retained natural perils losses as % of net earned premium 18.3% 13.2% 12.5% 12.5% 11.8% 9.6% 9.1% 9.0% 8.6% 8.0% 8.0% 8.0% 7.8% 6.4% 6.4% 6.7% 5.7% 5.7% 8.1% 6.7% 6.9% 5.7% 5.8% 4.3% 4.2% 4.7% 3.7% 3.5% 3.8% 3.7% Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 OUTsurance Youi Combined (short-term insurance) OUTsurance Group Limited OUT 7#835 Dec 18 Investment in growth initiatives Slowing strain from new initiatives Losses generated by growth initiatives as % of profits from mature business units 24 ° 20.2% 7.2% 8.8% 8.6% 3.3% ° 24 102 Dec 19 56 31 101 126 26 99 199 43 56 100 Dec 20 Dec 21 Dec 22 OUTsurance Business Brokers OUTsurance Life (Funeral and Financial Advisors) Youi (BZI and CTP) -o-Operating loss of growth initiatives as % of operating profit from mature businesses • • • Total earnings strain from new initiatives is below the 10% appetite assisted by favourable claims experience in mature operations. Economies of scale and improved attritional claims performance by OUTsurance Brokers and BZI. Expanding investment in OUTsurance Life's OUTsurance Financial Advisor (tied-agent) initiative. The planned expansion to Ireland will contribute to new initiative spend over the medium term and projected to be contained within the 10% appetite. OUTsurance Group Limited OUT 8#9Premium revenue and earnings diversification Short-term insurance activities - net earned premium OUTsurance SA (Dec 21: 47%) 44% Gross written premium 56% Youi Australia (Dec 21: 53%) • Youi's rapid growth is contributing to the diversification profile of the Group 61% OUTsurance SA (Dec 21: 91%) Normalised earnings 39% Youi Australia (Dec 21: 9%) • Earnings from the Australian operation is more exposed to retained natural perils losses whereas the earnings from OUTsurance South Africa is more stable. OUTsurance Group Limited OUT 9#10OUT Financial review SURANCE You always get something out.#11Financial Review Part 1: OGL and OHL consolidated results Part 2: OUTsurance results Part 3: Youi results 40.4% of Group GWP (2021: 43.7%) 59.2% of Group operating profit (2021: 86.8%) 56.2% of Group GWP (2021: 53.0%) 46.9% of Group operating profit (2021: 14.9%) Part 4: OUTsurance Life results 3.4% of Group GWP (2021: 3.3%) <0% of Group operating profit (2021: <0%) Part 5: Capital and balance sheet OUTsurance Group Limited OUT 11#12Dec 21 OUTsurance OHL Group Consolidated results overview 1 102 14 OUTsurance Life Youi Group (47) Administration Services 523 18 (13) 1 502 1 502 (43) (52) Central Minorities Associate earnings Dec 22 OGL Group 1 317 (147) (38) Grouping of RMI IMG, AlphaCode and surplus assets OHL minorities OGL normalised earnings OHL Group Normalised... Central / Treasury company Decreasing head office costs for OGL following the listing transition. Further cost reduction into H2 - 2023. Higher earnings contribution from RMI IMG and AlphaCode portfolio companies. OUTsurance Group Limited OUT 12#13OHL Group consolidated results overview R' million Dec 2022 Dec 2021 % change Gross written premium 13 618 11 600 17.4% Annualised new business premium written 3 673 3 382 8.6% Operating profit 1 894 1 142 65.8% • Normalised earnings 1 502 1 102 36.3% Claims ratio 55.3% 58.1% Insurance cost-to-income ratio¹ 29.8% 30.5% Combined ratio² 85.5% 89.2% Normalised ROE (%) 29.1% 23.6% Dividend declared 969 938 3.3% 1 Excluding the financials effects of external call centre services offered. 2 Net of profit share distributions paid to FirstRand and Shoprite. • Excluding the prior year earnings contribution from the OHL Group's indirect investment in Hastings, the Group's normalised earnings result is 45.3% higher. The Hastings investment was disposed of in December 2021. The OHL Group's investment income increased by R74 million notwithstanding lower returns on equity exposure. The slower growth in the dividend is attributed to capital retention at Youi to allow for prudent balance sheet to cater for growth and uncertainty related to the reinsurance renewal for FY 2024. Also impacting the dividend is capital retention in advance of the Ireland market entry OUTsurance Group Limited OUT 13#14OHL Group consolidated results overview Drivers of normalised earnings Normalised earnings - movement analysis (R' million) 18.2% growth in net earned premium 1 871 Negative impact of yield movements (613) (89) Reduced natural perils exposure in Youi 1 102 Operating expense movement includes R102 million increase in commission related to BZI Lower earnings associated with Hastings disposal in Dec 21 74 (489) (53) (43) 1 502 (237) (21) Higher interest rate environment offset by lower equity gains compared to prior six months NEP Life liability Investment income Minorities Other Dec 21 Net claims Operating expenses Normalised associates Tax Dec 22 Increase Decrease Total OUTsurance Group Limited OUT 14#15Group consolidated results overview Investment income (R' million) OUTsurance SA 386 Youi Group 330 21 129 213 87 32 44 211 129 21 Dec 21 Dec 22 Dec 21 22 Substantial increase in investment income at Youi and interest income generated by OUTsurance South Africa. Equity gains in substantially lower compared to H1-2021. 107 Dec 22 Interest income Dividend income Fair value movement on equities OUTsurance Group Limited OUT 15#16Group consolidated results overview OHL Group normalised earnings (R' million) OHL Normalised ROE (%) 1 329 1 169 1 437 1 102 1 502 86 157 38.3% 36.6% 66 343 64 578 32.9% 33.4% 289 31.4% 210 98 29.7% 1008 883 893 940 924 27.0% 27.9% 29.1% 25.5% 25.6% 22.9% 23.6% 22.0% Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Jun 18 Jun 19 ■OUTsurance South Africa Youi (net of minorities) Hastings Jun 20 Operational ROE Jun 21 Dec 21 Jun 22 Dec 22 -O-Group normalised ROE Youi's earnings is a more volatile component of the OHL Group's earnings contribution due to the higher frequency of natural events and proportionately higher event retention. . • The Operational ROE benefitted from the significant increase in normalised earnings. The differential between the Operational ROE and the Group Normalised ROE is explained by the surplus capital held at the OHL Group level. This capital will be deployed towards the planned acquisition of the further 5.3% interest in the Youi Group and the partial funding of the Republic of Ireland Expansion. OUTsurance Group Limited OUT 16#17Financial Review Part 1: OGL and OHL consolidated results Part 2: OUTsurance results 40.4% of Group GWP (2021: 43.7%) 59.2% of Group operating profit (2021: 86.8%) Part 3: Youi results Part 4: OUTsurance Life results Part 5: Capital and balance sheet 56.2% of Group GWP (2021: 53.0%) 3.4% of Group GWP (2021: 3.3%) 46.9% of Group operating profit (2021: 14.9%) <0% of Group operating profit (2021: <0%) OUTsurance Group Limited OUT 17#18OUTsurance OUTsurance key financial outcomes R' million Dec 2022 Dec 2021 % change • Claims frequency on motor claims Gross written premium 5 505 5 064 8.7% Net earned premium 5 361 4 935 8.6% Operating profit 1 121 991 13.1% OUTsurance Personal¹ 1 078 1 069 OUTsurance Business 128 14 0.8% >100% Central costs (85) (92) 7.6% Investment income 247 338 (26.9%) Headline earnings 951 937 1.5% Claims ratio (%) 53.4% 53.9% normalised relative to a lower base in the comparative half when pandemic related lockdowns were still in force. More extensive loadshedding (blackouts) related claims and increasing incidents of vehicle theft were contributors to the increasing claims cost. The cost-to-income ratio benefitted from the higher premium growth, economies of scale in the OUTsurance Brokers channel and cost containment. Cost-to-income ratio (%) 24.8% 25.2% Combined ratio (%)1 80.0% 80.6% 1 After profit share distribution paid to FirstRand Limited on HOC arrangement OUTsurance Group Limited OUT 18#19OUTsurance Personal OUTsurance Personal key financial outcomes R' million Gross written premium Net earned premium Operating profit Dec 2022 Dec 2021 % change 4 311 4 045 6.6% 4 202 3 957 6.2% 1 078 1 069 0.8% Claims ratio (%) 52.4% 51.6% Cost-to-income ratio (%) 20.8% 20.1% Combined ratio¹ (%) 75.3% 73.6% 1 After profit share distributions paid to FirstRand Limited on HOC arrangement • • Low unit growth in the period. Premium growth is primarily driven by premium inflation to offset claims cost pressures. Excluding the FirstRand Homeowners book in run-off, gross written and net earned premium grew by 7.9% and 7.5% respectively. The increase in cost-to-income ratio is attributed to higher acquisition costs attributed to an increasing mix of new business originated through the OUTsurance Broker channel. Loss ratio is higher because of the normalisation in motor claims frequency, high claims inflation and motor theft. OUTsurance Group Limited OUT 19#20OUTsurance Personal Gross written premium (R' million) Dec 18 3 502 3 704 822 3 822 4 045 6.6% 4 311 Key ratios (%) 74.1% 73.6% 73.8% 75.3% 70.0% 68.8% 49.3% 51.6% 51.3% 52.4% 46.4% 48.3% Dec 19 Dec 20 Dec 21 Dec 22 Jun 19 Jun 20 Jun 21 Dec 21 Claims ratio -Cost-to-income ratio Operating profit (R' million) 0.8% 2018 2019 2020 2021 2022 21.4% 21.3% 20.0% 20.1% 20.8% 20.8% Jun 22 Dec 22 Combined ratio (incl profit share) OUTsurance Group Limited OUT 20#21OUTsurance Business OUTsurance Business key financial outcomes R'million Gross written premium Net earned premium Operating profit Direct Broker Claims ratio (%) Cost-to-income ratio (%) Combined ratio (%) ° • Dec 2022 Dec 2021 % change 1 194 1 019 17.2% 1 159 978 18.5% 128 14 >100% 228 213 7.0% (100) (199) 49.7% 56.9% 63.1% 32.9% 36.2% 89.8% 99.3% • • The OUTsurance Broker channel grew gross written premium by 42.3% to R617 million. Higher premium inflation was driven by higher claims cost factors and pricing action to align with long-term targets in the OUTsurance Broker book. Significant improvement in the OUTsurance Broker operating loss attributed to claims ratio improvement and enhanced economies of scale. OUTsurance Group Limited OUT 21#22OUTsurance Business Gross written premium (R' million) 648 770 829 1 019 17.2% 1 194 2018 2019 2020 2021 2022 Jun 19 Jun 20 Claims ratio Operating profit (R' million) 28 >100% 2018 2019 2020 2021 2022 Key ratios (%) 99.3% 99.3% 95.2% 98.0% 89.8% 86.3% 63.1% 63.1% 57.4% 60.1% 56.9% 52.5% 33.8% 36.2% 37.8% 36.2% 37.9% 32.9% Jun 21 Dec 21 Jun 22 -Cost-to-income ratio --Combined ratio (incl profit share) OUTsurance Group Limited OUT 22 Dec 22#23Financial Review Part 1: OGL and OHL consolidated results Part 2: OUTsurance results 40.4% of Group GWP (2021:43.7%) Part 3: Youi results Part 4: OUTsurance Life results Part 5: Capital and balance sheet 56.2% of Group GWP (2021: 53.0%) 3.4% of Group GWP (2021: 3.3%) 59.2% of Group operating profit (2021: 86.8%) 46.9% of Group operating profit (2021:14.9%) <0% of Group operating profit (2021: <0%) OUTsurance Group Limited OUT 23#24Youi Youi Australia key financial outcomes % change 24.4% High premium inflation experienced in response to higher claims inflation, increased natural perils losses coupled with higher reinsurance costs and retention. Youi Direct grew gross written premiums by 20.8%. (Rand) Consistent with year-end guidance, new business volumes have moderated. The large improvement in the claims ratio is associated with the large reduction in net retained natural perils claims incurred. Also contributing is the improved attritional claims ratio on the BZI book following rating action to achieve target operating margin. The higher CTP operating loss is attributed to the introduction of CTP in South Australia and a large single claim event impacting the NSW CTP. R'million Gross written premium Net earned premium Operating profit Direct BZI CTP Investment income 2022 2021 7 648 6 149 5 957 4 644 28.5% 887 169 >100% 930 295 >100% 37 (96) >100% (80) (30) >(100%) 122 8 Headline earnings 651 120 >100% >100% Claims ratio (%) 55.9% 62.0% Cost-to-income ratio (%) 31.1% 34.9% Combined ratio (%) 86.6% 96.9% OUTsurance Group Limited OUT 24#25Financial Review Part 1: OGL and OHL consolidated results Part 2: OUTsurance results 40.4% of Group GWP (2021:43.7%) Part 3: Youi results Part 4: OUTsurance Life results Part 5: Capital and balance sheet 56.2% of Group GWP (2021: 53.0%) 59.2% of Group operating profit (2021: 86.8%) 46.9% of Group operating profit (2021: 14.9%) 3.4% of Group GWP (2021:3.3%) <0% of Group operating profit (2021: <0%) OUTsurance Group Limited OUT 26#26OUTsurance Life R'million 2022 2021 % change Gross written premium 465 386 20.5% Operating loss (100) (51) (>100%) Funeral (incl Shoprite) 2 (26) >100% Underwritten life (102) (25) (>100%) Headline earnings (68) (21) (>100%) Embedded value 1 453 1 389 4.6% Return on embedded value (11.4%) 19.5% VNB margin (excl F2F initiative) (%) 1 7.4% 18.0% 1 The VNB margin excludes the strain from the newly launched Face-to-Face initiative. Inclusive of this initiative, the VNB margin was 0.6% for the period compared to 14.5% in 2021. The Funeral segment grew gross written premium by 60.0%, driven by strong new business flows from the Shoprite partnership. Significant changes in the shape of the yield curve since June 22, was the primary contributor to the realisation of the operating loss for the period. A significant investment is being made in OUTsurance Life tied-agency model (OUTsurance Financial Advisors) which commenced operations in the 2022 financial year. This channel realised an operating loss of R57 million (2022: R45 million). This channel is included in the Underwritten Life reporting segment. The lower VNB margin is linked to higher acquisition costs and a slow- down of new business in the direct Underwritten Life and Funeral channels. OUTsurance Group Limited OUT 27#27OUTsurance Life Gross written premium (R' million) 20.5% الس Embedded value (R' million) 6.0% 426 421 24.8% 847 1 182 1 267 1 389 1 453 561 621 629 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 PVIF ANW net of CORC 0572 12.3% 19.5% 638 818 Return on EV (11.4% OUTsurance Group Limited OUT 28 935 518#28Financial Review Part 1: OGL and OHL consolidated results Part 2: OUTsurance results 40.4% of Group GWP (2021:43.7%) Part 3: Youi results Part 4: OUTsurance Life results Part 5: Capital and balance sheet 56.2% of Group GWP (2021:53.0%) 59.2% of Group operating profit (2021:86.8%) 46.9% of Group operating profit (2021:14.9%) 3.4% of Group GWP (2021:3.3%) <0% of Group operating profit (2021:<0%) OUTsurance Group Limited OUT 29#29Capital and balance sheet Solvency ratios Dec June SCR ratio (times) 2022 2022 Target OUTsurance 1.7 1.7 1.25 OUTsurance Life 2.4 3.0 1.5 Your Group 2:4 2.3 1.6-1.9 OHL Group 2:3 2.2 1.6 • • Youi is adopting a new target capital range of 1.6 to 1.9 times with an adjustment to the capital framework which is more responsive to the circumstances that changes the operational capital requirement. Youi's balance sheet is managed cautiously to allow for the uncertainty in the reinsurance structure heading into the 2024 financial year. Reinsurance markets continue to harden in response to historic natural events and globally higher reinsurance costs. The OHL Group holds surplus capital of R1.7 billion for: • Planned acquisition of the 5.3% minority stake in Youi (expected to be complete by end of October 2023 and subject to regulatory approvals). Initial capital contribution for OUTsurance Ireland to support authorisation process. J-curve and regulatory capital for OUTsurance Ireland will ultimately be funded through higher earnings retention over the start-up phase. Temporary debt will be used for the differential between funding and capital utilisation. OUTsurance Group Limited OUT 30 30 " • • •#30Capital and balance sheet OGL interim dividend declared per share - cents OHL interim dividend - R'million. Post the listing transition the pay-out ratio of OGL will closely align with OHL 66.7% 80.3% 70.6% 65.3% 37.2% 32.8% 938 938 938 16.8% 18.7% Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Interim ordinary dividend - cents per share - Dividend pay-out ratio 85.1% 938 64.5% 696 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Interim ordinary dividend (R'million) Dividend pay-out ratio The Group's dividend profile is highly correlated to earnings overlaid with the growth profile and therefore capital intensity of the businesses. During periods of higher growth, more earnings will be retained to support the increasing regulatory capital requirement. The lower dividend pay-out ratio allows for reinsurance renewal uncertainty and capital retention for OUTsurance Ireland. It is expected that a minimum dividend pay-out ratio of 60% can be maintained over the capitalisation period of OUTsurance Ireland. OUTsurance Group Limited OUT 31#31OUT SURANCE You always get something out. International expansion#32International expansion Organic greenfield strategy to enter the Ireland market in 2024 • The Group has a stated objective to seek an international expansion opportunity to provide long-term growth and diversification. • • The Republic of Ireland has been identified as a suitable market that meets our criteria for a greenfield opportunity. The key attributes which make Ireland an attractive opportunity are as follows: о Market size is attractive relative to the OUTsurance and Youi operations. о The Direct channel is well established in Ireland which aligns with the core competency of the Group. The intermediated market presents a longer-term opportunity to leverage our emerging skills in face-to-face distribution. O Historic market profitability and success of foreign entrants. O Ireland's economy is fast growing with positive prospects for real growth in the insurance market. Positive stance toward inward investment and deep skills pool. Familiar regulatory environment with prudential and market conduct regulations aligned with OUTsurance Group practices and local regulation. The size of the the financial commitment required for a successful entry is well within the Group's risk appetite for capital risk and earnings strain related to new ventures. An insurance license application process is under way and the market entry is planned for Q1 2024. OUTsurance Group Limited OUT 33#33OUT SURANCE You always get something out. Outlook#34Group outlook Operational outlook for remainder of FY 2023 • Global macro economic uncertainty and challenging local conditions in South Africa. Inflation globally and locally expected to remain elevated for the foreseeable future. Higher interest rates are positive for the Group's earnings base and uncorrelated to natural perils losses. Pricing discipline to pro-actively manage claims inflation. • Continued drive to achieve scale and profitability in new ventures, positively impacting the earnings base. • The hardening reinsurance market is a key watch item as we enter the mid-year reinsurance renewal season. Focus on matters within our control to drive operational excellence and market-leading customer outcomes. • Capital discipline and simplification of structures. OUTsurance Group Limited OUT 35 35#35OUT SURANCE You always get something out. Q & A#36Thank you Contact: Investor [email protected] https://group.outsurance.co.za/ OUT SURANCE You always get something out.#37Forward-looking statement disclaimer This presentation contains statements about the OUTsurance Group that are or may be forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect current expectations concerning future results and events and generally, but not always, may be identified by the use of forward-looking words or phrases such as, but not limited to, “believe”, “aim”, “expect”, “anticipate", "intend", "foresee”, “forecast”, “likely”, “should”, “planned", "may", "will", "outlook", "project" "estimated", "potential" or similar words and phrases. Examples of forward-looking statements include statements regarding a future financial position or future profits, expected profit or growth margins, cash flows, corporate strategy, estimates of capital expenditures, acquisition strategy, or future capital expenditure levels, and other economic, fiscal and political factors. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The OUTsurance Group cautions that forward-looking statements are not guarantees of future performance. Actual results, financial and operating conditions, liquidity and the developments within the industry in which the OUTsurance Group operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this presentation. Each of these forward-looking statements are based on estimates and assumptions, all of which, although the OUTsurance Group may believe them to be reasonable, are inherently uncertain. Such estimates, assumptions or statements may not eventuate. Many factors (including factors not yet known to the OUTsurance Group, or not currently considered material) could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in those estimates, statements or assumptions. Shareholders should keep in mind that any forward-looking statement made in this presentation or elsewhere, is applicable only at the date on which such forward-looking statement is made. New factors that could cause the business of the OUTsurance Group, or other matters to which such forward-looking statements relate, not to develop as expected may emerge from time to time and it is not possible to predict all of them. Further, the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement are not known. The OUTsurance Group has no duty to, and does not intend to, update or revise the forward-looking statements contained in this presentation after the date of this presentation, except as may be required by law. Any forward-looking statements have not been reviewed nor reported on by the external auditors. OUTsurance Group Limited OUT 38 38