#1LINK GROUP 2019 Investor Presentation & Strategy Update Tuesday, 18 June 2019 " ............ . . .#2Important notice This presentation has been prepared by Link Administration Holdings Limited (Company) together with its related bodies corporate (Link Group). The material contained in this presentation is intended to be general background information on Link Group and its activities. The information is supplied in summary form and is therefore not necessarily complete. It should be read in conjunction with Link Group's other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, and in particular, Link Group's half year results for the 6 months ended 31 December 2018. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian Dollars unless otherwise indicated. Unless otherwise noted, financial information in this presentation is based on A-IFRS. Link Group uses certain measures to manage and report on its business that are not recognised under Australian Accounting Standards or IFRS. These measures are collectively referred to in this presentation as 'non-IFRS financial measures' under Regulatory Guide 230 'Disclosing non-IFRS financial information' published by ASIC. Management uses these non-IFRS financial measures to evaluate the performance and profitability of the overall business and Link Group believes that they are useful for investors to understand Link Group's financial condition and results of operations. Non-IFRS measures are defined on Appendix 5A of the 2018 full year investor presentation. The principal non-IFRS financial measures that are referred to in this presentation are Operating EBITDA and Operating EBITDA margin. Management uses Operating EBITDA to evaluate the operating performance of the business and each operating segment prior to the impact of significant items, the non-cash impact of depreciation and amortisation and interest and tax charges, which are significantly impacted by the historical capital structure and historical tax position of Link Group. Management uses Operating EBITDA to evaluate the cash generation potential of the business because it does not include significant items or the non-cash charges for depreciation and amortisation. However, Link Group believes that it should not be considered in isolation or as an alternative to net operating cash flow. Other non-IFRS financial measures used in the presentation include Recurring Revenue, gross revenue, EBITDA, EBITA, EBIT, Operating NPATA, working capital, capital expenditure, net operating cash flow, net operating cash flow conversion ratio and net debt. Significant items comprise business combination costs, integration costs, IT business transformation and client migration costs. Unless otherwise specified those non-IFRS financial measures have not been subject to audit or review in accordance with Australian Accounting Standards. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding Link Group's intent, belief or current expectations with respect to business and operations, market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes. This presentation contains words such as 'will', 'may', 'expect', 'indicative', 'intend', 'seek', 'would', 'should', 'could', 'continue', 'plan', 'probability', 'risk', 'forecast', 'likely', 'estimate', 'anticipate', 'believe', or similar words to identify forward-looking statements. These forward-looking statements reflect Link Group's current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond the control of Link Group, and have been made based upon Link Group's expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with Link Group's expectations or that the effect of future developments on Link Group will be those anticipated. Actual results could differ materially from those which Link Group expects, depending on the outcome of various factors. Factors that may impact on the forward-looking statements made include, but are not limited to, general economic conditions in Australia; exchange rates; competition in the markets in which Link Group will operate and the inherent regulatory risks in the businesses of Link Group. When relying on forward-looking statements to make decisions with respect to Link Group, investors and others should carefully consider such factors and other uncertainties and events. Link Group is under no obligation to update any forward-looking statements contained in this presentation, where as a result of new information, future events or otherwise, after the date of this presentation. 18 June 2019 Link Group Investor Presentation & Strategy Update 2#3Agenda 09:00am (30 mins). 09:30am (30 mins) Welcome & group strategy (John McMurtrie) 10:00am (30 mins) 10:30am (15 mins) 10:45am (30 mins) 11:15am (30 mins) 11:45am (30 mins) 12:15pm (30 mins) 12:45pm (15 mins) 01:00pm (30 mins) 01:30pm Banking & Credit Management (Robbie Hughes) Link Fund Solutions (Karl Midl) Morning tea Corporate Markets (Lysa McKenna & Susan Ring) Retirement & Superannuation Solutions (Dee McGrath & Susan Ring) Technology & Operations - Integration & efficiencies (Paul Gardiner) PEXA (Marcus Price) Outlook & closing (John McMurtrie) Lunch Investor session with Link Group executive *************** ********************** 18 June 2019 Link Group Investor Presentation & Strategy Update 3#4LINK GROUP Welcome & group strategy John McMurtrie 18 June 2019 ******************* ************************* Link Group Investor Presentation & Strategy Update 4#5Link Group's leadership team From FY2020, Link Group will realign our operating model and organisation structure to best achieve our strategic goals and leverage the benefits of being an international organisation Retirement & Superannuation Solutions* Leadership Team John McMurtrie Operating Businesses REGIONS Fund Solutions* Corporate Markets* Banking & Credit Management* Property** Dee McGrath Susan Ring Chris (EMEA) Addenbrooke Karl Midl Lysa McKenna Susan Ring (APAC) (EMEA) Robbie Hughes Marcus Price Value added products & services (e.g. Empirics, Orient Capital, Company Matters, Link Advice & EPS) Technology & Operations* Paul Gardiner Risk & Compliance Finance Group Functions Human Resources & Brand Legal Acquisitions & Investments Wendy Phillis Andrew MacLachlan Michael Rosmarin * Revenue segment reporting ** PEXA Investment 18 June 2019 Janine Rolfe John Hawkins EMEA Ireland UK South Africa Germany Dubai France Luxemburg Netherlands Italy APAC Australia NZ Hong Kong India Philippines PNG Link Group Investor Presentation & Strategy Update 5#6Link Group's investment highlights Optimistic on medium-long term opportunities, realistic about short term market pressures. Confident about the business resilience and quality of the team 1 Leading market position in attractive industries 2 Proprietary and scalable technology platforms 3 Large and loyal client base 4 Strategically positioned for long-term growth 5 Strong financial profile 6 Track record of value creation through business combinations and migrations 7 Experienced management team Leading position in 13 markets across 9 jurisdictions 80% Executive team average industry experience recurring revenue >20 years 18 June 2019 Strong balance sheet with pro-forma leverage at bottom of guidance range Acquisition & integration of over 40 business combinations over last 15 years Link Group Investor Presentation & Strategy Update 6#7Connecting people with their assets Link Group has a closely aligned platform of services and common users. There are multiple opportunities to leverage this platform to provide growth CONNECTING PEOPLE WITH THEIR ASSETS LINK GROUP Pension Assets People / Asset Owners Asset Type Property Equity Link Group's clients - Custodians of people's assets Banks Pension Funds Listed Companies Debt Investment Funds Government People / Asset Owner touch points Contact Centre Paper & digital forms Paper & Emails digital statements SMS SMS Mobile App Online Chat k Customer Portal We provide: Share Registry Services Retirement & Superannuation Solutions Investment Fund Administration Loan Administration 18 June 2019 While offering value added services such as: Data Analysis & Data Security Investor Relations Services Governance, Secretarial & Share Plan Support Regulatory Oversight & Reporting Link Group Investor Presentation & Strategy Update 7#8Revenue ooooo Organised to capture the global opportunity Global business lines will drive consistency and coordination, driving stronger business performance Retirement & Superannuation Solutions Fund Solutions Corporate Markets Banking & Credit Management Technology & Operations Property Key services Superannuation & pension fund administration Stakeholder engagement Trustee support services AFM/management company ('ManCo') solutions Fund administration & transfer agency services ISA plan management Share registration Stakeholder engagement Investor management services Loan servicing and admin Liquidation and recovery of non-performing loans Compliance and regulatory oversight Core systems development and maintenance Digital solutions Security and data solutions Electronic property exchange platform ⚫ Lodgment and settlement services Clients FTE* Geographical split Superannuation funds Pension funds ~1,995 Traditional asset managers Hedge funds ~627 PE and RE funds Listed entities Shareholders ~2,140 Debt funds Retail & investment banks Pension funds and insurers ~1,005 . Link Group -840 Broad range of clients Lending institutions ~350** • Conveyancers oooooo * FTE by Division as at 30/04/19, excludes CPCS, Unallocated Group FTEs ** FTE employed by Pexa (non-Link Group FTE). 18 June 2019 Equity accounted investment APAC EMEA BU Rest of Group 8 Link Group Investor Presentation & Strategy Update#9Link Group is a global organisation Link Group has established operations in 13 international jurisdictions providing enormous opportunity to expand our broader product suite, leveraging existing local knowledge, relationships and expertise RS Retirement & Superannuation Solutions CM Corporate Markets FS Fund Solutions BC Banking & Credit Management TO Technology & Operations PS Property Solutions Connecting people with their assets. North America RS CM FS BC TO PS India Europe RS CM FS BC TO PS Hong Kong RS CM FS BC TO PS RS CM FS BC TO PS Leading market position Building a larger presence Market opportunity UAE RS CM FS BC TO PS Australia RS CM FS BC TO PS South Africa RS CM PNG RS CM FS BC TO PS New Zealand RS CM FS BC TO PS 18 June 2019 Link Group Investor Presentation & Strategy Update 9#101 2 3 4 with a business supported by structural market drivers Regulation & Compliance • Remit of regulation - focus on governance and independence • Focus on compliance and increased transparency • Tighter capital requirements Technology & Digitisation • On-demand access to service provision • Automation and straight through processing • Online digital experience • Cost efficiency • IT & data security Outsourcing • • Cost consciousness and a focus on core activities Regulation complexity driving the need for specialisation Convenience of outsourcing - "one stop" provider Capital Markets Activity • • • • LT economic growth, foreign investment and client internationalisation Change in saving patterns and demographics driving growth in AuM / AUA RE and infrastructure investment by insurers and pension funds Restructuring of banks' balance-sheets across Europe 18 June 2019 Link Group Investor Presentation & Strategy Update 10#11Key achievements in a period of transformation 1 LAS separation complete and integration on track ☑ Strengthened executive management team Secured AustralianSuper contract renewal Increased shareholding in PEXA Divested CPCS, increasing balance sheet flexibility Σ Established market entry into Italy, The Netherlands, Hong Kong and Luxembourg 18 June 2019 Link Group Investor Presentation & Strategy Update 11#12Five strategic pillars - supporting clients and growing our business Drivers of growth 1 Growing with our clients in attractive markets 2 Product and service innovation 3 Integration and efficiency benefits 4 Client, product and regional expansions 5 Identifying adjacent market opportunities Enhance delivery of service excellence and relationship management Realise cross sell opportunity from larger global network Win new business ■ Mobile led and customer centric technology (e.g. Max award for financial services app of the year in a row) - 3rd year ■ Integrated service offering (financial advice, investor relations) Execute on pipeline of business optimisation opportunities, resulting from a larger global presence ■ Leverage global Centres of Excellence Continue to invest in technology to support scaled operations Invest in strategically important markets ■Leverage existing local operations Continue to execute disciplined bolt-on acquisitions to supplement global expertise (e.g. Flex- Front & NHL in The Netherlands) ■Disciplined review of existing adjacent markets (e.g. sale of CPCS) Continue to actively assess a range of corporate and other actionable targets ■ Increased shareholding in Pexa to 44% Horizon 1 Support our clients and their stakeholders Continual reinvestment Strategic priorities Deliver exceptional service Horizon 2 Horizon 3 Expand our business Deliver benefits of scale Identify, attract and retain talent Sustainability 18 June 2019 Link Group Investor Presentation & Strategy Update 12#13LINK GROUP JN. European overview 111 ----------- 111 11111110 18 June 2019 Link Group Investor Presentation & Strategy Update 13#14Link Group EMEA at a glance Link Group is a leading asset servicer in EMEA operating across 8 highly regulated jurisdictions At a glance, Link Group EMEA currently: • Administers and safeguards over £200 billion of assets • Has market leading positions in Europe across 3 business lines · Makes more than £60 billion payments annually O Channel Islands • Services over 2,500 customers including some of the worlds largest corporations • Has a well invested scalable technology platform Link Group EMEA - Geographical breakdown (CY2018 pro-forma revenue)1,2 EMEA 36% 10 APAC 64% UK Ireland Germany South Africa Italy O Netherlands. O Other Link Group EMEA - Divisional breakdown (CY2018 pro-forma revenue)² O Corporate Markets O Fund Solutions 1. Banking & Credit Management Divisional percentages based on gross revenue prior to eliminations. 2. Pro forma revenue excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 18 June 2019 Link Group Investor Presentation & Strategy Update 14#15Link Group's EMEA footprint Ireland RS CM FS BC TO PS Locations: 2 Employees: 704 UK RS CM FS BC TO PS Locations: 11 Employees: 1,868 RS Retirement & Superannuation Solutions CM Corporate Markets FS Fund Solutions BC Banking & Credit Management TO Technology & Operations PS Property Solutions FTE employed as at 30 April 2019 Luxembourg RS CM FS BC TO PS Locations: 1 Employees: 7 Leading market position Building a larger presence Market opportunity South Africa RS CM FS BC TO PS Locations: 1 Employees: 147 Netherlands RS OM FS BC TO PS Germany RS CM FS BC TO PS Locations: 3 Locations: 4 Employees: 66 Italy RS CM FS BC TO PS Locations: 1 Employees: 30 Employees: 104 UAE RS CM BC TO PS Locations: 1 Employees: 1 18 June 2019 Link Group Investor Presentation & Strategy Update 15#16Leading positions in large, growing and regulated markets... Position Corporate Markets Share Registrar Treasury services advisor to local authorities Authorised Fund Manager Link Fund Solutions ManCo Banking & Credit Management Retirement & Superannuation Solutions Multi-channel Asset Class • Loan Servicer • • • • Key services Share registration Share investment services Stakeholder management • ~1,200 B2B customers Clients Primarily FTSE listed >250k share plan participants Treasury services AFM / Manco Solutions Fund administration Transfer Agency services ISA plan management • Loan servicing and admin Liquidation and recovery of NPLs Compliance and regulatory oversight Pension Administrator Pension Administration ~350 local authorities • Traditional asset managers • Hedge funds • • PE and RE funds Debt funds Retail/investment banks Pension funds and insurers Opportunistic investors Large employers Pension providers Leading market position Building a larger presence Market opportunity 18 June 2019 Link Group Investor Presentation & Strategy Update 16#17Our clients long term, blue chips - We partner with a diverse customer base of blue chip businesses and have over 2,500 client relationships INVESTORS AND BUSINESS MANAGERS Legal & General WHITBREAD J.P.Morgan bp Aberdeen Standard Investments RuffER PRUDENTIAL ACCESS USS Effective Collective Investment GUINNESS ASSET MANAGEMENT LTD National Asset Management Agency RBS Standard Life CERBERUS CAPITAL MANAGEMENT, L.P. Citi® VII AIB Seven Investment Management ISSUERS AND BORROWERS MACQUARIE Canada Life BNP PARIBAS Investments ASSET MANAGERS AND ASSET OWNERS 18 June 2019 Link Group Investor Presentation & Strategy Update 17#18Managing through Brexit processes to position business for eventual outcome With a large operational presence in both UK and Europe, Link Group is well placed to support clients and mitigate any structural impacts of Brexit Corporate Markets Link Fund Solutions Banking & Credit Management Delays in Brexit are having a knock-on-effect on business decisions Rising Interest Rates + Interest on cash balances Funds inflow GBP Depreciation Given reporting in AUD Given reporting in AUD Market Growth Slowdown IPO and Corp Actions ↓AUM UK <-> EU Distribution + International share plans + Lux provides additional EU jurisdiction ↑ UK and EU replica fund structures Regulation & Governance Changes + Impact on capital market growth + Likely Positive Effect Likely Negative Effect + Mixed/Uncertain Effect Potential shift to EU jurisdictions for UCITS 18 June 2019 +1 Defaults Given reporting in AUD + Lower lending ↑ Defaults +Limited impact given EU footprint +1 Impact on capital market growth Link Group Investor Presentation & Strategy Update 18#19Woodford Update • • The key responsibility of Link Fund Solutions Limited (LFS) in its role as Authorised Corporate Director (ACD) of the LF Woodford Equity Income Fund (Fund), is to always act in the best interests of all investors in the Fund. LFS considers that it has at all times acted in accordance with applicable rules and in the best interests of all investors of the Fund and it will continue to do so. Financial Conduct Authority (FCA) The FCA has notified LFS that it is commencing an investigation into LFS relating to the Fund. LFS will continue to co-operate fully with the FCA throughout this process and will answer any questions which the FCA has regarding the Fund. This is a confidential process and we cannot speculate or make any further comment regarding the FCA investigation. 18 June 2019 Link Group Investor Presentation & Strategy Update 19#20The CAS acquisition and resulting European footprint remains an important opportunity for Link Group Compelling strategic rationale and on track to realising the benefits 1 Strong strategic fit, aligned with Link Group's strategy 2 Extension and diversification of Link Group's business profile and geographic exposure 3 Provides immediate scale and leadership in the UK and a platform for Europe 4 Significant opportunity for Link Group to drive growth and further efficiencies post-acquisition 5 Defensive financial profile and attractive acquisition economics 18 June 2019 Link Group Investor Presentation & Strategy Update 20 20#21LINK GROUP Banking & Credit Management Robbie Hughes 18 June 2019 ******************* ************************* Link Group Investor Presentation & Strategy Update 21 21#22Banking & Credit Management (B&CM) is a leading independent debt servicer in Europe B&CM divisional revenue contribution (CY2018 pro-forma revenue)1,2 • B&CM is a leading independent debt servicer - The largest provider in Ireland Rest of Group OO B&CM B&CM revenue by geography (CY2018 pro-forma revenue)1, 2 UK Ireland Europe • Second tier provider in UK - Established positions in The Netherlands, Italy Quality accreditation by Standard & Poor's and Fitch Ratings Service offering spanning all stages of the debt life-cycle from origination to performing & non-performing loan management Diversified customer base (retail banks, investment banks, non- bank lenders, SPVs/opportunistic investors, private equity funds, life insurers and pension funds) One-stop shop partner across multiple debt classes (corporate, residential, commercial real estate, SMEs and infrastructure) Multi-jurisdictional expertise with operations in Ireland, UK, The Netherlands and Italy • 1. Divisional percentages based on gross revenue prior to eliminations. 2. Pro forma revenue excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 18 June 2019 Link Group Investor Presentation & Strategy Update 22 22#23Our business €95bn of AUM Additional €15bn AUM relating to 1,000+ industry experts Experience of managing loans in 15 jurisdictions 20 years+ in Europe The most experienced and stable management of any servicer covering all main asset classes ISO27001 certified (Certification Europe) ISAE3402 compliant back up services >130,000 loans under management Additional 90,000 loans relating to back up services Covering complex structured transactions e.g. CMBS/ RMBS to simple bilateral loans > €10bn of payments processed per quarter % Revenue per Jurisdiction % Revenue per Proposition Ireland 62% NPLs/Bank Deleveraging 57% UK 28% Bank Outsourcing 30% Italy 3% New Lending Services 11% The Netherlands 3% Other 2% 18 June 2019 Link Group Investor Presentation & Strategy Update 23#24Overview of B&CM roles Commercial Asset Funds Residential Asset Infrastructure Asset Debt Other (e.g. Corporate Credit) Illustrative Revenue Tree Fitch and Standard & Poor's rated activities Lender Retains the Exposure? Loan Origination incl Packaging & Underwriting Due Diligence & Portfolio Services 5 Yes Performing 2 Loan Administration (5) Stand by servicing Facility Agency Non-performing. Loan Workout 3 Master Servicing Securitisation No 5 Primary & Special Link Group Key BCM Services Loan Administration Portfolio Sale Loan Workout 1 Origination New loan packaging, underwriting & funds drawdown process 2 Loan Administration Manage Borrower Relationship/ including all back office activities through the loan life cycle 3 Master Servicing Oversee loan administration from a portfolio compliance perspective; responsible for cash reporting and data management 4 Loan Workout Implement portfolio and loan based deleveraging strategies 5 Adjacent Services Facility agent: Day to day loan administration, monitoring and distribution of funds, Financial/Non Financial covenant monitoring on behalf of lenders Stand-by servicing: Protect lenders from the risks of other servicers failure through the provision of Cold, Warm, Hot, Dynamic back up servicing Due diligence: Assessment of debt portfolio quality/recovery levels to assist portfolio pricing 18 June 2019 Link Group Investor Presentation & Strategy Update 24#25Client Snapshot Banking & Credit Management (B&CM) focuses on three core segments B&CM Strategy underpinned by 3 core segments With jurisdictions at different debt trade stages, ability to diversify offering becomes key to services success NPLs/Bank Deleveraging Bank Outsourcing CERBERUS CAPITAL MANAGEMENT, L.P. citi USS AIB Aberdeen Standard Investments National Asset Management Agency Ulster Bank Rabobank 8 898 New Lending Servicing SBI rooftop mortgages AXIS BANK Legal & General Irish League RBS of Credit Unions ☑J.P.Morgan MACQUARIE BNP PARIBAS ASSET MANAGEMENT ICSMortgages Atom bank nhg voor verantwoord wonen Activate Capital Innovative funding with capital strength PIMCO the West Brom Merits of bank deleveraging have been proven Increased capital requirements driving more advanced decision making Non-bank lenders looking for competitive pricing to offset scale disadvantage Start up/challenger banks can overcome immediate credibility and scalability by using a 3rd party outsource provider - allowing focus on distribution Full service administration offering can be more appealing as reduced friction in the value chain 18 June 2019 Link Group Investor Presentation & Strategy Update 25#26Market dynamics Brexit-Uncertainty impacting capital markets in the UK altering deployment of capital in Europe Global economies at different phases of a recovery cycle £ Increasing move towards automation and digitisation Bank outsourcing increasing (post deleveraging) embracing new Fintech Digital solutions European GDP growth of 1.4% forecast for 2019 and 1.6% for 2020; general slowdown in Europe due to Global uncertainty 良 Developing regulatory landscape may provide opportunities Bank Balance Sheet Clean-up - The ECB has set target dates for banks to make full provision for bad debts; potential to stimulate further NPL sales 18 June 2019 Link Group Investor Presentation & Strategy Update 26#27Market snapshot Europe represents a significant opportunity for Link Group where it can leverage the strengths of its client service proposition 1 Source: EBA Country Loans and advances (€bn)¹ NPES (€bn)¹ Capability Italy France Spain 1,630 134.7 Key Market Competitiors doBank intrum Cerved lovicia Lorena Soltons 4,561 125.7 H 2,376 88.8 Greece United Kingdom Netherlands 209 86.2 4,233 56.5 Computershare 1,748 35.3 QUION Infosys Target Target m STATER + MOUNT CMIS Group Germany 2,574 34.3 CMIS Group MOUNT intrum Portugal 233 23.6 Belgium 662 15.1 Austria 475 13.2 Cyprus Na 13.21 Denmark 567 12.2 Ireland 204 11.8 pepper Cabot FINANCIAL Poland 127 6.7 Total c.€20.7trn c.€687bn 18 June 2019 Link Group Investor Presentation & Strategy Update 27#28Key strategic initiatives including service innovations Grow with our Existing Clients Invest in NPL Platform/Data Offering to ensure retention of key clients beyond existing markets Digitisation of our Mortgage Origination offering to meet Market/Client increasing expectations Transform our Services Close platform, data & proposition gaps to ensure a right to win new Clients Deliver property management & asset advisory services for NPL/Bank Servicing Develop New & Innovative Tech Enabled Services Develop Leveris / Link Group proposition in order to enable Digital Bank transformation in Bank Outsourcing Develop an advanced multi-jurisdictional, multi-asset class capability as a tech enabled platform where investors can deploy capital to lenders Expand into New Jurisdictions Acquisition required to build scale quickly and become a market leader in Italy Agree market entry points for new jurisdictions such as Greece, India/China Launch Dutch E2E Mortgage proposition in existing jurisdictions and identify new markets for deployment 8 898 Ensure we are in peak condition Optimisation through Operational Excellence utilising Lean, Enlighten & Off-Shoring Maximise Leveris, Empirics & other Group transformation capability to transform our proposition Align operating model to 2023 Strategy 18 June 2019 Link Group Investor Presentation & Strategy Update 28#29Jurisdictional expansion opportunities NPL/Bank Deleveraging NPL - Follow NPL curve around the globe • Scaled growth in Italy • • Expansion to Greece India & China further investigation required Bank Outsourcing Banks and financial institutions are embracing new fintech and digital solutions which will provide opportunities for Link Group given our credibility and proven track record Build on our bank outsourcing success to date by exploiting opportunities in existing and new jurisdictions New Lending Servicing • Today's customers expect a customer centric experience - execute our Dutch proposition Launch end-to-end lending proposition in existing markets and seek to expand into new jurisdictions Ireland Total Market €200Bn NPLs €14Bn Established Jurisdictions Existing Opportunities Emerging Markets 18 June 2019 UK Total Market €4.2Tr NPLs €60Bn Netherlands Total Market €1.7Tn NPLs €40Bn Greece Total Market €211Bn NPLs €94.6Bn Italy Total Market €1.6Tr NPLs €222Bn India Total Market €1.58Tr NPLs €184Bn China Total Market €11.8Tr NPLs € 236Bn Link Group Investor Presentation & Strategy Update 29#30BCM growth strategy Drivers of growth 1 Growing with our clients in attractive markets 2 3 Product and service innovation Integration and efficiency benefits 4 Client, product and regional expansions 5 Identifying adjacent market opportunities Maintaining and enhancing existing client relationships ■ Actively seek to balance revenues between performing and non-performing segments Exploring new jurisdiction alongside our clients Continuous investment supporting service excellence (e.g. improving data insights for clients) Deliver a fully integrated local middle office solution (FAST) and an international back office solution (Leveris) in The Netherlands Deliver targeted efficiency benefits (Enlighten, Pega workflow) Global coordination of service excellence and target operating model Deliver synergies from acquisitions in The Netherlands Deliver centre of excellence and office consolidation ☐ Build out Dutch opportunity Explore new NPL jurisdictions alongside our clients (ie India and China) Explore opportunities in the Australian market, leveraging Link Group scale and presence Explore further opportunities in connection with Leveris platform Consider increasing scale in select markets through M&A Other bank back- office or bank administration services (ie reg tech) Horizon 1 Support our clients and their stakeholders Strategic priorities Deliver exceptional service Continual reinvestment Horizon 2 Horizon 3 Expand our business Deliver benefits of scale Identify, attract and retain talent Sustainability 18 June 2019 Link Group Investor Presentation & Strategy Update 30#31JN. LINK GROUP Link Fund Solutions Karl Midl 18 June 2019 ----------- 111 111 11111110 Link Group Investor Presentation & Strategy Update 31#32Link Fund Solutions (LFS) provides regulated services to investment managers LFS divisional revenue contribution (CY2018 pro-forma revenue)1, 2 Fund Solutions Rest of Group LFS divisional revenue contribution (CY2018 pro-forma revenue)1, 2 ANZ UK Ireland • A leading provider of services for investment managers, enabling them to focus on their core expertise of investing and distribution by providing fund governance and fund administration activities Predominantly focused on the UK and Ireland, and building presence in Luxembourg - - The largest UK independent Authorised Fund Manager (AFM) Second largest ManCo in Ireland Loyal and mature client base Level of service provided ranges from fund administration up to full fund hosting including establishment, approval and governance • 1. Divisional percentages based on gross revenue prior to eliminations. 2. Pro forma revenue excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 18 June 2019 Link Group Investor Presentation & Strategy Update 32 32#33Pay Manage Setup LFS's clients are investment managers who wish to simplify their operations and manage regulatory risk ● K L Link Fund Solutions Fund Regulatory Set-Up Fund Launch Loyal and mature client base Serving over 100 investment managers with over 300 funds (majority of funds being open ended) Experienced staff including industry experts Technology Enabled Platform Regulatory Control Fund Governance Fund Administration Fund Distributions Subscriptions and Redemptions Adviser related charges CONTRACT STRUCTURE Pricing model:% of AUM Average length of contract: 3 years Average tenure of top 40 relationships is greater than 10 years Pan European Funds Solution provider AUM /AUA £106bn 18 June 2019 Link Group Investor Presentation & Strategy Update 33 33#34Our Clients - Established and loyal client base W ACCESS Effective Collective Investment ROYAL LONDON Canada Life Investments citi MORANT WRIGHT MANAGEMENT LIMITED PRUDENTIAL Parcerizeth Penstwin Cymru CT Wa Wales Pension Partnership BUFFER TROY ASSET MANAGEMENT ODEY ASSET MANAGEMENT Since 1857 Gresham House Seven VII M Investment Management BR BENTLEY REID PANTHEON INTERNATIONAL PIPE TRITAX BIG BOX woodford LINDSELL TRAIN GUINNESS ASSET MANAGEMENT LTD AEW EUROPE MONTANARO CIVITAS HOUSING ADVISORS Heartwood Investment Management Tideway Gravis AMiton AVI Asset Value Investors Stonehage "Proactive Acceleration of Growth" 18 June 2019 M&L CAPITAL MANAGEMENT WAVERTON INVESTMENT MANAGEMENT CORAM ASSET MANAGEMENT Link Group Investor Presentation & Strategy Update 34#35Overview of the AFM and ManCo Roles Due to growing levels of regulation there is an increasing propensity to outsource. Link Group has specialist expertise to manage this challenge on behalf of clients Onshore (i.e. UK): LFS acts as AFM thereby responsible for the operations of the fund Depositary/Trustee Safeguards assets, Operational oversight Law Firm Advice on set-up Accountant / Auditor Yearly check of books Sponsor AFM Retains legal and regulatory responsibility for fund Fund roles (some outsourced to third party outsourcing providers) Fund Administrator Transfer Agency Offshore (i.e. Ireland): LFS owns a Management Company (ManCo) from which it can support third party funds and provide AIFM services Depositary/Trustee Safeguards assets, Operational oversight Law Firm Advice on set-up Fund Board of Directors ManCo ManCo appointed by Fund Board to take on responsibility of the management of the fund, appointing the investment manager, administrator and the distributor Accountant / Auditor Yearly check of books Fund roles (some outsourced to third party outsourcing providers) Fund Administrator Transfer Agency LFS active Investment Manager Distribution LFS is Fund Administrator and/or Transfer Agent for ~98% of its AFM clients Source: Management information. 18 June 2019 LFS active Investment Manager Distribution LFS is Fund Administrator and/or Transfer Agent for 87% of its ManCo clients Link Group Investor Presentation & Strategy Update 35#36EU jurisdictions have ~€11T AUM, LFS operates in the largest of these segments United States Ireland AUM approx. €3.6 trillion UK AUM approx. Luxembourg AUM approx. £1.2 trillion €4.2 trillion Europe US fund managers distribute to continental Europe either through Ireland or Luxembourg Asian fund managers distribute to continental Europe primarily though Luxembourg Europe (other) AUM approx. €2.0 trillion 18 June 2019 Asia Example: Asia-Pacific 77% of non-domestic funds registered for distribution in Hong Kong are Luxembourg-domiciled funds Key fund domiciles and their distribution markets Source: ALFI - Global Distribution 2018 Total number of registrations of Luxembourg and Irish funds in Asia-Pacific countries Australia Hong Kong Japan South Korea Singapore Taiwan Luxembourg Ireland Others Total % Lu 6 19 24 49 12.24% 882 195 67 1144 77.10% 65 10 34 109 59.63% 470 40 4 514 91.44% 2157 698 322 3177 67.89% 646 139 TOTAL 4226 1101 39 490 824 5817 78.40% 72.65% Link Group Investor Presentation & Strategy Update 36#37Outsourcing is driving strong market growth UK AFM Assets under Management (£ Billions) 1,400 1,200 1,000 800 600 400 200 2015 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2016 2017 2018 2019 Inhouse AUM (LHS) % AuM hosted (RHS) Hosted AuM (LHS) Estimated 3rd party AFM / Manco AuM by jurisdiction % AuM hosted United Kingdom -9% Ireland ~4% Luxembourg -8% 18 June 2019 • Growth in savings and investment in collective scheme to drive increase in AuM Investment managers increasingly outsource to reduce regulatory burden, drive cost efficiency, simplify cross border complexity and focus on investing activities and distribution Ongoing propensity to outsource accelerated by large wave of new complex regulation (UCITS V&VI, AIFMD, MiFID II, PRIPS, CP86, FCA AMMS) National regulators increasingly favouring independent governance acting as an extra layer of oversight Link Group Investor Presentation & Strategy Update 33 37#38Largest AFM provider LFS is the largest AFM provider in UK and is building a presence in EU AFM/MANCO Assets under Management (UK, IRE, LUX markets) AUM AUM Fund Partners S&WIM . Largest independent AFM in UK outsourced market (3rd largest UK fund manager) AUM • Second largest independent ManCo in Irish outsourced market Greenfield operation established in Luxembourg Fund Partner Solutions MDO Mgmt Co. Lemanik Asset Mgmt Fragmented market • • Competitive strengths • Link's scale, depth and resource capability • Stronger technology & common platform • Relatively fragmented market structure in Luxembourg (no dominant player) Regulator oversight putting pressure on less-established players Brexit passporting options for funds Fund Rock Mgmt Co. Entry into Luxembourg doubles Link Group's addressable market Link Link Carne Universal Investment UK Ireland Luxembourg 18 June 2019 Link Group Investor Presentation & Strategy Update 38#39Fund Management Centre (FMC) Highlights: Real time information Interactive charts performance easily - to view fund Screen filters - to disseminate investment information quickly Latest valuations and transaction history (Alexa enabled) Transactions Intuitive and easy to use buying process Both lump sum and regular savings General Investment Account and Individual Savings Account. Simplifying Account Management . Manage and change account details online Contact and inbox feature - notification 'inbox' for communicating with end investors securely. Online support - interactive assistant and live web chat Fund Management Centre LINK Contact us Log ou O funds कठ Total lump sum £0.00 Total monthly serving £0.00 Fund Management Centre -LINK Your investments Fund name Buy new funds Regular Shores held Latest unit price(p) Latest value(E) Cost() After cost pairvloss saver amount(E) Action ABC Fund (ABC European 313.00 Investment Funds) 150.806 505 06 06238 638.52 Of Accumulation-ISA 32.90% O funds Total lump sum Total monthly serving Fund Management Centre LINK Contact us Log out £0.00 £0.00 Last logged in GEORGE HOLLAND | 505059 | 23 Aug 2018 1m By Transactions Reputar saves DAY BLY ABC Fund (ABC European €13.500.73 Investment Funds) 6,448216 50506 5840921 24,808.48 Regular sover Or Accumulation-Normal 3539% Txill BY ABC Fund (ABC European ED 00 Investment Funds) 440.08 Rap Accumulation ISA 0.00% ABC Fund (ABC European Investment Funds) O'Accum Aation Normal N Dashboard 440 88 M £0.00 Maguile www 0.00% Gell ly Money in Money out Search for investor Show transactions Total value £12,345.45 Contact us Log out funds Total lump sum £0.00 86 Total monthly serving £0.00 Investor ID Last logged in GEORGE HOLLAND | 505059 | 23 Aug 2018 View all transactions My investments. New investor Date Fund name Туре Uni Price Amount PENDING O ABC Absolute Return Fund LAccumutation-h Buy 350 100p *£350 12/12/2017 Xxxxxx XYZ Investment Fund Latin-14 Buy 360 1000 +£350 12/12/2017 PXXXX XYZ Absolute Return Fund i LAccumulation-15 Buy 360 100p 6350 Recent transactions De funds Total valu 1208038.30 View alleanations 网 L @ D Ω L B Investments Documents Inbox Details Linky Dashboa vestments Documents Inex Details Linky Dashboard Investments Documents Inbox Details Linky 18 June 2019 Link Group Investor Presentation & Strategy Update 39#40Value LFS building a true partnership with large UK Insurer Contract start date October 2004 Appointed AFM to 13 trusts Launch of 5 NURS funds, Acting as AFM, FA & TA Transfer of 5 further funds. Acting as AFM, FA & TA Appointed AFM to 8 retail funds incl TA & FA for investor register 2004 Launched a further 10 sub funds Launch of Authorised Contractual Scheme Property Fund New 3 year contract extension agreed Successfully delivered complex collectivisation project transferring assets from their directly managed L&P funds to Link OEICS Launched a further 2 sub funds £4.7 bn AuA Average monthly volumes: 1,400 regular saver collections 1,600 lump sum applications 100 telephone calls 2019 18 June 2019 Link Group Investor Presentation & Strategy Update 40#41Link Fund Solutions strategy for future growth Drivers of growth 1 2 Growing with our clients in attractive markets Product and service innovation 3 Integration and efficiency benefits 4 Client, product and regional expansions 5 Identifying adjacent market opportunities Maintain and grow market leading position and reputation Focus on service excellence, risk, regulatory and compliance Support deep client relationships and leverage strong market network (particularly in the case of Brexit) Focus on strategic accounts to capture future opportunities from existing clients Leverage and cross sell opportunities across divisions (ie share registry, CoSec) Grow PE & RE administration capabilities Continue digital strategy Deliver the benefit of operational excellence, location and transformation strategy Deliver shared services and centres of excellence Enhance global offering through cooperation with Australian office Deliver technology refresh to reduce costs and improve service quality Continue to build presence in Luxembourg, Ireland and Australia ■ Explore expansion of existing service offering across new jurisdictions ■Capture broader benefits of the Local Government Pension Schemes Focus on markets where we have the skills to remain or become a market leader Consider digital transfer agency proposition Horizon 1 Horizon 2 Horizon 3 Expand our business Deliver benefits of scale Identify, attract and retain talent Sustainability Support our clients and their stakeholders Continual reinvestment Strategic Deliver exceptional priorities service 18 June 2019 Link Group Investor Presentation & Strategy Update 41#42LINK GROUP Corporate Markets Lysa McKenna & Susan Ring 18 June 2019 ////////////////// ******************* ************************* Link Group Investor Presentation & Strategy Update 42 42#43Corporate Markets is a market leading technology-enabled business Our business is multi-jurisdictional, leveraging local operations and a global product suite Corporate Markets divisional revenue contribution (CY2018 pro-forma revenue)1.2 At a glance, Corporate Markets currently: . • • • Services over 40 million shareholders Services over 3,000 clients including some of the world's largest corporations Is a global business with operations in 12 jurisdictions Manages over 2 million pieces of inbound mail and emails per annum Answers over 1 million phone calls per annum Manages over 1,800 corporate communications (meetings and webcasts) per annum Corporate Markets Rest of Group • Corporate Markets revenue by geography (CY2018 pro-forma revenue) 1,2 Australia UK Other 1. Divisional percentages based on gross revenue prior to eliminations. 2. Pro forma revenue excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 18 June 2019 Link Group Investor Presentation & Strategy Update 43 33#44Leading player in all key Corporate Markets geographies Corporate Markets product suite, geographic footprint and market position¹ UK Characteristics Revenue Split: Ireland Link Group France Germany Link Group Global Share Alliance* Link Group India Hong Kong UAE North America Link Group Global Share Alliance* Shareholder management and analytics Stakeholder engagement Share registry Employee share plans Company secretarial South Africa Link Group Link Group Link Group Global Share Alliance* PNG Link Group Singapore Link Group Leading market position Building a larger presence Market opportunity *Excluding Link Group Source: ASX, publicly available stock exchange data 1. Based on the number of companies serviced in the index as at May 2019. Australia New Zealand Link Group Link Group 18 June 2019 Link Group Recurring Non-Recurring Revenue by Service: Share registry Shareholder mgmt and analytics Stakeholder engagement Employee share plans Company secretarial Link Group Investor Presentation & Strategy Update 44#45Corporate Markets - an integrated offering enhancing growth σ orient capital **⚫miraqle • Shareholder Management & Analytics Share ownership analysis Market intelligence Investor communications Shareholder management technology Corporate Markets LINK Intime orient capital D.F. KING LINK Market Services LINK Market Services Stakeholder Engagement Share Registry Employee Share Plans • Proxy solicitation Bond transaction Register maintenance Treasury management & communication Insolvency solutions Meetings Capital market services Investor communication Company Matters. Company Secretarial • • Global equity plan platform Plan design Administration Trustee services • Escrow services Share trading Corporate legal services Company secretarial services CFO services Corporate administration solutions Over 3,000 corporate clients and over 40 million individual shareholders 18 June 2019 Link Group Investor Presentation & Strategy Update 45#46Investment in technology underpins product and integration B2B . Link to client miraqle platform refresh Further supporting miraqle's competitive advantage through an enhanced and mobile responsive user interface, now live. Simplify future integrations with 3rd parties through API-friendly integrations. B2C Link to investor Link Investor Centre mobile app Secure mobile platform enabling investors and employees to register a portfolio and manage their holdings on the go. Available in the App Store and Play Store in Australia, New Zealand and Hong Kong. miracle Welcome Rebecca !!!!! Last 100% Optus 40 12:47 pm 68% miraqle Search mirage for people or companies a Welcome, Rebecca Configure dashboard Calendar My meetings All meetings Calendar Map List < June 2019 Mon Tue Wed Thu > Fri Sat Sun 31 1 2 . 3 4 5 6 7 8 9 18 June 2019 8:08 AM LINK Services Welcome to Link Market Services Australia 100% 8:08 AM 100% Portfolio $246,400.85 Total Portfolio Value (AUD) MPXX Which account do you wish to use? Mid Pacific Irigation Value Investors View & manage all your holdings. Employees Manage & transact your employee equity plan holdings. Need help? $120,156.54 ✓ MidAsia Mid Asia Imigation Value $7,123.51 MAXX Mid Atlantic Irigation Value $18,123.51 el 8 Potte Payments Meetings Account Link Group Investor Presentation & Strategy Update 46#47Delivering value for our clients REGISTRY/IPO VIVA ENERGY VIVA Energy Australia INVESTOR RELATIONS LIFE360 Life360 READYTECH G8 EDUCATION ReadyTech Ready for the Future of Work COLES GROUP colesgroup EQUITY PLAN SOLUTIONS APPEN LIMITED ♦appen™ NORTHERN STAR RESOURCES LIMITED S G8 Education ltd WASION HOLDINGS VID WASION NAPIER PORT HOLDINGS LIMITED NAPIER PORT FIRST PACIFIC FIRST PACIFIC AUSDRILL LIMITED FREEDOM FOODS GROUP NORTHERN STAR RESOURCES LIMIT AUSDRILL freedom GROUP Making food better FOODS LIMITED 18 June 2019 Link Group Investor Presentation & Strategy Update 47#48Relationship with 75% of ASX 300 Building from a unique market position By leveraging a range of entry points, Link is able to provide clients with multiple value added solutions • Link Group product range is unique in the market Link Group relationships within the ASX 300 • 207 19 2017 74 ~4x increase in clients with 7+ Corporate Markets services 163 ■7+ products ■1+ products Link Group Products Other 73 2019 64 Relationship with 79% of ASX 300 • • Strong coordination across product lines and increasingly across jurisdictions Consistent with our client partnership approach Providing value added service to clients deepens the relationship Can be a defender to price erosion Further market opportunity exists Model can be replicated across other jurisdictions 18 June 2019 Link Group Investor Presentation & Strategy Update 48 18#49Continued success of cross sell strategy A key growth strategy is to use existing market penetration - to cross sell additional Corporate Markets services. Sirtex Scheme - 2018 • • • • Sirtex used OC & D.F. King in 2018 for solicitation to secure shareholder support for Varian offer to provide institutional and retail shareholder engagement services Coordination by Link, OC and D.F. King meant Sirtex and their advisors only had to deal with one entity OC & D.F. King retained by Sirtex to run a second proxy solicitation campaign in advance of the CDH/CGP scheme meeting Increased frequency of analyses in lead up to meeting to identify investors and build position Contacted a large % of shareholder base to gauge sentiment, escalate any dissent to Sirtex & advisors Sirtex shareholders voted overwhelmingly FOR scheme resolution by 98% Viva Energy - July 2018 . • Largest IPO in Australia in FY2019 Link Group's strong relationship with associated listed entity Viva Energy REIT was a key factor in selection process Large share registry & employee plans - supported by Link's team Investor Relations offer includes Open Briefing and Investor Relations website G8 Education - September 2018 B ☐ Migrated from Advanced Share Registry, ASX 200 Strong relationship in place, technology and competitive pricing key factors in selection process Trustee services being utilised with a view of rolling out full EPS services in 2019 Recently won fair value calculations and stakeholder engagement mandates 18 June 2019 Link Group Investor Presentation & Strategy Update 49 49#50LINK GROUP Corporate Markets EMEA Susan Ring 18 June 2019 ******************* ************************* Link Group Investor Presentation & Strategy Update 50 50#51Business Overview Clients 1200+ clients 350+ Share Plans Market +Leading Treasury advisor to local authorities ~4m shareholders +Leading Share Register 1. 2. Business Mix Corporate Markets EMEA divisional revenue contribution (CY2018 pro forma revenue)1, 2 0 Corporate Markets Rest of EMEA Corporate Markets EMEA revenue by geography (CY2018 pro forma revenue) Divisional percentages based on gross revenue prior to eliminations. UK Other Pro forma revenue excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 350+ Local Authorities in Treasury ++ Geography ~1,200 staff 2x operational centres of excellence and technical centre 18 June 2019 Cash balances £650m Link Group Investor Presentation & Strategy Update 51#52Our Customers Our customer relationships are deep and varied Customers span all industry sectors Diversity of Customer Portfolio Utilities Hospitality Education Energy Premier Oil RM Education bp eQ enQuest Financial Services and Banking Pennon sse COMPASS GROUP WHITBREAD Health Standard Life Aberdeen Legal& General C ocado DIAGEO GREGGS Retail AVEVA NHS Softcat SOPHOS Customers span all size sectors Tech and Telecoms 26 91 117 = FTSE100 FTSE250 FTSE350 + 50+ AIM100 + 43% = AIM Geography Type of Client Services Recurring Length of Relationship Ireland Local Authorities Treasury Channel Islands FTSE All- share, AIM and other Share Investment Services Non- recurring 10Y+ UK 5Y+ FTSE 250 Share Registration Recurring FTSE 100 <5Y 2019 customer survey results Positive customer satisfaction Customer Satisfaction Index (CSI) Customer Effort ('Ease of doing business with') Net Promoter Score (NPS) 40% UK LISTED COMPANIES 81.9% 8.2 out of 10 90% 80% LOCAL AUTHORITIES TOTAL MARKET TREASURY SOLUTIONS 27.2% 18 June 2019 Link Group Investor Presentation & Strategy Update 52#53Key Differentiators Value Drivers Fee drivers Volume drivers Registration Services Share Plan Services All-Employee share plans Shareholder registry + Corporate actions SAYE + SIP Executive + share plans No. of companies with fixed fee contract No. of companies with a fee per shareholder contract Average revenue per fixed fee contract Average no. of shareholders per company No. of new IPOS Average fee per shareholder Fee per IPO No. of corporate actions of listed companies Average fee per corporate action Fee drivers Volume drivers Number of SAYE + participating employees Total SAYE balances Admin fee per participating employee ☑ Interest rate Number of SIP participating employees ☑ Number of executive plans Administrative Administrative fee per executive fee per participating employee plan Value Add • Multi-jurisdictional capability in core products: UK, Germany, SA, UAE Only registrar with in-house investor relations team Breadth and depth of client base: diverse portfolio with more AIM clients than competitors First registrar to fully brand service delivery: every interaction client branded Created and pioneered Depositary Interests (now 30 jurisdictions globally): provider of choice Recognised for thought leadership: Dividend Monitor index Cutting edge technology such as Link Vote and Hybrid AGM's Strong sales performance and client partnerships • One of only two large registrars integrated for dividend payment with CREST 18 June 2019 Link Group Investor Presentation & Strategy Update 53#54Our Customer Journey . • • Link spans Company Secretary eco-system Digital enablement is increasingly key Engagement of shareholders/employees is high on the agenda Entry point Entry point Chequeless Company Dividend Payments Secretarial Services IPO • Link is making significant strategic investment UX forums inform our thinking and shape solutions Clients are prepared to pilot Entry point Register AGM Corporate Action Share Plans (Incl. Exec and Global) SAYE SIP Share Dealing Dividend Reunification Programme Paperless Proxy Investor Relations Link Vote Partia Shareholder Portal WELCOME RESOLUTION OF to the Smithson IPO Welcome to the LinkVote App Enter your details Check in to a meeting 3 Quick and easy voting Full or partial vote options. the Syndt how you can then ghone ring the menting the antyddetting y We Skip Next Next Skip Skip Next Sithson Voya Your investment £8,000 Smithson 18 June 2019 Link Group Investor Presentation & Strategy Update 54#55Targeting higher share of wallet . • . Strength and depth of clients gives opportunity for cross/up-sell Close and continuous relationship Product penetration improved from average of 2 to 5 Opportunity extends beyond Corporate Markets (EMEA) to broader Link Group with global opportunities Whitespace analysis supports identification of opportunities Up sell within Corporate Markets (EMEA) Cross sell within Link Group (EMEA) Client • An Investment Trust which listed on the Main Market of the London Stock Exchange in October 2018 Opportunity identified to jointly pitch with LFS for full support including:- Company Secretarial; Fund Administration; Receiving Agent; and Share Registration Team successful in securing all new services ⚫ Unified and seamless delivery of services to the client from all business areas. Cross sell Globally • A FTSE250 company which floated on LSE in December 2018 Initially sold services as Share Registrar Up-sold other services including:- Executive Option Plans Share Incentive Plan Dividend Re-investment Plan . Dual listed on the Main Market in London as well as the JSE in May 2018 (JPM was the Lead Bank) Market Cap of ~£2bn ⚫ London lead and introduction made to the S.A. office Joint pitch delivered:- Share Registration; Share Plan administration; and Company Secretarial ⚫ Link successfully appointed as Registrar in both jurisdictions as well as Share Plan administrator with a potential for Investor Relations support. 18 June 2019 Link Group Investor Presentation & Strategy Update 55#56UK Market Overview: High Level Market Comparison De D UK market is less mature than Australia UK is likely to follow and leverage Australian experience UK has opportunity to drive adoption of new innovations Opportunity to share best practice and best of breed solutions across Link Group Care to preserve differences where revenue generating Certificated approach UK (Ireland) Driving adoption rates of paperless processes Digital by design, will move to mandate Progressing automation incl. robotics Australia Dematerialised approach Mature adoption of paperless processes Digital by default High levels of automation 18 June 2019 Link Group Investor Presentation & Strategy Update 56#57Corporate Markets delivering on our growth strategy Drivers of growth Growing with our clients in attractive markets 2 Product and service innovation Strategic priorities 3 Integration and efficiency benefits 4 Client, product and regional expansions 5 Identifying adjacent market opportunities ■Maintaining and enhancing existing client relationships ☐ Continuous investment in technology, process improvement and delivery of service excellence (e.g. workflow, CRM, AI) ■ Expanded cross-sell opportunity from larger global network ■ Supporting service excellence (e.g. data feeds for ETFs) Mobile led and customer centric (e.g. miraqle refresh, Customer Experience Hub) Service alignment for stronger approach to market Efficiency benefits in Operations, Contact Centre ■ Al and Automation Unified asset management platform Leveraging expertise within data analytics team Global coordination of service excellence and client acquisition Corporate Markets HK strategy; Growth platform for further expansion into Asia ■ Leverage from OC leadership position Executed regional consolidation opportunity (TSR Darashaw in India) ■ Integrate Link Group product suite in Europe Global EPS expansion strategy Continue to actively assess a range of corporate and other actionable targets Adjacent business opportunities for Corporate Markets Horizon 1 Support our clients and their stakeholders Deliver exceptional service Continual reinvestment Horizon 2 Horizon 3 Expand our business Deliver benefits of scale Identify, attract and retain talent 18 June 2019 Sustainability Link Group Investor Presentation & Strategy Update 57#58LINK GROUP Retirement & Superannuation Solutions Dee McGrath & Susan Ring 18 June 2019 ******************* ************************* ////////////////// Link Group Investor Presentation & Strategy Update 58 58#59Link Group has a world-class Retirement & Superannuation Solutions administration platform A high quality, low cost service partner for superannuation funds Retirement & Superannuation Solutions divisional revenue contribution (CY2018 pro-forma revenue) 1, 2 • Retirement & Superannuation Rest of Group Retirement & Superannuation Solutions revenue by geography (CY2018 pro-forma revenue) 1, 2 Australia New Zealand Divisional percentages based on gross revenue prior to eliminations. 1. 2. Pro forma revenue excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 18 June 2019 • • A leading provider of administration services for pension and superannuation funds, supporting a high technology, scalable operating model with a range of value added services Predominantly focused on Australia and New Zealand, and building presence in the UK The largest Australian 3rd party administrator servicing approximately 10 million superannuation account holders, including 165K pension members and ~80K defined benefit members Servicing over 50 superannuation funds with over $450 billion FuM Manages approximately 1.5 million pieces of inbound correspondence and 1.9 million emails per annum Answers over 4.2 million phone calls per annum • Manages over 31,000 active insurance claims per annum • Advises approximately 11,000 Australians, delivering over 13,000 pieces of advice through our telephone based scaled advice team per annum Link Group Investor Presentation & Strategy Update 59#60Leading administrator in the fourth largest pension pool globally Global pension asset pools (2017) and last decade growth¹ Total asset pool 2017 (US$tn) 25432-0 5.2% 25.0 CY2007 CY2017 CAGR (%) 1.5% 0.2% 5.9% 3.9% 4.2% 5.3% n/a 1.9% 0.4% Total Australian superannuation industry size², 3 5 3.1 3.1 US UK Japan Australia 1.9 1.8 1.6 FUM (A$tn) 3 2 FY2004 FY2018 CAGR: 11% 0.9 0.7 0.5 0.3 0 FY2004 FY2009 FY2014 FY2019 FY2024 FY2029 Canada Netherlands Switzerland South Korea Germany Brazil Australian superannuation administration providers By Members³ SMSF 4% By Administration Cost³ Fragmented market = = Opportunity Link Group is a low cost administrator In house 51% Link Group 35% In house 76% Link Group 16% Mercer 9% Other 1% -23 Based on Towers Watson Global Pension Assets Study 2018. Presents 2017 data. 2. Based on FY2004 to FY2018 FuM in Australian Dollars. 3. Based on data from Rice Warner (2019). Presents 2018 data. Mercer 7% Other 1% 18 June 2019 Link Group Investor Presentation & Strategy Update 60#61одно 0+0+0 بالون Shifting Retirement & Superannuation trends are driving changes in the way funds operate and deliver services Growth & Consolidation The Australian Superannuation industry is expected to grow to over $4 trillion by 2025, with the concentration of assets and members to increase for larger funds as industry consolidation continues Regulatory Uncertainty Changes to the system's tax and regulatory setting risks imposing additional administrative burdens eroding member confidence further. Funds that manage uncertainty well will be advantageously positioned Customer & Member Dynamics The demographic shifts as significant assets move into retirement and the emerging customer/ member preferences will be a critical challenge for the future service models of superannuation funds Technology & Digital Technological and digital productivity are enabling significant advances and transforming the way superannuation funds deliver services to members Value Chain Disruption The threat of disruptors offering the best in breed technology may materialise into new business models for superannuation funds Link Group Investor Presentation & Strategy Update 61 Similar challenges are driving changes in other geographies. Australian superannuation design is world renowned, providing Link Group with a great opportunity to leverage our expertise in other jurisdictions. 18 June 2019#62Link Group is well positioned for the next stage of growth Industry consolidation Member Growth Fund consolidation New business Regulatory responsibility Price transparency Aging demographics Increased engagement Data Security ✓ Link Group services some of the largest superannuation funds in the industry Link Group clients are well placed to gain market share Link Group allows clients to operate at the lowest end of the cost curve Link Group diffuses the burden of regulatory complexity Link Group is delivering valuable engagement tools alongside high quality data analytics Link Group is a trusted custodian of data 18 June 2019 Link Group Investor Presentation & Strategy Update 62 62#63Retirement & Superannuation Solutions drivers of growth Drivers of growth Growing with our clients in attractive markets 2 Product and service innovation 3 4 Integration and efficiency benefits Client, product and regional expansions 5 Identifying adjacent market opportunities ■Maintaining and enhancing existing client relationships ☐ Continuous investment in technology, process improvement and delivery of service excellence (improved member experience, data, etc) Ability to align and support client strategy Over $300 million invested in capex over the last 10 years Value added products Efficiency in operations, contact centre, member services Al and automation & services supporting fund priorities Focus on retirement offering ■ Leveraging data analytics expertise Leveraging existing capability in scaled advice market Fund consolidation Other Defined Contribution markets Continue to actively assess a range of opportunities in other jurisdictions Adjacent business opportunities for Retirement and Superannuation Solutions Horizon 1 Horizon 2 Horizon 3 Expand our business Deliver benefits of scale Identify, attract and retain talent Sustainability Support our clients and their stakeholders Continual reinvestment Strategic priorities Deliver exceptional service 18 June 2019 Link Group Investor Presentation & Strategy Update 63#64LINK GROUP Retirement & Superannuation Solutions UK opportunity Susan Ring 18 June 2019 ******************* ************************* Link Group Investor Presentation & Strategy Update 64 79#65Global Pensions Market • Total assets across the main 22 pensions markets is estimated at $41.4tn • Nine markets individually worth $500bn or more • UK ranks second largest at $3.1tn with Australia fourth at $1.9tn UK Pensions is an attractive growth opportunity and strong strategic fit for Link Group • • Australia fund admin market is further ahead in market maturity: the UK will be a fast follower Retirement & Superannuation Solutions are core for Link providing the ability to leverage Link Group credibility and capabilities Total assets across the main 22 pension markets ($tn) 25.42 3.1 3.1 1.9 1.8 2.4 illm...l 1.6 0.9 0.7 0.5 US UK Japan Australia Canada Netherlands Switzerland S. Korea Germany Other¹ 1 Other includes: Brazil, South Africa, Finland, Malaysia, Chile, Italy, China, Mexico, France, Hong Kong, Ireland, India and Spain 18 June 2019 Link Group Investor Presentation & Strategy Update 65#66Pensions Opportunity Globally, pensions have grown to account for an average of 80% of retirement income Governments are not able to cope so are pushing this responsibility to employers and individuals..... ...and industry incumbents are not responding effectively Ageing Populations Defined Benefit to Defined Contribution Increasing Onus on Employers & Individuals Low Customer Engagement High Operating Costs Outdated Technology This is creating a substantial market opportunity that will grow as assets move from DB to DC pensions with DC representing 49% of global pension assets K and grow annually as new contributions are made with government mandated contributions now at 8% 18 June 2019 Link Group Investor Presentation & Strategy Update 66#67UK Market Overview: High Level Market Comparison Significant unfulfilled need in UK for greater long term savings • • • UK is a significant market Growth expected as self-funding for retirement encouraged/compelled State provision is inadequate Sustained period of reduced living standards Tax allowances for pensions savings eroded • • Massive pensions gap exists UK public reluctant to invest Increasing number of dormant/low value pension accounts Poor financial literacy • 25m population Australia 13th largest economy 19th highest per capita income 5.1% unemployment Average weekly earnings $1586 14.8m superannuation accounts $2.7tr funds 4th largest Synergies State provision (limited) Multiple pension pots per person Trust based system/presence of Master Trusts Charging structure (£/$ per member) Distrust of gov./institutions by indiv. ref. eventual payment Levels of financial literacy State compulsion of pension contributions by employer Level of switching activity Poor take up of pensions amongst younger age group • UK (Ireland) 66m population (4.9m) 5th largest economy (47th) 25th highest per capita income (5th) 4.1% unemployment (5.3%) Average weekly earnings £493 (€749) 66m pension accounts (1m+) £3.1tr funds (€87bn) 18 June 2019 Link Group Investor Presentation & Strategy Update 67#68UK Market Overview: UK Key Facts and Stats UK Population 15 Underestimate life expectancy years by 15 years on average Nearly half couldn't pay unexpected bill of £1k Nearly a third worry about how to get through next month financially £3.7k Pension Provision Over three-quarters will consider a phased approach to retirement Only 13% will receive full state pension 1st year Average pension pot in Auto- Enrolment schemes £3702 total Over half will find daily living difficult in just 3 months Pension boredom threshold of >£5k >£5k pot (interest then Nearly a quarter of UK population of pensionable age in 20 years sparked) not met by significant proportion Less than 60% working population in 20 years Over a third rent and increasing 79% employees stressed in the last 12 months £23k Average requirement of £23k pa for retirement Deferred membership growing X2 at x2 the rate of new active membership 18 June 2019 Link Group Investor Presentation & Strategy Update 68#69Market Overview: Market Dynamics & Key Trends UK Pensions market is in transition All employers must now provide access to pension for employees Legacy DB is in rapid decline: DC is in growth Auto-enrolment (AE) maturing following period of rapid growth Exponential growth in AE AUM due to mandated increase in contributions Increasing shift from single trust to Master Trust Significant legacy pension deficit remains DC is maturing 99% of FTSE 350 only offer new hires DC provision Over the past 10 years Average scheme funds under management have grown x5 Contributions to DC FTSE 100 arrangements have increased x4 FTSE 100 median annual contributions FTSE 100 median DC plan assets 2018 £5 million £22 million x4 2018 2008 £36 million £179 million x5 DB closure is continuing For the first time, more than half of FTSE 100 companies now only offer DC to all staff, for FTSE 250 companies the percentage is more than two-thirds Since 2015 FTSE 100 companies closing to future accrual for existing members has increased by 50%, from 29% to 44% For the FTSE 250 the change is less dramatic but a higher proportion of companies only offer DC at 70% 2015 Member transfers are accelerating ⚫ Significant increase in DC due to AE & transfers out of DB ⚫ Use of Master Trust doubles from 2015 from 8% to 18% with >1/3rd of Employers actively 987654321○ considering 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Defined Contribution Defined Benefit 18 June 2019 44% 29% 2018 37% 40% 2015 2018 Asset transfers are increasing ⚫ Trend for asset profile shift from DB to DC expected to continue Corporate DC 2030 4000 3500 3000 Corporate DB 2500 2000 2009 1500 1000 500 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 25:75 mix 910Z 2017 2019 2018 2019 219 50:50 mix E. 2020 2021 2022 2023 2024 2025 9Z0Z 2027 Link Group Investor Presentation & Strategy Update 8Z0Z 2029 ܕ 2030 2030 95:5 mix 69#70Summary The size of the prize is substantial Link Group is well positioned Opportunity to develop UK pensions as new growth market Australia is further ahead in market maturity The UK will be a fast follower Opportunity to leverage Link Group credibility and capabilities A massive pensions gap exists in the UK Retirement savings are inadequate The UK pensions market is in transition A path of rapid change & growth Opportunity to align our entry with direction of travel The competitive landscape is in flux New entrants, exits and consolidators Range of entry opportunities available Opportunity to create a UK business supporting individuals to and through retirement 18 June 2019 Link Group Investor Presentation & Strategy Update 70#71LINK GROUP Technology & Operations Focus on European integration & efficiencies Paul Gardiner 18 June 2019 ******************* ************************* Link Group Investor Presentation & Strategy Update 71#72Link Group EMEA integration and efficiency Significant opportunity to realise operational efficiencies and support further growth O Link Group acquisition Separation Integration • Transformation "Expected run-rate efficiency benefits of at least £15 million per annum to be realised over the medium-term" . Capita Asset Services was acquired in June 2017 (completed in November 2017) Focus on separation - extracting the business from the Capita operating environment. Completed in FY2019 Used the separation as an opportunity to re-imagine how the businesses should operate Leveraged the collective experiences and expertise of Link Group to build and prioritise projects Capital has been made available to enable the pipeline of initiatives 18 June 2019 Link Group Investor Presentation & Strategy Update 72 12#73Overview of our integration and efficiency program On track to deliver synergies Shared services integration HR Systems Finance Systems Risk Systems Technology & Operations Vendor consolidation / centralised sourcing Global sourcing and vendor management Transition service agreements (TSA) opportunities Premises consolidation • • • • Rationalise UK premises (currently 11 sites) Facilitate efficient workplace environments e.g. larger floor-plates Consolidate and retain specialist skills that allow delivery of service excellence Desirable workplaces to help attract and retain people ANNUAL EFFICIENCY SAVINGS Target > £15m Revenue synergy . Investor Relations cross sell (Corporate Markets) 18 June 2019 Operational efficiencies . . • Technology Productivity and workflows tools Artificial Intelligence ("AI" / Robotic Process Automation ("RPA")) Centres of excellence • . Establishing hubs of dedicated teams to support global operations Establishing & consolidating offshore/outsource centres in India Link Group Investor Presentation & Strategy Update 73 33#74Investing and delivering efficiency Re-affirm expected run-rate efficiency benefits of at least £15 million per annum to be realised over the medium-term STAGE Separation £m FY18 FY19 FY20 FY21 50% 100% Shared services integration -2 10% 75% 100% Vendor consolidation / centralised sourcing -3 10% 50% 90% 100% Premises consolidation -1 Centres of excellence -3 20% 40% 60% 10% 40% 90% Operational efficiencies -5 10% 30% 60% 100% Revenue synergy -1 20% 50% 100% 18 June 2019 Link Group Investor Presentation & Strategy Update 74#75Good progress to date Vendor consolidation / centralised sourcing Complete: Consolidated global insurance program In progress: Global sourcing and vendor management for Top 10 IT vendors established (rationalisation of vendors, improved services, procurement savings) In progress: Identified opportunities across IT, Facilities, Banking and Professional Services (rationalisation of vendors, improved services, TSA savings) Operational efficiencies In progress: System development underway in Corporate Markets (EMEA) to drive operational efficiencies In progress: Rollout of process improvement and workflow tools In progress: Rollout of performance management tools Centres of excellence In progress: Building global centres of excellence in UK and Australia In progress: Expanding existing Mumbai operations to provide offshore centre of excellence 18 June 2019 Link Group Investor Presentation & Strategy Update 75#76Good progress to date Revenue synergy Complete: Combined IR offering under Orient Capital team in UK In progress: Pursuing data analytics opportunities for Empirics in EMEA In progress: Rollout of sales excellence strategy commenced Premises Consolidation Complete: Consolidation of Dubai and Frankfurt offices Complete: Relocation of operational functions from Dublin to Maynooth in Ireland In progress: Long term UK property consolidation strategy determined. New Leeds office lease signed and planning for relocation by end of CY2019 Shared Services Integration Savings Complete: System migrations to Link Group HR/Payroll, Finance, Risk & Compliance (improved MIS, TSA savings) In process: Centralisation of shared services (improved reporting, eliminate duplicate functions) 18 June 2019 Link Group Investor Presentation & Strategy Update 76#77Global Centres of Excellence will enhance customer experience and business effectiveness European Hubs Azure CoE Pega CoE Indian Hubs *Progressive capability build, move up the value chain as hubs evolves" High volume, low customer touch points Coding/Development CoE Australian Hubs InfoSec CoE Data CoE • Key principles Develop global Centres of Excellence for common / consistent processes Progressively build local expertise • High volume, low customer touch points – Indian hubs • . • • Low volume, high customer touch points - local hubs Progressive capability build of the Indian Hubs - will move up the value chain as capability evolves Utilise time zones to truly leverage "follow the sun❞ strategy to improve client service Global guidelines established, applied locally, governed globally 18 June 2019 Link Group Investor Presentation & Strategy Update 77#78LINK GROUP Pexa Marcus Price, CEO 18 June 2019 111 ----------- 111 11111110 Link Group Investor Presentation & Strategy Update 78#79v3 STRICTLY CONFIDENTIAL PEXA Presentation June 2019 X PEXA#80PEXA Property Exchange is a market-leading platform owned and developed by PEXA designed to settle and lodge all property transactions in Australia. Key features Stable and secure: 100% monthly availability since January 2015 ΧΡΕΧΑ Search Subscriber reference a JS John Stocker CastlesideConveyancing Dashboard Recent Workspaces Invitations Reports Administrator Tools ▼ Subscriber Search Land Title Lookup PEXA Connected Automation Workspace Summary Responsive and flexible: average end-user page load of <2 seconds Land Titles Built on open and well supported technologies Mature and extensive integration abilities Designed to be extensible: enabling further development of products to broaden PEXA's reach Robust application infrastructure: cloud based and highly scalable XPEXA 098237 Smith Matter Settling Wednesday 4 July at 10:00am (AEST) Participants Role Documents Files Settlement Fee Schedule Incoming Mortgagee Lodgement Representing Location 07/06/2018 8:59 (AEST) → ABC Conveyancing Company 186 St Johns Rd, Cabramatta VIC, 2166 Workspace Status In Preparation Financial Settlement Title Activity Check Positive - short code description here Conversations Notifications In Preparation Prepared Ready In Preparation Survei Ready Tasks Outstanding tasks Checklist History Sign financial Settlement Statement Complete lodgment instructions O Load documents sent to customer by NECDL ZINA BANK Link Group Investor Presentation > 80#81By moving conveyancing into the digital world PEXA is driving industry time efficiencies and cost savings. Paper based conveyancing Cheque $ Property lawyers Organising and physically attending settlement Physical settlement room Manual mortgage lending processing and settlement Banks ↑ Revenue Offices Title Land Registries Paperwork heavy operating process > PEXA 具 Your Dashboard ЖРЕХА E-conveyancing Property lawyers Banks No physical settlement meeting, bank cheques, physical document lodgement "Straight through processing" Reduced failed settlements Land registries Document verification and title activity checks automatically completed A1 in 3 transactions Purchasers / Vendors considered stressful and lack of transparency Revenue Offices RESERVE BANK OF AUSTRALIA Purchasers / Vendors Greater transparency Instant financial settlement Total: 11.0 hrs¹ Total: 3.5 hrs¹ Note: 1. Electronic conveyancing - Analysis of the benefits of electronic conveyancing to conveyancers and lawyers in NSW, KPMG (February 2018) XPEXA Total savings: 7.5 hrs¹ Link Group Investor Presentation 81#82The PEXA platform development has taken 8 years and the involvement of state governments and major banks. Milestones Design and development 2010 PEXA established (as NECDL) by 4 state governments 2011 Accenture engaged to develop platform 4 major banks joined as shareholders XPEXA 2012 Development Activation 2013 First contracts signed with banks First release of PEXA platform 2014 Macquarie Bank became the first commercial shareholder Utilisation Four major banks begin transacting on PEXA LTO connectivity in NSW, VIC, QLD Capability for transfers in NSW Link becomes PEXA Shareholder 2015 Integration into RBA Capability for transfers in QLD and WA 2016 Functional extensions 100% digital Automated integration with banking 2017 2018 platforms Document Hub created Simultaneous settlements across multiple PEXA workspaces launched LTO expansion into SA PEXA Projects launched Mandating programs announced 2019 Delivering residual document infrastructure to enable 100% digital Link Morgan Stanley and CBA acquire PEXA 60% market share achieved PEXA mandated in 3 of the major states PEXA extension products released Competitors attempt to launch Link Group Investor Presentation 82#83Over eight years in making, and with over A$300m invested, PEXA is delivering its objective of digitising the national conveyancing market. Stakeholder buy-in Platform and product Innovative Culture Financial performance 150+ financial institutions $300m+ invested -80% employee engagement $400+ bn transacted through the PEXA platform 8,000+ practitioners Robust and secure technology Top 20 place to work in Australia¹ Revenue run rate of $137m Benefits of network growth provides tailwind for Practitioner growth Unique data insights Source: Management data and estimates. Note: 1. Great Place to Work Australia 2017. 2. Australian Financial Review XPEXA 350+ Employees High operating leverage Link Group Investor Presentation 83#84200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 May 13 XPEXA Nov 13 May 14 Nearly all refinances and more than half of national transfers are processed via the PEXA Exchange. Monthly PEXA Exchange transactions Nov 14 May 15 Nov 15 May 16 Nov 16 May 17 Nov 17 May 18 Nov 18 Link Group Investor Presentation May 19 84#85In 2019 PEXA significantly increased its market share in a declining Australian property market to deliver strong year on year growth. 400,000 360,000 320,000 National market volume m 280,000 240,000 PEXA Exchange transactions 200,000 200,000 May 17 Nov 17 May 18 Nov 18 May 19 160,000 120,000 X PEXA market share 80% 60% 40% 20% 0% May 17 Nov 17 May 18 Nov 18 May 19 80,000 40,000 May 17 Nov 17 May 18 Nov 18 May 19 National volumes refer to active PEXA jurisdictions: New South Wales, Victoria, Queensland, Western Australia and South Australia. XPEXA Link Group Investor Presentation 85#86The network effect inherent in PEXA's business model is a key driver of take-up on PEXA Exchange. • Benefits of network effects The value of PEXA to its members increases as more members join the platform driving organic growth As the number of Members increase, the probability that a transaction can be completed on PEXA also increases, driving higher volumes More transactions on the PEXA Exchange As PEXA utilisation grows, advocates for PEXA drive further take-up Member advocacy drives take-up More Practitioners on the PEXA Exchange Each new Member increases the value of the network because of the ability for existing Members to transact more frequently without additional set up costs or effort Higher relative costs for paper- based transactions As the number of digital transactions increase, the higher the unit costs for paper- based transactions, which in turn accelerates participants towards digital settlement . PEXA already counts the majority of Financial Institutions as Members, ~95% market share in refinances in August 2018 As more PEXA Exchange Transactions are conducted, PEXA is able to deliver greater benefits to Members through continuous innovation - a natural cycle of positive network enrichment. Note: 1. In the Australian states where PEXA is active. 2: Based on annualised data for May 2018. 3: PEXA data and estimates XPEXA Link Group Investor Presentation 86#87PEXA expects to generate a material percentage of its total revenue from Adjacent Digital Services within five years. Overall objective 1 Priorities Horizon 1: Horizon 2: Extend the core exchange business Build and nurture emerging businesses Move lodgement and settlement from XPEXA paper to digital Horizon 3: Create growth options Q PEXA Growth Platforms Increasing up-take in PEXA Exchange Develop new adjacent digital services Drive industry evolution and extend capabilities to new markets 1 2 Deliver a superior member experience Transform the end-to-end Drive utilisation of the ЖРЕХА PLUS property experience 2 B2B platform - a marketplace for Practitioners PEXA Exchange 3 Extend reach to agents, brokers and end customers ΧΡΕΧΑ PROJECTS Investigate other platform opportunities 3 B2C platform to market directly to the end- customer XPEXA Direct 4 Create value from data Manage regulator and industry relationships Build enabling technology capabilities Explore international opportunities Leveraging 4 PEXA's data to create data products Link Group Investor Presentation 87#88* PEXAKey App for buyers and sellers available through the App Store and Android Store Provides a secure mechanism for practitioners and their clients to exchange financial information: Vendor surplus funds Trust/source account information Allows buyers and sellers to track their settlement and read 'what to expect' articles to help understand the process l ← Δ 9:41 AM * 100% Notifications Keep up to date with your settlement Enable notifications so we can notify you of key tasks and what's happening with your settlement. Turn these off at any time. OK Not now XPEXA l TASKS 9:41 AM 25 Mathers Avenue * 100% ll 9:41 AM 100%- Confirmation Settlement: Wed, 15 Jun 2019 4:00pm Bank account details to receive surplus funds REF: Account 2 Add Confirm bank account Please check your details carefully, funds from your sale will be transferred here. Account name Gary Smith BSB 063 301 (Sample Bank) Account number 1021 4578 Edit Show 1 completed task REPRESENTATIVE J&B Jackson and Brooke Conveyancers Properties What to expect Profile For security reasons, once submitted your nominated bank account can only be changed by contacting your representative. Confirm Link Group Investor Presentation 88#89XPEXA OSM Northem Turcore Australia South Australia Benland Refinance MarketView Outgoing Lender Explorer - Volume 28,271 Monthly Trend Last 12 Months: Jun 2018 - May 2019 Incoming Net Position 23,946 -4,325 Competitor Wins/Losses WESTPAC BANKING CORPORATION ANZ BANKING GROUP LTD NATIONAL AUSTRALIA BANK LTD ST GEORGE BANK AFSH NOMINEES PTY LTD ING BANK # Incoming # Outgoing Date Lost 12 Months Mop View / Sort Order Outgoing Volume State MACQUARIE BANK LTD BENDIGO AND ADELAIDE BANK LTD BANKWEST State All NSW OLD SA VIC WA 50 50-$250k $250k $500k $500k-$750k 5750k-51m = HSBC MEMBERS EQUITY BANK LTD SUNCORP-METWAY LTD CREDIT UNION AUSTRALIA LTD BANK OF QUEENSLAND LTD AMP BANK LTD ATTICDAUDI T Roy Morgan Community Profile 100 Leading Lifestyles 200 Metrotechs 300 Aspirationals 400 Hearth and Honse 500 Doing Fine 600 Fair Go 700 Other Metro Area All Areas Region (All) Competitor Tier [Multiple values] Competitor Name (All) Value (All) Suburb Search All Roy Morgan Community (All) Suburb Craigieburn Tameit Point Cook Pakenham Clyde North Value Werribee Truganina Berwick Mernda XPEXA Link Group Investor Presentation 89#90PEXA is closing in on its objective of digitising the national conveyancing market. Mission critical platform underpinning a large market opportunity Supported by and benefiting key industry stakeholders Purpose-built proprietary technology platform that meets regulatory requirements Incremental benefit of network growth driving penetration and uptake High operating leverage to drive profitability and cash flow Multiple drivers of growth across the PEXA Exchange and Adjacent Digital Services Highly experienced management team with a strong track record Note: 1. Great Place to Work 2017 XPEXA Link Group Investor Presentation 90#91PEXA will face challenges arising from its own success. - Regulation is being actively reviewed - a natural and expected part of industry maturation. The possibility of competition is evolving as a new industry configuration emerges. - Ripple effects are spreading into other industries. - With all of this change - there is an evolution of new relationships between parties. and a reset of trust is required. XPEXA Link Group Investor Presentation 91#92John McMurtrie, Managing Director 18 June 2019 LINK GROUP Closing ////////////////// ******************* ************************* Link Group Investor Presentation & Strategy Update 92 32#93Outlook Realistic about short term headwinds but optimistic on medium to long term opportunities • Operations FY2019 guidance (updated 31 May 2019) reaffirmed: > Operating EBITDA: $350 - $360m (FY2018: $335m) • Pro-forma Operating EBITDA2: $315 - $325m (FY2018: $309m) Operating NPATA: $195 - $205m (FY2018: $207m) CPCS Operating EBITDA expected to be approximately $35m in FY2019 Brexit uncertainty impacting business sentiment and operating performance in Europe Retirement & Superannuation Solutions revenue expected to see short term effects of known client losses and account consolidation (including the impact from ERF'ing activity and increased operating costs relating to higher levels of activity) > AustralianSuper contract renewed REST contract continues to roll on a monthly basis - long term contract remains in advanced stages of negotiation Integration & transformation activities Integration efficiency target of >£15m for Link Group EMEA is reaffirmed notwithstanding the sale of CPCS1 European business aligned with Link Group structure, leveraging group functions and the implementation of more uniform technologies and processes Capital management Divestment of CPCS¹ will reduce the pro-forma leverage of business to lower end of the guidance range Board will consider both growth opportunities and capital management initiatives 1. All regulatory approvals received. Sale expected to complete on 28 June 2019. 2. Pro forma Operating EBITDA excludes CPCS - sale announced January 2019 (completion expected to occur on 28 June 2019). 18 June 2019 Link Group Investor Presentation & Strategy Update 93#94*********************** *****************4 ************** *************** 111 111 ***************** 1111 ********** LINK GROUP