#1OMNI BRIDGEWAY Citi's 12th Annual Australia & New Zealand Investment Conference October 2020 IMF Bentham, Bentham IMF, ROLAND ProzessFinanz have all now adopted the unified global name Omni Bridgeway.#2Disclaimer OMNI BRIDGEWAY • . • • The material in this presentation has been prepared by Omni Bridgeway and is general background information about Omni Bridgeway's activities. The information is given in summary form and does not purport to be complete. A number of terms used in this presentation including: ROIC, EPV, net cash generation, operational cash expenditure, success rate on dollar weighted average, IRR and actual commitments are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 - Disclosing non-IFRS financial information, issued in December 2011. This information has not been audited or reviewed by EY unless expressly stated. For further commentary and analysis refer to Omni Bridgeway's 2020 annual report. This presentation is provided for general information purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase any Omni Bridgeway securities. Neither the information in this presentation nor any part of it shall form the basis of or be relied upon in connection with any future offer of Omni Bridgeway securities or act as an inducement to enter into any contract or commitment whatsoever. To the maximum extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in the presentation. The information in this presentation is not investment advice and has been prepared without taking into account your investment objectives, financial situation or particular needs (including financial and taxation issues). It is important that you read and consider the terms of any Omni Bridgeway securities in full before deciding to invest in such securities and consider the risks that could affect the performance of those securities. If you have any questions, you should seek advice from your financial adviser or other professional adviser before deciding to invest in Omni Bridgeway securities. By providing the material in this presentation Omni Bridgeway is not in any way making forecasts, predictions or providing earnings guidance and nothing in this presentation should be relied on as doing so. • This presentation is authorised for release by the disclosure committee. This presentation is for the use for Omni Bridgeway's public shareholders and is not an offering of any Omni Bridgeway private fund. INVESTOR PRESENTATION | OCTOBER 2020 2#3Global Industry momentum. Regulatory liberalization - increasing effective addressable market Insolvency practitioners can use TPF (Australia) IMF first publicly listed litigation funder (Australia) Litigation Funder Code of Conduct (UK) 1995 2001 US Assets under management > US$9.5 billion (US alone)1 Increased industry uptake "87% of insolvency practitioners and financial institutions now consider third party finance a valuable solution after learning how it works"1 Third Party Funding Legislation (Hong Kong) OMNI BRIDGEWAY > US$9.5 billion AUM (US alone) Fostif (High Court, Australia) Administrative Resolution (Brazil) Legislation Jackson Report (UK) American Bar Association 20/20 Ethics Commission Whitepaper (US) permitting funding (Singapore) Supreme Court considers litigation funding (Canada) Arkin Cap established (UK) 2005 2006 2010 2011 2012 Arbitration and Mediation Centre of the Brazil-Canada Chamber of Commerce "87% say Litigation finance enables better access to justice"2 "The rise of Third party funding is nothing short of revolutionary"3 2016 2017 2019 Arkin Cap not applied in Davey v Money and others (UK) Arbitration and Mediation Legislation Ordinance (Hong Kong) International Court of Arbitration opens in Sao Paulo (Brazil) "Nearly 100% (99.36%) of respondents with first hand experience with litigation finance agreed that they would use litigation finance again"4 "Nine out of ten (93.0%) finance professionals expect their companies to use legal finance in the next two years"5 1 | Simmons & Simmons webinar Sept 2020 2 | Bloomberg Law's Litigation Finance 2020 Survey 3 | Law.com 4 | Lake Whillans & Above the Law 5 | Burford Managing Legal Risk Report 2019 INVESTOR PRESENTATION | OCTOBER 2020 3#4Worldwide team and capabilities SAN FRANCISCO LOS ANGELES TORONTO MONTREAL LONDON AMSTERDAM COLOGNE GENEVA DUBAI HONG KONG NEW YORK HOUSTON SINGAPORE BRISBANE PERTH SYDNEY ADELAIDE MELBOURNE 18 10 Offices Countries All data at 30 June 2020. ~160 25+ Specialists Languages 1029 Total investments², 3 725 Completed investments 2,3 1 | Success rate by number of completed investments. 2 | Investment information covers legacy IMF Bentham and ROLAND ProzessFinanz since 2001 and legacy Omni Bridgeway since 1995. 3 | Portfolio investments counted as single investments. INVESTOR PRESENTATION | OCTOBER 2020 84% SUCCESS RATE 304 Active investments³ OMNI BRIDGEWAY 1,2,3 A$2.2b Funds under management 4#5From case conception to post-judgment enforcement and recovery Vision To be recognised as the global leader in financing and managing legal risk Providing human and financial capital for legal risks along the litigation spectrum including: Pre-judgment merits based disputes including litigation and arbitration Post-judgment enforcement of awards or judgments • Active investment strategies for monetisation of claims, judgments, awards and appeals INVESTOR PRESENTATION | OCTOBER 2020 OMNI BRIDGEWAY#6What is litigation funding? Specialty finance - growing rapidly as corporates and their advisers embrace benefits Non-recourse capital for commercial and class action claims Capital pays legal expenses incurred in litigation Binary outcome: Omni Bridgeway receives share of economic recovery should case be successful; nothing if unsuccessful Omni Bridgeway does not provide legal advice Omni Bridgeway offers adverse cost cover in funding package Dispute resolution finance model • CLAIMANTS Initiate legal proceedings Alternative to traditional hourly billing model Deploy capital into core operations (vs legal fees) Remove legal fees from P&L (create budget certainty, manage EPS) Enables litigation to be pursued LAW FIRMS • Provide legal advice to claimants • Paid hourly rates Risk share Claimant • Structurally balance sheet cannot fund litigation retains legal representation INVESTOR PRESENTATION | OCTOBER 2020 Provides capital for legal fees with no recourse . OMNI BRIDGEWAY Litigation funder enters Litigation Funding Agreement with Claimant OMNI BRIDGEWAY • . . Provides capital for litigation Litigation Funding Agreement with Claimant • Pay-out structure negotiated up-front Conflicts Management Policy Experienced former litigators Assume binary outcome risk • Adverse cost cover as part of funding package Omni Bridgeway receives pre-negotiated payout for successful outcome 6#7OMNI BRIDGEWAY Merits litigation funding 1. Outline of Claim Confidentiality agreement, Claim outlined by client or their legal representative 2. Application Review Omni assesses: • Type and strength of case • Potential damages or settlement prospects . • Legal fee arrangement • Likely duration • Amount of capital required . • Defendant's ability to satisfy a judgment 3. Offer of Funding Omni Investment Committee evaluates due diligence report by an Omni Investment Manager. If investment approved, Litigation Funding Agreement executed by parties. The claimant's lawyers are subject to an agreed costs budget and risk share which are controlled by Omni. 4. Case Progresses Generally case length 1-5 years. Omni also provides strategic management services. Omni monitors case progress and project budget. Omni receives periodic updates from lawyers. In certain jurisdictions (such as Australia) Omni will also provide strategic advice concerning the litigation. 5. Settlement or Trial Majority of cases settle before trial, often at mediation, at which mediator assists parties to reach settlement. Omni involved in mediation with mutual interest in seeing clients maximise the value of their claims. We welcome an early dialogue with defendants and their insurers, to explore possible resolution before significant legal costs are incurred. 6. Distribution of Proceeds If claim successful, defendant pays agreed sum of money into the plaintiff lawyer's trust account. Lawyer deducts fees owing to Omni pursuant to the Litigation Funding Agreement, and pays balance of funds to client. If claim fails, Omni pays Defendant's costs on the terms of the Funding Agreement. INVESTOR PRESENTATION | OCTOBER 2020 Average case duration 2.7 years 7#8Enforcement Funding - Investment procedures Pre-investment due diligence The investment and engagement committee monitors the progress of prospective cases: Team allocation Preliminary recoverability Preliminary merits Transaction structuring Budgeting process Client reporting Workout and legal strategy Counterparty analysis Guarantors Collateral Financials/solvency Other disputes International activities Compliance issues Asset and collateral tracing and recoverability Cross-border cash flows Foreign assets Third party obligations Legal merits analysis Pending proceedings Applicable law Jurisdiction Statute of limitations Additional fact finding INVESTOR PRESENTATION | OCTOBER 2020 Pre-investment due diligence, workout strategy OMNI BRIDGEWAY 8#9Asset Recovery - Investment procedures Distressed assets workout Sale Assessment of secondary market Recovery Trade Exit Workout Amicable settlement Initial legal proceedings often lead to cooperative workout negotiations with the debtor Settlement & Restructuring Discounted or deferred payment, debt swaps, debt conversions, barters Collection by legal means, collateral assessment, asset trace, legal constraints Conservatory attachments / preliminary measures INVESTOR PRESENTATION | OCTOBER 2020 Obtain legal title Execution of legal title on attached assets OMNI BRIDGEWAY#10Highlights for FY20 FINANCIALS: Material number of conditional and unconditional completions generating $314m of revenue and income $98m of NCI extinguished • $628m of investments (made largest individual investment) $313m in new commitments on a conditional and unconditional basis • Fully franked final dividend of 4.0 cents per share, total dividend of 7.0 cents per share for the financial year MERGER WITH OMNI BRIDGEWAY: Completed strategic expansion in Europe Successfully raised equity to facilitate the purchase Changed name and branding Systems and process integration is on track with financial systems integration occurring in May 2020 INVESTOR PRESENTATION | OCTOBER 2020 REFINANCED DEBT: . Extended maturity profile Aligned covenants across debt facilities . Reduced borrowing rate SUCCESSFUL WIVENHOE JUDGMENT: Significant step towards successful completion OTHER: Inclusion in the S&P/ASX200 Regulation - AFSL / PJC Common Fund Orders Contingency Fees OMNI BRIDGEWAY 10 10#11Financial Results Overview FY 2020 FY 2019 $m $m Litigation contract income Revenue from cases Purchased claims income Management & performance fees Other income (incl foreign exchange & interest) Total revenue and income Litigation expenses Expenses on cases Purchased claims expenses Net gain Impairment 257.5 35.0 % move from prior year 636% 21.7 9.7 1.4 0.1 24.0 9.9 ▲ 142% 314.3 45.0 ▲ 598% (151.0) (39.2) ▲ 285% (14.5) (5.8) 143.0 5.8 2,366% (17.2) (9.6) 79% Other net operating expenses (78.5) (43.8) ▲ 79% Share of profit and loss from associates (0.2) Profit/(loss) before tax and fair value adjustments on financial liabilities 47.1 (47.6) 199% Fair value adjustments on financial liabilities (13.6) Profit/(loss) before tax 33.5 (47.6) 170% Income tax benefit /(expense) (15.9) 11.5 Profit/(loss) after tax Attributable to Omni Bridgeway 17.6 (36.1) 149% (11.5) (36.1) Attributable to NCI 29.1 (0.0) Cash and net receivables 312.2 217.6 44% Litigation contracts in progress (intangible assets) 517.2 427.0 ▲ 21% Other litigation investment assets 110.7 Net assets 767.2 515.5 ▲49% Net asset backing ($ per share) 3.1 2.5 ▲22% Estimated Portfolio Value - Funded ($b) 13.5 8.0 69% Estimated Portfolio Value - Conditionally Funded & IC Approved ($b) 2.3 1.5 52% Number of investments 304 83 Dividend declared 4.0 INVESTOR PRESENTATION | OCTOBER 2020 OMNI BRIDGEWAY 11#12Operating Expenditure FY 2020 FY 2019 $m $m As per Profit and Loss Statement Finance costs (1.4) (0.1) Depreciation expense (2.9) (0.7) Employee benefits expense (50.3) (28.5) Corporate and office expense (20.0) (12.8) Other expenses (21.1) (11.3) (95.7) (53.4) Include: Capitalised items Employee costs (10.4) (7.3) Borrowing costs Overheads Deduct: Non-cash items & one-offs LTIP STIP-accrued and unpaid NCI contribution to Fund 6 costs (10.4) (10.1) (0.5) (1.2) (21.3) (18.6) OMNI BRIDGEWAY Actual cash costs have increased 20% from the prior year, however they have decreased as a percentage of net assets, investments and EPV, reflecting an improvement in operational efficiency. In the current period, there are a number of expenses associated with the Omni Bridgeway merger that will not be repeated in subsequent periods. Headcount has increased by 61% in FY20 whilst employee costs (excluding STIP which was not paid in FY19) increased by 43%. Omni Bridgeway's EMEA team joined in November 2019 and as such only represent a part-year expense. Impairment charges increased from FY19 by 79% largely represented by two investments in US Fund 1 and one on the balance sheet. During the same period our portfolio of investments (intangibles and other investments) increased by 47%. 9.1 7.0 Operational Cash Expenditure 9.6 80 27% 4.5 26% 30% 70 Transaction costs - purchase of Omni Bridgeway Holding BV Group 4.8 25% Professional advisors 0.3 1.6 60 24% 68.6 20% Depreciation expense 2.9 0.7 50 17% 57.4 Net foreign exchange (gain) / loss (4.3) 20% 40 13% 15% 44.3 11% Impairment 17.2 9.6 30 35.1 15% 10% 48.4 14.6 20 27.8 11% Operational cash expenditure (68.6) (57.4) 9% 5% 10 % of net assets 8.9% 11.1% 0 0% % of investments 10.9% 13.4% FY16 FY17 FY18 FY19 FY20 % of EPV 0.4% 0.6% Headcount Number of offices. 163 101 Operational Cash Expenditure % of net assets % of investments 18 14 INVESTOR PRESENTATION | OCTOBER 2020 12#13Sources and Applications of Cash OMNI BRIDGEWAY FY 2020 $m FY 2019 $m Cash generation Proceeds from litigation funding 171.0 43.2 Proceeds from claims portfolio investments 15.0 Proceeds from disposal of a financial asset 9.7 NCI contribution to Fund 6 costs 4.5 • • IFRS reporting does not necessarily represent the cash generating capacity of the business given revenue recognition principles and capitalisation of certain expenses into intangibles. Net cash generation identifies cash inflows from completions and deducts cash expenses during the period. FY20 produced a record amount of cash for the group on a consolidated basis, which flowed into cash on the balance sheet and in the funds. Net interest (4.6) (4.6) Other income 0.8 Movement in receivables 117.8 (8.8) Net Cash Generation 314.2 29.8 250.0 Cash burn Operational cash expenditure (68.6) (57.4) 236.6 200.0 Transaction costs - purchase of Omni Bridgeway Holding BV Group (one-off) (4.8) 150.0 Professional advisors (one-off) (0.3) (1.6) Income tax received / (paid) (3.9) 3.5 100.0 (77.6) (55.5) Net cash generation 236.6 (25.7) 50.0 72.7 Cash and net receivables 63.0 10.2 Balance Sheet 133.2 132.8 0.0 Funds 61.2 93.6 (25.7) Movement in receivables 117.8 (8.8) (50.0) 312.2 217.6 FY16 FY17 FY18 FY19 FY20 INVESTOR PRESENTATION | OCTOBER 2020 13#14Balance Sheet Strength and Investment Portfolio Cash & Net Receivables ($m) 312.2 Net Assets ($m) OMNI BRIDGEWAY 139.1 141.8 142.4 217.6 201.4 206.3 FY16 FY17 FY18 FY19 FY20 FY16 FY17 I Balance Sheet Fund 4 Fund 1 Fund 6 Funds 2&3 Receivables Movement 145.6 190.9 Investments ($m) 321.3 427.0 627.9 FY16 FY17 FY18 I Balance Sheet Fund 1 Funds 2&3 FY19 Fund 4 Fund 5 FY20 Fund 6 367.8 FY18 ■Shareholders NCI Portfolio (EPV) ($m) 515.5 767.2 FY19 FY20 9,455.6 5,868.7 4,095.6 3,438.0 15,830.8 FY16 FY17 FY18 FY19 FY20 Balance Sheet Fund 1 Funds 2&3 Fund 4 Fund 5 Fund 6 • . Material growth in all key metrics including income, liquid assets, net assets, investments and portfolio. 47% increase in investments and 69% increase in EPV (excluding conditional investments) reflecting an increase in average investment size, improving operational efficacy. 44% CAGR in investments and 46% CAGR in EPV from FY16, providing platform for future income generation. Returns from investments housed in Funds follow each respective Fund's waterfall of distributions, including allocation of profits to the Omni Bridgeway Group once capital and priority returns are paid. 1. Investments in Fund 6 (OB) includes $99.6m of fair value adjustments on acquisition. INVESTOR PRESENTATION | OCTOBER 2020 14#15EPV Portfolio Quarterly portfolio update 30 June 2020 Funds Balance Sheet 1 2&3 4 5 6 7 Total EPV Movement for quarter # # # # # # # AUD billion Funded investments (opening) 13 31 32 5 6 87 10.5 Inclusion of OBE Group 5 180 185 New investments 2 4 5 11 Completed investments (2) (1) (3) (6) Withdrawn / Terminated Funded investments (closing) 16 30 31 9 11 180 277 13.5 Conditionally funded investments - IC approved investments Total including all investments 11 9 2 22 16 30 36 9 22 189 2 304 15.8 Possible Completion EPV AUD million Balance Sheet Fund 1 Funds 2 & 3 Fund 4 Fund 5 Fund 6 Fund 7 FY2021 FY2022 FY2023 FY2024 + Total 869.8 234.2 5.7 1.0 1,110.7 1,441.3 798.6 258.3 300.6 2,798.8 935.3 1,180.0 791.1 33.5 2,939.9 101.2 1,549.5 1,336.0 861.2 3,847.9 290.1 110.9 288.7 16.6 706.3 264.7 537.5 537.2 772.8 2,112.2 OMNI BRIDGEWAY Total EPV Funded investments 3,902.4 4,410.7 3,217.0 1,985.7 13,515.8 15 INVESTOR PRESENTATION | OCTOBER 2020#16EPV Diversity EPV by Geography • • 43% 10% 23% 18% 6% ■ Asia Australia Canada UK & EMEA United States EPV by Investment Type 0% 13% 13% 1% 11% 0% 21% 2% 10% 1% 27% Appeal Arbitration Corporate Funding Multi Party Whistleblower Insolvency ■Commercial Law Firm Other IP ■ Patent Inclusion of OBE Group OMNI BRIDGEWAY Diversification of investments by type and geography was a key objective of our initial business plan. In FY15 we had a high concentration in Australian class action investments and by FY20 we have a balanced portfolio of investments by geography and type. Diversification provides mitigation to risk of competition and regulatory intervention. INVESTOR PRESENTATION | OCTOBER 2020 16#17Funding Funnel Funding applications continue to grow year on year as our geographic expansion takes hold. Investments from year-to-year largely track funding commitments. 1,400 1,200 1,000 800 669 600 368 400 Funding Applications 974 866 827 651 534 482 510 440 345 356 200 301 1,296 645 Funds Committed ($million) 400 350 300 250 200 150 100 50 50 Funding Commitments יון 0 0 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 Consolidated ⚫USA Rest of World Actual Investments (Secondary Axis) INVESTOR PRESENTATION | OCTOBER 2020 0 FY20 || 1. Committed funding amounts from FY17 include conditionally funded investments and investments approved for funding by the Investment Committee but not yet funded. From FY18, upward budget revisions have been included. OMNI BRIDGEWAY 700 600 500 400 300 200 100 Investments ($million) 17#18OMNI BRIDGEWAY Fund Structures Description Fund size IMF / Omni contribution Market Type Waterfall Management fee Investment period Commencement Date Status Other Fund 1 Funds 2 & 3 A$180M US$167M 25% USA European whole of fund 1. Investor capital 2. Investor preferred return 3. Investor undrawn fee 4. IMF management fee 5. IMF capital 6. Profit distribution (IMF 85%, Investor 15%) 20% ROW European whole of fund 1. Investor capital 2. Investor preferred return 3. Investor undrawn fee 4. IMF management fee 5. IMF capital 6. Profit distribution (IMF 80%, Investor 20%) Fund 4 US$500M 20% USA American deal by deal 1. Investor capital (including IMF) 2. Hurdle 8% 3. Catch-up 4. To 20% IRR - 80% to investors (inc IMF), 20% performance fee 5. Profit distribution (IMF 30% performance fee, Investors (inc IMF) 70%) Part of waterfall return Part of waterfall return Paid quarterly 4 years 3 years (closed) February 2017 Deployment/Harvest 3 years October 2017 Investment/Deployment / Harvest ATE policy to respond to claims for adverse costs December 2018 Investment Deployment Optional second series Capital recycling permitted during investment period Fund 5 US$500M Funds 6 and 7 (incl DARP JV) €195M 20% ROW American deal by deal 1. Investor capital (including IMF) 2. Hurdle 8% 3. Catch-up 4. To 20% IRR - 80% to investors (inc IMF), 20% performance fee 5. Profit distribution (IMF 30% performance fee, Investors (inc IMF) 70%) Paid quarterly 4 years June 2019 Investment Deployment Optional second series Capital recycling during investment period ■ATE policy to respond to claims for adverse costs 5% EMEA Hybrid whole of fund Merit Investments 1. Capital 2. Hurdle 10% 3. Performance fee - IRR <20%, 20%; IRR >20%, 30% 4. Balance to investors (inc OB) pro rata Enforcement Investments 1. Investor capital 2. Hurdle IRR 20% 3. Profit distribution (OB 100%) Other historic investments 1. Deal specific ad hoc returns As called 5 years 2016 Investment Deployment "DARP refers to USD 100m JV with IFC World Bank. INVESTOR PRESENTATION | OCTOBER 2020 18#19Fund Summary Investors Omni Bridgeway Commence date Capital Returns¹ Capital Fees EPV Fund size Committed A$m A$m A$m A$m A$m Fund 1 10 Feb 2017 USD 167m 100% 127.9 40.9 60.8 6.3 2,798.8 Funds 2 & 3 3 Oct 2017 AUD 180m 99% 50.1 20.0 16.2 1.4 2,939.9 Fund 4 1 Apr 2019 USD 500m 22% 103.2 24.2 25.8 3,847.9 Fund 5 Fund 6 27 Sep 2019 USD 500m 20% 45.7 11.4 706.3 13 Jun 2016 EUR 150m 42% 98.9 48.0 4.9 2,112.2 Fund 7 Total 28 Sep 2018 USD 100m 4% 1.5 2.6 N/A 427.3 133.1 122.7 7.7 12,405.1 . Funds 1, 2 and 3 are now fully committed and in harvest mode. Given the fund structure, the investors have priority entitlement to distribution of capital and preferred returns, recourse only to the investments within the respective funds. There are a substantial number of investments and associated EPV within each of those funds from which those priority entitlements can be met. Funds 4 and 5 are partially committed, and have the option to recycle capital from completed investments. The investment periods complete four years from commencement, with a run-off harvest period that follows. Funds 6 and 7 are similar to Funds 4 and 5, and structured on an American waterfall basis except that with respect to Fund 7, funds are first allocated towards the IFC debt before allocations are made via the waterfall. Fund 6 is near full commitment once the provision of US$50m for Fund 7 is provided for. || 1. Returns for Funds 1 - 3 include accumulated preferred returns and special distributions. For Funds 4 - 7, these include recycled proceeds. INVESTOR PRESENTATION | OCTOBER 2020 OMNI BRIDGEWAY 19#20OMNI BRIDGEWAY First Generation Funds We have been asked how we analyse the ability of the first generation funds to return value to OBL shareholders based on their current portfolios and returns to date. Whilst Omni Bridgeway does not provide earnings guidance or forecasts and notes that past performance is not necessarily an indicator of future performance, we explain how we analyse these funds. Omni Bridgeway assessment process: • Preferred capital and returns (non-recourse) Fund portfolio EPV and the Long Term Conversion Rate (LTCR) Preferred Capital and Returns Fund ROIC and deployed capital Possible completion periods Fund 1 as at 30 June 2020 Preferred Capital Funds 2&3 Total Accumulated Total Accumulated $m $m as at 30 June 2020 $m $m 80.8 80.8 Preferred Capital 50.1 50.1 Accumulated Preferred Return 38.3 119.1 Accumulated Preferred Return 16.4 66.5 Accumulated Special Distribution 2.6 121.7 Accumulated Special Distribution 3.6 70.1 Receivables from litigation contracts yet to be distributed (5.9) Net 115.8 Receivables from litigation contracts yet to be distributed Net (33.9) 36.2 First Generation Fund EPV and LTCR Possible Completion EPV # investments EPV $m FY2021 FY2022 FY2023 FY2024+ Fund 1 30 2,798.8 $m 1,441.3 $m $m $m 798.6 258.3 300.6 Funds 2 & 3 31 2,939.9 Total 61 5,738.7 935.3 2,376.6 1,180.0 791.1 33.5 1,978.6 1,049.4 334.1 Global LTCR at 30 June 2020 was 15% of EPV. Fund 1 EPV ($2.8b @ 30 June 2020) and OBL's LTCR (which includes losses) (15% of EPV @ 30 June 2020) Fund 1's average ROIC to date (20% @ 30 June 2020) and the capital deployed to outstanding Fund 1 investments ($191.4m @ 30 June 2020) Funds 2&3 EPV ($2.9b @ 30 June 2020) and OBL's LTCR (which includes losses) (15% of EPV @30 June 2020) Funds 2&3's average ROIC to date (314% @ 30 June 2020) and the capital deployed to outstanding Funds 2&3 investments ($57.6m @ 30 June 2020) Looking at the possible completion dates across the portfolios, by way of example, if the Fund 1 investments with Possible Completion in FY21 were to complete in that period at the LTCR the senior capital and preferred return would be comfortably returned. INVESTOR PRESENTATION | OCTOBER 2020 20 20#21ROIC Track Record ROIC 165% 165% 163% 156% 154% 160% 159% 147% 121% 118% 134% 132% 84% 47% 41% FY16 FY17 FY18 FY19 FY20 US Rest of World Group OMNI BRIDGEWAY . ROIC as a measure for our investments is becoming less relevant given our transition to funds management. ROIC in the US has declined over the last financial year as a consequence of investments that completed in a short duration, which produced high IRRs. ROIC in non-US investments increased as a consequence of recent completions in Australia and Canada. Average duration for completed matters is 2.7 years on a global basis, 1.9 years for US investments and 2.8 years for non-US investments. The data contained in the Funding Track Record has been reviewed by Ernst & Young to 31 December 2019 and has been updated to 30 June 2020 by management. INVESTOR PRESENTATION | OCTOBER 2020 21 21#22Wivenhoe and Westgem OMNI BRIDGEWAY • • • . . The decision was handed down in November 2019 in favour of our funded clients, and which found the defendants Seqwater, Sunwater and the State of Queensland (State) liable in negligence to group members. Subsequently the State has advised that it will not appeal the decision, whereas the other defendants have now filed a notice of intention to appeal. Allocation of proportions of liability between the defendants has been determined Seqwater 50%, Sunwater 30% and the State of Queensland (State) 20%. Sunwater and the State have decided not to appeal the apportionment of liability, whereas Seqwater has appealed the allocation. Mediation set for September 2020, failing which a hearing is scheduled for October 2020, to resolve various issues including the methodology for determining quantum of liability. The various appeals have been scheduled for May 2021 if mediation does not result in a settlement. Issues to resolve include: • determination of quantum of damages suffered by group members; appeals (assuming they proceed); and the costs orders that should follow from the decision handed down in November 2019. We continue to estimate that Omni Bridgeway's income may range between $120m and $150m, based on a conservative view of a range of possible resolution outcomes. There is the potential for total damages to significantly exceed that conservative range and that would increase Omni Bridgeway's return. • We are not proposing to revise Omni Bridgeway's income estimate at this stage. • The Supreme Court of Western Australia has delivered judgment in the Westgem litigation in favour of the defendant and has dismissed the claims of Omni Bridgeway's funded clients. The Westgem investment has a carrying value of $55m and was commenced in 2011. This represents 8.7% of Omni Bridgeway's consolidated litigation investment assets of $628m at 30 June 2020 and 7.2% of Omni Bridgeway's consolidated net assets of $767m. The carrying value is broken down as follows: External Costs Capitalised Internal Costs Capitalised Borrowing Costs Total Carrying Value $34m $9m $12m $55m Following a detailed review of the judgment and assessment of appeal prospects a decision will be taken with regard to what level of impairment may be necessary, if any, against this carrying value. Any impairment will be a non-cash item. As part of this assessment, Omni Bridgeway will also determine what level of provision for adverse costs may be necessary. Current estimate of cash impact from adverse costs is between $7.5m and $10m. The estimated portfolio value (EPV) of the Westgem investment is $250m, out of a total EPV of balance sheet investments at 30 June 2020 of $1.11b and a consolidated EPV of all funded investments of $13.5b. As part of the judgment review and consideration of the prospects for appeal, Omni Bridgeway will reassess the EPV of the Westgem investment. INVESTOR PRESENTATION | OCTOBER 2020 22 22#23Regulation/ Common Fund Orders / Contingency Fees OMNI BRIDGEWAY • The High Court's decision on Common Fund Orders (CFOS) in December 2019 caused some consternation amongst industry participants but has not resulted in a wholesale change in the funding of class actions. The implications are yet to be felt on competitors attitudes to class actions under these new rules. ⚫ Since the decision by the High Court, the Victorian Government has passed legislation that will in effect allow contingency fees for lawyers in class actions. Omni Bridgeway has considered its various options, which include: . • • Funding law firms on a portfolio basis, as it does in the US; Continuing to fund class actions as a funder for a group of clients; and Establishing its own law firm, and seeking contingency fee returns. The Federal Government has referred to the Parliamentary Joint Committee on Corporations and Financial Services (PJC) terms of reference to inquire into litigation funding and class actions. The PJC is expected to hand down its findings in December 2020 and report on various issues including the regulation of litigation funders, a possible change to the continuous disclosure regime and the remuneration of litigation funders in class actions. Subsequent to the referral to the PJC, the Treasurer announced that from 22 August 2020 litigation funders offering funding in class actions will be required to hold an Australian Financial Services License (AFSL) and that the exemption from the application of the Managed Investment Scheme (MIS) that applied to funders of class actions would be revoked. ⚫ Omni Bridgeway has advocated for regulation of the litigation funding industry and welcomed the government's initiatives, qualified only that the MIS regime needed to be "fit for purpose", to ensure that the class action process and clients' access to justice was not impeded. Omni Bridgeway has applied for an AFSL and has submitted its views to ASIC regarding the modifications required to make the MIS regime fit for purpose to regulate class actions. INVESTOR PRESENTATION | OCTOBER 2020 23#24Culmination of Initial Five Year Plan Increased jurisdictional coverage 1 July 2015 Australia, USA, UK Increased investments Increased EPV Increased team Funds management *Includes Investment Committee Approved and Conditionally Funded investments INVESTOR PRESENTATION | OCTOBER 2020 OMNI BRIDGEWAY 41 30 June 2020 Australia, USA, Canada, Asia, UK, EMEA 304* $2.0 billion $15.8 billion 35 ~160 7 Funds (~$2.2 billion) • This financial year has been the strongest in our company's history, with record income of $314.3m and net profit before tax and fair value adjustments of $47.1m. Significant number of 30 partial and complete resolutions around the world. A record number of 1,296 applications. We committed more funds to investments in FY20 than any prior year, in total $313.2m in conditional and unconditional commitments. We have achieved all of our goals from our initial business plan from FY15. 24#25Next Five Year Plan The previous business plan was focussed on diversification. The current business plan is focussed on differentiation. Omni Bridgeway now finds itself as the largest litigation funder in the world and our vision is to be recognised as the global leader in managing and financing legal risks. Over the period of the next business plan from FY21 to FY25 to achieve this vision, we have planned for: Growth in FUM. • Expansion of geographic footprint and headcount within our current areas of operation and into new areas of operation, including exploring opportunities in South America, Africa and Asia. OMNI BRIDGEWAY • • Expansion of our product offerings to include: • Acquisition of claims, judgments or awards; • Law firm funding for receivables; Downside risk management and defence funding. In response to the contingency fee environment in Australia, potentially acquiring or developing organically a law firm for class actions. To support business plan goals we intend to recruit or have now recruited specialists for enforcement in US, asset tracing in Asia and a global distressed debt resource. INVESTOR PRESENTATION | OCTOBER 2020 25#26OMNI BRIDGEWAY Risk Mitigation Risk PORTFOLIO CONCENTRATION Potential impact Potential for a funded case to be lost = Omni Bridgeway investment lost and exposure to adverse costs Two material investment risks on balance sheet: Wivenhoe Dam & Westgem COMPETITION Price compression Loss of market share Talent loss REGULATORY CHANGE Need to adjust business model New reporting /licensing regime New market entrants Loss of know-how Strategic response • Deliberate transition from idiosyncratic risk to systemic risk of a portfolio . • Portfolio represents increased number of investments, broader range of case types, sizes and jurisdictions Co-funding and ACO insurance cover in place • Market differentiation (track record, capital adequacy, ACO cover, security for costs, transparency • • • through public listing, reputation for integrity and fairness, strategic insights & project management on cases) Innovation products & services Know-how-business processes Talent retention strategies • Taking steps to reduce cost and increase availability of capital Awareness, involvement and industry leadership KEY-PERSON DEPENDENCY IT & DATA SECURITY BRAND REPUTATION POOR INVESTMENT DECISIONS Loss of data due to software or hardware failure Theft or corruption of data or trade secrets due to social engineering or external penetration ('hacking') If reputation is sullied, stakeholder trust and loyalty is eroded and brand equity and financial value can be compromised Financial impact of loss of investment, and in relevant jurisdiction adverse cost exposure, with flow on reputation risk Talent retention & knowledge transfer strategies: coaching, mentoring, professional development to . Legal avenues: non-compete, confidentiality and IP protection agreements • build, transfer and safe-guard corporate knowledge • • • • • • Incentive plans which reward loyalty and engagement Purchase agreement structured to retain key executives Continuous adaptation to be nimble Audits by external security and IT providers Staff education Constant vigilance Conscious culture of risk management • Numerous policies and practices to safe- guard reputation including escalation procedures throughout our organisation and regular and clear communication with all stakeholders • Investment in experienced investment managers with litigation experience • Enhanced Investment Committee process with introduction of external resources from the judiciary and legal profession The above is not intended to be an exhaustive list of all the risks faced by the business. INVESTOR PRESENTATION | OCTOBER 2020 26#27OMNI BRIDGEWAY Glossary of Terms and Notes ESTIMATED PORTFOLIO VALUE (EPV) EPV for an investment where the funding entity earns: IFRS IRR LTIP NCI OBE GROUP PAST PERFORMANCE POSSIBLE COMPLETION PERIODS PPA ROIC STIP INVESTOR PRESENTATION | OCTOBER 2020 (i) a percentage of the resolution proceeds as a funding commission, is the current estimate of the investment's recoverable amount after considering the perceived capacity of the defendant to meet the claim and any other pertinent factors. Such amount is not necessarily the amount being claimed by the claimants, nor is it an estimate of the return to the group if the investment is successful, (ii) a funding commission calculated as a multiple of capital invested, is arrived at by taking the estimated potential income return from the investment and grossing this up to an EPV using the Long-Term Conversion Rate, and (iii) a funding commission calculated on a combination of the above bases or on an alternative basis, may utilise one of the above methodologies, or a hybrid construct, or an alternative methodology depending upon the components of the funding commission. OBE Group's EPV has been estimated on a conceptually consistent basis; enforcement case investments may have a multi-layered approach from a timing and value perspective. Where OBE Group have not yet been able to ascertain an EPV consistent with the disclosed methodology an EPV of zero has been used. However calculated, an EPV is an estimate and is subject to change over time for a number of reasons, including, but not limited to, changes in circumstances and knowledge relating to an investment or the defendant(s) perceived capacity to meet the claim, partial recovery and, where applicable, fluctuations in exchange rates between the applicable local currency and the Australian dollar. Possible EPV's are reviewed and updated where necessary. The portfolio's value is the aggregation of individual investments' EPVs as determined above. International Financial Reporting Standards Internal Rate of Return Long Term Incentive Program Non-Controlling Interest Omni Bridgeway Holding B.V. (ie 'Omni Bridgeway Europe'), Omni Bridgeway AG (formerly ROLAND ProzessFinanz), and a joint venture with IFC (part of the World Bank Group). Past performance is not necessarily an indication of future performance. Past performance indicates that Omni Bridgeway's litigation funding investments (excluding Omni Bridgeway Europe's investments) have generated average gross income of approximately 15% of the EPV of an investment at the time it is completed (Long-Term Conversion Rate). The Long-Term Conversion Rate, ROIC and IRR from completed investments may vary materially over time. By providing this information, Omni Bridgeway has not been and is not now, in any way, providing earnings guidance for future periods. The possible completion period is Omni Bridgeway's current estimate of the period in which an investment may be finalised. It is not a projection or forecast. An investment may finalise earlier or later than the identified period for various reasons. Completion for these purposes means finalisation of the litigation by either settlement, judgement or arbitrator determination, for or against the funded claimant, notwithstanding that such finalisation may be conditional upon certain matters such as court approval in the context of a class action. It may not follow that the financial result will be accounted for in the year of finalisation. Possible completion period estimates are reviewed and updated where necessary. Purchase Price Allocation Return on Invested Capital - gain or loss on derecognition of investments (including or excluding overheads) divided by the total spent on investments (including or excluding overheads) Short Term Incentive Program 27#28OMNI BRIDGEWAY ASIA AUSTRALIA Adelaide Perth Hong Kong +852 3978 2629 +61 8 8122 1010 Level 27 50 Gilbert Street +61 8 9225 2300 Level 6 World-Wide House 19 Des Voeux Road Central Central, Hong Kong Singapore +65 6813 2647 Level 13-03 6 Battery Road Singapore 049909 Adelaide SA 5000 Brisbane +61 7 3108 1311 Level 18 175 Eagle Street Brisbane QLD 4000 Melbourne +61 3 9913 3301 Level 3 Bourke Place 600 Bourke Street Melbourne VIC 3000 37 St Georges Terrace Perth WA 6000 Sydney +61 2 8223 3567 Level 18 68 Pitt Street Sydney NSW 2000 CANADA Montreal +1 514 257 6971 60 rue St-Jacques Bureau 401 Montréal QC H2Y 1L5 Toronto +1 416 583 5720 250 The Esplanade Suite 127 Toronto ON M5A 1J2 EUROPE, MIDDLE EAST & AFRICA Amsterdam +31 70 338 4343 Schiphol Boulevard 121 1118 BG Schiphol Amsterdam The Netherlands Cologne +49 221 801155-0 Gereonstr. 43-65 50670 Cologne Germany Geneva +41 22 818 6300 Rue de la Rôtisserie 4 1204 Geneva Switzerland London +44 203 968 6061 81 Chancery Lane London WC2A 1DD United Kingdom Dubai +971 4 514 4608 Unit 1905, Level 19 Index Tower Dubai International Financial Centre 507152 Dubai United Arab Emirates UNITED STATES OF AMERICA Houston +1 713 965 7919 LyondellBasell Tower 1221 McKinney Street Suite 2860 Houston TX 77010 Los Angeles +1 213 550 2687 555 W. 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