#1Schroders capital 7 June 2021 SCHRODERS IN FOCUS Private Assets#2The significance of Private Assets for Schroders WELCOME PETER HARRISON Group Chief Executive#3Why growing Private Assets and Alternatives is of strategic importance to us Further diversifying Group revenues Increasing margins and longevity of assets Area of high sustained client demand Growing Solutions by enabling public / private combinations OVER THE PAST 5 YEARS, WE HAVE BUILT A BUSINESS CAPABLE OF GENERATING £6-9BN OF NET NEW BUSINESS PER YEAR#4The opportunity in Private Assets and Alternatives is substantial And we are well positioned to capture the institutional and retail demand Alternative asset management industry, AUM $tn $3tn 2004 $5tn 2007 $7tn 2012 +11% p.a. $10tn 2016 $14tn +8% p.a. $21tn 2020E 2025E Opportunity Allocation Schroders' presence Source: BCG Global Asset Management 2020, McKinsey Global Private Markets Review 2021, Schroders Institutional Investor Study 2020. Institutional Institutional AUM in private markets: ~$14tn (2020E) Institutional allocations: +1.3% in 2021 to 14.1% Schroders Institutional AUM: £369bn (2020A) Individual investors Individual investors: 42% of total AUM Individual investor allocations to private markets: 5% Schroders intermediary AUM: £134bn (2020A)#5We have been executing on our private markets plan since 2015 1972 Real Estate ILS 2013 Source: Schroders Capital, May 2021. 2015 Infra- structure 2016 2017 Securitised Private Credit Equity 2018 Real Estate (Hotels) 2019 Impact Investing 2020 Real Estate Real Estate (APAC (Germany Value Add) Value Add) 2021 Real Estate Debt Schroders capital#6Continuing our strategic pivot into higher margin and higher client longevity areas... Private Assets and Alternatives AUM development and cumulative net flows £bn 50 45 40 35 30 25 20 15 10 5 2015 2016 AUM 2017 2018 2019 2020 -Cumulative net flows (rhs) Apr-21 £bn 12 10 8 6 4 2 O -2 £48BN AUM 21% 5 YEAR AUM CAGR £2.9BN OF YTD NET INFLOWS (as at May-21) £2.3BN ADDITIONAL COMMITMENTS NOT YET RECOGNISED IN FLOWS (as at May-21) 66BPS REVENUE MARGINS incl. performance fees and carried interest (2020)#7Growing Private Assets and Alternatives is driving up group longevity Group rolling 3-year client longevity 4.80 4.75 4.70 4.65 4.60 4.55 4.50 4.45 4.40 4.35 4.30 2018 2018 2018 2018 2019 2019 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2020 2020 2020 2021 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 PRIVATE ASSETS AND ALTERNATIVES 3 YEAR CLIENT LONGEVITY IN EXCESS OF 7 YEARS#8Diversified Alternatives business delivering outperformance over time Helix cumulative fund performance since inception, I-share class 30% کیا 25% 20% 15% 10% 5% 0% -5% Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Source: Bloomberg, as at 26 May 2021. Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Schroder GAIA Helix I Acc Market down months (↑ ↑ ↑ ↑ ↑ Liquid Alternatives produced in-house, e.g. Helix 3rd party Alternatives platform (GAIA) with £2.8bn of AUM as at Apr-21 Providing access to top selection of 3rd party managers Incubation of in-house strategies and access to world class Alts managers GAIA is the 3rd largest Alternatives platform in Europe#9STRONG INVESTMENT PERFORMANCE ABILITY TO DEMOCRATISE PRIVATE ASSETS LEVERAGE SUSTAINABILITY POSITION LARGE NUMBER OF MATURING PRODUCTS A comprehensive Private Assets business Revenues by split by Private Asset verticals excluding Alternatives, £m Impact Investing 36 Insurance-linked 19 Infrastructure 8 Real Estate 90 £247m revenues Private Equity 70 Private and Structured Credit 26#10Introducing Schroders Capital OUR GROWTH STRATEGY GEORG WUNDERLIN Global Head of Private Assets#11A diversified and scalable private markets platform set for growth... Schroders capital Note: AUM as at April 2021 (excludes non fee-earning dry powder). £43bn Assets under management Private Equity £9.1bn Small and mid-sized buyout in Europe and US as well as Growth investment in Asia and Global venture capital Securitised Products £9.4bn Full spectrum of securitised assets and asset-related private debt in data-rich credit sectors across the US, Europe and APAC Real Estate £16.7bn Operational excellence, hospitality and sustainability expertise driving performance across the value chain in Europe and Asia Infrastructure £2.1bn Essential infrastructure in Europe across the capital structure Insurance-linked Securities £2.5bn Uncorrelated long-term returns across life and non-life insurance risk globally Impact Investing A global impact investment capability dedicated to generating lasting positive changes and attractive returns £2.7bn 30+ investment capabilities 250+ investment professionals 451 employees 82% of assets outperforming over 5 years > 11 years 3 year avg. client longevity (2020)#12...driven by our world-class leadership team 22 yrs Industry Georg Wunderlin Global Head of Private Assets 25 yrs Industry Sophie van Oosterom Global Head of Real Estate 27 yrs Industry Michelle Russell-Dowe Global Head of Securitised Products and Asset Based Finance 27 yrs Industry Peter Arnold Co-Head of Private Asset Sales 23 yrs Industry Chantale Pelletier Global Head of Infrastructure 32 yrs Industry David Seex Co-Head Private Asset Sales Head of Private Assets Solutions Peter Arnold Chief Operating Officer 25 yrs Industry 19 yrs Industry Nick Pont Head of Product Strategy - Private Debt 15 yrs Industry Ed Smith Head of Private Assets Legal 24 yrs Industry Rainer Ender Global Head of Private Equity 23 yrs Industry Nils Rode Chief Investment Officer 26 yrs Industry Maria Teresa Zappia Head of Sustainability and Impact Philipp Müller CEO Blue Orchard Stephan Ruoff Global Head of ILS 15 yrs Industry 25 yrs Industry 328 years Combined experience in Private Assets#13We have grown twice as fast as the market since 2016 Ambition to double again in the next five years Schroders Capital AUM Fee earning AUM £bn 100 75 50 25 O 2015 2016 28% 5 YEAR AUM CAGR 2017 2018 2019 c. 45% OF AUM IN CLOSED- END VEHICLES 2020 Apr-21 2x 2025E £3.9BN GROSS INFLOWS AS AT MAY-21 Real estate Private Equity Insurance-linked Infrastructure Private and Securitised Credit Impact Investing £2.8BN NNB AS AT MAY-21#14We are well positioned to profit from the fundamental trends shaping private markets in the next decade Sustainability is now a paradigm shift where leadership in Impact Investing is the path to capturing the New Private Markets Maria Teresa Zappia Head of Sustainability and Impact Competitiveness in private markets requires scale, operational. excellence and integrated ESG approach Sophie van Oosterom Global Head of Real Estate Individual investors are the new source of demand for private markets and private equity is their first port of call Rainer Ender Global Head of Private Equity The zero rate environment calls for new ways to deliver income to our clients where private debt and Securitised Credit are centre stage Client needs and expectations have institutionalised and seek to partner with consolidated global platforms able to deliver their franchise end-to-end Nick Pont David Seex Head of Product Strategy - Private Co-Head Private Asset Sales Debt Head of Private Assets Solutions#15Capturing the sustainability and impact opportunity OUR GROWTH STRATEGY MARIA TERESA ZAPPIA Head of Sustainability and Impact#16The market opportunity Sustainability and impact investing represents a paradigm shift ESG-Committed* Private Capital Fundraising by year of final close $bn 270 2013 282 2014 309 2015 344 2016 417 2017 403 2018 468 2019 Impact Investing industry: continuous strong growth Impact Investing AUM (public and private markets) $bn 46 60 77 114 228 502 2013 2014 2015 2016 2017 2018 Source: Preqin, Global Impact Investing Network (GIIN) 2014-2020. *Asset managers that are incorporating ESG into their business, defined either as having an ESG policy, or belonging to a relevant association, such as GRESB, PRI, or SASB. **Bfinance ESG Asset Owner Survey: How are investors changing? Feb. 2021. ESG as "impact" About 40% of asset owners have planned and/or consider to focus on carbon and impact measurement and reporting as part of their ESG approaches in private markets 715 2019#17BlueOrchard: An impact and sustainability powerhouse PRIVATE DEBT £2.7bn Of AUM across private assets classes (as at Apr-21) 90 countries across emerging and frontier markets 20 years experience in Impact Investing 7 OFFICES GENEVA PRIVATE EQUITY LIMA LUXEMBOURG LISTED DEBT NAIROBI Source: BlueOrchard. Map indicates all investments by country as of 31 December 2020 since inception, figures as of 31 December 2020. VAT SINGAPORE SUSTAINABLE INFRASTRUCTURE and largest microfinance fund worldwide TBILISI 1st 110+ 49% staff female Sophisticated private, institutional and public sector clients Financial inclusion climate finance education finance women empowerment ZURICH#18Our BlueOrchard COVID-19 blended finance impact fund Collaboration between partners + DFC U.S. CDC KFW Investment works International Development Finance Corporation Schweizerische Eidgenossenschaft Confédération suisse Confederazione Svizzera Confederaziun svizra Eidgenössisches Departement für Wirtschaft, Bildung und Forschung WBF Staatssekretariat für Wirtschaft SECO Source: BlueOrchard. jiCA Schroders Addressing SDGs 1 8 NO POVERTY 10 GENDER EQUALITY e DECENT WORK AND ECONOMIC GROWTH No poverty Decent work and Meconomic growth REDUCED INEQUALITIES Gender Equality Reduced inequalities Expected impact (per each $100m) o 00_00 o 60 million jobs to be maintained 3 million micro-entrepreneurs to be served 20 financial institutions to be financed#19Leveraging sustainability and impact capabilities across Schroders Capital's products Impact Investing (BlueOrchard) QUALITY EDUCATION NO POVERTY ர்ச்கள் AFFORDABLE AND CLEAN ENERGY CLIMATE 13 ACTION ZERO HUNGER DECENT WORK AND 8 ECONOMIC GROWTH SSS 8 DECENT WORK AND ECONOMIC GROWTH 17 PARTNERSHIPS Real Estate SUSTAINABLE CITIES AND COMMUNITIES --- GOOD HEALTH AND WELL-BEING W INDUSTRY, INNOVATION AND INFRASTRUCTURE 13 CLIMATE ACTION REDUCED 10 INEQUALITIES H 300+ Asset class specific ESG metrics across the entire private assets portfolio GENDER 5 EQUALITY 11 SUSTAINABLE CITIES AND COMMUNITIES C 188 AAAA 6 CLEAN WATER AND SANITATION £43bn Schroders Capital AUM OPIM A transparent sustainability and impact investment framework based on best practices* *Operating Principles for Impact Management see: www.impactprinciples.org. 2 ZERO HUNGER SSS 5 dedicated private assets ESG specialists 3GOOD HEALTH AND WELL-BEING CLEAN WATER AND SANITATION AFFORDABLE AND CLEAN ENERGY QUALITY EDUCATION AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONOMIC GROWTH M AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONOMIC GROWTH DECENT WORK AND 8 ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE 8 Securitised Products DECENT WORK AND ECONOMIC GROWTH SUSTAINABLE CITIES AND COMMUNITIES Insurance-linked Investments SUSTAINABLE CITIES AND COMMUNITIES Private Equity 12 RESPONSIBLE CONSUMPTION AND PRODUCTION HA HAA 11 SUSTAINABLE CITIES AND COMMUNITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE INDUSTRY, INNOVATION AND INFRASTRUCTURE 13 CLIMATE ACTION Infrastructure 11 SUSTAINABLE CITIES AND COMMUNITIES PARTNERSHIPS FOR THE GOALS ------ CLIMATE 13 ACTION 6 impact management and measurement team resources#20From allocation to operating expertise OUR GROWTH STRATEGY SOPHIE VAN OOSTEROM Global Head of Real Estate#21From allocation to expertise: Exciting market dynamics provide opportunity to excel MARKET SHIFT INVESTMENT APROACH 8 Increased allocation to Real GOOD Estate equity and debt Shift to operational expertise ESG and Impact focus Source: 'INREV Investor Intentions Survey 2021, 2Real Capital Analytics. Lo Do Do 00 0 SCHRODERS INVESTED FOR GROWTH Expanded breadth and depth of platform Add on acquisitions with operational excellence Integrated ESG and Impact approach#22Schroders Capital Real Estate positioned for success RE AUM development, £bn 20 18 16 14 12 10 8 6 4 2 0 Source: Schroders. 10.1 11% 5 year CAGR 16.7 December 2015 April 2021 UK Europe Indirect Solutions Asia ■Hotels £17bn Real Estate AUM 220+ employees 20 countries invested 12 RE offices globally c.400 properties managed#23From being a trusted partner in Real Estate in 2015... RISK/RETURN > Source: Schroders, February 2021. EUROPE Core (+) UK Core (+) UK Multi manager Continental Europe Core (+) INTEGRATED ESG ASIA PACIFIC GLOBAL Real Estate Equity >#24...to being a global real estate solution provider with a hospitality and sustainability mindset in 2021 RISK/RETURN Real Estate Debt 2021 Source: Schroders, February 2021. EUROPE Specialist Operational Real Estate Hotels Senior Living Social Housing 2018 Core (+) UK Core (+) Multi manager UK Continental Europe Core (+) INTEGRATED ESG Integrated Value Add 2019 ASIA PACIFIC Asia Value Add and Opportunistic 2020 GLOBAL > Partnerships and Equity Global Solutions 2021-#25ESG is in our collective DNA 11 Risk monitoring Leverage proprietary Schroders technology Measure impact of environment on our portfolio Measure impact of our portfolio on environment Regulatory framework 2 Mitigate impact and output Targeted investment to mitigate impact of our portfolio on environment Leverage 20 years of impact expertise Net Zero pathway all assets 3 Impact investing Collaboration with Blue Orchard 750bn+ market size - - Deliver social impact alongside financial gains Integrated ESG approach across the entire value chain Launch of new Impact fund series UK and Europe#26Perfectly positioned to realise full potential Real Estate AUM development £bn 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2015 Source: Schroders Capital, June 2021. 2020 2x 2025E Debt Impact Asia Solutions Specialist Indirect Hotels Diversified BUILDING ON OUR STRENGTHS Global Solutions leverage on breadth and depth of platform Building on expertise Specialist and value-add strategies: hotels, residential and Asia leading Real Estate debt offer Impact investing a key growth initiative across UK and Europe#27Democratising super returns OUR GROWTH STRATEGY RAINER ENDER Global Head of Private Equity#28STABLE TEAM DIFFERENTIATED INVESTMENT STRATEGY STRONG TRACK RECORD ESG EMPHASIS DATA SCIENCE Schroders Private Equity platform strength and growth Private Equity AUM development £bn 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 6.5 AUM Aug-17 Integrated Funds. Transactional Mandates Transactional Funds Democratisation Products 9.1 AUM Apr-21 Integrated Mandates.#29Global Private Equity platform that has proven itself for more than 20 years GEOGRAPHY - - North America Europe Asia Rest of World SEGMENT Source: Schroders Capital Private Equity, 2021. - - - Venture Growth Buyout Turnaround INDUSTRY Technology Healthcare Consumer Business Services Industrial E TYPES - - - Direct Investments Co-Investments Secondaries Primaries Strong network with specialised private equity managers around the globe 50% of investment volume through direct investments, co-investments and secondary transactions#30Source: Schroder Adveq. Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 -6% -4% -2% 0% MSCI WORLD VOLATILITY LESS THAN HALF OF THE 25% PERFORMANCE IN 2020 2% 4% ||||||||||| الاسياس |||||| .... CO-INVESTMENTS 6% REALIZED DIRECT AND 31% NET IRR ON 8% ار 10% ... 12% MSCI WORLD (PME) OUTPERFORMANCE OVER WITH 7% PA. 14% Quarterly results of all Schroders Capital Private Equity investments has clearly delivered Our track record across all our investments INVESTMENTS SINCE 2010... 19% NET IRRACROSS ALL#31Generating strong follow-on growth over the last 4 years Comparison of our Private Equity platform May 2017 vs. May 2021 Investment Committee Investment strategy Products Client origin Client type Funds raised previous 2 years Source: Schroders Capital Private Equity, 2021. Pre-acquisition May 2017 Limited Partnerships Institutional only Predominantly Germany and Switzerland £1.2bn (May 2015-2017) Today as part of Schroders May 2021 unchanged unchanged Broadened product range Increasingly international Institutional and Intermediary £3.0bn (May 2019-2021)#32Growing portfolio of products addressing the democratisation of Private Equity Live Products Already represent £675m AUM with 100bps margin Product Plans Source: Schroders Capital Private Equity, 2021. Gaia II SPE Semi-liquid fund Launched in Sep 2019 Schroder UK Public Private Trust Further semi-liquid funds Targeting different client markets with different investment strategies Taken over in Dec 2019 Schroder British Opportunities Trust IPO in Nov 2020 Combining Public/Private Cross-over strategy Overcome structural segmentation Schroder BSC Social Impact Trust IPO in Dec 2020 Multiple Private Assets Combine Debt and Equity Yield focus#33Private Debt: Navigating The Zero OUR GROWTH STRATEGY NICK PONT Head of Product Strategy - Private Debt#34#TheZero is driving investors to reallocate to private debt Interest rate spread (bps) 1,200 1,000 800 600 400 200 O Liquid Credit £ AAA £ BBB $ BBB $ HY Illiquid Credit lll Infra Debt Infra Debt RE Debt RE Debt RE Debt Direct Opport. (€ IG) (€ Sub-IG) (IG) (Snr. Loan) (HY) Lending Historical loss rates (net of recoveries) 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% IG Corporate Bonds Senior Infra Debt Senior Real Estate Debt Junior Infra Debt HY Corporate Bonds Mid-Market Direct Lending Source: Ares Management Corporation, Bank of America Merrill Lynch, Callan Associates, Cass Business School, CBRE, De Montfort University, Moody's, Preqin, S&P LCD and Schroders, 2020. Note: IG and HY corporate bond credit loss rates incorporate default losses (default rates adjusted for recovery rates) and price changes arising from changes in credit quality (net downgrade losses). Figures are shown for illustrative purposes only and may not be reflective of credit spreads or default experience on any individual investment or portfolio.#35Schroders Capital expanding private debt capability is delivering diversification, core income and true excess return Private Debt capability Securitized Credit Complete range from benchmark aware to private credit and debt Infrastructure Debt IG Euro & Sterling, Junior Euro & Sterling ILS Cat. Bond, All and Life ILS Impact Investing Microfinance, EM infrastructure debt Real Estate Debt IG, Senior Loan & HY Corporate Loans (Aus.) Nascent Diversified Illiquid Income Solutions Multi-Private Credit Fund (MPCF) > > > > Target client segments Pensions, Endowments, Consultants, Insurance, Banks Insurance, Pensions Insurance, Pensions, Intermediary Institutional (inc. DFIs), Intermediary Insurance, Pensions Superannuation, Insurance UK DB pensions#36Providing access to full continuum of private asset income streams Estimated Volatility Lower income higher equity beta <3% BO (Covid 19 Support) Securitised Credit (High Grade) Lower income lower equity beta Lower liquidity Source: Schroders Capital. Infra Debt (Senior) Europe Core+ RE UK Core RE RE Debt (IG) Higher liquidity (3-6% Global Cities Real Estate Inc. ILS (All / Life) UK Core+ RE Infra Debt (Junior) MPCF RE Debt (Senior Loan) GAIA Cat Bond BO (Microfinance) 6-9% Securitised Credit (Loans) Infra Equity RE Debt (HY) BO (Sustainable Infra) >9% Higher income higher equity beta Sec. Credit (Opportunistic Loans) Higher income higher equity beta Target Yield#37Schroders Capital well positioned with expanding private debt capability Capability Securitized Credit Complete range from benchmark aware to private credit and debt Infrastructure Debt IG Euro & Sterling, Junior Euro & Sterling ILS Cat. Bond, All ILS and Life ILS Impact Investing Microfinance, EM infrastructure debt Real Estate Debt IG, Senior Loan & HY Corporate Loans (Aus.) Diversified Illiquid Income Solutions Multi-Private Credit Fund (MPCF) Source: Schroders Capital AUM as at April 2021 (excludes non fee-earning dry powder) Scale of platform AUM £9.4bn AUM £1.5bn AUM £2.5bn AUM £2.6bn Nascent Nascent Nascent Success to date $1.5bn raised in Focus II in 2020 Julie II on track for target raise of >€1bn World's largest Cat Bond fund World's largest Microfinance fund Team in place/fundraising starting 2H21 Team in place/fundraising starting 2H21 Team in place/fundraising starting 2H21#38Leveraging our capability to meet our clients needs OUR GROWTH STRATEGY DAVID SEEX Co-Head Private Asset Sales and Head of Private Assets Solutions#39Institutions want fewer but more strategic relationships Illustration: Schroders Capital Private Equity Average account size 2017 vs. 2021 (£m) 200 175 150 125 100 75 50 25 May 2017 Average account size 65% growth May 2021 Average account size of top 50 clients Product flows vs. mandates 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: Schroders Capital, May 2021. Righthand chart references the two years prior to Schroders acquisition in 2017, and then the two most recent years (2019-2021/current). £1.2bn raised 55% 45% May 2015-2017 ■Mandates £3.0bn raised 40% ■Funds 60% May 2019-2021#40Our client base is our foundation for growth A structured path to doubling of AUM Schroders Capital AUM 2021 Cross sell ou capabilities to existing clients Add new institutional clients Win individual investors (Democratisation) Schroders Capital AUM 2025#41Leveraging the entire organisation Global client network 4,000+ Schroders Institutional client relationships 676 Schroders Insurance clients 900+ Schroders Capital clients Global distribution network 582 Schroders global Distribution professionals 29 Schroders Capital sales professionals 34 Global offices around the world Strong intermediary business £133.5bn Schroders intermediary AUM Schroders Personal Wealth 30,000 mass affluent and HNW clients Schroders Wealth Management £73bn wealth management business Schroders Solutions mindset £192bn Schroders Solutions business £22bn Schroders Capital Solutions business#424 key takeaways Cross sell to our existing private markets clients Adopt a solutions approach and leverage the whole Schroders organisation Use innovation and investment edge to win new clients Democratize Private Assets ☐o 00 00 00 GO DOUBLE AUM IN THE NEXT FIVE YEARS#43Summary OUR GROWTH STRATEGY GEORG WUNDERLIN Global Head of Private Assets#44We are set to double our AUM by 2025 A strong and fast-growing business today... 4 28% AUM CAGR since 2015 Able to generate £5-8bn of net new business p.a. out of the £6-9bn for Private Assets and Alternatives Operating at a 3-year client longevity in excess of 11 years ... perfectly positioned to achieve future ambitions ← ↑ ↑ 30+ capabilities covering all asset- classes, pursuing a disciplined build- out Edge in growth segments: Impact, income, democratization, solutions Attractive home to Private Asset talent as proven by M&A and organic growth