#1Investor presentation Autumn 2020 Quilter#2Investment overview and Quilter's journey to date Quilter#3Quilter: a leading, UK-centric full-service wealth manager Leading UK and cross-boarder wealth manager with £100bn+ of customer assets Advice-led investment solutions for customers in the UK and selected international markets LSE and JSE listed, ~£2.5bn market cap1 A proven track-record, with scale in a growing market and momentum for future profit growth 1. As at September 2020. 2. Includes Head Office adjusted profit before tax of £(17)m in H1 2020 and H1 2019. Key Performance Indicators from continuing operations, excluding QLA Financial: H1 2020 H1 2019 Δ NCCF % 1.1 0.3 +267% NCCF/opening AuMA % 2 1 Integrated flows £bn 1.4 1.4 AUMA £bn 107.4 107.3 Asset retention % 92% 88% +4ppt Adjusted profit before tax² £m 71 89 (20%) A&WM adjusted profit before tax Em 41 50 (18%) WP adjusted profit before tax £m 47 56 (16%) IFRS profit/(loss) after tax £m 44 (32) Operating margin % 21 26 (5ppt) Non-financial: FY 2019 Restricted Financial Planners ('RFPs') # 1,808 1,799 +9 Investment Managers ('IMS') # 169 167 +2 Quilter 3#4Quilter has scale and leading position in chosen capabilities Comparison with listed UK peers Advice Platforms Solutions Total AuMA¹ (£bn) Restricted (CF30's)² Independent Advised advisers International Multi-asset Discretionary Platform Quilter £107bn³ 1,808 4,000+ firms £56bn AuA £20bn AuA £21bn AuM £23bn AuM St. James's £116bn 4,324 Place Restricted only platform Rowan Dartington Standard Life £512bn 110 SL Wealth Aberdeen4 Hargreaves Lansdown 167 £104bn Direct platform Rathbones £49bn n.a. AJ Bell £54bn n.a. Direct & Restricted Brewin £47bn 430 Dolphin Integrafin £40bn n.a. ✓ Indicates capability and scale within capability Includes closing AuA and / or closing AuM for competitors as at 31 December 2019. Quilter and SJP figures as at 30 June 2020; SLA as quoted in its 2019 Annual Report and Accounts; HL and BRW figures as quoted in FT Top 100 financial advisers 30 June 2018 which includes all CF30's, not only financial advisers. 1. 2. 3. Total Quilter closing AuMA includes intra-group eliminations. 4. Platform & Wealth-only assets total £84.4bn as at 30 June 2020. Quilter 4#5Large and growing UK wealth market UK national wealth1 Long-term savings market² 8 (AUM, £trn) 12 4.5 0.1 Decumulation - Drawdown +11% 0.2 Decumulation - Annuity, ER +4% 0.5 Individual Pension - SIPP & PP +12% +5% +6% 4 Long term savings 1 Bank deposits 3 1 Physical wealth 1 1 3 UT 5 Property (net mortgage) 2009 2018 1. Source: ONS, NMG UK Stock & Flow Model. 2018 figures based on estimates 2. 0.6 Individual Savings - ISA +7% 2.7 0.0 0.8 Individual Savings - Other +2% 0.2 0.2 0.3 0.5 Workplace Pension - DC +10% 0.7 .2 0.2 1.7 Workplace Pension - DB +6% 1.0 2009 2018 ➤ Growth driven by structural trends, including: Demographics Need for financial advice Pensions and investment consolidating onto Platforms ➤ Growing and changing market provides opportunity to support clients through their savings and investment life cycle Note: Property Wealth is defined as any property owned, both main residence plus any other land or property owned in the UK or abroad, net of outstanding mortgage value. Physical Wealth is defined as household contents, possessions and valuables owned, such as antiques, artworks, collections and any vehicles owned by individuals. Pensions excludes retained rights in pension schemes and pensions expected from former spouse/partner. Individual Savings - Other includes Onshore and Offshore bonds, endowments, direct shares and unwrapped funds. ER = Equity Release; Workplace pension - DB includes Bulk annuities Quilter 5#6Regulatory and fiscal changes driving disruption Pension reform Provides customers with opportunity for consolidation and flexibility to manage retirement assets ➤ Demand and complexity driving need for advice ➤ Increased longevity of client relationships for wealth managers versus compulsory annuitisation Government initiatives FCA thematic reviews MiFID II, GDPR & SMCR Auto-enrolment increasing flows into pensions, albeit slowly - future customers for wealth managers Increase in ISA allowances and introduction of JISA and NISA and Junior SIPPS ➤ Continually changing tax and allowances on savings, pension and IHT driving need for advice Asset management market study remedies focussed on driving competitive pressure in asset management, investor value for money and effectiveness of intermediaries Investment Platform study focused on improving competition and better consumer outcomes DB pension transfer advice proposals designed to improve quality of advice and help consumers get better value for their pensions Further increase in regulatory burden for advisers, particularly low scale players and new entrants MiFID II further increase transparency for customers GDPR clarifies existing requirements and increases costs of non-compliance SMCR strengthens individually accountability within the financial services industry Quilter 9#72008/09 Source: HMRC 2009/10 2010/11 1.65 2011/12 2012/13 2008/09 2009/10 2010/11 £'000 235 245 255 2011/12 Pension lifetime allowance £m 1.75 1.80 1.80 2013/14 2012/13 CAGR -16% 50 50 50 40 40 40 2013/14 2014/15 2015/16 40 40 Allowance tapered for over £150k earners Fiscal changes driving complexity, changing client behaviour and need for advice Annual pension allowance ISA annual allowance CAGR -5% 1.50 1.50 1.25 1.25 1.00 1.00 2014/15 2015/16 2016/17 2017/18 2018/19 1.03 2008/09 2009/10 2016/17 2010/11 2017/18 2011/12 2012/13 40 40 2018/19 7.2 7.2 3.6 2013/14 40 40 £'000 Junior ISA ISA 11.5 11.3 10.7 10.2 4.0 4.1 4.1 4.1 4.3 3.6 3.7 2014/15 2015/16 2016/17 2017/18 2018/19 Quilter 7 CAGR +11% 15.0 15.2 15.2 20.0 20.0#8Advice: shift in how advisers serve their clients Regulatory and market changes driving better quality of advice for fewer clients Adviser average client portfolio¹ Number of clients 350 320 316 300 % Clients seen annually Passive clients (seen less than once p.a.) Active clients (seen at least annually) 61% % active clients 70 60 60 256 257 50% 248 250 227 225 47% 50 44% 47% 42% 215 218 41% 40% 39% 39% 200 40 40 180 155 149 196 187 148 127 119 109 114 150 30 71 100 20 124 129 50 101 108 100 100 106 109 101 109 10 1. 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 0 2019 Adviser trend to serve fewer active clients: - Change in compensation model from commission to fees Smaller number of those with higher investable assets Opportunity to serve customers' wealth needs for longer Potentially more customers left without access to advice... at a time when the need for advice is increasing Source: Investment Trends. March 2019 UK Adviser Technology & Business Report, based on a survey of 1,216 advisers. Passive clients considered to be those the adviser sees less than once a year; Active clients considered to be those the adviser sees as least annually. Based on annual survey of c.600-800 advisers Quilter 8#9Platform: savings and investments consolidating onto Platforms, particularly pensions Pensions and investments consolidating onto platforms Total UK platform market Pension is 'anchor' product on Platform Platforms play an important role in modern wealth management Fund platforms by product AUA £bn¹ Est. £110 2009 675 114 Corporate 147 D2C +20% AUA £bn² For Advisers 675 13 Bonds Tools and technical support 167 Unwrapped Customer relationships in one place ➤ Deliver back office functionality ➤ Custody, settlement and reporting 166 ISA 414 Retail Advised 329 SIPP & Other Pension H2 2019 H2 2019 1. Source: Platforum 2009 Total Platform AuM £92bn excluding D2C; Fundscape 2019 Q2 2. Source: Fundscape 2019 Q2 For Customers Holdings in one place Tax-efficient wrappers Customer service including reporting and transactions Quilter 9#10Investment Solutions: continued growth in outcome-based, client-focussed solutions Global AuM split¹ % / US$ trn 38 74 100% 9% 14% Solutions Quilter Solutions Discretionary portfolio service Dedicated Quilter investment manager to design bespoke portfolios Typical asset allocation² Typical 40-85% mixed asset fund asset allocation 5% 100% Global EM & APAC Equity ➤ Tailored approach considering client personal investment objectives, attitude and risk tolerance 22% International Equity 15% 16% Alternatives 11% Service for clients with more than £200k to invest Managed portfolio service ("MPS") 6% European Equity 19% Passive 18% Outsourcing portfolio construction and management to Quilter's multi- asset investment specialists 21% UK Equity Active and Passive Blend portfolios that risk-matched portfolios from Global Partner fund ranges 18% Active specialities 11% North American Equity Multi Asset funds 16% Global Fixed Income 46% 33% Active Core Range of multi-asset funds including Cirilium Active, Passive and Blend ➤ Fund range differs in terms of breadth of investment proposition Customer needs include accumulation, decumulation, income & international 5% Money Market 16% Other (Alt. & Property) FY08 FY18 IA 40-85% 1. 2. Source: BCG Global Asset Management Benchmarking 2019; Solutions Includes target-dated, global asset allocation, flexible, income, liability-driven, and traditional balanced investments. Alternatives includes hedge funds, private equity, real estate, infrastructure, commodities, private debt, and liquid alternative mutual funds (such as absolute return, long and short, market-neutral, and trading-oriented); private equity and hedge fund revenues do not include performance fees. Active specialties includes equity specialties (foreign, global, emerging markets, small and mid caps, and sectors) and fixed-income specialties (emerging markets, global, high yield, and convertibles). Active core Includes actively managed domestic large-cap equity, domestic government and corporate debt, money market, and structured products. Financial Express Analytics, Sept. 2019 Quilter 10#11Business models adapted to changing regulation and evolving value chain Typical older / Pre-RDR Insurance models Modern Wealth Manager • Customers Financial Advice Product driven sales, 'pushed' through incentive driven distribution channels Commission models driving sales based culture • Closed or 'off'-platform Platform / Wrappers Solutions Asset management Insurance based pensions & savings products that embedded investment management Typically insurers' in-house asset management • Customer driven solutions • • Adviser focus ongoing relationships Open architecture wrap-platform with transparent pricing and investment choice Risk based investment solutions with focus on customer outcomes Provide building blocks for solutions Quilter 11#12Quilter has adapted its business model Our journey to deliver a modern UK focussed wealth manager UK & European Life Assurer Italy Switzerland Austria Poland Germany France Liechtenstein Luxembourg Finland OMGI Heritage Wealth Platforms Modern UK-focussed wealth manager Acquired and built Advice Network & National Built multi-asset solutions business Acquired Quilter Cheviot Investing in Platform transformation Growing UK & International platforms Our transition to becoming 'one Quilter' Sold European life books, single strategy asset management business Acquired Intrinsic, Sesame, Caerus, Charles Derby and Lighthouse ➤ Acquired Quilter Cheviot and built Quilter Investors Initiated new UK Platform Transformation Programme and entered migration testing/delivery phases Announced and completed 'managed separation' from Old Mutual Listed as Quilter plc on LSE and JSE ➤ Largely re-branded businesses to 'Quilter' FCA investigation into Quilter Life Assurance closed and business sold to ReAssure Initiated Optimisation phase 1 2012 Today Quilter 12#13Our journey to deliver a focussed UK wealth management business Sale of European life books Acquisition of Intrinsic and Quilter Cheviot Old Mutual Wealth Capital Markets Showcase I 2017 Old Mutual plc managed separation announced New UK Platform Transformation Programme initiated Listed as Quilter plc on LSE and JSE Special Dividend: Sale of Old Mutual Global Investors to TA Associates Return of proceeds from sale of Old Mutual Global Investors Managed separation completed 2018 Closure of FCA investigation into Life Assurance book Acquisition of Lighthouse plc Announce Optimisation phase 1 Sold Quilter Life Assurance; £375m return to shareholders confirmed Optimisation phase 1 execution Share buyback commenced & OLO completed 2019 Acquisition of Charles Derby Group UK Platform Transformation Programme ('PTP'): Migration testing and delivery Quilter Investors buildout and product refresh phase 2020 PTP Migration 2 Quilter 13#14Quilter's multi-channel advice-led model An open, transparent, full-service model serving customers across the wealth spectrum High Net Worth Affluent Mass Affluent Open market, financial advisers Financial advice Quilter Private Client Advisers Quilter Financial Planning Quilter Financial Advisers Platforms & wrappers Platforms & wrappers (e.g. ISAs, pensions, collective investment accounts) Investment solutions Discretionary Fund Management Managed Portfolios Multi-Asset Funds Quilter 14#15Performance Quilter#16H1 2020 highlights: delivering through disruption Financial performance Strategic progress Operational improvement £71m adjusted profit before tax: Pleasing outturn in a challenging environment ➤ Significant Platform migration scheduled for Q4 2020 ➤ Optimisation initiatives on track to deliver c.£50m cost saves ➤ Stable gross flows, resilient integrated flows, significantly improved net flows ➤ Strong rebound in AuMA from March lows, closing at £107.4bn at end-June ➤ Lighthouse acquisition integration progressing well, in line with plan ➤ Key management changes announced to drive next stage of Quilter's growth Incremental tactical cost reduction of c.£30m in 2020 Added new investment managers and Restricted Financial Planners ➤ Technology upgrades and new system enhancements implemented, remotely Note: All figures within the presentation exclude Quilter Life Assurance ("QLA") unless otherwise stated. Quilter 16#17What drives our business: H1 2020 results Advice and Wealth Management £44.1bn Wealth Platforms Head office AuMA¹ Revenue £197m Quilter Financial AUMA Cheviot Planning £23.3bn Quilter Investors £20.8bn Wealth Solutions £56.2bn £76.6bn £136m Quilter International £20.4bn NCCF Revenue £0.2bn £0.3bn £1.0bn £0.2bn £56m £86m £55m £80m £56m Revenue margin 73bps 53bps 29bps 53bps Expense £156m £89m 1. 2. Adjusted Profit £2m £19m² Total expense base drivers: 44% Front office & operations; 17% IT & development; 21% Support services; 12% Variable compensation; 6% Other £41m Y-o-Y growth: (18%) Group AUMA totals £107.4bn after (£13.3bn) elimination of intra-Group items. Includes head office and recurring standalone expenses but excludes debt interest costs. £47m Y-o-Y growth: (16%) £71m Y-o-Y growth: (20%) (£17m) Quilter 17#18H1 2020: Resilient performance Average AuMA NCCF £bn £bn 1.4 1.4 Integrated flows (£bn) 267% 1.1 103.2 2% 0.3 105.1 Revenue £m 55 -4% 348 52 52 335 H1 2019 H1 2020 H1 2019 H1 2020 H1 2019 H1 2020 Expenses £m 259 +2% 264 H1 2019 H1 2020 Adjusted profit before tax £m 26% 21% Operating margin -20% 89 71 Adjusted diluted EPS Pence -15% 4.1 3.5 Revenue margin (bps) H1 2019 H1 2020 H1 2019 H1 2020 Quilter 18 Note: All figures exclude contributions from Quilter Life Assurance ("QLA") which was sold to ReAssure plc on 31 December 2019.#19Gross sales/outflows (£bn) 2020: Improving net flows 5 Gross sales o/w DB transfers Gross outflows o/w QC IM departures Net flows 1 4 3 2 ī -2 -3 NI IM -4 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Note: All figures exclude QLA. -1 0.5 0 -0.5 Net flows (£bn) ➤Substantial improvement in net flows: from £0.3bn to £1.1bn Stable gross sales and integrated flows ➤ Advisers highly engaged with clients, supporting them navigate volatility and uncertain times COVID-19 accelerated industry-wide trend for switching to Passive/Blend solutions Welcomed FCA announcement on plans to reform DB transfer market - wholly consistent with existing Quilter practice Quilter 19#20Business initiatives Quilter#21UK Platform Transformation Programme Jul - Nov 2017 Design Build Å Mar - Dec 2018 Soft launch PECE 館 ☑ Å Testing 2019 Functional testing & migration planning Final system code delivery যে যে যে Migration rehearsals ΙΔ 2020 Phased migrations ΙΔ 2021 ΙΔ Migration Migration 1 2 Final migration First migration successfully undertaken New platform continues to operate well and at scale Continued focussed support for advisers and customers Adviser feedback driving system improvements Lessons learnt from first migration incorporated into further migration planning Adviser engagement and readiness key to final migrations Second migration of c.2,000 adviser firms to capture majority (c.75%) of AuA and include QFP Final migration represents c.5,500 adviser firms with c.15% of AuA Total programme costs expected to be c.£200 million Quilter Successful migration of customers and advisers is the gateway to a strong business relationship over time ... new platform will be the beating heart of Quilter Complete To come 21#22Optimisation: A phased, multi-year programme Laying the path to Quilter becoming the best version of itself that it can be 1. Phase 1: Operational efficiencies Phase 2: Streamline Efficiency initiatives to deliver improvements in operational performance Widen scope of efficiency plan to streamline the business post-PTP Transition to a simpler, high growth business Targeting c.2 percentage point operating margin improvement by 2020 and a further 2 percentage points by 20211 Further detail to be provided in due course 2019-2021 Post-completion of UK Platform Transformation Programme The Group noted in its 1Q 20 Trading Statement, published 21 April 2020, that it no longer expects to meet its targeted 27% operating margin for 2020 due to lower market levels leading to lower AuMA and hence revenues. It should equally be noted 2021's operating margin target will be subject to market performance. Quilter 22 22#23£m Optimisation focussed on addressable cost base 1. 2. 2018 Total costs Addressable costs Contribution to optimisation Optimisation: A phased, multi-year approach 555 18 105 120 ~300 312 Front office IT & & operations Development Phase: 1. Operational efficiencies Targeting -15% reduction of addressable cost base Programme of activity: c.35% Impact/ outcome: c.50% • • • Efficiency initiatives to deliver improvements in operational performance Support services focussed Targeting c.2 percentage point improvement in operating margin by 2020 and a further 2 percentage points by 20211 c.£75m² one-off costs to deliver c.15% Timeline: Support services Other 2019-2021 The Group noted in its 1Q 20 Trading Statement, published 21 April 2020, that it no longer expects to meet its targeted 27% operating margin for 2020 due to lower market levels leading to lower AUMA and hence revenues. It should equally be noted 2021's operating margin target will be subject to market performance. Includes £7m incurred in 2018. Quilter 23#24Optimisation Phase 1: £14m achieved in H1 20 What we have done ➤ Simplification and unification of central support functions commenced Quick win tactical efficiencies delivered ➤ Staff restructuring initiated; day-rate contractor reductions and third-party contracts renegotiated System changes to support further rationalisation commenced; robotics introduced in Quilter International Odd-lot Offer and legal entity rationalisation What we have left to do Fully transform our support functions into centres of excellence ➤ General ledger and integrated HR and Procurement system implementation Automate more of the Advice process Standardise processes and automate operations as appropriate Optimisation initiatives to support two percentage point improvement in 2021 operating margin vs 2020 outturn Quilter 24#25Buyback programme update and dividend outlook Return of QLA sale net proceeds: Share buyback programme Share buyback - Tranche 1 Total shares purchased Total cash consideration Average share price Share buyback - Tranche 2a Total shares purchased Total headroom remaining Average share price to date Share buyback - Tranche 2b Total cash consideration Interim dividend 2020 2019 1.0p 1.7p1 41% 46% 43.2 million Interim dividend £50.2 million Pay-out ratio² 116.14p as at 7 August 2020 17.8 million c.£49 million 144.10p 2020 interim dividend within dividend payout range Cautious position given significant macro and business uncertainties for H2 2020 Decision on overall 2020 pay-out ratio to be taken at FY20 Results - dependent on market conditions, share buyback progress and business outlook, in line with policy £50 million Subject to further Board consideration: decision based on prevailing market and business conditions following completion of Tranche 2a FCA application for Buyback programme Tranche 3 to be submitted in due course 1. 2. Inclusive of 0.43p contribution from Quilter Life Assurance. Annualised. Quilter 25#26Cash and capital Quilter#27Continued strong solvency position Solvency II ratio 221% Regulatory solvency 31 Dec 2019 (3%) (2%) (1%) (16%) 197% 5% (2%) (25%) 178% PTP and Optimisation Lighthouse provision Profit and other, net OLO and Share buyback Tranches 1 & 2a Interim dividend Regulatory solvency 30 Jun 2020 Unverified profits Note: Percentages may not sum to the totals shown due to rounding. Remaining Share buyback Pro forma solvency 30 Jun 2020 ➤ Solvency II ratio reduced principally due to Share Buyback and Odd-lot Offer ➤ Provides capacity for strategic investments ➤ Liquidity a greater constraint than capital Strong capital position versus peers Quilter 27#28Holding company cash 815 (64) (95) (33) £m 1 Jan 2020 2019 Final dividend Share buyback and OLO Head office costs including transformation costs (5) 22 27 (64) (12) 569 Planned future expenditures include: ➤ Dividends ➤Continued return of net proceeds from QLA sale, via share buyback PTP and Optimisation expenses ➤London property fit-out External debt Cash interest Capital Other remittances contributions & movements, from investments net subsidiaries 30 Jun 2020 Quilter 28#29Capital management philosophy Capital allocation On-going cash needs Investing organically Current year dividend London office relocation ➤ Group capital requirements Working capital & interest Investing in the growth of the business Platform Transformation Programme Optimisation programme Investing inorganically To accelerate growth through bolt-on acquisitions Private Client Adviser acquisitions Development of distribution capabilities and investment in National advice strategy Returning capital to shareholders On-going future regular dividend distributions Potential Odd Lot Offer (if shares cancelled) Consideration of special dividends and/or share buy-back programme Quilter 29#30Investment case and 2020 outlook Quilter#31Quilter investment case A unique combination of capabilities, scale and market positions 1 Full-service wealth manager providing choice and delivering good customer outcomes 2 Leading positions across one of the world's largest wealth markets with strong structural growth drivers N 3 Multi-channel proposition and investment performance driving integrated flows and long-term customer and adviser relationships 4 Attractive top-line growth and the opportunity for operating leverage 5 Strong balance sheet with low gearing and improving cash generation to drive shareholder returns Quilter#32Key focus for H2 20 and beyond... Continue to support advisers, employees and communities through disruption Complete Platform Transformation Programme Integrate acquisitions and deliver flow growth Execute Optimisation plans to drive operating leverage Return £375 million to shareholders Quilter 32#33Customers : Customers: High net worth Affluent and Mass-Affluent Improving cohesion between our business capabilities Source Quilter Restricted Financial Planners (QFP & QFA) Independent Financial Advisers Quilter Investment Platform Switches External Platforms Quilter Restricted Financial Planners (PCA) Independent Financial Advisers Quilter International Quilter Cheviot Two strong distribution channels Destination Quilter Investors Third party products /funds Quilter Cheviot DFM Multi-asset, risk-adjusted solutions Bespoke portfolios Open architecture investment solutions Quilter 33#34Appendix Quilter#35H1 2020: Advice and Wealth Management Revenue £m Expenses £m +1% +8% 195 197 156 145 H1 2019 H1 2020 H1 2019 H1 2020 Flows benefited y-o-y from reduction in Quilter Cheviot outflows and switching into Quilter Investors' Passive/Blend solutions Marginally lower RFP productivity as focussed on supporting clients through market turmoil Increased QFP revenues from acquisitions offset by reduction in Mortgage and Protection sales and opportunities to attract new clients through lockdown Increased expenses as absorbed full impact of H1 2019's Advice acquisitions Revenue margin trended down, as previously-guided impact of sales in Quilter Investors' passive/blend solutions gained momentum 1. Annualised Adjusted profit £m 26% 50 -18% 21% Operating margin 41 H1 2019 H1 2020 KPIs H1 2020 H1 2019 Revenue margin bps 64 67 NCCF £bn 0.5 NCCF / Opening AuM1 % 2 Closing AuM £bn 44.1 44.7 Average AuM £bn 43.3 43.1 Quilter 35 55#36H1 2020: Wealth Platforms Revenue £m -10% Expenses £m -6% 151 136 95 89 H1 2019 H1 2020 H1 2019 H1 2020 Lower revenues primarily due to Quilter Investment Platform's previously announced repricing and adverse FX and lower interest rates in Quilter International Good cost control and optimisation initiatives lowered cost base ➤ Asset retention remained strong, improving year-on-year 1. Annualised. Adjusted profit £m 37% -16% 35% Operating margin 56 47 H1 2019 H1 2020 KPIs H1 2020 H1 2019 Revenue margin bps 36 39 NCCF £bn 1.2 0.6 NCCF / Opening AuA¹ % 3 2 Closing AuA £bn 76.6 74.8 Average AuA £bn 74.5 71.6 Quilter 36#37Updated financial guidance Optimisation & operating margin target (pre-tax) Tax rate Share count London relocation UK Platform Transformation Programme Previous guidance Optimisation: £75m one-off costs to deliver optimisation phase 1 initiatives, with c.50% incurred by end of 2019 Target: Targeting c.2 percentage point improvement in operating margin by 2020 (27%) and a further 2 percentage points by 2021 (29%), assuming broadly normal market performance from around current levels, together with steady net flows Coronavirus-induced correction makes this a challenge if market levels remain depressed Corporate tax rate to remain below UK marginal rate, due to profit mix and lower tax rate in International Shares in respect of staff share schemes expected to vest over the next two years. OLO shares housed in Treasury to fund future staff share schemes. Future share awards then satisfied through on-market purchases Buyback shares to be cancelled at purchase Relocation anticipated to increase property costs by £10m in 2020 while we incur some dual-running costs, and c.£5m of ongoing additional costs thereafter Costs incurred to be approximately £185m in total over the programme Updates to guidance Moved away from 2020 guidance in March due to significant COVID-19 driven market decline Optimisation initiatives to support two percentage point operating margin improvement in 2021 versus 2020 outturn No change No change No change Total project costs expected to be c.£200 million based on current migration timetables Quilter 37#38Updated financial guidance continued Net client cash flow Previous guidance Target: NCCF of 5% of opening AuMA (excluding QLA) per annum over medium-term Updates to guidance No change to target over the medium-term - expect to build back to target following PTP completion and once impact of COVID-19 market volatility fades Revenue margin Continue to expect gradual decline given Platform repricing and expectation for normalisation of Quilter Investors' margin progression Broad direction remains unchanged Managed separation & standalone costs LTIP costs Standalone listed group operating costs now reflected in cost base at full run-rate Remaining £4m managed separation costs to be incurred in 2020, principally re-branding New Quilter Performance Shareplan will result in additional LTIP staff costs in 2018 and later years LTIP costs to increase steadily on a phased basis to approximately £15m per annum by 2020 No change No change Quilter 38#39Updated financial guidance continued Debt costs Cash conversion Dividend Capital Previous guidance £200m subordinated debt at 4.478% Approximately 80% of post-tax operating profit from continuing operations into free cash, partially used to fund debt servicing costs and targeted distribution acquisitions Distribution acquisitions expected to be up to £20m p.a. Board to walk up target 40-60% pay-out ratio from point of Listing Expect 2020 dividend pay-out ratio to be at the top end of target pay-out range Dividend per share growth dependant on share buyback pace Subordinated debt security issued to ensure sufficient capital and liquidity to maintain strong capital ratios and free cash balances to withstand severe but plausible stress scenarios No change Updates to guidance No change No change Decision on overall 2020 pay-out ratio to be taken at FY20 Results - dependent on market conditions, share buyback progress and business outlook, in line with policy No change Other items Seasonal dynamics ➤ FSCS levies paid in first half of year No change Quilter 39#40Environmental, Social & Governance credentials Quilter's ESG strategy is set out in our Shared Prosperity Plan Theme Financial wellbeing Inclusive growth Responsible investment Responsible business conduct 2025 commitments Improve access to financial guidance and advice for customers Promote financial wellbeing for all our colleagues Empower young people to manage their money well for life Create an inclusive culture at work that embraces diversity Enable colleagues and communities to thrive in work Empower customers to be more engaged in their financial future Embed responsible investment principles across our business Exercise active stewardship of our customers' assets Reduce the environmental intensity of our activities Operate responsibly Lead KPIs Financial Adviser School graduates Colleagues in share save scheme Number of young people benefiting from financial education % of women in senior management Colleague engagement NPS score % customers digital access PRI score Voting & engagement Tonnes CO2e per colleague % colleagues code of conduct training UN SDGs 3 GOOD HEALTH AND WELL-BEING W QUALITY 4 EDUCATION GENDER EQUALITY 8 DECENT WORK AND ECONOMIC GROWTH 13 CLIMATE ACTION PARTNERSHIPS FOR THE GOALS Signatory of: MSCI SUSTAINALYTICS FTSE4Good Included in FTSE4Good Index Series ESG rating: BBB ESG risk rating: 22.1/100 PRI Principles for Responsible Investment Rated A (Strategy & Governance) CDP Environmental stewardship score: B- Quilter 40 40#41Register structure by geography Company analysis vs key benchmark data As at 17 August 2020 22% 43% Quilter General Financials FTSE 250 52% 50% 3% 1% 23% 18% 17% 13% 13% 11% 8% 6% 3% UK South Africa North America Rest of Europe Rest of World Quilter 41#42Register structure over time Company analysis over time ■20-Aug-18 24-Sep-18 19-Oct-18 19-Nov-18 10-Dec-18 21-Jan-19 18-Feb-19 25-Mar-19 23-Apr-19 20-May-19 24-Jun-19 ■22-Jul-19 ■16-Sep-19 21-Oct-19 18-Nov-19 9-Dec-19 15-May-20 15-Jun-20 15-Jul-20 15-Jan-2014-Feb-2016-Mar-2015-Apr-20 ■19-Aug-19 17-Aug-20 United Kingdom South Africa North America Rest of Europe Rest of World As at 17 August 2020 Quilter 42 22#43Contacts Investor enquiries John-Paul Crutchley Keilah Codd UK +44 207 002 7016 [email protected] UK +44 207 002 7054 [email protected] Media enquiries Jane Goodland UK +44 77 9001 2066 Tim Skelton-Smith UK Camarco Geoffrey Pelham-Lane UK [email protected] +44 78 2414 5076 [email protected] +44 203 757 4985 [email protected] Quilter 43 33#44Disclaimer This presentation should be read in conjunction with the announcement published by Quilter plc on 11 August 2020. This presentation may contain certain forward-looking statements with respect to certain Quilter plc's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc's control including amongst other things, international and global economic and business conditions, the implications and economic impact of the COVID-19 pandemic, the implications and economic impact of several scenarios of the UK's future relationship with the EU in relation to financial services, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc's forward looking statements. Quilter plc undertakes no obligation to update the forward-looking statements contained in this presentation or any other forward- looking statements it may make. Nothing in this presentation should be construed as a profit forecast. Nothing in this presentation shall constitute an offer to sell or the solicitation of an offer to buy any securities. Quilter 44#45Quilter