Investor Presentation October 2020

Regulation/ 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

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