FLEETPARTNERS GROUP LIMITED — Investor Presentation 2021

Nov 2, 2021

Eclipx Group FY21 results presentation

3 November 2021

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Legal disclaimer

This Presentation contains summary information about Eclipx Group Limited (Eclipx) and its subsidiaries and their activities current as at the date shown on the front page of this Presentation. The information in this Presentation does not purport to be complete. It should be read in conjunction with Eclipx’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

The information contained in this Presentation is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek independent professional advice appropriate to their jurisdiction and circumstances.

To the extent permitted by law, no responsibility for any loss arising in any way from anyone acting or refraining from acting as a result of this information is accepted by Eclipx, any of its related bodies corporate or its Directors, officers, employees, professional advisors and agents (Related Parties). No representation or warranty, express or implied, is made by any person, including Eclipx and its Related Parties, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation.

An investment in Eclipx securities is subject to investment and other known and unknown risks, some of which are beyond the control of Eclipx or its Directors. Eclipx does not guarantee any rate of return or the performance of Eclipx securities. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

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Such forward ‐ looking statements are based on numerous assumptions regarding Eclipx’s present and future business strategies and the political, regulatory and economic environment in which Eclipx will operate in the future, which may not be reasonable, and are not guarantees or predictions of future performance. No representation or warranty is made that any of these statements or forecasts (express or implied) will come to pass or that any forecast result will be achieved.

Forward ‐ looking statements speak only as at the date of this Presentation and to the full extent permitted by law, Eclipx and its Related Parties disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this Presentation (including, but not limited to, any assumptions or expectations set out in this Presentation).

Statutory profit is prepared in accordance with the Corporations Act 2001 and the Australian Accounting Standards, which comply with the International Financial Reporting Standards (IFRS). Cash NPATA is categorised as non-IFRS financial information and therefore has been presented in compliance with Australian Securities and Investments Commission Regulatory Guide 230 – Disclosing non-IFRS information, issued in December 2011.

All figures in this Presentation are A$ unless stated otherwise and all market shares are estimates only. A number of figures, amounts, percentages, estimates, calculations of value and fractions are subject to the effect of rounding. Accordingly, the actual calculations of these figures may differ from figures set out in this Presentation.

This Presentation contains certain forward ‐ looking statements with respect to the financial condition, results of operations and business of Eclipx and associated entities of Eclipx and certain plans and objectives of the management ‐ ‐ of Eclipx. Forward looking statements can be identified by the use of forward looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects”, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or ‐ other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. Such forward ‐ looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of Eclipx to be materially different from the results or ‐ performance expressed or implied by such forward looking statements.

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2

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1
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Performance highlights

• 2 Financial result

• 3 Strategic Pathways

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4 Outlook

1. Performance highlights

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4

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FY21A FY20A[5] Var +/(-)

30 September 2021 (A$m unless specified)

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Income statement
1 2
POSITIVE
110% NOI pre EOL & provisions [2] 151.5 140.8 8%
JAWS
INCREASE IN NPATA EOL 69.2 33.3 108%
32% NOI GROWTH AND
2% OPEX REDUCTION
Provisions 2.6 (4.8) nm
NOI 223.3 169.3 32%
3 4
OPEX 79.9 81.5 2%
80% BUY-BACK
EBITDA 143.4 87.9 63%
REDUCTION IN NET 65% OF FY21 NPATA
DEBT ($56M) [1]
NPATA 86.1 41.0 110%
Balance sheet
5 6 NBW [3 ] 644 629 2%
STRATEGIC
$644M AUMOF 1,926.8 2,001.0 (4%)
PATHWAYS
NBW
ON TRACK Cash conversion 121% 178% (57%)
Net debt 20 99 (80%)
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Notes:

1. Share buy-back program increased from previously announced $40m to $56m, a $16m increase. $56m represents 65% of FY21 NPATA

2. NOI pre EOL & provisions represents Net Operating Income before EOL, credit and fleet impairment provisions

3. NBW is shown ex panel

4. Adjusted net debt (includes other financial indebtedness) to ‘adjusted EBITDA’ as reported to ECX lenders for covenant reporting

5. FY20A represents Core standalone including non-core stranded costs

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EBITDA growth drivers

63% EBITDA growth in FY21, driven by net margin expansion, provision releases and temporarily elevated EOL income

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Opex in line with expectations
$1.6m $143.4m
$35.9m
Mostly from release of
FY20 COVID overlay
$7.4m
$10.7m
$90.6m ($2.8m)
$87.9m
Stronger EOL result due to
elevated average profits per unit [1] :
FY21: $6,558
Net margin expansion
and higher other FY20: $2,566
income, partially offset
FY19: $2,228
by lower NBW funding
commissions
FY20 EBITDA FY20 non-core stranded FY20 EBITDA NOI pre-provisions & EOL Provisions End of lease income Opex FY21 EBITDA
costs Core standalone
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Notes:

1. See slides 12 and 40 for more detail

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NPATA growth drivers

110% NPATA growth driven by EBITDA contribution, cost discipline and reduced corporate debt costs

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$5.3m ($19.1m)
$1.5m
$1.8m $0.1m
$55.5m
SBP lower due to
$86.1m
new LTI plans
Reduction driven
Lower depreciation
by repayment of
related to reduced
corporate debt
property footprint
Run-rate effective
tax rate is expected
to be
29-30% [1]
$47.5m ($6.5m)
$41.0m
FY20 NPATA FY20 non-core FY20 NPATA EBITDA Depreciation & interest Depreciation Share based payment Interest on corporate Tax (effective) FY21 NPATA
stranded costs Core standalone on property assets expense debt
(AASB 16)
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Notes:

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1. Statutory tax only. No Australian cash tax instalments expected to be paid until late FY24 given eligibility for instant asset write-off on operating leases

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Corporate net debt reduction

Corporate net debt reduced to $20 million, debt facilities refinanced to flexible, lower cost terms

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Net corporate debt and leverage [1] Commentary
Net Debt Leverage • Facility refinanced in September 2021
$189m
•
Closing gross debt: $96m
(net debt: $20m)
3.03x
$144m • Interest paid on gross debt (drawn
and undrawn lines)
•
Cost of funds reduced and pricing
2.01x $99m grid improved
•
Average tenor 3.7 years
$54m
1.10x • Overall facility terms provide ECX
with significant organic and inorganic
flexibility
$20m
0.49x
• See slide 43 for details
0.14x
Sep-19 Mar-20 Sep-20 Mar-21 Sep-21
Notes:
1. Adjusted net debt (includes other financial indebtedness) to adjusted EBITDA as reported to ECX lenders for covenant reporting
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Capital management

Capital payout ratio (CPR) of 65% of FY21 NPATA, implies a yield of 7.2%[1] —going forward the Group expects a CPR of 55 – 65% of NPATA

Share Buy-Back program increased from $40m to $56m

		Yield1
		Market cap	$782m
		FY21 capital return Implied yield	$56m 7.2%1
		$56.0m 65% CPR for FY21
$86.1m		$28.4m	Ongoing + new buy-back
		$27.6m	Completed buy- back to date3
FY21 NPATA		Buy-Back

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Buy-back rationale[2]

Balance sheet position

• Organic capital generation and limited net debt

Tax and franking credits

• Nil franking credits

• No planned Australian tax instalments (Federal instant asset write-off policy), therefore no franking accruals, expected until late FY24

• In the absence of franking credits to support dividends, on-market share buybacks considered the optimal form of capital distribution to shareholders

FY21 capital payout ratio and targets

• Capital return to investors via share buy-back

• 65% of FY21 NPATA or $56m total capital return for FY21 as buy-back

• Return is incremental $16m to the $40m previously announced during 2H21

• Ongoing target CPR of 55-65% of NPATA, to be updated half yearly

Alternative uses of capital

• Ongoing capital returns are subject to no alternative use of capital arising that would otherwise generate a superior return on capital. For example, this could include organic growth beyond internal forecasts or acquisition opportunities

Notes:

• Simple yield calculation being $56m capital return as a % of the market capitalisation post market close on 1 November 2021 Share buy-back remains subject to availability of share liquidity/volume and compliance with all regulatory and market restrictions. Target ranges subject to change based on underlying business performance and capital allocation decisions as determined by the Board.

• $27.6m worth of shares acquired in buy-back to 30 September 2021, representing 12.23m shares purchased at an average price of $2.2532 per share relative to a market VWAP of $2.2635. All purchased shares have been cancelled

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FY21—Key achievements

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Managed through Simplification & COVID-19
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1 2
Non-core Strengthening
divestments balance sheet
3 4
Cost Investment in
optimisation sustainable core
growth
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Progressed Group Corporate
strategy (Strategic
Pathways) to expand into SME
new and existing target
markets
Novated
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Increased business profitability
$86m
NPATA
$41m
$34m
FY19 FY20 FY21
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De-leveraged the Group
3.0x Leverage
1.1x
0.1x
FY19 FY20 FY21
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Committed to sustained shareholder capital returns
55 – 65% capital (buy-back) payout ratio
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10

2. Financial result

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11

Pre-Covid (FY19)

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Lease extensions, order pipeline and EOL

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Order pipeline (multiple of FY19 order pipeline) Lease extensions
$164m
Decision inertia Supply chain 2.1x
given COVID constraints and
uncertainty delayed decisioning
in FY20, driving $115m
elevated order pipe $98m
1.0x
0.9x
FY19 FY20 FY21 FY19 FY20 FY21
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Primary cause

• Order demand remains strong, but deliveries constrained by new car supply shortage. Customers ordering further in advance

• Although recent imports are above historic average, OEM production remains below pre-COVID level, and a backlog remains

• • Customers extending leases in the absence of new replacement vehicles / longer wait times

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End of lease income per vehicle
13,155 12,962 6,558
10,546
2,566
2,228
FY19 FY20 FY21
Profit per vehicle ($) Vehicles sold (units)
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Primary cause

• Lack of supply of new vehicles driving temporary used vehicle price inflation

Consequences

Consequences

• Fleet AU & Novated order time increased by c.4.5 months

• Fleet NZ order time increased by c.3 months

Expectations

• Order times normalise as supply returns

• Lead times remain challenged in calendar year 2022

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Consequences

• Higher yielding leases given income is earned off a lower asset base as extended leases continue to depreciate

Expectations

• Reverts to pre-COVID extension levels as supply is restored and orders are fulfilled

• Extended leases being replaced by new leases written at more normalised yields

• Strong near-term EOL income and capital generation

Expectations

• Market is temporary and expected to normalise over time with the return of supply towards pre-COVID levels of $2,200 to $2,500

• Expecting gradual normalisation of EOL with the return of supply

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New business writings and orders

NBW growth returning but remains below pre-COVID levels as new vehicle supply remains constrained

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Corporate & SME new business writings (NBW) – ex Panel
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$274m
$253m
$237m $224m
$204m
$184m
1H19 2H19 1H20 2H20 1H21 2H21
Novated new business writings (NBW)
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$128m
$106m $114m $105m $110m
$94m
1H19 2H19 1H20 2H20 1H21 2H21
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Comments

• NBW growth of 22% in 2H21 on pcp or 10% hoh

• • 2H21 NBW at 95% of pre-COVID levels (1H20)

• Global auto supply chain disruption and Auckland level 4 lockdown impacted deliveries

• Order pipeline at historic highs as a result of increased lead time—NBW recognised only upon vehicle delivery

• Lease extensions (not included in NBW) remain elevated, up 42% on pcp

• Tendering activity remains very active despite recent 4QFY21 lockdowns

Comments

• NBW growth of 17% in 2H21 on pcp or 5% hoh

• • 2H21 NBW at 97% of pre-COVID levels (1H20)

• NSW and VIC lockdowns in 4QFY21 reduced inquiries, confidence and slowed otherwise strong business momentum

• Rollout of digital originations platform (including straight-through credit processing) to all major clients being targeted for completion by end of calendar year 2021

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Assets and vehicles under management

While the order pipeline is at all-time highs, vehicle supply constraints have led to lower NBW and assets under management—despite a 4% reduction in AUMOF, NOI pre EOL and provisions has grown by 8%

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Assets under management or financed (AUMOF; $m)
Comments
• AUMOF down 4% pcp, as a result of lower
Financed (interest earning assets) New Business Writings [1] NBW from new vehicle supply constraints
• Despite a 4% reduction in AUMOF, NOI pre
Principal & Agency (P&A) Run-off [2]
EOL and provisions has grown by 8%
633 (718) • Financed AUMOF down 3% compared to P&A
644 (719) AUMOF down 4% as warehouse financing
prioritised over P&A financing
• Vehicles under management or financed
2,086 (VUMOF) of 93k down 2% on pcp, as the
2,001 1,927 business has exited lower profitability
managed only units
733 • Unit profitability (NOI pre EOL & provisions /
760
726 Avg VUMOF) has increased from $1,412 in
FY19 to $1,606 in FY21 which is up 13%—
Supported by the ongoing run-off of lower
profitability panel business and by increased
extensions in the period
1,353
1,241 1,201
FY19 AUMOF FY20 NBW FY20 Run-off FY20 AUMOF FY21 NBW FY21 Run-off FY21 AUMOF
Notes:
1. FY20 NBW includes panel
2. AUMOF reduction from terminated leases, depreciation (operating leases) and repayments (finance leases)
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• Despite a 4% reduction in AUMOF, NOI pre EOL and provisions has grown by 8%

• Financed AUMOF down 3% compared to P&A AUMOF down 4% as warehouse financing prioritised over P&A financing

• Unit profitability (NOI pre EOL & provisions / Avg VUMOF) has increased from $1,412 in FY19 to $1,606 in FY21 which is up 13%— Supported by the ongoing run-off of lower profitability panel business and by increased extensions in the period

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Financial performance

Strong growth in NOI and end of lease income coupled with disciplined cost management has resulted in outperformance in EBITDA

Financial performance

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Net operating
income pre EOL & 151.5
144.5
prov. ($m) 140.8
FY19 FY20 FY21
2.6
Provisions (1.7) (4.8)
($m)
FY19 FY20 FY21
End of lease
69.2
income ($m) 29.3 33.3
FY19 FY20 FY21
99.5
81.5 79.9
Operating 9.4 2.8
expenses ($m) [1] 90.1 78.7 79.9
Core standalone
Stranded costs FY19 FY20 FY21
Core opex
EBITDA ($m) [1,2] 143.4
72.5 87.9
FY19 FY20 FY21
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Comments

Net operating income pre EOL and provisions up 8% on pcp driven by:

• Net margin expansion, higher maintenance profit and higher management fees

Provisions were down $7.4m on pcp mainly due to the release of FY20 COVID overlay

End of lease income up 108% on pcp driven by:

• Strength in the used vehicle prices from higher demand and lower supply

• EOL expected to normalise as supply is restored

Operating expenses down 2% on pcp driven by cost discipline

EBITDA up 63% on pcp driven by strong NOI and temporarily elevated EOL income

Notes:

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1. FY19 EBITDA is prior to the implementation of AASB16

2. EBITDA is core standalone after inclusion of non-core stranded costs

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Income statement

NPATA of $86.1m, represents growth of 110% on pcp

NPATA of $86.1m, represents growth of 110% on pcp
$ million	FY21	FY20	FY20	PCP (%)
		(Core standalone1)	(Core)	(Core standalone)
Net operating income pre EOL and provisions	151.5	140.8	140.8	8%
End of lease income	69.2	33.3	33.3	108%
Fleet and credit provisions	2.6	(4.8)	(4.8)	nm
Net operating income	223.3	169.3	169.3	32%
Total operating expenses	(79.9)	(81.5)	(78.7)	2%
EBITDA	143.4	87.9	90.6	63%
Share based payment expense	(4.5)	(6.0)	(6.0)	25%
Interest on corporate debt	(9.6)	(14.9)	(9.8)	36%
Depreciation and software amortisation	(6.6)	(6.3)	(5.9)	(5%)
Depreciation and interest on leases (AASB 16) Amortisation of acquired intangibles	(4.5) (3.1)	(6.3) (3.8)	(5.3) (3.8)	29% 19%
Non-recurring items	(7.6)	(8.3)	(8.3)	8%
PBT	107.5	42.3	51.5	154%
Tax expense	(31.6)	(12.4)	(15.1)	(155%)
NPAT	75.9	30.0	36.4	153%
Add back amortisation of acquired intangibles (post tax) Add back non-recurring items (post tax)	2.4 5.3	2.7 5.9	2.7 5.9	(9%) (10%)
NPATA pre add back of software amortisation (post tax)	83.6	38.5	45.0	117%
Add back software amortisation (post tax)	2.5	2.5	2.5	(1%)
Cash NPATA	86.1	41.0	47.5	110%

Notes:

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1. Core standalone includes non-core stranded costs

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Comments

• EBITDA growth of 63% driven by strong NOI of 32% and cost discipline. NPATA grew by 110% on pcp

• NOI pre EOL and provisions up 8% pcp as net margin expansion, higher maintenance profit and higher management fees more than offset the declines in AUMOF and VUMOF

• End of lease income (EOL) up 108% pcp driven by continued strength in the used vehicle market. EOL profit per unit was up 156%, partially offset by a 19% reduction in number of vehicles sold

• Fleet and credit provisions have reduced by $7.4m on pcp mainly due to the release of FY20 COVID overlay

• Operating expenses have reduced by 2% pcp, driven by disciplined cost management

• Interest on corporate debt reduced 36% on pcp due to repayment of corporate debt given strong organic cash generation

• Non-recurring items mostly driven by redundancy payments and corporate debt refinancing costs which enhances flexibility and lowers debt expense

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Group balance sheet

Balance sheet strength underpinned by the successful execution of the Simplification Plan and temporarily elevated cash generation relating to EOL income and the cash tax shield in Australia

income and the cash tax shield in Australia
$ million	30 Sept 21	30 Sept 20	Prior period (%)
Assets
Cash and cash equivalents	76.4	55.8	37%
Restricted cash and cash equivalents	150.5	152.0	(1%)
Trade and other receivables	58.3	68.5	(15%)
Leases	1,197.4	1,237.5	(3%)
Inventory Deferred tax assets	24.8 -	18.4 3.4	35% nm
PP&E Intangibles Right-of-use assets	3.8 472.2 16.9	6.0 469.3 21.6	(36%) 1% (21%)
Total assets	2,000.5	2,032.5	(2%)
Liabilities Trade and other liabilities	132.7	107.8	23%
Borrowings – Warehouse and ABS	1,125.2	1,190.0	(5%)
Borrowings – Corporate debt	96.0	155.0	(38%)
Provisions	9.7	9.8	(1%)
Other liabilities	5.9	28.1	(79%)
Lease liabilities	19.5	23.8	(18%)
Deferred tax liabilities	35.9	9.6	276%
Total liabilities	1,424.8	1,524.1	(7%)
Net assets	575.7	508.5	13%
Contributed equity	639.2	654.8	(2%)
Reserves	183.8	177.0	4%
Retained earnings	(247.3)	(323.3)	23%
Total equity	575.7	508.5	13%

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Comments

• Strong balance sheet achieved over the past two years through the successful execution of the Simplification Plan and elevated organic cash generation

• Acceleration of capital return to shareholders with the announcement of a $56m buy-back as detailed on slide 9

• Net debt reduced by $79m down to $20m

• Cash growth driven by strong organic cash generation, being partially offset by share buyback and corporate debt repayment

• Leases and warehouse borrowings reduced by 3% and 5% respectively due to lower new business writings arising from new vehicle supply constraints

• Inventory increased by 35% as 4QFY21 lockdowns in NSW, VIC & NZ impacted disposal of stock

• Gross corporate debt reduced by 38% due to early repayment and refinancing

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Cash generation

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Strong organic cash generation (FY21: 121% of NPATA) supported by elevated EOL and cash tax shield enabling repayment of corporate debt and return of capital via buy-back

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Cash flow Organic cash generation and cash conversion
$m FY21 $m FY21
Operating cash flow Net cash flow 16.9
Customer receipts 719.5 Proceeds from sale of discontinued operations net of transaction costs (11.2)
Payment to suppliers & employees (268.7) Capex 6.2
Income tax refund 3.6 Change in corporate debt 59.0
Net interest paid (57.5) Movement in share capital 41.7
Net operating cash flow 396.9 Organic cash generation 112.5
Investing cash flow NPATA adding back non-cash SBP & depreciation pre tax 93.3
Purchase of operating & finance lease vehicles (408.4) Cash conversion [1] 121%
Capex (PP&E & intangibles) (6.2)
Proceeds from asset disposals net of transaction costs 11.2
Comments
Proceeds from sale of operating lease vehicles 210.9
•
Net investing cash flow (192.6) Business generated $397m of operating cash flow and $112.5m of organic cash flow
(as defined above)
Financing cash flow
• Cash generation temporarily elevated given strong EOL performance
Net change in borrowings (143.1)
• Cash conversion [1 ] was 121% in FY21, enhanced by the tax timing difference
Payment of lease liabilities (2.7) associated with the Australian instant asset write-off legislation
Movement in share capital (41.7) [2] • $59m cash used to repay corporate debt
Net financing cash flow (187.5) • $28m cash distributed to shareholders via buy-back
Net cash flow 16.9
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Notes:

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3. Organic cash generation / Core NPATA (including stranded costs) adding back non-cash SBP and depreciation pre tax

4. Relates to the increases of ECX’s ESOP Trust share count from 4.3m shares to 21.2m shares. The increase in the ESOP balance relates to the issuance of 5.5m shares and the on-market purchase of 4.5m shares into the ESOP post the AGM in 2021. Throughout the year, IPO loan shares were also settled seeing the return of 6.8m additional shares into the ESOP Trust. All equity instruments vesting in FY22 are expected to be covered by the shares currently sitting in the ESOP Trust.

18

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Illustration of steady state FY21 NOI after adjusting for COVID impacts

COVID had three influences on Group NOI: EOL (positive), NBW supply delays (negative) and Provisions (positive)—charts below reflect an illustrative steady state FY21 NOI

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Illustrative NOI pre EOL & provisions sensitivity
(based on average AUMOF margin)
3
$162m
$157m
Based on illustrative
average AUMOF of $152m
c.$2.0bn
$147m
$142m
7.00% 7.25% 7.50% 7.75% 8.00%
NOI pre EOL & provisions % of average AUMOF
Steady state NOI after illustratively adjusting for COVID impacts
4 Higher NOI pre EOL & prov driven by increased
average AUMOF, partially offset by margin
contraction, as higher yield extended leases are
$223m
replaced with NBW
$29m ($2m) $180m
$152m $152m
Elevated on the
back of provision
release & EOL
FY21A NOI pre Pro forma NOI FY19 EOL FY19 provisions Illustrative pro FY21A NOI
prov & EOL pre EOL & prov forma NOI
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Illustrative NBW adjusting for supply constraints
1
c.$133m c.$777m
$644m
FY21 NBW Extensions & orders Pro forma FY21 NBW
Illustrative AUMOF
2
$2.0bn
$1.9bn
FY21 closing AUMOF Pro forma FY21 closing AUMOF
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Note: Refer to slide 37 for detailed explanation of assumptions

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19

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FY22 expectation analysis

		FY22
	FY21A	(expectation)	Cash item	Update
				•	Continued downward pressure on average AUMOF given supply constraints, partially mitigated by
NOI pre EOL & provisions	$151.5m		✓	•	NOI margin expansion expected on the back of warehouse renewal and lower cost of funds Incremental NBW of c.$80m vs FY21 is required in FY22 to maintain closing AUMOF stable with
					FY21
				•	Prices in used vehicle market are materially elevated
End of lease income	$69.2m		✓	•	Price rationalisation expected to occur gradually over time, when new vehicle inventory supply is
					restored
Provisions	$2.6m			• •	$2.5m COVID overlay credit provision retained Subject to no further deterioration in macroeconomic conditions, no further overlay expected
NOI	$223.3m
Operating expenses	($79.9m)	($80.0m)	✓	•	Opex expected to be flat, with productivity improvements being redeployed for growth
EBITDA	$143.4m
Interest & depreciation on leases	($4.5m)	($4.0 – 4.5m)	✓	•	Stable
Share based payments	($4.5m)	($4.0 – 4.5m)		•	Stable
Depreciation	($2.6m)	($1.0 – 2.0m)		•	Lower depreciation in FY22 due to accelerated depreciation in FY21 as a result of migration of data to the cloud
Interest on corporate debt	($9.6m)	($5.5 – 6.5m)	✓	• •	Gross debt expected to remain stable through FY22 Lower interest expense on the back of corporate debt refinance
Tax	29.4%	29 – 30% (tax rate)	✓ (NZ only)	• •	Based on statutory earnings from Australia and New Zealand No Australian corporate tax expected to be paid in cash, given eligibility for instant asset write-off on operating leases. Deferred tax liability will increase accordingly

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20

3. Strategic Pathways

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21

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Environmental, Social and Governance (ESG)

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ENVIRONMENT

Climate Active Status[1] —only Fleet Management Organisation

Longstanding funding relationship with the Clean Energy Finance Corporation

DIVERSITY & INCLUSION

ASX leader for female board representation Extending maternity/paternity leave

One of the first ASX companies to introduce compassionate leave for miscarriage

CUSTOMERS

Customer advocacy

Significant growth in NPS since FY18

95% of medium-term internal target achieved Supporting clients with their ESG and emissions targets including EV fleet transitions

EMPLOYEES

Engagement score increased from 50s in 2018 to 70+ current

90% of medium-term internal target achieved

GOVERNANCE

Transparency, Whistleblower Policy & Code of Conduct

Anti-Bribery, Corruption, Gifts & Hospitality Policy Cyber security and data privacy

Modern Slavery statement

Notes:

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1. Climate Active is a partnership between the Australian Government and Australian businesses to drive voluntary climate action. Climate Active certification is awarded to businesses and organisations that have reached a state of carbon neutrality, the certification for which is considered one of the most rigorous globally

22

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Approach to the market opportunity

Strategic priorities

1. Grow underpenetrated markets (Corporate, SME & Novated)

2. Expand internal talent pool to drive leading outcomes

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Novated
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First “end-to-end” novated leasing experience with STP credit

1. Enhance education of SME and Novated customers

Go-to-market strategy

1. Continuous improvement of digital offering

2. Lead-gen through digitised pipeline & customer targeting tools

3. Customer retention

Increased penetration and expansion of client base (corporate / government)

1. Grow direct and via strategic partnerships

2. Traditional BDM model coupled with increased focus on marketing & digital customer education

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Online real-time quoting and approvals tool meeting customer needs and distribution channel partner requirements

One stop shop, digital platform, for all customer fleet requirements

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Go-to-market strategy

Go-to-market strategy

• B2B multi-layered client relationships

o OEM’s & dealers

• Market leading service proposition

• Specialised industry & strategic partners (recently launched a new partnership with a specialist third-party distribution channel)

• Content & account-based marketing

• o Improved strength of sales team & CRM

• Direct sales channel

• Enhanced focus of BDM’s

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23

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Good progress made in all three target markets during the first 12 months of Strategic Pathways

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NOVATED CORPORATE SME
22% NBW growth in 2H21 on pcp (incl.
17% NBW growth in 2H21 on pcp
SME)
NBW GROWTH
& ORDERS NBW and orders outperforming expectations
Order pipeline at 2.8x pre-COVID Order pipeline (incl. SME) at 2.0x pre-
levels (FY19) COVID levels (FY19)
Appointed Daniel Thompson as CCO [1] , Established dedicated team in AU under
TEAM & Sales team enhanced and made additional strategic hires strong lead
CAPABILTY Marketing capability deployed Strategic partnership supporting EV 6 distribution partners with growing partner
capability pipe
LIVE - In roll-out LIVE ONLINE QUOTING
DIGITAL 130+ c.500% 16% 40% 6 4 minute
PLATFORMS CORPORATE CUSTOMERS YOY INCREASE IN PAGE YOY USER INCREASE UPLIFT IN PAGE VIEWS LIVE DISTRIBUTION END-TO-END QUOTE
ONBOARDED VIEWS OVER THE LAST 6 PARTNERSHIPS GENERATION
MONTHS
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COMPLETE

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Enhanced data quality and single source of truth

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Increased sales & relationship management productivity

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Improved sales effectiveness supporting commercial intensity

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AI/ML Automation Predictive model

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Enable data driven insights for the business & our customers

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Enabling systems’ scale and sustainability

Critical systems upgraded & transformed

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Information security resilience

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Cloud datacenter created

Cloud telephony

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Foundations now developed, with focus on full activation and enhancements of digital origination platforms

NOVATED

CORPORATE ABOVE MARKET NBW GROWTH

SME DISTRIBUTION PARTNERSHIPS VIA DIGITAL PLATFORM

PENETRATION OF EXISTING NOVATED EMPLOYEE BASE & EXPANSION OF TAM

Enhance NITRO through added digital Roll-out of digital platform to targeted Digital platform refinement experiences & additional integrated offline employers by the end of CY21 features Ongoing platform & STP credit experience In-life novated digitisation completed Increased focus on commercial intensity roll-out by CY21 of sales & active customer targeting Growth in pool booking capability & data Digital & traditional marketing driven insights Product set / offering refinement enhancement Enhancing RV underwriting capabilities at scale (EV/Hydrogen) Increased conversion and retention Partnership expansion rates Indirect participation in mobility trends such as subscription & car share through Enhance partner value proposition Product distribution enhancement provision of fleet to direct market participants All encompassing electric vehicle capability enabled via proprietary and partner-based capability, supported by unique funding capability Offer customer support as it relates to emissions & ESG targets

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4. Outlook

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27

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FY22 outlook

Group well positioned

Supply disruption

FY21 NPATA up 110% on pcp 121% cash conversion

Impacting vehicle deliveries (NBW), but customer order pipeline at all-time highs

Expectation is that supply returns, and the back log is cleared during 4Q CY22

Significant investment in traditional sales

Digital origination platforms expected to deliver growth, particularly as the supply-side normalises

EOL expected to remain elevated while supply remains constrained

Capital management

Operating environment

Share buy-back program increased from $40m to $56m—$28m returned to date (65% of FY21 NPATA) Implied yield of 7.2%[1]

Competition mostly rational, ex one foreign player

Tender activity and confidence is elevated Novated confidence expected post lockdown

Going forward, target capital payout ratio of 55 – 65% of NPATA

Emission reduction/EV transition

Strategic Pathways on track

Emission reduction/ESG focus and NZ Govt changes have escalated demand for lower emission fleets ECX is the only Climate Active certified FMO

Twelve months into execution and progressing to plan

Focus on activation & enhancement of digital origination platforms

Supporting clients with their ESG and emissions targets including EV fleet transitions

Notes:

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1. Simple yield calculation being $56m capital return as a % of the market capitalisation post market close on 1 November 2021

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Strategic Pathways
Corporate
SME
Novated
28
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Questions

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29

Appendix

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30

A. Equity highlights

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Equity highlights

Highly predictable, cash generative and defensive business in strong asset class—invested for growth in underpenetrated target markets

• 1 Equity market outperformance over the last two years

• 2 Planned ongoing capital returns to shareholders, given high cash flow generation

• 3 Large lease book, with sticky client base of widely distributed blue-chip customers providing stability of earnings

• 4 Unique and most diversified funding platform in the AU & NZ fleet management sector with 35yrs+ of credit, maintenance and residual value underwriting experience

• 5 Market leading service proposition enhanced by digitisation of UX and process improving service proposition and scalability

• 6 Investing in growth opportunities in underpenetrated markets (Corporate, SME, Novated)

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1 2
170% [1] $59M
INCREASE IN ECX PRICE SINCE REPAID TO LENDERS IN FY21
SIMPLIFICATION ANNOUNCED $28M RETURNED TO
(13 MAY 2019)—RELATIVE TO SHAREHOLDERS SINCE MAY 2021
THE ASX 300 GROWTH OF 17% [1]
3 4
$1.9BN Warehouse
ABS
ASSETS UNDER
MANAGEMENT OR
FINANCED P&A
5 6
Invested for growth in
55-60+
large underpenetrated
NET PROMOTOR SCORE market opportunities
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Note:

1. As at market close on 1 November 2021

32

B. Business unit performance & other financial information

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33

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Business unit performance

Half-year ended September 2021

($m, unless stated)	Fleet AU	Novated	Fleet NZ	Group
NOI before EOL & Impairments	46.9	13.1	18.9	78.9
End of lease	24.7	0.7	11.7	37.0
Impairments	0.3	0.0	1.1	1.4
NOI	71.9	13.8	31.7	117.4
Operatingexpenses	(26.7)	(7.2)	(6.7)	(40.5)
EBITDA	45.2	6.6	25.0	76.9
AUMOF	962.7	514.2	449.8	1,926.8
VUMOF(‘000)	53.9	15.1	24.1	93.1

Half-year ended March 2021

($m, unless stated)	Fleet AU	Novated	Fleet NZ	Group
NOI before EOL & Impairments	42.0	11.5	19.0	72.6
End of lease	21.2	0.7	10.2	32.1
Impairments	0.3	(0.0)	0.9	1.2
NOI	63.6	12.1	30.2	105.9
Operatingexpenses	(24.8)	(7.3)	(7.3)	(39.4)
EBITDA	38.8	4.8	22.9	66.5
AUMOF	991.8	519.5	433.4	1,944.7
VUMOF(‘000)	54.9	15.3	24.2	94.4

Half-year ended September 2020

						Consumer (CL/
($m, unless stated)	Fleet AU	Novated	Fleet NZ	Core	R2D	Georgie)	Divested / Non-Core	Group
NOI before EOL & Impairments	39.5	11.2	16.8	67.5	3.9	0.1	4.0	71.4
End of lease	11.7	0.5	5.6	17.8	0.1	–	0.1	17.8
Impairments	(1.5)	(0.0)	(1.3)	(2.8)	(0.0)	0.0	0.0	(2.7)
NOI	49.7	11.7	21.1	82.5	4.0	0.1	4.0	86.5
Operatingexpenses	(27.2)	(6.6)	(6.4)	(40.2)	(6.0)	(0.0)	(6.1)	(46.3)
EBITDA	22.5	5.1	14.7	42.3	(2.1)	0.0	(2.0)	40.3
AUMOF	1,028.4	526.9	445.7	2,001.0	–	–	–	2,001.0
VUMOF(‘000)	54.8	15.3	24.6	94.7	–	–	–	94.7

Half-year ended March 2020

Half-year ended March 2020
						Consumer (CL/
($m, unless stated)	Fleet AU	Novated	Fleet NZ	Core	R2D	Georgie)	Divested / Non-Core	Group
NOI before EOL & Impairments	41.1	12.6	19.7	73.4	7.5	0.9	8.4	81.8
End of lease	11.1	0.4	4.0	15.5	(1.2)	–	(1.2)	14.3
Impairments	(0.2)	0.0	(1.9)	(2.1)	0.2	0.1	0.3	(1.8)
NOI	52.0	13.0	21.8	86.8	6.6	0.9	7.5	94.4
Operatingexpenses	(22.9)	(6.3)	(9.3)	(38.4)	(16.5)	(2.3)	(18.7)	(57.2)
EBITDA	29.1	6.7	12.6	48.4	(9.9)	(1.3)	(11.2)	37.2
AUMOF	1,075.0	525.0	489.8	2,089.8	–	148.9	148.9	2,238.6
VUMOF(‘000)	58.7	15.5	25.9	100.0	–	12.0	12.0	112.0

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34

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Group Income Statement

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$ million	FY21	FY20	PCP (%)
Net operating income pre EOL and provisions	151.5	153.2	(1%)
End of lease income	69.2	32.1	115%
Fleet and credit provisions	2.6	(4.4)	nm
Net operating income	223.3	180.9	23%
Total operating expenses	(79.9)	(103.5)	23%
EBITDA	143.4	77.4	85%
Share based payment expense	(4.5)	(6.0)	25%
Interest on corporate debt	(9.6)	(14.9)	36%
Depreciation and software amortisation	(6.6)	(6.3)	(5%)
Depreciation and interest on leases (AASB 16)	(4.5)	(6.3)	29%
Amortisation of acquired intangibles	(3.1)	(3.8)	19%
Non-recurring items	(7.6)	(13.9)	45%
PBT	107.5	26.3	308%
Tax expense	(31.6)	(8.1)	(288%)
NPAT	75.9	18.2	317%
Add back amortisation of acquired intangibles (post tax)	2.4	2.6	(7%)
Add back non-recurring items (post tax)	5.3	10.2	(48%)
NPATA pre ad back of software amortisation (post tax)	83.6	31.1	169%
Add back software amortisation (post tax)	2.5	2.5	(1%)
Cash NPATA	86.1	33.6	156%

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Notes:

FY20 includes non core business

35

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Operating expense reconciliation

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$ million	1H20	FY20	1H21	FY21	FY22
					(expectation)
Operating expenses	(38.4)	(78.7)	(39.4)	(79.9)	(80.0)
Depreciation and interest on leases (AASB 16)	(2.7)	(5.3)	(2.2)	(4.5)	(4.5)
Operating expenses (pre AASB16)	(41.1)	(83.9)	(41.6)	(84.4)	(84.5)
Stranded costs (pre AASB 16)	(2.4)	(3.8)	-	-	-
Stranded costs (post AASB 16)	(1.8)	(2.8)	-	-	-
Standalone operating expenses (pre AASB16)	(43.5)	(87.7)	(41.6)	(84.4)	(84.5)
Standalone operating expenses (post AASB16)	(40.2)	(81.5)	(39.4)	(79.9)	(80.0)

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36

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Illustration of steady state FY21 NOI after adjusting for COVID impacts

COVID had three influences on Group NOI: EOL (positive), NBW supply delays (negative) and Provisions (positive)—table below reflects an illustrative steady state FY21 NOI

	FY21A	Adj.	PF FY21	Adjustments	Adjustments
NBW & AUMOF
				•	NBW was impacted by lower deliveries from new vehicle supply constraints
				•	Extensions and orders, both metrics not reflected as new business writings, are respectively $67m and 2.1x above pre-COVID levels
NBW	$644m	c.$133m	c.$777m	• •	After adjusting for increased extensions and the order pipeline, conservatively ECX would have delivered an incremental c.$133m of NBW Adjustments factored in the differences in the book value of extended vehicles vs new vehicles (ie new vehicle book values are higher than extended
					vehicles), as well the elongated order time frames in the wake of supply constraints (ie customers ordering 6 – 9 months before expected delivery,
					relative to the typical 3 months pre-COVID)
AUMOF	$1.9bn	c.$0.1bn	c.$2.0bn	•	FY21 closing AUMOF illustratively increased by incremental NBW of c.$133m
NOI pre EOL & provisions
				•	NOI pre EOL & provisions adjustments were based on calculating the margin of NOI pre EOL & provisions as a percentage of average AUMOF
				•	This approach is a simple proxy, which does not consider the complexity of upfront vs annuity style income
				•	FY21 NOI pre EOL & provisions of $151m implied a margin on average AUMOF of 7.7%—this is relative to c.6.9 – 7.0% in FY19 & FY20
				•	The FY21 margin was positively supported by CoF enhancements, increased maintenance margins due to lower vehicle utilisation through COVID
Margin % of average AUMOF	7.74%	(0.25%)	7.50%	•	lockdowns & higher return on extended leases. The FY21 margin was negatively impacted by lower funding commissions relating to lower NBW through third party funders In a BAU environment, ECX would have seen margin expansion from CoF enhancements and increased funding commissions from higher third party
					funded NBW. Offsetting this, ECX would have experienced some relative margin contraction relative to the FY21 margin in maintenance due to
					normalised vehicle utilisation and lower lease extensions
				•	Combined, ECX would have expected to see NOI pre EOL & provisions as a percentage of average AUMOF stable to marginally lower relative to the
					FY21 actual margin (7.5 – 7.75%)
NOI pre EOL & provisions range	$152m	c.$1m	c.$152m	•	After adjusting for pro forma margin contraction and elevated AUMOF, illustrative normalised NOI pre EOL & provisions would be flat on FY21A
NOI
EOL	$69m	($40m)	$29m	•	Illustratively used FY19 as a proxy for normalised EOL (FY19 proxy for pre-COVID)
Provisions	$3m	($5m)	($2m)	•	Illustratively used FY19 as a proxy for normalised provisions (FY19 proxy for pre-COVID)
NOI	$223m	(c.$43m)	c.$180m

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37

C. Supply constraints & used vehicle prices

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New vehicle supply

New vehicle supply has constrained ECX’s ability to write new business—for the most part, OEMs appear to be past the low points of their production cycles, and general consensus is that as supply returns, the backlog of orders is expected to be cleared during 4QCY22

Commentary

• Lower NBW is a function of supply

• OEMs are unable to fulfill demand

• Customer demand for vehicles remains strong

• ECX’s order pipeline and extensions are at record highs

• ECX’s order to NBW cycle time has increased from 0.6 – 2 months to over 5 – 6 months in Fleet AU & Novated, and in Fleet NZ from 2 month to 5 months

• OEM production delays arising primarily from the microchip shortages, which has extended the supply cycle time from order to NBW

• Indications from September figures suggest car production and export levels around the world continue to face obstacles due to chip shortages

• Global vehicle production levels are past their low and AU imports are above historic averages, but imports are expected to remain elevated as the order backlog is filled

• Imports into Australia have largely recovered from COVID, however the majority of sales currently are being diverted to higher margin private buyers over corporate fleets

• Sales of imported vehicles from Japan & in particular China have rebounded significantly in 2021

• Sales of imported vehicles from Germany have seen the largest decline in 2021 relative to 2020

Global car production[1] —Rolling 12-month cumulative change vs 2019

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Japan USA Germany UK South Korea China
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
-35%
-40%
Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep-
20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21 21 21 21 21
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AU car import volumes [1]
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OEM production delays arising from supply constraints have lengthened cycle times[2]

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$4.5
$4.0
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
Jan-08Nov-08Sep-09 Jul-10 May-11Mar-12Jan-13Nov-13Sep-14 Jul-15 May-16Mar-17Jan-18Nov-18Sep-19 Jul-20 May-21
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200 Approximate average annual cycle times from order to estimated delivery (days) $4.0
$3.5
150
$3.0
100 Fleet AU $2.5
Novated $2.0
50 Fleet NZ $1.5
$1.0
0
FY19 FY20 FY21 $0.5
$0.0
Notes:
1. Datium insights Jan-08Nov-08Sep-09 Jul-10 May-11Mar-12Jan-13Nov-13Sep-14 Jul-15 May-16Mar-17Jan-18Nov-18Sep-19 Jul-20 May-21
2. Approximate estimates based on available historic data
Days
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End of lease income up 108% pcp

End of lease income was up 108%, driven by elevated used car prices. As new vehicle supply is restored, EOL income expected to normalise

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Disposed vehicles and end of lease income per vehicle
Comments
7,204 • Elevated used car prices given new vehicle supply
6,557 6,598 6,683 constraints
6,279 5,944
5,405 5,141 • Longer term used car pricing expected to revert to
1H20/2H19 levels as supply of vehicles normalises
• Number of units due for disposal should increase given
2,168 2,287 2,468 2,659 2,200 – 2,500 42% increase in lease extensions compared to pcp
• These unit sales are expected to increase as a return of
supply emerges in 4Q CY2022
1H19 2H19 1H20 2H20 1H21 2H21 Normalised
Profit per vehicle ($) Vehicles sold (units)
Used car price outcomes—Weekly used car price index [1]
COVID-19 (starting Jan 2020 onwards) 2008-2009 GFC (starting Jan 2008 onwards)
150%
145%
140%
135%
130%
125%
120%
115%
110%
105%
100%
95%
90%
85%
80%
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 53 56 59 62 65 68 71 74 77 80 83 86 89 92 95 98 101
Notes:
1. Datium insights
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• Number of units due for disposal should increase given 42% increase in lease extensions compared to pcp

• These unit sales are expected to increase as a return of supply emerges in 4Q CY2022

40

D. Treasury

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Warehouse and ABS Funding

Restructured AU warehouse and NZ warehouse extension provide significant capacity to support organic growth plans at improved cost of funds

Warehouses and public market asset backed securitisation

• ✓ Unique and most diversified funding structures with access to private warehouses, ABS public capital markets and principal and agency funding relationships

• ✓ Warehouse funding capability since 2007 and regular benchmark ABS issuer since 2010 (only FMO with public market access in AU & NZ)

• ✓ AU A$300m ABS deal in March 2021 was the most successful ABS in company’s history achieving lowest cost of funds and expanding investor base

• ✓ Warehouse funding accounts for 53% and ABS 47% of all securitisation borrowings as at September 2021

• ✓ Warehouse extension process completed in October 2021 in AU & NZ

• Reductions in credit enhancement requirements in both AU & NZ warehouse structures reflective of strong credit performance

• NZ Warehouse credit ratings affirmed. New AU warehouse did not require external credit ratings reflective of investor confidence and provides enhanced structuring flexibility for the future

• Introduced new senior financier to AU warehouse

• No AOFM support needed during FY20 or FY21

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**Warehouse Capacity ***

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246
664
Drawn A$m Undrawn A$m
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• As at 15 October 21. Drawn represents total notes outstanding in all warehouse SPVs and undrawn limit includes a committed A$ equivalent NZD40m which is documented to increase in April 2022 (AUD/NZD of 1.04)

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Public market asset backed securitisation issuance
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AU NZ
NZ$250m
NZ$224m
A$450m
A$330m A$352m A$300m
A$227m
A$179m
2010 2014 2016 2017 2019 2021
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Corporate debt

Recently completed syndicated debt refinance extending maturity profile and providing increased flexibility at a lower average cost of funds

Corporate debt refinance extending maturity, increased flexibility & lower CoF

• Participants • 7 core relationship lenders

• Average tenor of the facility at 3.7yrs provides certainty and staggers maturities

• Revolver & Letter of Credit (October 2024)

Maturity

• USPP (July 2025)

• Term Loan (October 2026)

• Improved pricing grid reflective of significantly improved credit profile and lower leverage

Pricing

• Partial prepayment of more expensive USPP reduces average funding costs for tenor of funding package

• Mostly unchanged, with the leverage and interest coverage ratio maintained at 2.25x and 3.75x, respectively

Covenants

• Shareholder funds set at a minimum $450m

• Undrawn capacity sized for current business requirements reducing funding costs

Increased

• Removed restrictions on returning capital to shareholders

flexibility

• Reduced restrictions on uses of capital (including acquisitions)

• Removed any scheduled and/or mandatory debt repayments

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Refinanced corporate debt facility ($m)

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Drawn Undrawn
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100
80
60
40
20
0
Revolver Letter of CreditLC Term USPP
Repayment of gross debt
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$350m $64m
$286m $61m
$225m $70m
$155m $42m
$113m $17m
$96m
1H19 Debt FY19 Debt 1H20 Debt FY20 Debt 1H21 Debt FY21
gross reduction gross reduction gross reduction gross reduction gross reduction gross
debt debt debt debt debt debt
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E. Portfolio & credit risk

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Portfolio credit risk remains low

The Group remains well placed to face any further macro uncertainty given the quality of the portfolio

Comments

• 79% of the exposure of the top 20 customers is investment grade

• 95.1% of the portfolio represents lower risk customers, many of which provide essential services[1]

• 4.9% of exposure to higher risk industries, including air transport, tourism, motor vehicle and transport equipment rental, accommodation and hospitality industries

• 35+ years of experience with unique credit insights through the cycle in AU & NZ

• All financing secured by PPSR[2] on vehicles (no unsecured exposure)

• Business-use assets have a strong track record of performance through economic cycles (including the GFC and COVID)

Portfolio exposure

4.9% Lower risk Industries Higher risk industries

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95.1%
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Notes:

1. Excludes NZ equipment finance portfolio, which is currently in run-off 2. Personal Property Securities Register

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Provisioning (% of operating leases, finance leases & trade receivables on balance sheet)

Fleet provisions Credit provisions Percentage of operating leases, finance leases & trade receivables

	$9.9m $13.0m $14.4m $15.9m $13.8m $8.6m $5.2m $4.3m $4.4m $4.6m $4.6m $2.5m 1.0% 1.2% 1.3% 1.6% 1.5% 0.9%
	1H19 2H19 1H20 2H20 1H21 2H21
	1H19 2H19 1H20 2H20 1H21 2H21
Fleet provisions (% operating leases) 0.5% 0.5% 0.5% 0.5% 0.5% 0.3%
Credit provisions (% finance leases & trade receivables) 1.5% 2.5% 2.6% 3.2% 3.1% 2.0%

45

F. ECX Board & Executive

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46

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5 new appointments across the Board and Executive team this year

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Board of
Directors
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Chairperson Gail Pemberton[1]

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NED
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Fiona Trafford-Walker

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NED
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Cathy Yuncken

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NED
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Linda Jenkinson

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NED NED Russell Shields Trevor Allen

Executive

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CEO

Julian Russell

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CFO COO Damien Berrell Adriana Sheedy

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CCO[2] MD NZ Daniel Thompson Russell Webber

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CSO James Allaway

Committee

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Head of P&C Zoe Hugginson

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Group Treasurer GC Dom Di Gori Matt Sinnamon

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CRO CIO Bart Hellemans Harry Nakichbandi

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Group Finance Dir Jonathan Sandow

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Notes:
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1. Director since March 2015 and appointed Chairperson on 6 May 2021
2. Chief Customer Officer
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New appointments
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47

END

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48