STEADFAST GROUP LIMITED — Investor Presentation 2017

May 3, 2017

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4 May 2017

Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sirs

MACQUARIE CONFERENCE PRESENTATION

Please see attached which will be presented at a Macquarie conference this morning.

Yours faithfully

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Linda Ellis

Group Company Secretary & Corporate Counsel

Steadfast Group Limited ABN: 98 073 659 677 ACN: 073 659 677 Level 3, 99 Bathurst Street, Sydney NSW 2000 t 02 9495 6500 f 02 9495 6565 www.steadfast.com.au

STRENGTH WHEN YOU NEED IT

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PRESENTERS:

Robert Kelly – Managing Director & CEO Stephen Humphrys – Chief Financial Officer

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Important notice

This presentation has been prepared by Steadfast Group Limited (“Steadfast”).

This presentation contains information in summary form which is current as at 4 May 2017. This presentation is not a recommendation or advice in relation to Steadfast or any product or service offered by Steadfast or its subsidiaries and associates. It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). It should be read in conjunction with Steadfast’s other continuous and periodic disclosure announcements filed with the Australian Securities Exchange, ASX Limited, and in particular the Steadfast 2017 half year report. These disclosures are also available on Steadfast’s website at investor.steadfast.com.au.

To the maximum extent permitted by law, Steadfast, its subsidiaries and associates and their respective directors, employees and agents disclaim all liability for any direct or indirect loss which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of Steadfast, including the merits and risks involved. Investors should consult with their own professional advisors in connection with any acquisition of securities.

The information in this presentation remains subject to change without notice. Steadfast assumes no obligation to provide any recipient of this presentation with any access to any additional information or to notify any recipient or any other person of any other matter arising or coming to its notice after the date of this presentation.

To the extent that certain statements contained in this presentation may constitute “forward-looking statements” or statements about “future matters”, the information reflects Steadfast’s intent, belief or expectations at the date of this presentation. Steadfast may update this information over time. Any forward-looking statements, including projections or guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside Steadfast’s control and may cause Steadfast’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Neither Steadfast, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. In addition, please note that past performance is no guarantee or indication of future performance. Possible factors that could cause results or performance to differ materially from those expressed in forward-looking statements include the key risks on pages 29-31 of Steadfast’s 2016 Annual Report.

Certain non-IFRS financial information has been included within this presentation to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Steadfast uses these measures to assess the performance of the business and believes that the information is useful to investors. Non-IFRS information, including underlying P&L items, pro-forma P&L items, underlying earnings before interest expense, tax and amortisation (EBITA), underlying NPAT, underlying net profit after tax but before (pre tax) amortisation (NPATA), underlying EPS (NPAT) (NPAT per share) and underlying EPS (NPATA) (NPATA per share), have not been subject to review by the auditors. FY13 and FY14 results are pro-forma and assume the Pre-IPO Acquisitions and the IPO Acquisitions were included for the full reporting period (all of the IPO Acquisitions completed on 7 August 2013). Prior period underlying EPS (NPAT) and underlying EPS (NPATA) have been adjusted to reflect the re-basing of EPS post the February/March 2015 1:3 rights issue. All references to Aggregate refer to the 100% aggregation of all investees’ results regardless of Steadfast’s ownership interest.

This presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Steadfast.

Local currencies have been used where possible. Prevailing current exchange rates have been used to convert local currency amounts into Australian dollars, where appropriate. All references starting with “FY” refer to the financial year ended 30 June. All references starting with “1H” refer to the financial half year ended 31 December.

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Steadfast Group

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Australian insurance market

$36.7 billion of general insurance GWP written in 2016

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1
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Australian market – gross written premium

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Domestic motor
Private health
and CTP
$22.6 bn $12.9 bn
General
$36.7 bn Commercial
lines
Domestic
$15.9 bn home
Life $7.9 bn
$22.7 bn
market2
Intermediated
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$15.6 bn

• Focused on the general insurance market

• 88% of customer base relates to small to medium size enterprises (SMEs) with less pricing volatility

1 APRA Quarterly General Insurance Performance Statistics (December 2016).

2 Steadfast Group and APRA Intermediated General Insurance Performance Statistics (December 2016).

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Largest general insurance broker network in Australia with 28% market share of GWP in Australia[2]

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Group overview

Structure

Vision

To enhance the value of Steadfast-aligned businesses through our combined strength, creating exceptional value for our shareholders

Steadfast Network

• Network of 352 general insurance brokers in Australia, New Zealand, Asia and Europe

• Provide IT, marketing and education support

Equity brokers

• Co-owner and consolidator of broking businesses

• Equity interest in 62 of the 352 brokers on the Network

• Equity interests range from 25% to 100%

• Generates marketing and administration fees

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Steadfast Underwriting Agencies

• Underwriting agency network providing our Network and other brokers with specialised products in niche markets

Complementary businesses

• Complementary businesses which provide support services to Network and other brokers

• 23 agencies, 72 products

• Equity interests in our agencies range from 40% to 100%

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Steadfast history

21 years of operation, nearly 4 years as a listed company

Post-IPO Pre-IPO

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Steadfast today

Size and scale

Largest general insurance broker network in Australia and New Zealand Annual GWP billion $4.5 352 Steadfast Network Brokers

Largest underwriting agency group in Australia

Annual GWP million $745 23 Agencies

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Steadfast Network Collects Marketing & Administration (M&A) Fees, 100% owned
Complementary
businesses
Specialist life insurance Back-office service
Technology service arm,
broker, 50% owned provider, 100% owned
100% owned
50% joint venture in
premium funder
Reinsurance broker, Legal practice, 25% owned
50% owned
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Steadfast Network

Worldwide office Network

1

 Service provider

Broker Network offices 15 Asia

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Europe

• 352 broker businesses

• 23 underwriting agencies

13 Northern 240 Territory Queensland 113 Western 65 77 Australia South 337 North Australia Island New South Wales 16 300 Canberra 17

 Equity participation

• 62 broker businesses

• 23 underwriting agencies

• Life broker

• Reinsurance broker

• Back office service provider

• Insurance legal practice

• IT company

300

Victoria 24

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South Island
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 Macquarie Pacific Funding

Tasmania

• 50% joint venture

1,200+ broker offices across Australia, New Zealand, Asia and Europe

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Steadfast Underwriting Agencies

23 agencies, 72 products

• Steadfast aims to highlight each agency’s specialised service by preserving its brand and unique offering which is important as approximately 50% of our agencies’ business is placed with non-Steadfast brokers

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Residential and Mobile plant and commercial strata equipment

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Strong focus on SME insurance programs

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Accident and Marine and Building and health motorcycle construction industry

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Sports and leisure related businesses

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Specialised equipment, Community care, Professionals including tradesmen, small business entertainment, engineers, architects Hospitality, leisure and and marine transit hospitality, and security and doctors entertainment sector

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Hard-to-place risks, Home and contents for exclusive to Steadfast owner occupied homes Network Brokers

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Stand alone cash Specialist/exotic Marine hull, cargo and Builders warranty motorcar and flow insurance, transit focus on SMEs motorcycle

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Complete farm package

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Personal accident, sickness and travel High value homes Property insurance

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Marine hull and other marine industry

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Emerging risks

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Business strategy

Clear strategy to grow

Group

• Improve margins by increasing revenue and creating cost efficiencies

• Expand and roll out our offshoring division for IT, marketing and finance

• Extend the London ‘super’ binder into domestic and international arena

• Develop our strategic partner relationships

• Retain and develop senior management team

• Continue to review potential acquisitions

• Maximise balance between capital management and shareholder returns

Steadfast Network & Equity brokers

• Grow, maintain and provide services to the Steadfast Network

• Buy, merge, hub or assist the Steadfast Network to grow, reduce costs and improve their back office

• Be the obvious succession partner for our Network

Underwriting agencies

  - Develop and market new products from the Steadfast Underwriting Agencies

  - Roll out key back office IT system

     - Underwritercentral

  - Move into international locations

• Acquire brokers from outside our Network

• Roll out key IT systems:

• INSIGHT (broker back office)

• Steadfast Client Trading Platform

Complementary businesses

• Grow and support our complementary businesses both inside and outside our Network

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Group financials

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Group financial performance

Strong underlying EBITA growth

Underlying EBITA: FY 13 – 1H 17

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140
$129.6m
120
100
$90.4m $69.2m
80 +11%
pcp
$62.3m
60 $57.4m $55.6m
$32.4m
$29.6m
40
$66.7m
$60.4m
20
$27.8m $29.9m $34.9m
0
FY13 FY14 FY15 FY16 1H17
1H 2H
$ million
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Underlying EBITA contribution – 1H 17

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10%
50%
40%
Steadfast equity brokers
Steadfast Underwriting Agencies
Steadfast Network and complementary businesses
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Contributions to 1H 17 underlying EBITA

Organic and acquisition growth

Breakdown of the growth in 1H 17 underlying EBITA

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Total acquisition growth:
Total organic growth: $3.0m (+5%)
80 $3.3m (+6%)
70 $1.7m $66.7m
$1.3m
$1.5m $1.8m
$60.4m
60
50
40
1H16 EBITA Organic growth Bolt-ons Acquisitions Hubs 1H17 EBITA
$ million
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• Strong organic growth and improved margins

• Acquisition strategy delivering additional growth

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Cash conversion

High conversion of cash to profit and dividends

NPATA[1] to operating cash flow: FY 15 – 1H 17

Underlying EPS (NPAT) to DPS: FY 15 – 1H 17

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90
80
70
60
50
40
30
20
10
0
FY15 FY16 1H17
Operating cash flow NPATA
$ million
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10
8
5.90
6
5
4
2.6
2
0
FY15 FY16 1H17
Underlying EPS (NPAT) DPS
cents per share
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Converting operating cash flow to profit

Converting earnings to dividends for shareholders

• 1 Calculated on same basis since IPO

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2 1H15 underlying EPS (NPAT) restated to reflect 1:3 rights offering in February/March 2015.

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Statutory balance sheet summary

Healthy balance sheet with leverage capacity

Corporate debt			Available at
facilities, $ million	Maturity	Total	31 Dec 2016
Facility A	Aug 2019	235	61
Facility B	Aug 2020	50	50
Total available		285	111

$ million	31 Dec 16	30 Jun 16
Total assets	1,693.1	1,712.5
Total liabilities	787.2	814.4
Net assets	905.9	898.1

• Substantial headroom in financial debt covenants

• $111m available at 31 December 2016 for future growth

Gearing ratio (31 Dec 2016)	Actual	Max
Corporate1	16.1%	25.0%
Total Group	18.5%	30.0%

• Gearing well within board approved maximum

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1 Calculated as corporate debt/(corporate debt plus equity).

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Shareholder returns

Significant half on half underlying EPS growth

Underlying EPS (NPAT)[1] : FY 13 – 1H 17

Underlying EPS (NPATA)[1] : FY 13 – 1H 17

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9
8.09
8
7.24
7
6.24
6
5.40 4.51
5 4.30 +12%
3.46 pcp
4 2.81
3
2 4.01
3.58
2.59 2.78 2.94
1
0
FY13 FY14 FY15 FY16 1H17
1H 2H
cents per share
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12
11.00
10 9.79
7.94
8 5.90
6.77 5.76 +7%
6 pcp
4.32
3.50
4
5.10 5.47
2 4.03
3.27 3.62
0
FY13 FY14 FY15 FY16 1H17
1H 2H
cents per share
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Total Shareholder Return (TSR)[2]

 198% for the period since the ASX listing in August 2013  Implies 34% CAGR from ASX listing

2 TSR includes final 1H17 dividend and the further value to shareholders who participated in the rights issue. As at 1 May 2017.

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1 FY13, FY14 and 1H15 underlying EPS (NPAT) and underlying EPS (NPATA) restated to reflect 1:3 rights offering in February/March 2015.

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Steadfast Network

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Steadfast Network

Benefits for members and customers

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Scale and strength
Market access
Exclusive products
and services
Exclusive policy
Technology
wordings
Steadfast
Network
Marketing Helplines
-
Legal
- Contractual
-
Liability
-
Compliance
- Human Resources
- Technical
Steadfast Direct
Steadfast triage
Erato PI program Training and networking events
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Steadfast Network - Technology

Common IT systems supporting the Network

• IT is a competitive advantage as it creates significant cost synergies and efficiencies

• We have elected to build our own systems – we don’t want to have a third party controlling our destiny or our data

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• Quotes and issues policies more efficiently compared to the market

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• Broker back office system, updated from eClipse

• Better access to quality data

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• Underwriting system used by underwriting agencies

• Purchased by Steadfast in April 2016

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Steadfast Client Trading Platform (SCTP) Supporting the Network

• Launched in June 2016, exclusive to Steadfast Network brokers, their clients and select insurer partners

• Insurer partners on platform consist of: AIG, Allianz, Allied World, Berkley, Calibre, CGU, CHUBB, London ‘super’ binder, QBE, Vero and Zurich

• Roll out is progressing

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Business pack
June 2016
Professional lines
September 2016
Liability
December 2016
Property
March 2017 Commercial
motor
In progress
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Benefits from using the platform:

• Clients : extra cover, wider choice, triage access, competitive pricing and claims expedition

• Brokers : best-in-class products delivering benefits (e.g. cost savings, business intelligence)

• Insurer partners : opportunity to write more GWP through the Steadfast Network

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Steadfast Network

New brokers joining the Network

Number of Steadfast Network brokers (as at 30 April 2017)

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400 31 29
375 7
31 2
352
350
50
325
300
278
275
250
225
200
August New Brokers Allied NZ Insight Hubbing¹ Sold Leavers April 2017
2013
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Largest general insurance broker network in Australia with 28% market share of GWP in Australia[2]

• 112 brokers have joined and only two have left the Network since IPO

• 316 Australian brokers

1 Hubbing reflects the impact of merging one or more brokers together to create back office cost synergies and scale.

2 Steadfast Group and APRA Intermediated General Insurance Statistics (December 2016).

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Significant growth in Gross Written Premium

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Steadfast Network

Steadfast Network Brokers 1 Gross Written Premium (GWP)

1H 17 vs 1H 16

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5.0
$4.5b
4.5 $4.4b
$4.1b
$3.9b
4.0
3.5
$2.3b
$2.3b
3.0 $2.1b +12.7%
$2.0b
pcp
2.5
2.0
1.5
$2.46b
1.0 $1.9b $2.0b $2.1b $2.2b
0.5
0.0
FY13 FY14 FY15 FY16 1H17
1H 2H
$ billion
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GWP of $2.5b vs $2.2b +3.5% organic growth +5.0% AR network

+4.2% new brokers

+12.7% total growth

• GWP significantly up year-on-year

• Small to medium enterprise (SME) portfolio price increases starting to emerge

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1 GWP excludes fire service levy, pet and life insurance products.

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Equity brokers

Organic performance and acquisitions driving EBITA growth

Underlying EBITA pre CO for brokers – consolidated & equity accounted (assuming 100% ownership)

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90
$83.4m
$79.9m
80 $76.0m
70 $68.0m
60 +27.7%
pcp
50
40
30
$49.1m
20
10
0
FY13 FY14 FY15 FY16 1H17
$ million
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• Significant underlying EBITA growth driven by:

• Volume uplift

• First signs of price increases

• Accretive acquisitions

• Cost synergies achieved

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Equity brokers

Continuing to invest and create synergies

Equity brokers (including bolt-ons)	1H 17	2H 16	1H 16
Acquisitions	7	8	2
Increased equity holdings	7	7	4
Total	14	15	6
Hubbed	5	1	3
Total	19	16	9

• Actively acquiring and hubbing brokers

• Brokers acquired in 1H 17 were all part of the Steadfast Network

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Steadfast Network

Australia - resilient SME customer base

1,2,3 Steadfast Network Brokers’ GWP mix

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Corporate
2%
Other Retail
2%
Retail –
Home/Motor
8% Medium
enterprises
32%
Small
enterprises
56%
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• 1 Based on 1H17 GWP excluding New Zealand.

2 Allocation based on policy size (retail <$1k, small $1k – $9.9k, medium $10k – $299k and corporate $300k+).

3 Metrics above consist of non-IFRS financial information used to measure the financial performance and condition of Steadfast.

• 88% of customer base relates to small to medium size enterprises (SMEs) with less pricing volatility

• Focus is on advice

• Low exposure to Corporate (2%) with more significant pricing pressure

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Steadfast Network

Australia - diversified footprint[1]

2 Diversified by geography

Diversified by product line

Diversified by insurer

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VIC 28% Business Pack 22% CGU 14% NSW 21% Commerical Motor 13% QBE 14% WA 18% Retail Home & Motor 10% Allianz 9% QLD 16% Commercial Property & ISR 9% Vero 8% SA 6% Professional Risks 8% Zurich 5% NZ 6% Liability 8% CHUBB 3% TAS 3% Statutory Covers 8% CHU 3% Rural & Farm 6% ACT 1% Other 44% Strata 6% NT 1% Construction & Engineering 4% Other 6%

• 1 Based on 1H17 Steadfast Network Broker GWP of $2.5 billion.

2 Geography is based on head office location of each Steadfast Network Broker; a small number of Steadfast Network Brokers had overseas operations in 1H17.

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Steadfast Underwriting Agencies

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Steadfast Underwriting Agencies

Solid growth in Gross Written Premium

Steadfast Underwriting Agencies Gross Written Premium (GWP)

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800
$745m
700
600
$367m
500
+2%
400 $385m pcp
300
$284m
200 $378m $386m
$145m
100 $88m
$101m
$58m
0
Pf FY14 FY15 FY16 1H17
1H 2H
$ million
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1H 17 vs 1H 16

GWP of $386m vs $378m

+2% total growth

Largest underwriting agency group in Australia with 23 agencies and 72 products

• Approximately half of GWP placed by non-Steadfast brokers

• New London ‘super’ binder starting to benefit the group

• $100m of GWP written by Steadfast Direct (moving annual premium)

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Steadfast Underwriting Agencies

Major acquisitions and organic performance driving EBITA growth

Underlying EBITA pre CO for Agencies – consolidated & equity accounted (assuming 100% ownership)

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70
$63.2m
60
50
40
+0.3%
$28.8m pcp
30
20
$9.3m $29.3m
10
$5.1m
0
FY13 FY14 FY15 FY16 1H17
$ million
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• Acquired Calliden and QBE agencies in FY15

• Solid organic growth from existing agencies

• Continuing investment into start-up markets and London ‘super’ binder

• Continuing to review acquisition opportunities – no acquisitions made in 1H 17 due to strict criteria

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Steadfast Underwriting Agencies London ‘super’ binder

• Rationalised and consolidated our London market placement into a single binder with a select number of carriers and co-brokers – JLT and Steadfast Re

• Initial SUA participants: Miramar, Procover, Winsure and Hostsure

• Binder effective 1 August 2016

• Participates in Steadfast Client Trading Platform rollout

What is the ‘super’ binder?

• A delegated authority given to a Steadfast underwriting agency by an insurer to do either or both of the following:

• i. Enter into contracts made on behalf of the insurer

• ii. Deal with and settle, on behalf of the insurer, claims relating to insurance products for the insurer

• Valid for three years, term renewable

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Outlook

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Premium pricing outlook

First signs of improvement in the SME market

Insurance cycle

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Capital
Strong flows
profits into
market
Rates rise
strongly Rates
start
to fall
Market Insurers
capacity chase
eroded market
share
Hardening Softening
Market Market
Rates
More large
events and go into
free fall
poor
investment
returns
Weather events,
poor investment returns,
claims inflation
Risk selection
rejects some
activities and Insurer
industries realisation of
Rates
losses
start to
rise
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First signs of price improvement in SME (small and medium enterprise) market

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© 2017 Steadfast Group Limited | 32

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FY 17 guidance

Organic growth and strategic initiatives

• FY 17 guidance range as noted in Underlying EBITA[³] 1H 17 results announcement: 160

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160
$140m-$150m
140
120
100
80
60 $129.6m
$90.4m
40
$57.4m $62.3m
20
0
FY13 FY14 FY15 FY16 FY17F
3
Underlying NPAT and underlying NPATA
90
$85m-$90m
80 $82.0m
70
$63m-$68m
60
$56.7m
50
$41.2m
40
$35.2m
30 $60.4m
20 $42.1m
$32.4m
$28.1m
10
0
FY13 FY14 FY15 FY16 FY17F
Underlying NPAT Underlying NPATA
$ million
$ million
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• Underlying EBITA of $140m-$150m

• Underlying NPATA[1] of $85m-$90m

• Underlying NPAT of $63m-$68m

 Guidance driven by:

• Organic growth

• Improved margins

• Growth from strategic initiatives

• Key assumptions[2] include:

• Stable market conditions

• No material acquisitions

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• 1 Calculated on a consistent basis since IPO.

2 Also refer to the key risks on pages 29 – 31 of the Steadfast 2016 Annual Report.

3 FY13 and FY14 are pro-forma; FY15-FY17 are underlying.

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