STEADFAST GROUP LIMITED — Investor Presentation 2020

Apr 27, 2020

28 April 2020

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

Dear Sir

Conference Presentation

Please see attached Steadfast Group update for presentation on 29 April 2020 at Goldman Sachs Emerging Leaders Conference.

This announcement is authorised by the Steadfast Disclosure Committee.

For more information, please contact: Robert Kelly Steadfast Group Limited Managing Director & CEO +61 2 9495 6535

Yours faithfully

Linda Ellis Group Company Secretary & Corporate Counsel

Level 4, 99 Bathurst Street, Sydney NSW 2000 PO Box A980, South Sydney NSW 1235 T +61 (02) 9495 6500 W steadfast.com.au

Steadfast Group Update

28 April 2020

Strong performance in March quarter

Financial Highlights1,2

$ million	31 March 2020 YTD	31 March YTD pcpgrowth %	1H20 pcpgrowth %
Underlying Revenue	597.9	25.8%	28.0%
Underlying EBITA	147.9	21.0%	21.4%

• Performance for year to date FY20 to end of March 2020 has been strong due to both organic growth and acquisition growth
• Premium rises for the March 2020 quarter were 7.3%
• Results includes -$2.9m impact resulting from cancellation of Steadfast Convention in March 2020
• No other material impact from COVID-19 in the March 2020 quarter

1 Underlying P&L results exclude non-trading items including mark-to-market adjustment for Johns Lyng investment, and cost associated with the IBNA acquisition and Steadfast PSF Rebate offer. 2 Based on unaudited financial results.

Contributors to 21.0% growth in underlying EBITA1

• Underlying YTD organic growth of 9.3% on like for like businesses
• -$2.9m impact from cancellation of Steadfast Convention in March 2020
• No major acquisitions in March 2020 quarter

Equity brokers and network

Continued organic and acquisition growth in March quarter

Equity brokers and network - consolidated & equity accounted (assuming 100% ownership)

March 2020 YTD$ million	UnderlyingYTD March 201	UnderlyingYTD March 191	Period-on-periodgrowth %	Organicgrowth %	Growth fromacquisitions %
Netrevenue	386.3	340.3	13.5%	8.5%	5.0%
EBITA	120.8	94.6	27.7%	8.9%	18.8%

EBITA growth: March 19 YTD – March 20 YTD

Steadfast Underwriting Agencies

Continued strong organic growth in March quarter

Steadfast Underwriting Agencies – consolidated & equity accounted (assuming 100% ownership)

March 2020 YTD$ million	UnderlyingYTD March 201	UnderlyingYTD March 191	Period-on-periodgrowth %	Organicgrowth %	Growth fromacquisitions %
Netrevenue	155.0	135.9	14.1%	13.0%	1.1%
EBITA	72.7	61.8	17.7%	16.2%	1.5%

EBITA growth: March 19 YTD – March 20 YTD

1 Excludes profit share.

Resilient business model

Group earnings mix dissected by product line

• Group underlying EBITA well diversified by product line
• Highest exposure is to Strata and Machinery & Plant. These sectors are not expected to be materially impacted by COVID-19
• Strata:
• Strata is not an optional buy as the law requires buildings to be insured
• Heightened claims from recent catastrophes continue to drive property premium increases
• Machinery & Plant:
• Infrastructure spend expected to increase

Steadfast Group EBITA diversification

Strata

• Commercial Motor
• Machinery & Plant
• Business Pack
• Retail Home & Motor
• Other
• Liability
• Commercial Property & ISR
• Trade Credit
• Professional Risks
• Construction
  • Rural & Farm
• Statutory Covers

Resilient business model

• Whilst we are trading in an unprecedented economic environment, Steadfast is a stable and resilient business:
  • Insurance is an essential business requirement
  • Increased client queries to consider coverage (to increase and/or reduce coverage)
  • Government stimulus will assist micro and small enterprises
  • Minimal exposure to micro business (2% of Steadfast Broker Network GWP)
• Solid balance sheet position:
  • Increased corporate debt facilities from $385m to $460m in January 2020
  • Significant headroom in corporate debt covenants
  • Unutilised corporate debt facility of $161m available at 27 April 2020
  • Total Group gearing1 of 21.1% at 31 March 2020
• No impact on working capital from insurers offer of premium deferrals
  • An alternative payment plan for clients being launched by IQumulate next week
  • To date minimal take up of premium deferrals by clients
• Steadfast Group will provide further updates on financial performance and the impact of the unfolding COVID-19 situation as appropriate

Steadfast AU Broker Network GWP mix by policy size

Micro (Policy size <$650)

• Small Enterprise (Policy size $650 $5,000)
• Small Enterprise (Policy size $5,000 $50,000)
• Medium Enterprise (Policy size $50,000 $250,000)
• Corporate (Policy size >$250,000)
• Retail (Based of client type)

GWP split for Steadfast Broker Network and Equity brokers (excludes Steadfast Underwriting Agencies).

Most clients have several policies.

Important notice

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

This presentation contains information in summary form which is current as at 28 April 2020. 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 Group 2019 Annual Report. These disclosures are also available on Steadfast Group'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 48-52 of Steadfast Group's 2019 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 income statement items, pro forma income statement items, underlying earnings before interest expense, tax and amortisation of acquired intangibles (EBITA), underlying NPAT, underlying net profit after tax but before (pre tax) amortisation (NPATA1), underlying EPS (NPAT) (NPAT per share) and underlying EPS (NPATA) (NPATA per share), have not been subject to review by the auditors. Underlying EPS (NPAT) and underlying EPS (NPATA) for March 2020 have been calculated as if all shares issued in March 2020 pursuant to the IBNA acquisition and PSF Rebate acquisition were issued on 1 July 2019.

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.