STEADFAST GROUP LIMITED — Investor Presentation 2024

Jun 23, 2024

24 June 2024 – Sydney 25 June 2024 – Melbourne

Acknowledgement of Country

We acknowledge the Traditional Owners of the lands on which we meet today, and pay our respects to Elders past and present.

Agenda

9:00 AM	IntroductionRobert Kelly
9:05 AM	International UpdateSamantha Hollman
9:45 AM	International Q&ASamantha Hollman, Nick McKee, Eimear McKeever
9:55 AM	Operating UpdateNigel Fitzgerald
10:20 AM	Q&A
10:30 AM	Morning Tea
10:45 AM	Sure InsuranceBradley Health
11:05 AM	Steadfast Network and SUANick Cook
11:25 AM	iQumulate
	Wayne Tower
11:35 AM	GoldsealHelen Tebelopoulos
11:45 AM	Mergers & AcquisitionsStephen Humphrys
11:55 AM	CloseRobert Kelly
12:00 PM	Q&A

Robert Kelly AM 01

Managing Director & CEO

Samantha Hollman 02

Chief Executive Officer - International

International Expansion Strategy International team

Steadfast's international executive team has been formalised:

• former Steadfast Group COO Samantha Hollman transitioned to CEO International,
• appointment of Nick McKee as COO International; and
• promotion of Eimear McKeever to CFO International

Samantha Hollman CEO International

Nick McKee COO International Eimear McKeever CFO International

International Footprint

Responsibility for:

Steadfast Placements London and Australia

• Steadfast Placements is an experienced team of wholesale placement brokers, part of the Steadfast Group

• Team located in Australia and London
• Specialise in placing large limit, high value and complex risks, within the UK insurance markets
• Steadfast Placements London can access Lloyd's and London company markets on behalf of Steadfast Network brokers:
  • ـ Licensed Lloyd's of London Broker
  • ـ Trading agreements with 70+ different market insurers

London

Office to serve demand for Lloyd's products

• Risks suited to Lloyd's market
• London 'super' binder

UnisonSteadfast

Global network headquartered in Germany

Steadfast Group has an equity ownership stake of 60% in UnisonSteadfast

• One of the world's largest global general insurance broker networks, offering multi-jurisdictional coverage
• Supervisory board contains three Steadfast Group representatives

700+

Referrals between Steadfast Network brokers and UnisonSteadfast

UnisonSteadfast global network

Broker Networks New Zealand

66 brokers in the Network approx. NZ$800m of GWP in CY23

• Steadfast Underwriting Agencies building market presence
  • 4 operational
• Strong buy-in from insurer partners
  • 19 insurer/underwriting agency partners + 2 premium funders
  • pay professional service fees
  • 7 insurer partners use Steadfast agreed wordings
• SCTP introduced
  • 5 partners supporting Business Pack
• Strong adoption of INSIGHT
  • 57 brokers using the platform
• Trapped Capital
  • 6 equity investments in Network brokers by Steadfast Group

Broker offices footprint

Future focus

• Grow Network, partners & products
• Develop new capacity/markets including Steadfast Underwriting Agencies
• SCTP expansion future development will be a key driver of success
• Trapped Capital support succession planning and business needs within Network brokerages through Steadfast equity interest
• Compliance support the members Conduct of Financial Institutions (COFI) requirements being implemented in March 2025

Broker Networks Singapore

Asia

• Targeted Singapore initially
• 30 brokers in the Network
• Strong buy-in from insurer partners
  • 9 insurer partners
  • pay Professional Service fees
  • use Steadfast agreed wordings
• Steadfast Underwriting Agencies
  • 1 operational
• Trapped Capital
  • 2 equity investments in Network brokers by Steadfast Group

Broker offices footprint

Future focus

• Grow Network, partners & products
• Expand Employee Benefits Steadfast offering
• Trapped Capital
• Grow Compliance services offering to members

Broker Networks

United States of America

In October 2023, Steadfast acquired 100% of an agency network, ISU Group in the United States of America

ISU Group

• Established in 1979 (ISU Insurance Agency), ISU Network established in 2000
• One of the largest and most reputable insurance agency networks in the US
• Network of independent agents

Culture

• Philosophy is to help independent agents thrive
• Independence, Strength, United
• Quality Management team continued post-acquisition

Average Member

• Annual Revenue US$3m
• Book 75% Commercial, 25% Personal
• Deal Small commercial and personal market (categorised as client's business under US$25m in sales {revenue})

ISU Snapshot:

• 43 employees
• 233 members
• Located across 43+ states
• Licenced in all 50 states
• US$6b in premiums generated by members
  • of which US$4.8b is P&C premium
• 75 insurance carrier contracts

Market Opportunity United States of America

Expansion into the US market will present us with opportunity to deliver our strategy and unique business model to a significantly larger market.

While this is an exciting opportunity, the complexity of the market dynamics requires a measured evaluation period.

1. Market Dynamics that support the opportunity in the US

• US insurance broker and agency market size is approx. US$213b vs US$24b in Australia
• 40,000 independent property/casualty agents and brokers in US
• 50% of agencies use wholesale brokers or MGAs for Commercial Lines

2. Pricing Growth

Rising loss costs and insured values from social and economic inflation and severe and frequent weather events should continue to support stable pricing.

3. Technology and Operational efficiency improvement

Early indication and research confirms individual agency business processes are manual and inefficient.

Market Opportunity United States of America

Source: S&P Report Insurance Brokers And Servicers Sector View 2024

Market Opportunity

United States of America

M&A Opportunity in the US – U.S. insurance agencies completed over 700 deals in 2023

Highly fragmented

Despite robust M&A activity in the space for well over the last decade, there are still thousands of independent insurance agencies operating in the U.S. No player in the middle-market space has significant market share.

Private-equity-heavy with no other apparent significant acquisition model (such as owner operator)

Private equity presence has continued to intensify since entering the sector over 15 years ago, attracted to the sector's strong free cash flow.

Deal activity remained high in 2023, although down from 2022 due to higher interest rates, economic uncertainty and continued valuation creep.

Vision and Strategic Priorities ISU Group Network

Our vision is to be the network of choice for independent insurance agencies in the United States, delivering comprehensive services and solutions to support agency perpetuation, competitiveness and growth, while managing successful long-term strategic partnerships with carriers and other market participants.

Vision and Strategic Priorities

ISU Group Network

Quality over quantity

Retain integrity of agency vetting process and strong ISU reputation

• New Member Sales
• Acquisitions and Partnerships
• Enhance Member Retention

Vision and Strategic Priorities

ISU Group Network

• Preferred Arrangements

• Wholesale and London Placement Technology Solutions

• MGAs

• Premium Financing

• Health and Benefits

• Other Business Solutions

Vision and Strategic Priorities

ISU Group Network

• Structure, Roles and Responsibilities
• Talent Management
• Marketing and Communications
• Operational and Financial Management

Priority Focus Areas ISU Group Network

USA Summary

Potential future runway of opportunities for Steadfast to capitalise

International Q&A

Nigel Fitzgerald 03

Chief Operating Officer

Nigel Fitzgerald Chief Operating Officer Steadfast Group

Nigel Fitzgerald

Nigel Fitzgerald joined Steadfast Group in April 2023 as Chief Operating Officer of Steadfast Group.

Nigel has worked in the insurance industry for over 25 years with a proven track record in leading profitable and strategically dynamic businesses on a global basis, including fulfilling leadership roles while living in New York, London, Houston, Singapore and Sydney.

Prior to Steadfast, Nigel fulfilled CEO and Board Director roles for AIG and Fairfax Financial and Senior Executive roles for Liberty International Underwriters.

Industry dynamics

Ongoing validation of our core strategic focus broking, MGA's and geographical expansion

1. The value of the broker continues to increase

• Insurance industry complexity for customers and insurers remains high
• Lack of trust of insurance industry

2. Continued growing relevance of the MGA

• Providing superior customer service via a clear value proposition
• Provides the insurer a distribution and/or operating advantage

3. Insurer discipline expected to remain

• Data and Analytical sophistication improved
• Regulatory upgrades and shareholder return expectations

4. Expansion into the US market

• US insurance broker and agency market size is approx. US$213b vs US$24b in Australia
• Steadfast value proposition is welcomed by US broker/agents

AU intermediated market share is growing versus the direct market, similar trends in our other markets

Growth in market share of MGA's versus traditional Insurers

Continued discipline by Insurers in AU/NZ/USA

Potential future runway of opportunities for Steadfast to capitalise

The value of the broker continues to increase by providing customer advocacy

Insurers have a lot of priorities to juggle which increases a brokers value:

Increased Prudential regulation and Shareholder ROC expectations

Conduct regulation / societal pressure to limit excessive profits

44% of consumers do not trust insurance companies to act in their best interest

Which? Consumer Insight Tracker 2023

Increasing 'risk' complexity to maintain profit

Legacy technology and operational complexity

Product complexity for business insurance has not improved

The average BizPack policy is 120+ pages, which can take 3+ hrs to read

Non broker users have reduced from 31% to 18% (2018 - 2024)

Vero SME Insurance Index 2024

The value of the broker continues to increase and remains a good investment

The Australian intermediated GI market has grown to $37b GWP and 53% overall (versus 44% in FY15)

Insurer discipline expected to remain

Loss ratios are still not adequate, and insurers will have to continue to increase rates

Our market leading value proposition provides strong organic and in-organic growth levers

Our long-term strategy of focusing on being the best broker network leads to –

• Client acquisition growth
• Provides a strong exit mechanism to unlock trapped capital
• Increases our partnership value to Insurers

Organic growth drivers

A strong focus on capabilities to support margin initiatives

As we continue to grow our unique owner operator decentralised model, we are introducing more capabilities to apply our rich insights and best practices across our Network

SUBSIDIARY PERFORMANCE & MARGIN OPTIMISATION

• Appointed | Head of Subsidiary Performance
• Established | Steadfast Subsidiary Council
• Proactively utilising our collective data to create actionable insights
• Sharing best practices and learnings across the cohort to cross-pollinate value
• Focused R&D shared services where it increases capability and/or margin improvement

UPSKILLING OPERATIONAL LEADERSHIP

• Recruited | EGM of Operations
• Started | Head of Procurement
• Started | Head of Enterprise Project Management Office
• The role of AI to reduced administration and increase speed to competency
• Developing small agile SWAT teams that define best practice to be leveraged across the subsidiaries

Maintaining our technology competitive advantage

Our suite of technology offers core system advantage, enables a contestable marketplace, generating a market leading competitive advantage with over 7,000 users.

>$1.4b and +24.7% growth

GWP transacted and yoy growth rolling 12 months to 19 June 2024

$5.3b

SCTP total addressable market demonstrates long runway of opportunity

SCTP GWP Profile (FY2015-2024)

Aligning Executive oversight of our Australasian Network(s)

Future proofing and enhancing our value proposition across our Australasian Networks

Nick Cook

Executive General Manager Networks, Broker and Insurer Services, Asia Pacific

Steadfast Group

Joined Steadfast Jan 2015

Singapore 30 Brokers >$109m GWP (CY21)

Australia 426 Brokers $11.6B GWP (CY23)

New Zealand 66 Brokers NZ$795m GWP (CY23)

Our Executive team welcomes 3 new members

Steadfast has attracted exceptional talent from diverse sectors across the Industry to drive the effective execution of our 3-year strategy

Mark Senkevics

Executive General Manager Underwriting Agencies, Reinsurance and Life

Steadfast Group

Meagan Jeffery

Executive General Manager Technology & Information

Steadfast Group

Noelene Palmer

Executive General Manager Operations

Steadfast Group

Maximise the strength of Steadfast: Steadfast Group Strategy 2024-2027

Continually growing shareholder value by running market leading broker networks and underwriting agency group in our chosen geographies

OUR MISSION

Deliver valued and differentiated service to our customers and stakeholders by being the market leader and innovator in insurance services and risk management

OUR VISION OUR PURPOSE

Together we strengthen the future of our people, businesses and the communities we serve

OUR VALUES

KEY PILLARS OF OUR STRATEGIC PLAN

Drive shareholder value	Deliver market leading	Maximise strategic and	Together, make Steadfast	Strengthen industry
	solutions	operational effectiveness	a great place to work	relationships
Pursue growth withentrepreneurial spirit andcommercial excellencetogenerate targeted returnsover the short and long term	Provide quality products &services to the SteadfastBroker Networks resulting inbetter outcomes for clients	Realise the full potential ofour Businesses by operatingwith a high level ofcollaboration and discipline	Foster a diverse and inclusiveculture with strong leadershipto enhance employeeengagement and driveperformance	Maintain market leader statuswith insurer partners tomaximise mutual successwhile being respected andtrusted byregulators andindustry bodies

Disciplined strategic execution and financial management frameworks to support strategy

25-27 'Earnings' Strategy Framework

Disciplined acquisition strategy to support long term growth and returns • Continued focus on trapped capital in APAC • Continued USA R&D • Post acquisition plans measured and executed Deliver organic revenue growth Organic Growth and Margin Improvement Inorganic Growth • Customer acquisition focus • Innovate via Mutuals and Underwriting Agency solutions • Collaboration with Insurer partners to create new growth opportunities • Increase usage of Steadfast core services

Margin improvement

• Balance decentralisation benefits and opportunities for margin improvement
• Drive improved performance via insights and best practice sharing
• Maximise productivity (automation, AI and remote offices)
• Leverage purchasing power and vendor management

Strong balance sheet to support investment and take advantage of opportunities

• Maintain optimal gearing ratio
• Execute specific initiatives to deliver improved cash flow
• Maintain strong working capital position and conversion of profits to cash

Morning Tea

04 Bradley Heath

Sure Insurance – Managing Director

Company History

Sure has grown rapidly to become a leader in Home and Contents insurance in Regional Queensland

Strategic Advantages

Nationally scalable and unique operating model underpinned by Sure's multi-pronged strategic initiatives and advantages – Insurance "Lite" model

In-depth market research conducted

Management team and know-how of operating in target market

for 25+ years

Highly Recognised Insurance Brand

Sure has established a well recognised insurance brand demonstrated through its strong word of mouth in region and ability to retain existing customers

Highly Leverageable Insurance Brand

Current Priorities

Targeted continuous improvement activities to further strengthen organisational capability and capacity across the insurance value chain.

Why Steadfast?

Capability & capacity to drive national expansion using scalable Sure systems and processes

Expansion, capability and capacity – specifically:

• Steadfast Broker network
• SCTP
• Insurer relationships
• Operational efficiencies through systems and support

2

1

SCTP & National Broker Network

• Low cost entry into markets
• Test, learn and reset of premium rates and coverage
• Rapid rollout to next market preference

3

4

Capability, capacity and desire to support a disciplined national and targeted broker and direct market expansion plan

Relationship with existing Binder providers. Leverage Steadfast relationships with insurers into new Binder and reinsurance capacity and opportunities

5

Ultimately to support the potential of the Brand as a specialist national property insurance brand

Cyclone Jasper and Kirrily Impacts

First major event for Sure - valuable and positive learnings implemented across people, processes and systems

Ongoing focus on customer claims finalisation, apportionment of claims to Reinsurance Pool, systems optimisation through enhancements and configuration

Internal adjusting model stood up well as did repairer relationships

Portfolio analysis shows Sure loss frequency was better than market share

Event readiness tested and key organisational learnings have been captured and actioned for future Events

Multiple Actionable Growth Levers – Horizons

Sure is capitalising on several actionable growth opportunities with significant work already completed or underway. Opportunities available to turbocharge growth with additional investment using scalable pricing, claims and systems assets

Initiatives & HorizonsDescription
Grow Profitable1Market Share	Continue to selectively grow target market sharein Regional Queensland
Distribution2Channel Expansion	Further growth in established direct channels(Call Centre and Online) and expansion ofbroker channel
Product Innovation3& Expansion	Expansion of residential strata offering (consideroffice) into SEQ followed by east coast.Other product innovation initiatives (e.g.,Landlord, product tiering, broker specific)
Geographic4Expansion	National expansion opportunitiesState by state progressive basis withpropositions to suit local markets &underpinned by SCTP.
New Markets5	Expansion into other insurance categories (e.g.,motor vehicle) via inwards white-label productsAbsorption of other existing home portfolios
M&A Opportunities6	Opportunities to expand geographically andinto new insurance areas via acquisition and/orjoint venturing

Nick Cook 05

Executive General Manager – Networks, Broker and Insurer Services, Asia Pacific

Nick Cook | Executive General Manager

Nick Cook

Executive General Manager Networks, Broker and Insurer Services, Asia Pacific

Steadfast Group

Nick Cook

Nick has spent most of his career on the Insurer side, focusing on broker distribution, segmentation & product to market.

This experience together with time spent working in Regional, Metro & National markets has provided Nick with strong insights to the distribution across the spectrum of distribution operations & strategy.

Nick then joined Steadfast 9 years ago & is responsible for Steadfast's Carrier Management, delivery of Broker Services to the Steadfast broker network including the Steadfast Client Trading Platform.

Nick is also Vice President of the National Insurance Brokers Association (NIBA), sitting on the Board representing brokers interests at the highest level of industry & government.

Our unique advantage

Focussed on being the best broker networks across APAC

We genuinely focus on improving the value Steadfast brings to our broker network, ensuring their clients have access to the best advice, access to markets & support at the time of a claim.

Steadfast is unique in the level of services provided to brokers across APAC.

We never sit still, we continue to innovate & source the best solutions globally, this drives us forward & reflects our Steadfast DNA.

Broker Networks

Australia, New Zealand & Singapore

Future Focus Bringing a uniform approach to our networks across

• Services
• Carrier Management
• SCTP
• Trapped Capital
• Compliance & Regulatory
• Technology
• Agencies

MGA's | Filling the gap

MGA's | No longer in the shadows of the Insurers

The rising sophistication of the MGA model presents an attractive, trusted, efficient way in which Insurers can deploy capital into segments they could not nimbly target themselves

We're seeing a changing balance of Insurer & MGA markets

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Brokers choosing MGA's over Insurers due to lack of service, risk appetite, relationship & channel conflict

Changing Market Demographics

We are seeing an ongoing rebalancing from Insurers towards MGA's

Insurers are challenged by lack of service, risk appetite, people & systems

Capacity Source	PremiumMovement	Policy Movement	% Share of SDFPortfolio	YoY % Change
Insurers Top 8	9.6%	-4.5%	47.8%	-4.9%
Insurers Total	9.1%	-5.1%	53.4%	-7.7%
MGA's Total	19.1%	9.9%	45.5%	8.1%

Platforms | The place to be

Platforms | The Preferred choice

Providing choice of market, broader choice of products & markets together with quality wordings on a contestable platform align with evolving generation & distribution changes

We're seeing the accelerating migration of product distribution to platforms including MGA's

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The transition across generations & distribution leads to platforms becoming a necessary delivery of product to the intermediated market, AI will accelerate the potential to place more product with increasing complexity with less key strokes

Our Regulatory Environment

The regulatory environment is expected to be relatively benign post the QOAR Review

Legislation in respect to commissions has been redrafted, NIBA recently addressed the Senate committee in support of the redrafted legislation

We are seeing complete change in the leadership across industry groups (ICA, ANZIIF, NIBA & UAC) aligned to a greater knowledge & insight from government of the fundamentals of risk & capital & the flow onto insurance availability & pricing

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Expect to see greater industry advocacy, collaboration & initiatives in addressing community expectations of the role insurance plays in the community

Overview of main changes affecting agencies

• 1 July 2025 CPS230 in force
• 1 July 2026 Transition period ends for existing service provider contracts
• CPS230 provides an opportunity for smaller agencies to join Steadfast

Business Continuity Management

Insurers must be able to respond to disruptions and maintain continuity of critical operations with tolerance.

Currently there is a low tolerance for disruptions.

Management of Service Provider Arrangements

Insurers must understand and manage risks associated with using service providers.

Currently APRA's view is that risks around 3rd (and 4th) parties are not managed adequately.

06 Wayne Tower

Chief Executive Officer - IQumulate Premium Funding

Agenda

Product, Market & Company Overview

Funding

Regulatory, Compliance & Risk Management

Product, Market & Company Overview

Insurance Premium Funding

• Short term finance facility that enables borrowers to manage payments for a range of insurance policies via instalments.
• Majority of borrowers are business entities across Australia & New Zealand (75% by loan count and 96% by amount financed).
• Loans are originated on terms between 10-12 months and are secured by unearned premium of underlying policies financed. Some credit risk is taken with financing of non-refundable policies
• Portfolio is supported by Trade Credit Insurance subject to aggregate deductible and minimum loss thresholds
• Sound risk profile as loan purpose (insurance payments) is non-discretionary
• IQumulate is the second largest (by volume funded) participant in Australian and NZ markets

Organisation Structure

• Board of directors in place with directors' background spanning insurance broking, underwriting and commercial lending
• Risk Committee comprises 3 external members and business delegates
• Experienced management team with business tenure ranging from 4 16 years leading all role functions:

Business Model / Distribution Strategy

• Majority of product distribution via insurance brokers
• Open market business IQumulate competes within several non-Steadfast distribution channels:
  • Self licensed brokers
  • Authorised representatives
  • International brokers
• Highly automated, technology driven delivery to end customer with integration through broker management systems (e.g., Insight), among other platforms
• One of 4 premium funding partners within the Steadfast network which ensures sufficient competition to provide best for customer outcomes
• Largest funder within the Steadfast network

Funding Facilities - AU

A$660M credit rated (Moody's) warehouse in place to support funding requirements of our Australian business, involving multiple participants:

Tranche	Participants	%	$M
Senior	Two major banking institutions	87.2%	575.5
Mezzanine	Industry Funds Management	10.6%	70.0
Equity / Seller	IQumulate	2.2%	14.5

• Perpetual appointed as Trustee, Manager and Backup Servicer
• Limited recourse, bankruptcy remote vehicle with no guarantees given by the IQ group companies or Steadfast in support of the debt of the Trust
• Trust assets are subject to certain eligibility criteria at sale and ongoing compliance to agreed portfolio parameters (e.g., underwriter & industry concentrations, non-cancellable % as a total of receivables, arrears rates)
• Lending entity separate to operating company (originator & servicer)

Funding Facilities - NZ

• NZ$75M corporate loan provided by ANZ
• 12-month tenor (to May 2025)
• Secured against NZ receivables book of IQumulate Funding Services Ltd with no recourse to other group entities
• Similar to Australian warehouse, corporate loan includes ongoing covenants to measure obligor limits, underwriter concentrations, industry concentrations, non-cancellable % as a total of receivables, arrears rates
• Lending entity separate to operating company (originator & servicer)

Regulatory, Compliance and Risk Management

Governance & Compliance

	Risk Appetite Statement approved by IQPF Board and monitored quarterly.
Risk Appetite	Monitored metrics encompass financial, operational, IT, regulatory, complianceand reputational risks.
	Board approved delegation of authority in place to support decisioning withseparation between sales and origination discretions.
Governance andCompliance	Committees have been established focusing on strategy performance andpeople, risk and compliance, technology and treasury.
	Regulatory framework documented and managed periodically with allocatedaccountability based on area of responsibility.
Industry Codes ofPractice	Accredited since October 2022 against Insurance Premium Funding Code ofPractice, developed by industry with support from Australian Finance IndustryAssociation
	Accredited since July 2023 against NZ Premium Funding Code of Practice

Regulatory & Reporting Requirements

ASIC

• Product Design & Distribution Obligations (Domestic / Consumer)
• National Consumer Credit Protection Act (Operating under relief instrument from selected obligations)

NZ Commerce Commission

Credit Contracts and Consumer Finance Act (Exempt from some aspects)

NZ Companies Office

Financial Services Provider, Fit & Proper Persons requirement

APRA

Registered Financial Corporation

Other

• Anti-Money Laundering / Counter Terrorism Financing (AU & NZ)
• Complaints Authority Membership (AFCA, Financial Services Complaints Ltd)

Risk Management Framework

• Risk appetite & scorecard reviewed at quarterly board meetings
• Monthly risk update provided to board with risk report created and published internally each month
• Risk & control register maintained with external review recently completed
• Credit bureau integration introduced in December 2020 to enhance visibility of credit quality at origination. Medium term strategy is to implement some automatic decisioning after extensive back-testing of portfolio
• Increasing attention on cyber risks, mitigation and response readiness

Consolidated Arrears Performance – 5 Years

Predominately SME portfolio (average loan size ~$24k) exhibiting high degree of resilience and showing no indications of industry or geographic stress

Strategy

• Short term focus remains AU & NZ markets with year-on-year 10%+ revenue growth targets and EBITDA margin improvement
• Sufficient scale available through operating platform to ensure growth will be highly earnings accretive
• Medium term strategy now in place with 3 key focus areas:
  • Growth:
    • People (learning & development)
    • Increasing market share in exiting channels
  • Operational efficiencies through workflow & process automation
  • Exploration of new distribution channels
• Explore the existing US market together with Steadfast's ISU Group investment

Thank you

Wayne Tower wayne.tower@iqumulate.com

iqumulate.com

Helen Tebelopoulos 07

Goldseal - General Manager, Operations Compliance and Customer Experience

Why we do it

Corporations Act

ASIC Act

Insurance Contracts Act

Privacy Act

Insurance Broker Code of Practice

Steadfast Code of Conduct

General Insurance Code of Practice

Fair Work Act

Workplace Health & Safety Acts

Audit and Review Program

Examines management and corporate governance systems for effectiveness and compliance with financial services legislation

Evaluates adequacy and suitability of systems for managing business operations

Establishes recommendations for remediation and improvement opportunities

Over 642 queries

FY24 YTD

Top 5 Topics:

• Regulators
• CCX360
• Authorised Representatives
• Obligations to clients
• Financial Services Guide

HR Helpline

Over 662 queries

FY24 YTD

Top 5 Topics:

• Contracts of Employment
• Performance Management
• Termination
• Leave Personal/Carers
• HR Materials

Steadfast Learning Hub - FY24 YTD

74,746 of CPD issued via the Learning Hub 19,726 courses completed

30,050 webinar certificates issued

Popular courses:

• Insurance Brokers Code of Practice
• Supporting Vulnerable Clients
• Advising Retail Clients
• Breach Reporting
• Effective Complaints Handling

Stephen Humphrys 08

Chief Financial Officer

Steadfast Group's share of growing Network GWP

Consistently increasing the size of the Steadfast Network and equity ownership

Australasian Network acquisition opportunities

Potential to acquire c.$435m1 EBITA from current Australasian Network and equity brokers

$6.0b $0.9b $3.2b $2.3b Non-equity GWP Possible Trapped Capital opportunities Potential EBITA of c.$191m Equity brokers GWP $4.0b broking $2.0b authorised reps Potential EBITA from authorised reps of c.$90.0m Non-equity GWP Assumed not available for Trapped Capital Equity brokers GWP $4.3b owned $1.7b co-owned Potential EBITA of c.$100m Non-equity GWP Identified Trapped Capital opportunities Potential EBITA of

c.$54m

CY23 Steadfast Network GWP = $12.4b

1 Assuming EBITA is c.6% of GWP.

Robert Kelly AM 09

Managing Director & CEO

Delivering on IPO strategy of organic and acquisition growth

Steadfast remains well positioned to continue delivering sustainable growth

1.	Premium pricing market remains strong
2.	Organic growth strategies beingimplemented, regardless of premium cycle
3.	Trapped Capital acquisition pipeline is robust
4.	Disciplined strategy execution by highlyskilled executive team
5.	Some observations

Lunch

Important Notice

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

This presentation contains information in summary form which is current as at 24 June 2024. 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 ASX Limited, in particular the Steadfast Group 2023 Annual Report, available 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 is under no obligation to update any forward-looking statements contained within this presentation, subject to applicable disclosure requirements. 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 guarantee of future performance. Forwardlooking 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 49 - 51 of Steadfast's 2023 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 (after premium funding interest income and expense), tax and amortisation of acquired intangibles (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 rebasing 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. Underlying EPS (NPAT) and underlying EPS (NPATA) for FY20 have been calculated as if all shares issued in FY20 pursuant to the IBNA acquisition and PSF Rebate acquisition were issued on 1 July 2019. To ensure comparability, underlying EBITA also deducts the interest expense on lease liabilities and depreciation of right-of-use assets from 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.

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" refers to the financial half year ended 31 December. "2H" refers to the financial half year ended 30 June.

Thank you