Mortgage Advice Bureau : Investor Presentation - 2022 Full Year Results

Financial Highlights

Revenue

Gross profit

Adjusted PBT1

Adjusted EPS1

Proposed final dividend

Adjusted cash conversion2

• 1. Adjusted PBT and EPS are adjusted in 2022 for £2.8m of cash acquisition costs incurred in 2022, £2.0m of additional non-cash operating expenses relating to put and call option agreements (2021: £1.0m), £0.9m of non-cash fair value gains on deferred consideration and financial instruments in 2022 (2021: £0.3m), £2.6m amortisation of acquired intangibles (2021: £0.4m) and unwinding of redemption liability of £0.6m in 2022. Also adjusted for impairment losses of £2.8m in 2022. EPS adjustments are net of any associated tax effects.

• 2. Adjusted cash conversion is cash generated from operating activities adjusted for movements in non-trading items, including acquisition costs of £2.8m in 2022, loans to AR firms and associates totalling £(0.8)m in 2022 (2021:

  £(0.7)m), and increases in restricted cash balances of £1.4m in 2022 (2021: £2.4m), as a percentage of adjusted operating profit. Movement is expressed in percentage points.

• 3. Acquisitions include: Fluent, acquired in July 2022; Vita, acquired in July 2022; and Auxilium, acquired in November 2022. For adjusted EPS, increase in share capital from placing to part fund acquisition of Fluent also excluded.

4

(+11% excluding acquisitions3)

(+9% excluding acquisitions3)

(+6% excluding acquisitions3)

(+3% excluding acquisitions3)

(No change)

Operational Highlights

Mortgage completions1

Market share2

Strategic progress

• • Fluent successfully integrated. Good momentum with new lead flow partners

• • Launch of new technology to strengthen customer and adviser proposition

  UK gross new mortgage completions up 2%

• • Launch of MAB New Homes to new build partners

  Adviser numbers3

  Revenue per mainstream adviser4

• • Acquisition of 75% of Auxilium, a leading protection proposition for the Directly Authorised market

• • Increased stake in protection and general insurance advice firm Vita, from 49% to 75%

• • Accelerated investment in employees, premises and ESG initiative

• • FCA's new requirements for AR regime successfully implemented

• 1. MAB's gross first charge mortgage completions, including product transfers.

• 2. Market share of gross new first charge mortgage lending (excluding product transfers).

• 3. Closing number of advisers at the year end. Fluent's 182 advisers as at 31 December 2022 include 105 advisers in the first charge mortgages division, 57 in the secured personal loans division, 14 in the later life division, and 6 in the bridging finance division. Includes a total of 180 advisers at 31 December 2022 who are later life advisers or advisers in directly authorised firms that use MAB's subsidiary, Auxilium, a specialist protection service provider, for protection. For both later life and directly authorised advisers the fees received by MAB represent the net income received by MAB as there are no commission payouts made by MAB.

• 4. Excludes directly authorised advisers, MAB's later life advisers and advisers from associates in the process of being onboarded under MAB's AR arrangements. Includes Fluent's second charge, later life and bridging advisers who have a higher revenue per adviser than first charge advisers.

• 5. Acquisitions include: Fluent, acquired in July 2022; Vita, acquired in July 2022; and Auxilium, acquired in November 2022.

5

£27.3bn | +20%

2,254 | +20%

2021: 1,885

7.5% | +19%

2021: 6.4%

£116.1k | +1%

(-4% excluding acquisitions5)