1. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 1 Towergate Insurance 2012 Annual Results

2. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 2 Clear, Differentiated Business Leading UK independently owned general insurance intermediary Focus on specialist personal lines and SMEs Unique business model combining scale distribution and risk pricing capabilities Our model has no insurance capital risk and therefore limited capital requirements Significant market headroom for continued growth

3. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 3 ● EBITDA growth 4% ● Group income growth 3% ( 3% retail in 2H2012 yoy) ● Retention focus (Retail: 80%, Underwriting 73%) ● Sales force effectiveness ● New single-tie agreements in Paymentshield ● £250m capacity renewed in year (>£500m over two years) ● 31% penetration (vs 30% in 2011) ● Expense ratio reduced 0.7 pts ● Headcount reduction ● CCV integration ● Sale of Powerplace ● 27 new deals completed ● Target ROI of 38% and cost of £30m Organic Growth 1 Enhance Value Chain Position 2 Drive Efficiencies 3 Targeted Market Share Capture 4 2012 Clear Delivery of Strategy

4. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 4 Notes: (1) Figures presented on a pro forma basis for the acquisition of CCV and disposal of PowerPlace. 2011 PBT is presented on a pro forma basis to include the effect of the Group refinancing completed on 11 February 2011 as if it had occurred prior to 1 January 2011; (2) Management view of operating cash flow before exceptional costs 20122011Change GWP (£bn)3.13.05%5% Income436.5425.73% Expenses(272.9)(269.0)1% Adjusted EBITDA163.6156.74% PBT(50.7)(42.1) n.m. Other KPIs: Expense Ratio62.5%63.2%(0.7)pts Operating Margin37.5%36.8%0.7pts Operating Cash Flow (2) 96.7 £ millions, unless otherwise stated (1) Income and profit growth across our largest three divisions despite challenging economic conditions BaU change program delivering revenue and cost benefits Continued momentum in acquisition strategy with 27 deals complete Cost and efficiency programmes in place to support margin growth Cash flow strong Impacted by £20m of non- recurring tax and working capital outflows Towergate Holdings II Financial Highlights Building platform for further growth

5. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 5 Commentary Retail top-line stabilisation and efficiency gains Strong growth in underwriting top and bottom line with long term capacity secured Robust top and bottom line growth in Paymentshield with new distribution channels and new propositions New Network leadership driving revitalised strategy Investment in group functions Adjusted EBITDA (£m) EBITDA By Business Unit Strong growth across the business 4.4% 9.3% 16.3% 9.9% (24.2)%

6. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 6 Strong second half performance reversed H1 decline Won and renewed key affinity deals (e.g. RAC and FSB) Strong retention at c.80% Completed 25 acquisitions Integrated CCV and increased retention BaU change program delivering efficiencies highlighted in cost:income ratio 0.5% Retail Top line stabilisation achieved Margin: Income (£m) Operating Earnings(£m) 9.9% 29%31%

7. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 7 Strong top and bottom line growth Share of Retail’s GWP up from 30% to 31% Attractive CORs evidenced by recent renewal of another £200m of capacity Eight new products launched New third-party distribution partnerships won (e.g. Saga, Tesco, Virgin Money) Total GWP £615m (+8%) Retention maintained at 73% Underwriting Continued strong growth 13.4% Margin: Income (£m) Operating Earnings(£m) 16.3% 47%49%

8. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 8 Continued robust growth against a challenging market New exclusive single-tie agreements with major IFA networks (Openwork and Sesame), reinforcing leading position in the broking channel New panel proposition driving economic and customer benefits New distribution channels continue to diversify business Strongly positioned for expected growth in mortgage originations Award wins for excellence and best practice Paymentshield Robust top and bottom line growth 7.0% Margin: Income (£m) Operating Earnings(£m) 9.3% 75%77%

9. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 9 Pressure from insurer strategies New insurer partners (QBE, Hiscox and Markel) joined underwriting panel New members up – 44 new members and 9 members upgraded High calibre new CEO recruited – strategy under development Cost actions implemented to reduce FTEs by 18% Launched new specialist lines product with new partners Network New leadership driving revitalised strategy (19.0)% Margin: Income (£m) Operating Earnings(£m) 65%60% (24.2)%

10. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 10 Improved efficiency Like for like headcount reduced across the group Cost focus delivering significant benefits Reinvesting in Group functions Exceptional costs of £17m as a result of investment in Strategic Change Programme Operating Expense Control (£m) Expense Management Rationalisation and investment

11. 37 - 91 - 137 120 - 152 - 179 157 - 14 - 45 145 - 134 - 126 255 - 227- 24 106 - 169 - 68 0 - 56 - 104 231 - 223 - 222 11 Leverage Development (1) Against a challenging operating economical environment, management successfully achieved EBITDA growth and robust delevering CCV contributed to the Group by shareholders thus increasing EBITDA / cashflow generation CCV was acquired on a debt for debt basis with an EBITDA contribution of £18.8m (2) and net debt of £54.8m (2.9x leverage) 2012 leverage figure does not include full-year benefit of completed acquisitions Leverage Deleveraging momentum (1)Adjusted net total borrowings to adjusted EBITDA; 2012 leverage is pro forma for CCV acquisition (2)2011