1. INTERIM RESULTS July 2012

2. Agenda Business Update DAVID BELLAMY Financials ANDREW CROFT Outlook DAVID BELLAMY Q&A

3. Total new business by quarter APE (Annual premiums plus 10% of single premiums) 2009 over 2008 -5%-10%+3%+38% 2010 over 2009 +42%+46%+30%+15% 2011 over 2010 +18%+12%+13%+0% 2012 over 2011 -3%+13%

4. Single investment by quarter 2009 over 2008 -6%-8%+12%+51% 2010 over 2009 +57%+54%+32%+16% 2011 over 2010 +16%+13%+14%-4% 2012 over 2011 -2%+4%

5. Pensions new business by quarter APE (Annual premiums plus 10% of single premiums) 2009 over 2008 +7%-9%-14%+16% 2010 over 2009 +19%+31%+32%+18% 2011 over 2010 +16%+22%+21%+19% 2012 over 2011 +15%+28%

6. Strong retention of funds Retention95% Net inflows + £1.51 bn

7. Funds under management -6% +34% +20% +29% +25% +18% -10% +31% +26% +8% +6% £30.9bn June

8. Growth in number of Partner numbers +8% +7% +9% +6% +3.2% +6%

9. Partner Qualification 91% Partners qualified 6% require one or two exams

10. Highlights APE growth +5% (Q2 +13%) New Single Investments - £2.76 bn Net inflows - £1.51 bn FUM up £2.4 bn to £30.9 bn Partner numbers up to 1,702 Dividend increase +33%

11. ANDREW CROFT Chief Financial Officer

12. Introduction Challenging market during first six months of the year Strong operating performance in all financial measures Of particular note is the continuing growth in the cash emergence of the business Resulting in a 33% increase in the interim dividend Capital and solvency position remains strong

13. Analysis of EEV operating profit £’mH1 2012 H1 2011 New business contribution120.6127.7 Profits from existing business – expected 48.959.1 – experience variance 3.72.8 – operating assumption changes -- Investment income1.42.2 Life & unit trust operating profit174.6191.8 Distribution2.0 - Other(8.8)(8.2) Operating profit167.8183.6

14. New business margin H1 2012 H1 2011 PVNBP4.3%4.4% Manufactured APE40.1%41.1% Total APE34.1%38.1%

15. Non – manufactured business Manufactured proportion 85% compared with 93% in 2011 In 2nd quarter one large £21 million APE group pension case Excluding this case manufactured proportion would be 90% This is a one-off nice to have but distorts the total margin This is most definitely not a trend or anything to be concerned about

16. Analysis of EEV operating profit £’mH1 2012 H1 2011 New business contribution120.6127.7 Profits from existing business – expected 48.959.1 – experience variance 3.72.8 – operating assumption changes -- Investment income1.42.2 Life & unit trust operating profit174.6191.8 Distribution2.0 - Other(8.8)(8.2) Operating profit167.8183.6

17. Analysis of EEV pre-tax result £’mH1 2012 H1 2011 Operating profit167.8 183.6 Investment variance54.9 0.9 Economic assumption change(2.2) (1.9) Pre-tax result220.5 182.6

18. Analysis of funds under management £’bn30 June 2012 UK equities9.4 European equities 3.5 North American equities 4.3 Asia & Pacific equities 3.6 Property0.8 Fixed Interest4.4 Alternative Investments1.1 Cash 2.5 Other 1.3 Total30.9

19. Analysis of EEV pre-tax result £’mH1 2012 H1 2011 Operating profit167.8 183.6 Investment variance54.9 0.9 Economic assumption change(2.2) (1.9) Pre-tax result220.5 182.6

20. EEV net asset value per share penceH1 2012 H1 2011 Net asset value per share414.6 379.6

21. IFRS profit before shareholder tax £’mH1 2012 H1 2011 Life 52.6 49.1 Unit trust13.1 14.4 65.763.5 Distribution2.0- Other(8.8)(8.2) Profit before shareholder tax58.9 55.3

22. Pre- tax IFRS profit £’mH1 2012 H1 2011 Pre-tax profit 58.955.3 Shareholder tax (12.8)(7.7) Post- tax profit 46.147.6 Effective tax rate 21.7% 13.9%

23. £’mH1 2012 H1 2011 Expected 13.715.0 Market related impacts 3.1(2.5) Other (0.3)(1.0) Change in corporation tax rate (3.7)(3.8) Total tax charge 12.87.7 Expected effective tax rate 23.3%27.0% Analysis of shareholder tax charge

24. IFRS net asset value per share penceH1 2012 H1 2011 Net asset value per share141.7 127.4

25. Analysis of post tax cash result £’mH1 2012 H1 2011 Arising on in force business75.7 62.0 +22% Arising from new business (33.8) (34.0)+0% Underlying cash result 41.9 28.0+50% Variances 3.0 2.8 Post tax cash result 44.9 30.8+46%

26. £’mH1 2012 H1 2011 Estimated business not yet generating positive cash (£’bn)* 10.6 9.5 Associated annual post tax cash (£’m)* c80.0 66.3 * Ignores stock market movements and outflows since the date of the original client investment Analysis of EEV pre-tax result

27. Analysis of post tax cash result £’mH1 2012 H1 2011 Arising on in force business75.7 62.0 +22% Arising from new business (33.8) (34.0)+0% Underlying cash result 41.9 28.0+50% Variances 3.0 2.8 Post tax cash result 44.9 30.8+46%

28. Return on the investment in new business £’mH1 2012 H1 2011 Cost of investment (£’m) 33.8 34.0 Post tax EEV profit (£’m) 94.8 96.9 Cash payback period (yrs) 54 IRR (net of tax) 21.0% 23.6% As a % of gross inflows 1.3%

29. Analysis of post tax cash result £’mH1 2012 H1 2011 Arising on in force business75.7 62.0 +22% Arising from new business (33.8) (34.0)+0% Underlying cash result 41.9 28.0+50% Variances 3.0 2.8 Post tax cash result 44.9 30.8+46%

30. Post-tax cash result 34% Double Half Year* Investment in new business * For illustration purposes

31. £’m 20122008 Average closing daily FTSE 100 5,691 5,933(4%) Cash result for first six months (£’m) 44.9 12.2x3.68 Growth in cash result

32. Unbroken dividend growth +16% +18% +2% +33% +2.5% +33% * Plus special dividend of 6.35 pence Interim

33. Expenses Establishment expense growth for the half year was 4.2% We will maintain pressure on these costs but will continue to invest in the business where appropriate (eg Partner recruitment) Development costs were £4.0 million in the first six months and we anticipate a similar spend in the second half of the year Our full year contribution to the FSCS levy to be some £6-7 million (double last year)

34. Capital position Total group solvency assets at 30 June 2012 were £368.2 million Solvency remains strong Holding a £35.0 million dividend reserve Investment policy for solvency assets continues to be prudent Solvency II

35. DAVID BELLAMY Chief Executive

36. ‘Trust’ in financial services at an all time low Scandal surrounding LIBOR fixing Product failures – Key Data; Arch Cru; MF Global etc. Regulatory sanctions Increasing FSCS levies Corporate culture & trust – never more important

37. Business momentum Driven by:- Dedicated team Focused on delivering good outcomes for clients Partner development Quality of new recruits New funds & fund managers

38. Predictability 37 Partner Numbers Total new Investments 2010+6%£4.7 bn 2011+6%£5.2 bn 2012 – Year to date+3%£2.7 bn (Straight line projection)(+6%)(£5.4 bn)

39. USP’s The Partnership Our Investment approach Our Culture ‘Relationship based business’ 38

40. 2012 Awards 39

41. Annual Company meeting 40

42. Foundation Fund Raising Target

43. Growth in Partner numbers +8% +7% +9% +6% +3.2% +6%

44. Advice marketplace

45. Adviser Community Over 400 Advisers 44

46. New Advisers

47. Adviser Community Over 400 Advisers Average experience 10yrs Average age 44 156 Partners formerly advisers 30 ‘second generation’ 46

48. Academy Two intakes Average earnings c£100,000 Average age 39 Second generation later this year 47

49. Professional Qualifications 91% qualified 6% - 2 exams or less Over 2,000 qualified individuals 100 Chartered Planners – many more to come 48

50. SRA 49

51. 50 Dr Mohamed El-ElrianDr Vineer BhansaliCurtis Mewbourne

52. 51 Kenneth Buntrock

53. Global Equity Income Fund 52 Paul Boyne Doug McGraw

54. Diversified Portfolios

58. 57

59. Resilient & Predictable Results Growth in Partner numbers Growth in new business Growth in FUM Growth in shareholder value

60. Summary APE growth +5% New single investments of £2.76bn New inflows of £1.51bn FUM £30.9bn Partnership growth of 3.2% to 1,702 EEV operating profit £167.8 million IFRS profit £58.9 million Interim dividend up 33% 59