The Jelf Group CV - updated May 2015

Introducing Jelf

The Jelf family brand

Formed in 1989 by Chris Jelf, the Group has 37 offices in 34 locations across England, Wales and Scotland employing over 1,200 members of staff.

Jelf is a leading, award-winning UK consultancy providing insurance, employee benefits, healthcare insurance and financial planning services to corporate, SME and individual clients.

Our purpose is simple: to build a long-lasting relationship with clients and to become their Trusted Adviser. We work side-by-side with our clients to understand their needs and individual circumstances. Our commitment to clients and to delivering excellent client service is our principal driver.

We work with over 69,000 corporate and commercial clients, covering a wide spectrum from small owner-managed businesses, to SMEs and larger corporate entities. We also have over 45,000 individual clients.

The Jelf name is well-known in certain communities and in a number of chosen geographical areas. Our aim is to continue to enhance the brand in those communities and locations.

Our vision for the future is based on maintaining profitable growth by continuously developing and evolving our core strengths for the benefit of all partners. We aim to achieve this by focusing on organic growth and making selected acquisitions; as well as by engaging fully with our staff, our clients, our shareholders and the partner providers of the products and services we deliver.

For further information about Jelf, please visit www.jelfgroup.com

The Jelf Group CV - updated May 2015

Aspire 2015-2017

‘Aspire’ is the current phase of Jelf’s long-term strategy. It aims to guide the development of the Group, providing a focus for the three-year period 2015-2017.

Our vision is: “To be recognised as the leading Trusted Adviser in our chosen markets, aspiring to exceed our clients’ expectations at every touch point”.

Our key aspirations include:

� Building our industry accreditation

� Surpassing benchmarks and strengthening our reputation

� Bringing together our expertise to meet our clients’ needs

� Engaging clients and providing excellent service

� Increasing trust through excellence and consistency

Jelf at a glance

Jelf is differentiated by the comprehensive range of services offered to clients:

� Business continuity planning

� Business interruption

� Commercial Insurance – SME to Corporate

� Employment protection

� H&S legislation

� Liabilities

� Professional Indemnity

� Personal Lines and High Net Worth

� Risk management

� Healthcare (UK and International)

� Wellbeing at Work

� Workplace Savings and Pensions

� Workplace Benefits Platform

� Protection and Risk

� Financial Education and Planning

� Tax and trust planning

� Care fees planning

� Protection for individuals and businesses

� Investment advice and planning

� Mortgage advice

� Retirement planning

� Asset Finance

� Banking Consultancy

� Invoice Finance

� Property Finance

� Vehicle Fleet Management

� Vehicle Sourcing and Finance

Insurance

£55.2m*

Financial Planning

£6.6m

Employee Benefits

£20.8m

Commercial Finance

Our clients

Figures shown are Financial Year End 2013/2014 revenues

*Includes Jelf Commercial Finance and The Purple Partnership

The Jelf Group CV - updated May 2015

Jelf’s financial results

Award winning

The Group delivered a strong set of trading results at year end 2013/2014, which was particularly pleasing as 2014 saw Jelf celebrate its 25th Anniversary as a business and its 10th year on AIM*. At its interim results (for the six months ended 31 March 2015), Jelf reported that trading was strong across the Group and outperforming the previous year.

Across the Group we are committed to building our professional accreditation – including maintaining the Group’s ‘3 Star’ Investor in Customers (IIC) award, further improving our Net Promoter® Score (NPS) throughout the Group, and retaining our prestigious Chartered status for Insurance and Financial Planning.

Strong financial performance in 2013/2014: � Revenues increased by 8.4% to £82.6m (2013: £76.2m)

� EBITDA** increased by 32.4% to £14.6m (2013: £11.0m)

� EBITDA margin increased to 17.6% (2013: 14.4%)

� Profit after tax increased by 40.4% to £6.5m (2013: £4.6m)

� Fully diluted earnings per share increased by 35.0% to 5.4p (2013: 4.0p)

Increased dividend payment declared: � 2.0p per share to be paid on 30 January 2015 to

shareholders on the register on 30 December 2014 (2013: 1.5p)

*AIM - Alternative Investment Market/**EBITDA(E) - Earnings before interest, tax, depreciation and amortisation (exceptional) costs

Excep�onal

2014

PENSIONSAgeWARDS

WINNER

Strong financial performance continues in six months ended 31 March 2015:

� Revenues 11.0% ahead of last year at £43.7m (2014: £39.3m)

� EBITDAE pre-share costs increased by 24.6% to £8.1m (2014: £6.5m)

� EBITDAE margin pre-share costs increased by 12.3% to 18.5% (2014: 16.4%)

� Fully diluted Earnings per Share increased by 12.8% to 1.67p (2014: 1.48p)

� Interim maiden dividend of 0.8p

The Jelf Group CV - updated May 2015

Culture and Guiding Principles

We recognise that Jelf’s continued success is linked to the calibre, dedication and expertise of our people. Developing the skills and specialisms of our people is a focus for Jelf – providing them with the tools to truly become experts in their field and feel passionate about delivering a client-focused service.

As a people business, our objective is to develop a positive culture to support our future growth. We aim to build an environment in which our people are engaged, empowered and enthusiastic about delivering an excellent and consistent service to our clients.

E Engaged

Empowered

Enthusiastic

Take pride in Jelf: Focus on the whole Group (One Jelf). Stop silos. Be an advocate.

Put clients first: Meet client needs before ours – they are our business. Offer relevant Jelf Menu products and services – be their Trusted Adviser.

Manage our people well: Recruit well; care for colleagues as individuals; develop the career they aspire to; set high standards; give constructive feedback.

Do the right thing: Be honest and ethical; have integrity, compassion and respect; follow regulation.

Set high professional standards: Keep promises. Be professional. Value excellence.

Be open and candid: Build an environment where colleagues can openly discuss and raise questions; embrace new ideas and alternative ways of doing things. Avoid surprises.

Grow profitably: Provide a secure future for us all.

This culture is underpinned by our Guiding Principles. We want our all people to share these values and use them to shape their day-to-day behaviours.

The Jelf Group CV - updated May 2015

Jelf Group’s financial year-end is 30 September

Key facts and historical growth

2014/2015Interim results - for

six months ended 31 March 2105

EBITDAE up by 24% Turnover up 11%

Acquisitions � Insurance - Beaumonts Insurance Group Ltd (December 2014)

� Insurance - Hamilton Bond Group Ltd (Claims Consultants and Chartered Loss Adjusters) (March 2015)

Key highlights � For third year in a row Jelf awarded Investor in Customers’ (IIC) ‘3 Star’ for ‘exceptional’

client service: seeing Jelf retain its position as the highest rated UK broker in the IIC community

� Jelf Insurance Brokers awarded ‘National Broker of the Year’ by Insurance Times

� Purple Partnership awarded prestigious ‘Broker Network of the Year’ at the Commercial Insurance Awards 2015 for second year running

2013/2014EBITDA £14.6m

Turnover £82.6m

Acquisitions � Insurance - Cronin & Co Corporate Insurance Brokers Ltd (October 2014)

� Insurance - Riverside Insurance Brokers Ltd (March 2014)

Key highlights � Increased dividend payment declared: 2.0p per share (2013:1.5p)

� Jelf celebrates its 25th Anniversary and 10th year on AIM

� Appointment of Non-Executive Director, Chris Hanks (May 2014)

� For the second year running Jelf awarded Investor in Customers’ (IIC) ‘3 Star’ accolade for ‘exceptional’ client service

� Employees raised over of £26,000 for charities across the UK, with a further £18,000 donated by Jelf

2012/2013EBITDAE £12.5m Turnover £76.2m

Acquisitions � Insurance - Howell Shone Insurance Brokers Limited (February 2013)

� The Insurance Partnership Services Ltd (May 2013)

Key highlights � Increased dividend payment declared: 1.5p per share (2012:1.3p)

� Awarded Investor in Customers’ (IIC) highest ‘3 Star’ accolade for ‘exceptional’ client service

� Employees raised in excess of £43,000 supporting charities across the UK, with a further £17,000 contributed by Jelf

2011/2012EBITDAE £11.3m Turnover £73.0m

Key highlights � Maiden dividend payment announced: 1.3p per share paid

� Share buy-back authority sought for approval by shareholders

� Employees raised in excess of £40,918 in support of local charities in England and Wales, with an additional £14,000 contributed by Jelf

2010/2011EBITDAE £10.1m Turnover £72.1m

Key highlights � Attained ‘Chartered’ Insurance Broker status

� Named ‘Health Insurance Intermediary of the Year’

2009/2010EBITDAE £9.8m

Turnover £70.4m

Key highlights � Appointment of Non-Executive Chairman, Les Owen

� Appointment of Non-Executive Director, Grahame Stott

� Appointment of Non-Executive Director, Jon Kelly

� AIM placing - £17.7m net raised

The Jelf Group CV - updated May 2015

Jelf Group plc

Les Owen - Non-Executive Chairman BSc FIA FIAA FPMILes joined Jelf as non-Executive Chairman on 28 July 2010. Les has 40 years’ experience in the financial services sector. He spent the bulk of his career at Sun Life and in the AXA Group where, prior to his retirement, he was Group Chief Executive Officer at AXA Asia Pacific Holdings. Prior to that he was Chief Executive of AXA Sun Life.

Chris Jelf - Deputy Chairman ACII FPCChris established the business in 1989 having worked in the industry in a number of positions for brokerages and providers (including Midland Bank and Royal Insurance). Chris is a qualified broker and financial adviser, and plays an active role with many of the Group’s insurance clients and business partners.

Alex Alway - Group Chief Executive FCMA Alex has worked in the sector for over 26 years. During this time he has worked for AXA for nine years where he held a number of different roles. He joined Jelf in January 2001 as Group Chief Executive, with specific responsibilities for formulating and implementing the Group’s strategy.

John Harding - Group Finance and Operations Director ACA BSc John is an accountant with more than 25 years’ experience in the financial services industry. Before joining Jelf in 2004, he was Head of Group Finance and Finance Director of Broker Sales with AXA Sun Life.

Phil Barton - Chief Executive (Insurance) BSc MBA Phil is an insurance and financial services professional with more than 30 years’ experience. Prior to joining Jelf in 2003 he worked for AXA, where he was the Managing Director (IFA Sales) and Prudential, where he was Sales Director (National Accounts). Since then he has performed a number of roles including Head of Compliance, Group Commercial Director and Group Marketing Director. He was appointed CEO (Insurance) in May 2010 and has since led the successful integration of the Group’s insurance business.

Alex Rowe - Non-Executive Director MA (Hons)Alex has more than 30 years’ experience spread across a diverse range of businesses and organisations; notably 15 years as Joint Managing Director of CLS Group, a major business in the South West region, before its sale to a multinational competitor. He joined the Group in 2006.

The Jelf Group CV - updated May 2015

Jonathan Kelly - Non-Executive Director BAJonathan is a Partner of Capital Z Partners (CZP), responsible for sourcing, evaluating and structuring investments within the financial services industry. Prior to joining CZP in 1998 he was a Senior Vice President in the Investment Banking Division of Donaldson, Lufkin & Jenrette, where he specialised in corporate finance, and merger and acquisition transactions for clients in the insurance and reinsurance industries. He currently serves as a director of several portfolio companies. Jonathan joined Jelf in 2010.

Grahame Stott - Non-Executive Director FFA Cert CIIGrahame, as a qualified actuary with considerable consultancy experience, brings a wealth of relevant insight into the intermediary market. He previously spent 20 years at Watson Wyatt in Hong Kong, becoming the regional director for 12 countries across Asia Pacific. His background working with fast growing, listed companies is of great value to the Group. In September 2013, Grahame became a Director of Fidelity Asian Values PLC, an LSE main board listed company.

Chris Hanks - Non-Executive Director ACII, Chartered InsurerChris has spent his entire career in the General Insurance market in the UK, recently retiring as General Manager for Allianz UK. Alongside leading the success of that business, Chris has held a number of important market positions including National President for the Chartered Insurance Institute and ABI nominated Chairman of Fire Protection Association. Chris also holds the role of Non-Executive Chairman to Jelf’s national network for independent insurance brokers, the Purple Partnership.

Head Office

Hillside Court Bowling Hill Chipping Sodbury Bristol BS37 6JX

www.jelfgroup.com

Key dates

� Year end results: December

� AGM: February � Interim results: May

Nomad/Broker Information

finnCap

Telephone: 020 7220 0500

To be recognised as the leading Trusted Adviser in our chosen markets, aspiring to exceed our clients’ expectations at every touch point