EQV-Brochure-2016

EQV (UK) Ltd Making great, greater Esse Quam Videri

Ys ʹ dŚĞ ƌƚ ŽĨ dƌĂŝŶŝŶŐ ZĞĚĞĨŝŶĞĚ DĂŶĂŐĞŵĞŶƚ ʹ ƵƐŝŶĞƐƐ ^ŬŝůůƐ ʹ /d ^ŬŝůůƐtĞůĐŽŵĞ ƚŽ ƚŚĞ Ys ůĞĂƌŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ďƌŽĐŚƵƌĞ ĨŽƌ ϮϬϭϲ ĂŶĚ ďĞLJŽŶĚ͘ ƉƉƌŽĂĐŚŝŶŐ Ϯϱ LJĞĂƌƐ ŝŶ ƚŚĞŝŶĚƵƐƚƌLJ ǁĞ ĐŽŶƚŝŶƵĞ ƚŽ ĚĞƐŝŐŶ ƚŚĞ ƌŝŐŚƚ ĐŽƵƌƐĞƐ ƚŽ ŵĞĞƚ ĐĂŶĚŝĚĂƚĞ ŶĞĞĚƐ ĂĐƌŽƐƐ ƚŚĞ ǁŝĚĞƐƚ ǀĂƌŝĞƚLJ ŽĨŽƌŐĂŶŝƐĂƚŝŽŶƐ ŽŶ ĞŝƚŚĞƌ Ă ƌĞŐŝŽŶĂů͕ ŶĂƚŝŽŶĂů Žƌ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐĐĂůĞ͘KƵƌ ĐŽƵƌƐĞƐ ĐĂŶ ďĞ ĚĞůŝǀĞƌĞĚ Ăƚ LJŽƵƌ ůŽĐĂƚŝŽŶ Žƌ Ăƚ ŽƵƌ ƉƵďůŝĐ ĐŽƵƌƐĞƐ ƚŚĂƚ ĂƌĞ ĂǀĂŝůĂďůĞ Ăƚ ŽƵƌ ƌĂŶŐĞ ŽĨĐĞŶƚƌĞƐ ĨŽƌ ďŽƚŚ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ ƐĞĐƚŽƌ͘KƵƌ ĞdžƚĞŶƐŝǀĞ ƉŽƌƚĨŽůŝŽ ŽĨ ƚƌĂŝŶŝŶŐ ĐŽƵƌƐĞƐ ĂƌĞ ĐƌĞĂƚĞĚ ƚŽ ŝŶƚƌŽĚƵĐĞ ƉĞŽƉůĞ ƚŽ ŶĞǁ ƐŬŝůůƐ͕ ďƵŝůĚ ŽŶ ĐƵƌƌĞŶƚƐŬŝůůƐ ĂŶĚ ďĞŶĐŚŵĂƌŬ ŝŶĚŝǀŝĚƵĂů ĂŶĚ ŐƌŽƵƉ ƚĂůĞŶƚ ƚŽ ƐƵƉƉŽƌƚ ŽƌŐĂŶŝƐĂƚŝŽŶĂů ƐƵĐĐĞƐƐŝŽŶ ƉůĂŶŶŝŶŐ ĂŶĚŝŶĚŝǀŝĚƵĂů ĚĞǀĞůŽƉŵĞŶƚ͘EĞǁ WŽƌƚĨŽůŝŽtĞ ĂƌĞ ƉƌŽƵĚ ƚŽ ĂŶŶŽƵŶĐĞ ŵĂŶLJ ŶĞǁ ĐŽƵƌƐĞƐ ĨŽƌ ϮϬϭϱͲϭϲ ŝŶĐůƵĚŝŶŐ͗ • s džĐĞů ĚǀĂŶĐĞĚ͕ WŽǁĞƌWŝǀŽƚ • dĂďůĞƚ dƌĂŝŶŝŶŐ • DŝŶĚĨƵůŶĞƐƐ͕ ZĞƐŝůŝĞŶĐĞ • WƌĞnjŝ ĂŶĚ ŵĂŶLJ ŵŽƌĞ͙D/tĞ ĂƌĞ ĚĞůŝŐŚƚĞĚ ƚŽ ĂŶŶŽƵŶĐĞ ǁĞ ŚĂǀĞ ďĞĐŽŵĞ Ă D/ ĐĞŶƚƌĞ ŽĨĨĞƌŝŶŐ D/ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ĨŽƌ ůĞǀĞůƐ ϯͲϳ͘ ůůůĞĂƌŶĞƌƐ ŐĂŝŶ ĐŽŵƉůĞŵĞŶƚĂƌLJ ĂĐĐĞƐƐ ƚŽ ŽŶůŝŶĞ ůĞĂƌŶŝŶŐ ŵĂƚĞƌŝĂůƐ ǀŝĂ ƚŚĞ ͚DĂŶĂŐĞŵĞŶƚ ŝƌĞĐƚ͛ ƉŽƌƚĂů ĂŶĚ ǁŝůůďĞĐŽŵĞ ŵĞŵďĞƌƐ͘ŽŶ͛ƚ ũƵƐƚ Ɛŝƚ ƚŚĞƌĞ͙dŚĞ ůĂƚĞƐƚ ƌĞƐĞĂƌĐŚ ƐŚŽǁƐ ƚŚĂƚ ƐŝƚƚŝŶŐ ĨŽƌ ůŽŶŐ ƉĞƌŝŽĚƐ ŝƐ ŶŽƚ ŐŽŽĚ ĨŽƌLJŽƵ͘ DŽǀĞŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ƐƚĂŶĚŝŶŐ ŝƐ ďĞƚƚĞƌ ĂŶĚ ƉƌŽǀŝĚĞƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨƉŽƚĞŶƚŝĂů ŚĞĂůƚŚ ďĞŶĞĨŝƚƐ͘ Ɛ ƐƵĐŚ Ys ĂƌĞ ŶŽǁ ŽĨĨĞƌŝŶŐ ŽƵƌ ^ƚĂŶĚŝŶŐ ĂŶĚDŽǀĞŵĞŶƚ ůĞĂƌŶŝŶŐ ĐŽƵƌƐĞ ĚĞůŝǀĞƌLJ ŽƉƚŝŽŶ͘ zŽƵƌ ĐŽƵƌƐĞ ĐĂŶ ďĞ ĚĞůŝǀĞƌĞĚ ǁŝƚŚǀĂƌŝĂďůĞ ŚĞŝŐŚƚ ĚĞƐŬƐ ƐŽ LJŽƵ ĐĂŶ ƐƚĂŶĚ Ɛŝƚ ĂŶĚ ŵŽǀĞ ĂƐ LJŽƵ ĐŚŽŽƐĞ ƚŚƌŽƵŐŚŽƵƚLJŽƵƌ ƚƌĂŝŶŝŶŐ ĚĂLJ͘ŝĚ LJŽƵ ŬŶŽǁ͙Ys dƌĂŝŶƐ ŽǀĞƌ ϭϴ͕ϬϬϬ ĞůĞŐĂƚĞƐ Ă LJĞĂƌhƉ ƚŽ ϭϱ ŶĂƚŝŽŶǁŝĚĞ ƚƌĂŝŶŝŶŐ ĞǀĞŶƚƐ ĚĞůŝǀĞƌĞĚ ĚĂŝůLJƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ŝƐ ϵϴй ǁŚŝĐŚ ŝƐ ƌĞĨůĞĐƚĞĚ ĨƌŽŵ ĐƵƐƚŽŵĞƌƐ ǁŚŽ ŚĂǀĞ ƵƐĞĚ ŽƵƌ ƐĞƌǀŝĐĞƐ ĨŽƌ ŽǀĞƌ ƚǁŽĚĞĐĂĚĞƐWĞƌĨŽƌŵĂŶĐĞ ŽŽƐƚĞƌƐdŚĞƐĞ ďŝƚĞ ƐŝnjĞ ƐĞƐƐŝŽŶ ĂƌĞ ďƵƌƐƚƐ ŽĨ ƐƚŝŵƵůĂƚŝŶŐ͕ ƚŝŵĞ ĞĨĨŝĐŝĞŶƚ ƐƚƐ ƚŽ LJŽƵƌ ĚĞǀĞůŽƉŵĞŶƚ ŶĞĞĚƐ͘ >ĂƐƚŝŶŐďĞƚǁĞĞŶ ϲϬ ŵŝŶƵƚĞƐ ƚŽ Ϯ ŚŽƵƌƐ͕ ƚŚĞƐĞ ŝŶŶŽǀĂƚŝǀĞ ůĞĂƌŶŝŶŐ ƐĞƐƐŝŽŶƐ ĐĂŶ ďĞ ƌƵŶ ĨŽƌ ƵƉ ƚŽ Ϯϱ ĚĞůĞŐĂƚĞƐ ĂŶĚǁŝƚŚ ƵƉ ƚŽ ϯ ƐĞƐƐŝŽŶƐ ƉĞƌ ĚĂLJ͕ ŚĞůƉŝŶŐ ƚŽ ŵĂdžŝŵŝƐĞ LJŽƵƌ ƚƌĂŝŶŝŶŐ ďƵĚŐĞƚ͘ 0333 344 4475 2 www.eqv.co.uk

&RQWHQWVŽƵƌƐĞ WƌŽĨŝůĞƐ WĂŐĞƐ WĞƌƐŽŶĂů ϱͲϮϯ ĞǀĞůŽƉŵĞŶƚ ϮϰͲϯϯ ^ĂůĞƐ Θ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ϯϰͲϱϵ ϲϬͲϲϮ DĂŶĂŐĞŵĞŶƚ ϲϯͲϭϬϯ &ŝŶĂŶĐĞ /d ^ŬŝůůƐ ĨŽƌ WƌŽĨĞƐƐŝŽŶĂůƐůů ŽƵƌƐĞ WƌŝĐĞƐ ĂƌĞ ^ƵďũĞĐƚ ƚŽ s d^LJƐƚĞŵ ĞǀĞůŽƉŵĞŶƚ ĨŽƌ LJŽƵƌ KƌŐĂŶŝnjĂƚŝŽŶtĞ ǁŽƌŬ ǁŝƚŚ ůĂƌŐĞ ĂŶĚ ƐŵĂůů ĐŽŵƉĂŶŝĞƐ ƚŽ ĚĞǀĞůŽƉŵĞŶƚ /d ďĂƐĞĚ ƐLJƐƚĞŵƐ͘ dŚĞƐĞ ƐLJƐƚĞŵƐ ĂƌĞ ďƵŝůƚ ƚŽ ĐƵƐƚŽŵĞƌ ƐƉĞĐŝĨŝĐĂƚŝŽŶ ďLJ ĨŽůůŽǁŝŶŐ ƚŚĞ ƐƚĂŐĞƐ ďĞůŽǁ ͲsŝƐŝƚ ƚŽ ƵŶĚĞƌƐƚĂŶĚ LJŽƵƌ tƌŝƚĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƌŽǀŝĚĞ ƋƵŽƚĞ ďĂƐĞĚ ŽŶ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĚĂLJƐ ƚŽ ĚĞǀĞůŽƉ ^LJƐƚĞŵ ĞǀĞůŽƉŵĞŶƚ hŶĚĞƌƚĂŬĞ ƚŚĞ ĞǀĞůŽƉŵĞŶƚ /ŶƐƚĂůůĂƚŝŽŶ ĂŶĚ dƌĂŝŶŝŶŐdžĂŵƉůĞƐ ƚŽ ĚĂƚĞ ŝŶĐůƵĚĞ ZD͕ ǀĞŶƚ ŽŽŬŝŶŐ͕ ^ƚŽĐŬ ŽŶƚƌŽů͕ YƵĂůŝƚLJ ^LJƐƚĞŵ ĂŶĚ ŵĂŶLJ ŵŽƌĞ͘0333 344 4475 3 [email protected]

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ƵƉĞƌǀŝƐŽƌLJ /HDGHUVKLS 7HDP VNLOOV &ŝƌƐƚ >ŝŶĞ /HDGHUVKLSDĂŶĂŐĞƌƐ 0DQDJHPHQW &RDFKLQJDŽǀŝŶŐ ƵƉ ƚŽ /HDGHUVKLS DŝĚĚůĞ 0DQDJHPHQWDĂŶĂŐĞŵĞŶƚ  DŝĚĚůĞ /HDGHUVKLSDĂŶĂŐĞƌƐ 0DQDJHPHQW &RDFKLQJ 0HQWRULQJDŽǀŝŶŐ ƵƉ ƚŽ /HDGHUVKLS ^ĞŶŝŽƌ 0DQDJHPHQWDĂŶĂŐĞŵĞŶƚ  ^ĞŶŝŽƌ 'HYHORSLQJ /HDGHUVKLSDĂŶĂŐĞŵĞŶƚ 0DQDJHPHQW 0333 344 4475 4 www.eqv.co.uk

&0, 4XDOLILFDWLRQV$W (49 ZH RIIHU ERWK 3XEOLF 6FKHGXOHG &RXUVHV DQG &ORVHG *URXS &RXUVHV RQ VLWH DQG 6HOI 6WXG\ 2SWLRQV 7KHVHH[SDQG RYHU DOO WKH OHYHOV DYDLODEOH DOORZLQJ IRU SURJUHVVLRQ XS WKH TXDOLILFDWLRQ ODGGHU:H SURYLGH D VXLWH RI 6HOI 6WXG\ PRGXOHV IRU \RX WR FRPSOLPHQW WKH WXWRU OHG GHOLYHU\ SURJUDPPHV WKDW ZH RIIHU-RLQ RXU &0, /HDUQLQJ )RUXP WR VKDUH EHVW SUDFWLFH SRVH TXHVWLRQV DQG HQKDQFH \RXU OHDUQLQJ -RXUQH\ /HYHO 7LWOH $ZDUG &HUWLILFDWH 'LSORPD &ŝƌƐƚ >ŝŶĞ )LUVW OLQH DĂŶĂŐĞƌƐ 0DQDJHPHQW  0DQDJHPHQW /HDGHUVKLSDŽǀŝŶŐ ƵƉ ƚŽ DŝĚĚůĞ 0DQDJHPHQW 0DQDJHPHQWDĂŶĂŐĞŵĞŶƚ /HDGHUVKLS  0DQDJHPHQW DŝĚĚůĞ /HDGHUVKLS DĂŶĂŐĞƌƐ 6WUDWHJLF  PDQDJHPHQWDŽǀŝŶŐ ƵƉ ƚŽ /HDGHUVKLS ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚ  ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚ 0333 344 4475 5 [email protected]

$VVHUWLYHQHVV  'D\ %XVLQHVV %HQHILW+RZ PDQDJHUV FRPH DFURVV WR VWDII DQG KRZ VWDII FRPH DFURVV WR FXVWRPHUV FDQKDYH D ELJ LPSDFW RQ EXVLQHVV UHVXOWV 2XU EHKDYLRXU LQ WKH ZRUNSODFH FDQ LPSDFWRQ VDOHV SURGXFWLYLW\ VWDII UHWHQWLRQ DEVHQWHHLVP DQG PDQDJLQJ FKDQJH 7KHVNLOOV RI DVVHUWLYHQHVV FDQ XQORFN WKH WUXH SRWHQWLDO RI DQ RUJDQLVDWLRQ :KR 6KRXOG $WWHQG\"7KRVH ZKR QHHG WR DFW LQ D PRUH DVVHUWLYH PDQQHU /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • :KDW LV DVVHUWLYHQHVV\" \RX ZLOO EH DEOH WR« • 5LJKWV DQG UHVSRQVLELOLWLHV LQ  2FW  1RY  'HF• 8QGHUVWDQG ZKDW $VVHUWLYHQHVV LV $VVHUWLYHQHVV • $VVHUWLRQ DQG \RX • 8QGHUVWDQG RWKHU %HKDYLRXU 6W\OHV • %HKDYLRXU VW\OHV  -DQ  )HE • 1RQ$VVHUWLYH %HKDYLRXU  0DU  $SU• 'HPRQVWUDWH WKH VNLOOV RI • $JJUHVVLYH %HKDYLRXU  0D\  -XQ $VVHUWLYHQHVV • $VVHUWLYH %HKDYLRXU  -XO  $XJ • 7KH ³5LVNV´ RI &RQIURQWDWLRQ  6HS  2FW • 'HJUHHV RI &RQIURQWDWLRQ 5LVN  1RY  'HF • &RQVWUXFWLYH &RQIOLFW • 0DNLQJ DQG UHIXVLQJ 5HTXHVWV  • *LYLQJ DQG 5HFHLYLQJ 3UDLVH DQG  -DQ  )HE  0DU  $SU &RPSOLPHQWV  0D\  -XQ • &KDQJLQJ D 1HJDWLYH 6HOI ,PDJH  -XO  $XJ • 3RVLWLYH 6WDWHPHQWV  6HS  2FW • $ &KHFNOLVW IRU 6SHDNLQJ 8S  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGV 3ULFHDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 6FKHGXOHGĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ …ƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 3HU SHUVRQ 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 0HDVXUHG …0333 344 4475 6 www.eqv.co.uk 3HU JURXS RI XS WR  3HU GD\

%DVLF 5HDGLQJ :ULWWHQ &RPPXQLFDWLRQ  'D\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• 7KH EHQHILWV \RX ZLOO EH DEOH WR« • :D\V RI UHDGLQJ WH[WV  2FW  1RY • 5HYLHZLQJ DQG UHFDOO  'HF• ,GHQWLI\ \RXU RZQ UHDGLQJ W\SH • 6WUXFWXUHV RI WH[W • 0HVVDJH FRQVWUXFWLRQ • 'HPRQVWUDWH GLIIHUHQW ZD\V RI • 3XQFWXDWLRQ  -DQ  )HE UHDGLQJ WH[W • 6SHOOLQJ  0DU  $SU • 6W\OH  0D\  -XQ• ([SORUH VFDQQLQJ DQG VNLPPLQJ  -XO  $XJ  6HS  2FW• 'HVFULEH WKH VWDJHV LQ DQDO\WLFDO  1RY  'HF UHDGLQJ • :ULWH LQ D FRQVWUXFWLYH DQG  'HF  )HE GLVFLSOLQHG ZD\  0DU  $SU  0D\  -XQ• ,GHQWLI\ DQG FRUUHFW PLVXVHG ZRUGV  -XO  $XJ  6HS  2FW• 8QGHUVWDQG KRZ WR FRQVWUXFW FOHDU  1RY  'HF VHQWHQFHV 2WKHU ORFDWLRQV• 'HPRQVWUDWH KRZ WR XVH LQFOXGH SXQFWXDWLRQ HIIHFWLYHO\ /RQGRQ %ULVWRO• ([SODLQ FRPPRQ PLVWDNHV (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 7 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

&RDFKLQJ 0HQWRULQJ  'D\ %XVLQHVV %HQHILW7KH PRGHUQ EXVLQHVV HQYLURQPHQW GHPDQGV WKDW RUJDQLVDWLRQV FRQVWDQWO\ UHH[DPLQH WKHLU EXVLQHVV SUDFWLVHV 7KH QHHG IRU FKDQJH LV EHFRPLQJ DOPRVW D GDLO\IDFWRU LQ NHHSLQJ XS ZLWK WKH µFRPSHWLWLRQ¶ DQG VDWLVI\LQJ HYHULQFUHDVLQJ FXVWRPHUH[SHFWDWLRQV 2UJDQLVDWLRQV QHHG WR EH DEOH WR VXSSRUW WKHLU VWDII WKURXJK WKLVSURFHVV RI µFRQVWDQW FKDQJH¶ DQG &RDFKLQJ DQG 0HQWRULQJ SOD\V D FUXFLDO UROH LQSURYLGLQJ WKDW VXSSRUW :KR 6KRXOG $WWHQG\",GHDO IRU GLUHFWRUV PDQDJHUV DQG VXSHUYLVRUV ZKR DUH UHVSRQVLEOH IRU WKHSHUIRUPDQFH RI RWKHUV +5 3URIHVVLRQDOV VHHNLQJ WR GHYHORS WKHVH VNLOOV ZLWKLQ DQRUJDQLVDWLRQ ZLOO DOVR EHQHILW IURP WKLV FRXUVH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW %\ WKH HQG RI WKLV FRXUVH • 1DWXUH DQG UROH RI &RDFKLQJ \RX ZLOO EH DEOH WR« 0HQWRULQJ LQ WKH ZRUNSODFH• 8QGHUVWDQGLQJ WKH FRQWH[W IRU HIIHFWLYH • %HKDYLRXUV UHTXLUHG E\ D ZRUNSODFH ZRUNSODFH FRDFKLQJ DQG PHQWRULQJ FRDFK RU PHQWRU• 8QGHUVWDQGLQJ WKH SURFHVV DQG FRQWHQW • 6NLOOV DELOLWLHV DQG FKDUDFWHULVWLFV RI DQ RI HIIHFWLYH ZRUNSODFH FRDFKLQJ DQG HIIHFWLYH ZRUNSODFH &RDFK RU 0HQWRU PHQWRULQJ • 'HYHORSPHQW JRDOV WKDW FDQ EH PHW WKURXJK &RDFKLQJ 0HQWRULQJ /HLFHVWHU  • *52: 26&$5 $552: • ([SORUDWLRQ RI WKH FRDFK DQG OLQH  2FW  1RY  'HF PDQDJHU UHVSRQVLELOLWLHV • &RQWUDFWLQJ ± SXUSRVH DQG FRQWHQW  • 7KH LPSRUWDQFH RI FRQILGHQWLDOLW\ LQ  -DQ  )HE  0DU  $SU &RDFKLQJ 0HQWRULQJ SUDFWLFH  0D\  -XQ • 5HFRUG .HHSLQJ &RDFKLQJ SODQV  -XO  $XJ  6HS  2FW SURJUHVV UHYLHZV  1RY  'HF • $VVHVVPHQW WHFKQLTXHV DQG SXUSRVH • 5DQJH DQG YDOXH RI GLIIHUHQW OHDUQLQJ   -DQ  )HE UHVRXUFHV DQG IDFLOLWLHV  0DU  $SU • $VVHVVPHQW WRROV 9$. %HOELQ  0D\  -XQ • -RE GHVFULSWLRQV EHKDYLRXUV  -XO  $XJ  6HS  2FW FRPSHWHQF\ IUDPHZRUNV  1RY  'HF • &RQFHSW RI OHDUQLQJ VW\OHV • 3HUVRQDO IDFWRUV ZKLFK FDQ LQKLELW UHVSRQVLYHQHVV WR FRDFKLQJ • 6WUDWHJLHV WR RYHUFRPH SHUVRQDO EDUULHUV WR &RDFKLQJ 0HQWRULQJ&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ 2WKHU FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQWV /RFDWLRQV /RQGRQ %ULVWRO (GLQEXUJK /HHGV +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 8 www.eqv.co.uk 3HU SHUVRQ 3HU GD\ … 3HU *URXS 3HU 'D\

&RPPXQLFDWLRQ $VVHUWLYHQHVV &RQILGHQFH %XLOGLQJ  'D\ %XVLQHVV %HQHILW$VVHUWLYH FRPPXQLFDWLRQ LV RIWHQ WKH GLIIHUHQFH EHWZHHQ DFKLHYLQJ D SURGXFWLYHRXWFRPH DQG HQGLQJ XS ZLWK GLVDJUHHPHQW 5HODWLRQVKLSV EHWZHHQ PDQDJHUV DQGVWDII DQG VWDII DQG FXVWRPHUV UHO\ RQ FRPPXQLFDWLRQ $VVHUWLYH EHKDYLRXU KROGV WKHNH\V WR HIIHFWLYH FRPPXQLFDWLRQ 2UJDQLVDWLRQV FDQ VDYH YDVW DPRXQWV RI WLPH HIIRUWDQG PRQH\ E\ JHWWLQJ FRPPXQLFDWLRQ ULJKW«ILUVW WLPH«HYHU\ WLPH :KR 6KRXOG $WWHQG\"$Q\RQH ZKR ZLVKHV WR FRPPXQLFDWH PRUH HIIHFWLYHO\ LQ GLIILFXOW VLWXDWLRQV RU ZLWKµGLIILFXOW SHRSOH¶ $Q\RQH ZKR QHHGV WR SHUVXDGH RWKHU SHRSOH WR WDNH DFWLRQ RUPDNH GHFLVLRQV $Q\RQH ZKR ZRXOG OLNH WR PDQDJH SHRSOH PRUH HIIHFWLYHO\ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • $ PRGHO RI KXPDQ EHKDYLRXU \RX ZLOO EH DEOH WR«  2FW  1RY • )RXU FRPPRQ EHKDYLRXUV  'HF• 8QGHUVWDQG ZKDW DVVHUWLYH FRPPXQLFDWLRQ LV DQG KRZ WR • 'HDOLQJ ZLWK GLIILFXOW VLWXDWLRQV DQG SHRSOH  UHFRJQLVH LW  -DQ  )HE • 6WDJHV LQ WKH FRPPXQLFDWLRQ SURFHVV  0DU  $SU• 'HPRQVWUDWH WKH NH\ VNLOOV RI  0D\  -XQ DVVHUWLYH FRPPXQLFDWLRQ • &RQVLGHUDWLRQ RI WKH UHFLSLHQW¶V QHHGV  -XO  $XJ  6HS  6HS• +LJKOLJKW KRZ WR GHDO ZLWK GLIILFXOW • %DUULHUV WR FRPPXQLFDWLRQ DQG KRZ WR  1RY  'HF VLWXDWLRQV DQG SHRSOH RYHUFRPH WKHP • 8QGHUVWDQG WKH LPSRUWDQFH RI • $ UDQJH RI GLUHFW FRPPXQLFDWLRQ PHWKRGV  -DQ  )HE HIIHFWLYH FRPPXQLFDWLRQ UHOHYDQW WR WKH WHDP DQG WKHLU UHODWLYH  0DU  $SU DGYDQWDJHV DQG GLVDGYDQWDJHV  0D\  -XQ• 8QGHUVWDQG PHWKRGV RI  -XO  $XJ FRPPXQLFDWLRQ • $ UDQJH RI GLUHFW FRPPXQLFDWLRQ PHWKRGV  6HS  2FW UHOHYDQW WR SHRSOH RXWVLGH RZQ DUHD RI  1RY  'HF• 8QGHUVWDQG WKH LPSRUWDQFH RI UHVSRQVLELOLW\ LQFOXGLQJ ZULWWHQ WHOHSKRQH PDLQWDLQLQJ DFFXUDWH UHFRUGV RI HPDLO DQG IDFHWRIDFH GLVFXVVLRQV 2WKHU ORFDWLRQV FRPPXQLFDWLRQ LQFOXGH • $VSHFWV RI IDFHWRIDFH FRPPXQLFDWLRQ /RQGRQ LQFOXGLQJ DSSHDUDQFH LPSDFW ERG\ %ULVWRO ODQJXDJH (GLQEXUJK /HHGV • 7KH LPSRUWDQFH RI VXFFLQFW DQG DFFXUDWH UHFRUGV RI RQHWRRQH RUDO FRPPXQLFDWLRQ • 5HDVRQV IRU PDLQWDLQLQJ UHFRUGV RI RQHWR RQH FRPPXQLFDWLRQ • &UHDWLQJ D 3HUVRQDO 'HYHORSPHQW 3ODQDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 9 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG …

&RQGXFWLQJ 6XFFHVVIXO 0HHWLQJV  'D\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• 8QGHUVWDQGLQJ WKH FRQFHSW RI D \RX ZLOO EH DEOH WR« PHHWLQJ  2FW  1RY  'HF• 8QGHUVWDQG WKH FRQFHSW DQG • :KDW LV WKH ZRUWK FRVW RI WKH SXUSRVH RI PHHWLQJV PHHWLQJ\"   -DQ  )HE• 'HPRQVWUDWH WKH PHWKRGRORJ\ IRU • 3ODQQLQJ \RXU PHHWLQJ  0DU  $SU SODQQLQJ DQ HIIHFWLYH PHHWLQJ • 5ROHV ZLWKLQ PHHWLQJV  0D\  -XQ • 2SHQLQJ $GGUHVV  -XO  $XJ• 'HVFULEH WKH UROHV SHRSOH DGRSW LQ • $VVHUWLYHQHVV  6HS  2FW PHHWLQJV • &RQWURO RI WKH JURXS  1RY  'HF • %HLQJ FRQVWUXFWLYH• 'HPRQVWUDWH WKH VNLOOV IRU GHDOLQJ • *HWWLQJ D GHFLVLRQ  ZLWK GLIILFXOW DWWHQGHHV • :KHQ WR GHIHU $FWLYH /LVWHQLQJ  -DQ  )HE • &RQFOXVLRQV  0DU  $SU• ([SODLQ WKH UROH RI FKDLUSHUVRQ • 7DNLQJ 0LQXWHV  0D\  -XQ • 3UREOHPV ZLWK PHHWLQJV  -XO  $XJ• &UHDWH D SHUVRQDO LPSOHPHQWDWLRQ • 7XUQLQJ QHJDWLYH DFWLRQV LQWR  6HS  2FW SODQ  1RY  'HF SRVLWLYH UHVXOWV 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ *URXS …0333 344 4475 10 www.eqv.co.uk 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR

&UHDWLYH 7KLQNLQJ  'D\ %XVLQHVV %HQHILW7KH FRPSOH[LWLHV RI EXVLQHVV LQ WKH VW FHQWXU\ UHTXLUH HYHU PRUH FUHDWLYH ZD\V RIVROYLQJ SUREOHPV DQG GHYHORSLQJ QHZ LGHDV 7KH QHHG WR EH DEOH WR µWKLQN RXWVLGH WKHER[¶ KDV QHYHU EHHQ JUHDWHU7KLV FRXUVH DGGUHVVHV WKDW QHHG DQG ORRNV DW ZD\V RI µWKLQNLQJ WKH XQWKLQNDEOH¶ :KR 6KRXOG $WWHQG\"3HRSOH ZKR ZRXOG EHQHILW IURP D PRUH FUHDWLYH DSSURDFK WR WKRVH SUREOHPV DQGLVVXHV ZKHUH WKH VROXWLRQV DUH QRW DOZD\V REYLRXV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 'HILQLQJ WKH UHDO SUREOHP ± WKH  \RX ZLOO EH DEOH WR« VHFWRU ZKHHO  2FW  1RY  'HF• 'HPRQVWUDWH PHWKRGV XVHG WR • :KDW DUH WKH µLQWHOOLJHQFHV¶\" GHILQH WKH UHDO SUREOHP  • 8VLQJ WKH OHIW DQG ULJKW EUDLQ  -DQ  )HE• 'HVFULEH KRZ WKH µOHIW EUDLQ¶ DQG  0DU  $SU µULJKW EUDLQ¶ ZRUN DQG ZKDW WKH • 6SDFH WLPH DQG ODXJKWHU ± 7KH  0D\  -XQ µLQWHOOLJHQFHV¶ DUH 5HIUDPLQJ 0DWUL[  -XO  $XJ  6HS  2FW• 8VH DQ DUUD\ RI SUREOHP VROYLQJ • *HWWLQJ FUHDWLYLW\ IURP D WHDP  1RY  'HF WRROV • 3UREOHP VROYLQJ PRGHOV DQG  PHWKRGV  -DQ  )HE  0DU  $SU • $FWLRQ SODQV  0D\  -XQ  -XO  $XJ  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 11 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

&9 :ULWLQJ DQG $WWHQGLQJ DQ ,QWHUYLHZ  'D\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• &RQWHQW OHQJWK DQG SUHVHQWDWLRQ RI D \RX ZLOO EH DEOH WR« &9  2FW  1RY  'HF• 'HVFULEH WKH FRQWHQWV RI D G\QDPLF • +RZ EHVW WR GHVFULEH HGXFDWLRQ ZRUN &9 H[SHULHQFH LQWHUHVWV DQG DFWLYLWLHV  HWF  -DQ  )HE• 'HPRQVWUDWH WKH VNLOO RI ZULWLQJ  0DU  $SU SRVLWLYH VWDWHPHQWV • 0DNLQJ SRVLWLYH VWDWHPHQWV  0D\  -XQ • 'HDOLQJ ZLWK µJDSV¶ DQG µMRE GXUDWLRQV¶  -XO  $XJ• &UHDWH D &9 XVLQJ 0LFURVRIW :RUG • &UHDWLQJ D &9 ZLWK 06 :RUG  6HS  2FW• 3UHSDUH IRU DQ ,QWHUYLHZ • 4XHVWLRQV \RX ZDQW WR DVN DW WKH  1RY  'HF• 8QGHUVWDQG &RPSHWHQFLHV• &DUU\ RXW ([SHULHQWLDO 4XHVWLRQLQJ LQWHUYLHZ  • $SSHDUDQFH $WWLWXGH FKHFN  -DQ  )HE XVLQJ WKH 67$5 WHFKQLTXH • (YLGHQFH RI SDVW DFKLHYHPHQWV  0DU  0DU• 8QGHUVWDQG WKH LPSRUWDQFH RI • .QRZOHGJH 6NLOOV $ELOLWLHV  0D\  -XQ  -XO  $XJ ,PSDFW DQG 3UHVHQFH ([SHULHQFH DQG %HKDYLRXUV  6HS  2FW• &RPPXQLFDWLRQ • :KDW WKH LQWHUYLHZHUV LV ORRNLQJ IRU  1RY  'HF• 0DNH D SUHVHQWDWLRQ • <RXU 3HUVRQDO 4XDOLWLHV DQG $WWULEXWHV• 7KH ,QWHUYLHZ 2WKHU ORFDWLRQV• 7KH 3URFHVV 34$V LQFOXGH • 7KH 67$5 7HFKQLTXH ± 6LWXDWLRQ 7DVN /RQGRQ o 6NLOOV UHTXLUHG %ULVWRO o 4XHVWLRQLQJ $SSURDFK 5HVXOW (GLQEXUJK o 3UDFWLFH VHVVLRQ • ,PSDFW DQG 3UHVHQFH :K\ ZH QHHG WR /HHGV SD\ DWWHQWLRQ WR RXU LPDJH • &RPPXQLFDWLRQ GR¶V DQG GRQ¶W • 7KH LQWHUYLHZ  6KRUW OLVWLQJ 6NLOOV RI D JRRG LQWHUYLHZHU  LQWHUYLHZHU HUURUV 4XHVWLRQLQJ WHFKQLTXHV DQG TXHVWLRQ W\SHVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 12 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

'HDOLQJ ZLWK 1HJDWLYLW\  'D\ %XVLQHVV %HQHILW,Q WKHVH GD\V RI FRQVWDQWO\ FKDQJLQJ ZRUNLQJ SUDFWLVHV UHVWUXFWXULQJ DQGUHGXQGDQFLHV WKLV NLQG RI VWDWHPHQW LV DOO WRR FRPPRQ LQ WKH ZRUNSODFH 7KH SUREOHPZLWK QHJDWLYLW\ LV ± LW¶V LQIHFWLRXV7KLV FRXUVH FDQ KHOS PDQDJHUV GHDO ZLWK QHJDWLYLW\ VWRS LW VSUHDGLQJ DQG KHOS VWDIIWR UHJDLQ WKHLU HQWKXVLDVP DQG PRWLYDWLRQ :KR 6KRXOG $WWHQG\"0DQDJHUV ZKR PD\ KDYH WR GHDO ZLWK QHJDWLYLW\ LQ WKH ZRUNSODFH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH FDXVHV RI QHJDWLYLW\ \RX ZLOO EH DEOH WR«  2FW  1RY • µ6LWXDWLRQDO¶ DQG µ+DELWXDO¶  'HF• +HOS VWDII WR FRPH WR WHUPV ZLWK QHJDWLYLW\ FKDQJH DQG FRQIURQW WKH FKDOOHQJHV  RI WKH PRGHUQ ZRUNLQJ • 7KH HIIHFW RI QHJDWLYLW\ RQ  -DQ  )HE HQYLURQPHQW EHKDYLRXU  0DU  $SU  0D\  -XQ• 8QGHUVWDQG WKH GLIIHUHQW W\SHV RI • +RZ WR PDQDJH EHKDYLRXU LQ WKH  -XO  $XJ QHJDWLYLW\ DQG GHYHORS VWUDWHJLHV ZRUNSODFH  6HS  2FW IRU GHDOLQJ ZLWK WKHP  1RY  'HF • 0RWLYDWLRQ ± UHHQHUJLVLQJ \RXU• 'HPRQVWUDWH SUDFWLFDO WHFKQLTXHV SHRSOH  IRU PDQDJLQJ QHJDWLYH EHKDYLRXU  -DQ  )HE • 3HUVRQDO ,PSOHPHQWDWLRQ 3ODQV  0DU  $SU• +HOS VWDII UHGLVFRYHU WKHLU  0D\  -XQ PRWLYDWLRQ  -XO  $XJ  6HS  2FW• &UHDWH D SRVW FRXUVH DFWLRQ SODQ  1RY  'HF IRU GHDOLQJ ZLWK QHJDWLYLW\ 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGV 3ULFHDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 6FKHGXOHGĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ …ƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 3HU SHUVRQ+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU GD\0333 344 4475 13 [email protected] *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

(IIHFWLYH 0LQXWH 7DNLQJ  'D\ %XVLQHVV %HQHILW0DNLQJ PHHWLQJV SURGXFWLYH DQG WLPH HIIHFWLYH LV D ELJ FKDOOHQJH DQG HIIHFWLYHPLQXWH WDNLQJ IRUPV SDUW RI WKH VROXWLRQ WR WKDW FKDOOHQJH7KLV FRXUVH ORRNV DW PLQXWH WDNLQJ LQ ERWK IRUPDO DQG LQIRUPDO PHHWLQJV DQGSURYLGHV WKH VNLOOV QHHGHG WR WDNH DFFXUDWH PLQXWHV :KR 6KRXOG $WWHQG\"7KRVH ZKR DUH UHVSRQVLEOH IRU WDNLQJ PLQXWHV DW DQ\ NLQG RI JURXS PHHWLQJ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH QHHG WR WDNH PLQXWHV \RX ZLOO EH DEOH WR«  2FW  1RY • 3ODQQLQJ DQG SUHSDUDWLRQ  'HF• ([SORUH OD\RXWV DQG DSSURSULDWH VW\OHV • /D\RXW DQG DSSURSULDWH VW\OHV   -DQ  )HE• 6WUXFWXUH DQG SURGXFH DJHQGDV • 8VLQJ FRUUHFW ODQJXDJH JUDPPDU  0DU  $SU DQG SXQFWXDWLRQ  0D\  -XQ• 'HPRQVWUDWH HIIHFWLYH PLQXWH  -XO  $XJ WDNLQJ • 6WUXFWXULQJ DQG SURGXFLQJ DQ  6HS  2FW DJHQGD WR HQVXUH D SURGXFWLYH  1RY  'HF• 'HVFULEH WKH YDULRXV UROHV DQG PHHWLQJ UHVSRQVLELOLWLHV LQ PHHWLQJV  • 'HILQLQJ DQG SUDFWLVLQJ PLQXWH  -DQ  )HE• &UHDWH D SRVW FRXUVH WDNLQJ VNLOOV  0DU  $SU LPSOHPHQWDWLRQ SODQ  0D\  -XQ • 6SHHG ZULWLQJ  -XO  $XJ  6HS  2FW • (VWDEOLVKLQJ UROHV DQG  1RY  'HF UHVSRQVLELOLWLHV LQ D PHHWLQJ 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 14 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

)DFLOLWDWLRQ 6NLOOV  'D\ %XVLQHVV %HQHILW8QGHUVWDQGLQJ ZKDW PDNHV IDFLOLWDWLRQ VXFFHVVIXO LV NH\ WR PDNLQJ DQ HYHQW DVWXQQLQJ VXFFHVV:KHWKHU \RX UXQ PHHWLQJV SHUIRUP WUDLQLQJ HYHQWV RU JURXS GLVFXVVLRQV \RX FDQEHQHILW IURP WKLV FRXUVH :KR 6KRXOG $WWHQG\"$Q\RQH ZKR LV LQYROYHG LQ IDFLOLWDWLQJ HYHQWV RU LV UHVSRQVLEOH IRU UXQQLQJ PHHWLQJV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH UROH RI WKH IDFLOLWDWRU \RX ZLOO EH DEOH WR«  2FW  1RY • 7KH NH\ VNLOOV RI IDFLOLWDWLRQ  'HF• 8QGHUVWDQG WKH UROH RI D IDFLOLWDWRU • +DQGOLQJ FKDOOHQJLQJ EHKDYLRXUV • 'HPRQVWUDWH WKH NH\ VNLOOV RI DQG PDQDJLQJ WKH DXGLHQFH  -DQ  )HE IDFLOLWDWLRQ  0DU  $SU • 3ODQQLQJ WKH PHHWLQJ  0D\  -XQ• 0DQDJLQJ DQ DXGLHQFH RU JURXS RI  -XO  $XJ GHOHJDWHV • 5XQQLQJ HIIHFWLYH PHHWLQJV  6HS  2FW  1RY  'HF• &UHDWLQJ D SODQQLQJ WRRO IRU SUHSDULQJ PHHWLQJV DQG  GLVFXVVLRQV DQG WUDLQLQJ VHVVLRQV  -DQ  )HE  0DU  $SU• 8QGHUVWDQGLQJ WKH FKDOOHQJHV ZKHQ  0D\  -XQ IDFLOLWDWLQJ D JURXS  -XO  $XJ  6HS  2FW• 'HPRQVWUDWH WKH VNLOOV RI GHDOLQJ  1RY  'HF ZLWK µ'LIILFXOW 3HRSOH¶ 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 15 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG …

,PSURYLQJ WKH 0HPRU\ WKURXJK 0LQG0DSSLQJ  'D\ %XVLQHVV %HQHILW7LPH FDQ EH ORVW IUXVWUDWLRQ IHOW DQG JHQHUDO SHUIRUPDQFH OHYHOV FDQ EH LPSDFWHG LIPHPRU\ LV QRW RSWLPLVHG7KLV FRXUVH IRFXVHV RQ WKH VNLOOV UHTXLUHG WR LPSURYH WKH PHPRU\ E\ DSSUHFLDWLQJZKDW PHPRU\ LV DQG WKH PLQG PDSSLQJ WHFKQLTXH DYDLODEOH WR LPSURYH LW :KR 6KRXOG $WWHQG\"7KLV FRXUVH LV LQYDOXDEOH IRU DQ\RQH ZKR QHHGV WR LPSURYH WKHLU PHPRU\ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • ,PSURYLQJ WKH PHPRU\ SURFHVV \RX ZLOO EH DEOH WR« • &RQFHQWUDWLRQ )RFXV 2EVHUYDWLRQ  2FW  1RY • /HDUQLQJ 6W\OH  'HF• ([DPLQH WKH YDULRXV • $VVRFLDWLRQV DSSURDFKHV WR LPSURYLQJ WKH • *URXSLQJ  PHPRU\ • ,PDJLQDWLRQ DQG 6HQVHV  -DQ  )HE • )RFXV RQ WKH %DVLFV  0DU  $SU• 8QGHUVWDQG WKH VLJQLILFDQFH • 0QHPRQLF GHYLFHV  0D\  -XQ RI µOHDUQLQJ VW\OHV¶ RQ • 2UJDQLVLQJ ,QIRUPDWLRQ  -XO  $XJ LPSURYLQJ PHPRU\ • 5HSHWLWLRQ  6HS  2FW • 0DNLQJ WKH 7LPH  1RY  'HF• ,QFUHDVHG FRQILGHQFH DQG • 3RVLWLYH 0HQWDO $WWLWXGH DELOLW\ WR UHFDOO LQIRUPDWLRQ • 7KH SXUSRVH DQG EHQHILWV RI XVLQJ   -DQ  )HE• $ELOLW\ WR XVH PLQGPDSSLQJ PLQGPDSSLQJ  0DU  $SU WHFKQLTXH • &RQVWUXFWLQJ SHUVRQDO 0LQG0DSV  0D\  -XQ  -XO  $XJ  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 16 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

0LQGIXOQHVV LQ WKH :RUNSODFH  'D\ %XVLQHVV %HQHILW0LQGIXOQHVV LV DERXW EHLQJ DZDUH RI ZKDW¶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• 8QGHUVWDQGLQJ PLQGIXOQHVV \RX ZLOO EH DEOH WR« DW ZRUN  2FW  1RY  'HF• /LVWHQ PRUH DWWHQWLYHO\ • :RUNLQJ PLQG DQG ERG\ WRJHWKHU • %H PRUH HPRWLRQDOO\ DOHUW  -DQ  )HE • 0LQGIXO FRPPXQLFDWLRQ  0DU  $SU• &RPPXQLFDWH PRUH FOHDUO\ WHFKQLTXHV  0D\  -XQ  -XO  $XJ• )RFXV WKRXJKWV PRUH • 0LQGIXOO\ ZRUNLQJ ZLWK  6HS  2FW DSSURSULDWHO\ SHRSOH  1RY  'HF• 0DQDJH WLPH PRUH • 0DQDJLQJ VWURQJ HPRWLRQV  HIIHFWLYHO\ LQ VHOI DQG RWKHUV  -DQ  )HE  0DU  $SU• 6HOIPDQDJH OHYHOV RI • 0LQGIXOQHVV DFFHSWDQFH  0D\  -XQ PRWLYDWLRQ DQG FKDQJH  -XO  $XJ  6HS  2FW • :RUNLQJ LQ WKH SUHVHQW DQG  1RY  'HF WLPH PDQDJHPHQW 2WKHU ORFDWLRQV • 0DNLQJ PLQGIXOQHVV ZRUN LQ LQFOXGH RUJDQLVDWLRQV /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 17 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

3UHVHQWDWLRQ 6NLOOV  'D\ %XVLQHVV %HQHILW7KHUH DUH QXPHURXV RFFDVLRQV ZKHQ D SURIHVVLRQDO ZHOO SUHSDUHG DQGGHOLYHUHG SUHVHQWDWLRQ FDQ ERRVW DQ RUJDQLVDWLRQV LPDJH DQG KDYH D SRVLWLYHLPSDFW RQ WKH ERWWRP OLQH 7KLV FRXUVH HQDEOHV GHOHJDWHV WR SODQ SUHSDUHDQG GHOLYHU PRWLYDWLQJ DQG SHUVXDVLYH SUHVHQWDWLRQV WR D ZLGH UDQJH RIDXGLHQFHV :KR 6KRXOG $WWHQG\"$Q\RQH ZKR PD\ EH UHTXLUHG WR SUHVHQW LQIRUPDWLRQ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 3ODQQLQJ SUHSDULQJ DQG \RX ZLOO EH DEOH WR« VWUXFWXULQJ D SUHVHQWDWLRQ  2FW  1RY  'HF• 'HPRQVWUDWH D SURFHVV IRU • 'HOLYHU\ 6NLOOV ± HVVHQWLDO µGR¶V SODQQLQJ DQG SUHSDULQJ D DQG GRQ¶WV¶  SURIHVVLRQDO SUHVHQWDWLRQ  -DQ  )HE • 8VLQJ YLVXDO DLGV  0DU  $SU• ([DPLQH WKH HVVHQWLDO • %DVLF µSXEOLF VSHDNLQJ¶ VNLOOV  0D\  -XQ WHFKQLTXHV IRU GHOLYHULQJ WKH • %RG\ /DQJXDJH ± DYRLG  -XO  $XJ SUHVHQWDWLRQ  6HS  2FW VHQGLQJ WKH ZURQJ PHVVDJH  1RY  'HF• 8QGHUVWDQG WKH LPSRUWDQFH RI • :RUNLQJ ZLWK WKH DXGLHQFH YLVXDO DLGV DQG KRZ WR XVH WKHP • 6NLOOV SUDFWLVH DQG DFWLRQ SODQV   -DQ  )HE• 'HPRQVWUDWH WKH EDVLF VNLOOV RI  0DU  $SU µSXEOLF VSHDNLQJ¶  0D\  -XQ  -XO  $XJ• 8QGHUVWDQG WKH LPSRUWDQFH RI  6HS  2FW %RG\ /DQJXDJH  1RY  'HF• ([SORUH WKH EDVLF VNLOOV RI 2WKHU ORFDWLRQV µPDQDJLQJ DQ DXGLHQFH¶ LQFOXGH /RQGRQDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ %ULVWROĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ (GLQEXUJKƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ /HHGV +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH 0333 344 4475 18 www.eqv.co.uk 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

3XEOLF 6SHDNLQJ  'D\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• 3UH VSHHFK FRQVLGHUDWLRQV \RX ZLOO EH DEOH WR« • &ODVVLFDO SDWWHUQV RI DUJXPHQWV  2FW  1RY • 9HUEDO GHOLYHU\ VW\OH  'HF• ([SODLQ WKH SULQFLSOHV RI YRLFH • %HKDYLRXUDO GHOLYHU\ VW\OH FRQWURO  • &UHDWLQJ WKH ULJKW PRRG  -DQ  )HE• 8QGHUVWDQG WKH LPSDFW RI ERG\  0DU  $SU ODQJXDJH  0D\  -XQ  -XO  $XJ• .QRZ KRZ WR SURMHFW D SRVLWLYH  6HS  2FW QRQYHUEDO PHVVDJH  1RY  'HF• 'HOLYHU D VSHHFK WKDW KDV LPSDFW  DQG SURMHFWV D SURIHVVLRQDO LPDJH  -DQ  )HE  0DU  $SU• &UHDWH D SHUVRQDO LPSOHPHQWDWLRQ  0D\  -XQ SODQ  -XO  $XJ  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 19 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

3UHVHQWDWLRQ 6NLOOV $GYDQFHG  'D\ %XVLQHVV %HQHILW$GYDQFHG SUHVHQWDWLRQ VNLOOV ZLOO RIWHQ DGG D FUHGLEOH GLPHQVLRQ WR WKH FXVWRPHUFOLHQW UHODWLRQVKLS 7DOHQWHG SUHVHQWHUV QRW RQO\ FDUU\ D JURXS RU DXGLHQFH EXWSRVLWLYHO\ LQIOXHQFH WKHP :KR 6KRXOG $WWHQG\"7KLV FRXUVH LV DLPHG DW LQGLYLGXDOV ZKR DOUHDG\ SUHVHQW EXW ZKR ZRXOG OLNH WRLQFUHDVH WKHLU VNLOOV IXUWKHU /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • &UHDWLQJ JUHDWHU LPSDFW WKURXJK \RX ZLOO EH DEOH WR« YRLFH FRQWURO  2FW  1RY  'HF• 0D[LPLVH \RXU GHOLYHU\ VW\OH WR • (QJDJLQJ ZLWK WKH DXGLHQFH FUHDWH PD[LPXP LPSDFW YLVXDOO\   -DQ  )HE• 'HYHORS D PRUH SHUVXDVLYH DQG • (VWDEOLVKLQJ WKH NH\ PHVVDJH  0DU  $SU LPSUHVVLYH VSHDNLQJ VW\OH  0D\  -XQ • $SSO\LQJ VWUXFWXUH DQG VW\OH  -XO  $XJ• ,QFUHDVH \RXU SUHVHQFH WR JDLQ HIIHFWLYHO\  6HS  2FW UDSSRUW DQG LQIOXHQFH \RXU  1RY  'HF DXGLHQFH • 8VLQJ ODQJXDJH WR FODULI\ DQG LQIOXHQFH • $SSO\ SDFH DQG VWUXFWXUH WR DGG  -DQ  )HE SRZHU • 7KLQNLQJ RQ \RXU IHHW  0DU  $SU  0D\  -XQ• 8VH FUHDWLYH ODQJXDJH WR SUHVHQW D • 'HYHORSLQJ JUHDWHU FRPPDQG RI  -XO  $XJ PRUH SRZHUIXO PHVVDJH \RXU DXGLHQFH  6HS  2FW  1RY  'HF • *DLQLQJ \RXU DXGLHQFHV DWWHQWLRQ DQG LQWHUHVW 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 20 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

'HYHORSLQJ 5HVLOLHQFH  'D\ %XVLQHVV %HQHILWhŶĚĞƌƐƚĂŶĚŝŶŐ ŚŽǁ ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ŵĂŶĂŐĞ ŽƵƌ ĞŵŽƚŝŽŶĂů ƐƚĂƚĞ ǁĞ ĐĂŶ ďƵŝůĚ ŽƵƌ ƉĞƌƐŽŶĂůƌĞƐŝůŝĞŶĐĞ ĂŶĚ ŝŵƉƌŽǀĞ ŽƵƌ ƉŽƐŝƚŝǀŝƚLJ Ăƚ ǁŽƌŬ ĂŶĚ ŽƵƌ ƉĞƌĨŽƌŵĂŶĐĞ͘ :KR 6KRXOG $WWHQG\"dŚŝƐ ĐŽƵƌƐĞ ŝƐ ƐƵŝƚĂďůĞ ĨŽƌ ďƵƐŝŶĞƐƐ ƉƌŽĨĞƐƐŝŽŶĂůƐ ƚŚĂƚ ǁŽƵůĚ ůŝŬĞ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞŝƌƉĞƌƐŽŶĂů ƌĞƐŝůŝĞŶĐĞ ĂŶĚ ǁŽƌŬ ŵŽƌĞ ƉŽƐŝƚŝǀĞůLJ͘ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • tŚĂƚ ŝƐ ƌĞƐŝůŝĞŶĐĞ͍ \RX ZLOO EH DEOH WR«  2FW  1RY • hƐŝŶŐ WŽƐŝƚŝǀĞ ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ  'HF• hŶĚĞƌƐƚĂŶĚ ǁŚĂƚ ƌĞƐŝůŝĞŶĐĞ ŝƐ ůĂŶŐƵĂŐĞ• hŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞ  • hŶĚĞƌƐƚĂŶĚŝŶŐ LJŽƵƌ ĞdžŝƐƚŝŶŐ  -DQ  )HE ůĂŶŐƵĂŐĞ ǁĞ ƵƐĞ ƌĞƐŝůŝĞŶĐĞ ĂŶĚ ƌĞƐŽƵƌĐĞĨƵůŶĞƐƐ  0DU  $SU• ĞǀĞůŽƉ ƚĞĐŚŶŝƋƵĞƐ ƚŽ ƐƚĂLJ  0D\  -XQ • ^ƚĂLJŝŶŐ WŽƐŝƚŝǀĞ  -XO  $XJ ƉŽƐŝƚŝǀĞ  6HS  2FW• hŶĚĞƌƐƚĂŶĚ ƉƌĞƐƐƵƌĞ • ƵŝůĚŝŶŐ ŐŝůŝƚLJ  1RY  'HF • WƌĂĐƚŝĐĂů ƚŽŽůƐ ĨŽƌ ŵĂŶĂŐŝŶŐ  ĞŵŽƚŝŽŶĂů ƐƚĂƚĞ ĂŶĚ ƌĞŵĂŝŶŝŶŐ  -DQ  )HE ƉŽƐŝƚŝǀĞ͕ ŝŶĐůƵĚŝŶŐ͗ WĞƌĐĞƉƚƵĂů  0DU  $SU WŽƐŝƚŝŽŶŝŶŐ ĂŶĚ DŝŶĚĨƵůŶĞƐƐ  0D\  -XQ  -XO  $XJ • DĂŶĂŐŝŶŐ WƌĞƐƐƵƌĞ ƉŽƐŝƚŝǀĞůLJ  6HS  2FW  1RY  'HF • dŚĞ ĂĚǀĂŶƚĂŐĞƐ ĂŶĚ ĚŝƐĂĚǀĂŶƚĂŐĞƐ ŽĨ ͚ƉƌĞƐƐƵƌĞ͛ Ăƚ ǁŽƌŬ 2WKHU ORFDWLRQV LQFOXGH • džƉůŽƌĞ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ /RQGRQ ƉƌĞƐƐƵƌĞ ĂŶĚ ƐƚƌĞƐƐ ʹ %ULVWRO ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ĚĞƚƌŝŵĞŶƚĂů (GLQEXUJK ŝŵƉĂĐƚ ŽĨ ůŽŶŐ ƚĞƌŵ ƐƚƌĞƐƐ /HHGV • ĞŝŶŐ ƉŽƐŝƚŝǀĞ͗ dŚŝŶŬŝŶŐ ĂŶĚ 3ULFH ƉůĂŶŶŝŶŐ ĨƌĂŵĞǁŽƌŬ 6FKHGXOHGDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ …ĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 3HU SHUVRQ 3HU GD\+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ *URXS0333 344 4475 21 [email protected] … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

7LPH 0DQDJHPHQW LQ WRGD\¶V HQYLURQPHQW  'D\ %XVLQHVV %HQHILW7LPH LV WKH PRVW SUHFLRXV FRPPRGLW\ DQ\ LQGLYLGXDO RU RUJDQLVDWLRQ KDV 7KLVVHVVLRQ DLPV WR JLYH GHOHJDWHV LGHDV RI KRZ WR PDQDJH WKHLU WLPH XVLQJ YDULRXV WRROVLQFOXGLQJ 0LFURVRIW 2XWORRN :KR 6KRXOG $WWHQG\"7KH FRXUVH LV DLPHG DW DQ\RQH ZKR QHHGV DQ LQWURGXFWLRQ WR WKH EDVLF LGHDV DQGSUDFWLFHV RI HIIHFWLYH PRGHUQ WLPH PDQDJHPHQW LQFOXGLQJ WKRVH PDQDJLQJ RWKHUSHRSOH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7LPH ± WKH PRVW SUHFLRXV UHVRXUFH \RX ZLOO EH DEOH WR«  2FW  1RY • 3URSHUWLHV RI WLPH DQG WKH FRVW RI  'HF• 6WDWH WKH FRVW RI IDLOLQJ WR PDQDJH IDLOLQJ WR PDQDJH LW HIIHFWLYHO\ WLPH HIIHFWLYHO\  • 7KH WKUHH PRVW FRPPRQ µWLPH  -DQ  )HE• /LVW WKUHH RI WKH PDLQ µVWHDOHUV RI WKLHYHV¶  0DU  $SU WLPH¶  0D\  -XQ • 'HDOLQJ ZLWK LQWHUUXSWLRQV  -XO  $XJ• 'HPRQVWUDWH PHWKRGV IRU GHDOLQJ  6HS  2FW ZLWK LQWHUUXSWLRQV • +DQGOLQJ (PDLOV ± 3ULRULWLVLQJ  1RY  'HF• +RZ WR KDQGOH HPDLO • 3ODQQLQJ WKH XVH RI \RXU WLPH  FRPPXQLFDWLRQ  -DQ  )HE • 2XWORRN 7R'R OLVWV  0DU  $SU• 'HPRQVWUDWH PHWKRGV IRU SODQQLQJ  0D\  -XQ WKH XVH RI \RXU WLPH • 'HOHJDWLRQ ± ZK\ DQG KRZ  -XQ  $XJ  6HS  2FW• 8VH 2XWORRN 7R'R /LVWV • &DOHQGDUV ± $SSRLQWPHQWV DQG  1RY  'HF 0HHWLQJ UHTXHVWV• 8QGHUVWDQG WKH LPSRUWDQFH RI 2WKHU ORFDWLRQV GHOHJDWLRQ • 0D[LPLVLQJ WKH WLPHHIIHFWLYHQHVV LQFOXGH RI PHHWLQJV /RQGRQ• 8VH 2XWORRN &DOHQGDUV WR RUJDQLVH %ULVWRO PHHWLQJV • 7LPH PDQDJHPHQW WLSV (GLQEXUJK /HHGV• ,PSURYH WKH WLPHHIIHFWLYHQHVV RI PHHWLQJV 3ULFHDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 6FKHGXOHGĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ …ƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 3HU SHUVRQ +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU GD\0333 344 4475 22 www.eqv.co.uk *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

7UDLQ WKH 7UDLQHU ([SHUW  'D\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• µ/HDUQLQJ 6W\OHV¶ ± WKH GLIIHUHQW \RX ZLOO EH DEOH WR« ZD\V SHRSOH OHDUQ EHVW  -XO  1RY  'HF• ,GHQWLI\ WUDLQLQJ QHHGV DQG WKH • &RQGXFWLQJ D µ7UDLQLQJ 1HHGV GLIIHUHQW ZD\V SHRSOH OHDUQ $QDO\VLV¶   -DQ  )HE• 8QGHUVWDQG WKH PDLQ WUDLQLQJ • 6HWWLQJ µ7UDLQLQJ 2EMHFWLYHV¶  0DU  $SU VW\OHV DQG DSSURDFKHV ± WXWRU OHG  • 6HOHFWLQJ WKH ULJKW µ7UDLQLQJ  0D\  -XQ FRDFKLQJ  -XO  2FW $SSURDFK¶ DQG µ6W\OH¶  6HS  2FW• 'HPRQVWUDWH WKH PRVW HIIHFWLYH • 5RRP OD\RXWV DQG DGPLQLVWUDWLRQ  1RY  'HF VWUXFWXUH IRU D WUDLQLQJ FRXUVH • 8VLQJ DQ HIIHFWLYH VWUXFWXUH WR • 'HVFULEH WKH LPSRUWDQFH RI YLVXDO SUHSDUH WKH WUDLQLQJ VHVVLRQ  -DQ  )HE DLGV KDQGRXW¶V DQG FRXUVHZDUH • (VVHQWLDO 3UHVHQWDWLRQ 6NLOOV  0DU  $SU • µ:RUNLQJ ZLWK WKH 'HOHJDWHV¶ ±  0D\  -XQ• 'HPRQVWUDWH EDVLF SUHVHQWDWLRQ  -XO  $XJ VNLOOV DQG WKH VNLOOV RI GHDOLQJ ZLWK HIIHFWLYH IDFLOLWDWLRQ VNLOOV  6HS  2FW D JURXS RI GHOHJDWHV • 3UDFWLVH VHVVLRQV ± SUHSDUDWLRQ  1RY  'HF• 3UHSDUH IRU DQG GHOLYHU D WUDLQLQJ DQG GHOLYHU\ VHVVLRQ • (YDOXDWLQJ WKH HIIHFWLYHQHVV RI WKH WUDLQLQJ • 3HUVRQDO LPSOHPHQWDWLRQ SODQV 2WKHU /RFDWLRQV /RQGRQ %ULVWRO (GLQEXUJK /HHGV+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 23 [email protected] 3HU SHUVRQ 3HU GD\ … 3HU *URXS RI XS WR  3HU 'D\

:ULWLQJ IRU %XVLQHVV ± 5HSRUW :ULWLQJ  'D\ %XVLQHVV %HQHILW3URGXFLQJ HIIHFWLYH ZULWWHQ FRPPXQLFDWLRQ KDV DOZD\V EHHQ LPSRUWDQW LQ D ZHOOUXQRUJDQLVDWLRQ 7KH RSSRUWXQLWLHV RSHQHG XS E\ ZRUG SURFHVVRU VRIWZDUH PHDQ WKDWPRUH DQG PRUH VWDII DUH H[SHFWHG WR EH DEOH WR SURGXFH KLJK TXDOLW\ ZULWWHQFRPPXQLFDWLRQ :KR 6KRXOG $WWHQG\"0DQDJHUV RU VWDII ZKR ZLVK WR LPSURYH WKHLU ZULWWHQ FRPPXQLFDWLRQ VNLOOV DQG UHSRUWZULWLQJ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH YDOXH RI WKH ZULWWHQ ZRUG LQ \RX ZLOO EH DEOH WR« DYRLGLQJ HUURUV DQG SURYLGLQJ  -XO  1RY SHUPDQHQW UHFRUGV  'HF• 3URGXFH D SLHFH RI EXVLQHVV ZULWLQJ IRU D GHILQHG SXUSRVH • ,PDJH VWUXFWXUH OD\RXW FRQYHQWLRQV  LQFOXGLQJ ³KRXVH VW\OHV´  -DQ  )HE• 3URGXFH D SLHFH RI EXVLQHVV  0DU  $SU ZULWLQJ WKDW VDWLVILHV DQ • 7KH SXUSRVH DQG FRQYHQWLRQV RI  0D\  -XQ RUJDQLVDWLRQ¶V EXVLQHVV ZULWLQJ OHWWHUV PHPRV UHSRUWV DQG HPDLOV  -XO  2FW FRQYHQWLRQV LQ XVH ZLWKLQ WKH RUJDQLVDWLRQ  6HS  2FW  1RY  'HF• 8VH HIIHFWLYH DQG DSSURSULDWH • 3ODQQLQJ IRU ZULWLQJ LQFOXGLQJ XVH RI WRQH ODQJXDJH DQG OHYHO RI DYDLODEOH LQIRUPDWLRQ DQG WKH QHHGV  IRUPDOLW\ WR PHHW VSHFLILHG RI WKH UHFLSLHQW  -DQ  )HE VWDQGDUGV ZKHQ ZULWLQJ IRU D  0DU  $SU EXVLQHVV SXUSRVH • 7KH LPSRUWDQFH RI REMHFWLYHV DQG WKH  0D\  -XQ UHDGHU  -XO  $XJ•  6HS  2FW• ,QFRUSRUDWH EDVLF VWDWLVWLFV DQG • 5HSRUW VWUXFWXUHV ± WR PHHW VWDQGDUG  1RY  'HF DQG VSHFLILF UHTXLUHPHQWV YLVXDO PDWHULDO LQ WKH FRQWHQW RU LQ /RFDWLRQV DQ DSSHQGL[ • ,QFRUSRUDWLRQ RI VWDWLVWLFV DQG YLVXDO /HLFHVWHU PDWHULDOV DQG WKH XVH RI DSSHQGLFHV /RQGRQ WR HQKDQFH XQGHUVWDQGLQJ %ULVWRO (GLQEXUJK • (IIHFWLYH DQG DSSURSULDWH XVH RI WRQH /HHGV ODQJXDJH OHYHO RI IRUPDOLW\ LQ D UDQJH RI FDVHV&UHGLWV  7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 24 www.eqv.co.uk 3HU SHUVRQ 3HU GD\ … 3HU *URXS XS WR  3HU 'D\

$FFRXQW 0DQDJHPHQW  'D\ %XVLQHVV %HQHILW&KLQD (JJV 1R PDWWHU KRZ ORQJ \RX QXUWXUH WKHP«WKH\ QHYHU KDWFK7KLV FRXUVH HQDEOHV $FFRXQW 0DQDJHUV DQG &RUSRUDWH 6DOHV ([HFXWLYHV WR GLIIHUHQWLDWHEHWZHHQ UHDO SURVSHFWV DQG ³FKLQD HJJV´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• 'HILQLQJ WKH VNLOOV RI ³4XDOLILFDWLRQ´ \RX ZLOO EH DEOH WR«  2FW  1RY • ,GHQWLI\LQJ µUHDO¶ SURVSHFWV DQG  'HF• $FFXUDWHO\ µTXDOLI\¶ SURVSHFWV HOLPLQDWLQJ ³&KLQD (JJV´ • 'HPRQVWUDWH KRZ µTXDOLILFDWLRQ¶  -DQ  )HE • (IIHFWLYHO\ GHDOLQJ ZLWK EXGJHWV  0DU  $SU FRQWLQXHV WKURXJKRXW WKH VDOHV SURFHVV  0D\  -XQ WLPHVFDOHV DQG WKH FRPSHWLWLRQ  -XO  $XJ• 'HVFULEH WKH  NH\ DVSHFWV RI D  6HS  2FW • ,GHQWLI\LQJ WKH GHFLVLRQ PDNHU  1RY  'HF SRWHQWLDO RUGHU • 'HPRQVWUDWLQJ WKH µQHW JDLQ¶ RI • 'HPRQVWUDWH WKH VNLOOV UHTXLUHG WR  'HF  )HE GHDOLQJ ZLWK \RXU FRPSDQ\  0DU  $SU FORVH D FKDOOHQJLQJ EXVLQHVV RUGHU  0D\  -XQ • .HHSLQJ FRQWURO RI WKH VDOHV SURFHVV  -XQ  $XJ  6HS  2FW • &ORVLQJ WKH GHDO  1RY  'HFDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 2WKHU ORFDWLRQVĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ LQFOXGHƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ /RQGRQ %ULVWRO+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ (GLQEXUJK /HHGV0333 344 4475 25 [email protected] 3ULFH 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

&XVWRPHU 6HUYLFH  'D\ %XVLQHVV %HQHILW/RVW FOLHQWV ODFN RI UHIHUUDOV SRRU UHSHDW EXVLQHVV FRPSODLQWV DQG EDGSXEOLFLW\«WKH FRVWO\ UHVXOWV RI SRRU FXVWRPHU VHUYLFH VHHP WR JR RQ DQG RQ (YHU\GD\ DV FRQVXPHUV ZH VHHP WR HQFRXQWHU UXGHQHVV LQGLIIHUHQFH LJQRUDQFH DQG DOHYHO RI VHUYLFH WKDW ZH FDQ RQO\ GHVFULEH DV ³SRRU´ 7KLV FRXUVH DLPV WR FUHDWH WKHNLQG RI &XVWRPHU 6HUYLFH SHRSOH WDON DERXW«IRU DOO WKH ULJKW UHDVRQV :KR 6KRXOG $WWHQG\"7KLV FRXUVH LV HVVHQWLDO IRU DQ\RQH ZKR PDQDJHV FXVWRPHU VHUYLFH DQG LQGLYLGXDOVZLWK FXVWRPHU IDFLQJ UROH ZKHWKHU RQ WKH WHOHSKRQH RU LQ SHUVRQ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH OHJDO ULJKWV RI FXVWRPHUV ODZ RI \RX ZLOO EH DEOH WR« FRQWUDFW VDOH RI JRRGV DQG VHUYLFHV  2FW  1RY WUDGH GHVFULSWLRQV HWF  'HF• 8QGHUVWDQG WKH OHJDO DQG RUJDQLVDWLRQDO UHTXLUHPHQW IRU • 2UJDQLVDWLRQDO FRPPLWPHQWV WR  PDQDJLQJ FXVWRPHU VHUYLFH FXVWRPHUV FRQWUDFW WHUPV ZDUUDQWLHV  -DQ  )HE DQG JXDUDQWHHV VHUYLFH VWDQGDUGV  0DU  $SU• 8QGHUVWDQG FXVWRPHU VHUYLFH HWF  0D\  -XQ  -XO  $XJ VWDQGDUGV • 0HWKRGV RI LGHQWLI\LQJ FXVWRPHU  6HS  2FW UHTXLUHPHQWV DQG H[SHFWDWLRQV  1RY  'HF• .QRZ KRZ WR PRQLWRU FXVWRPHU • 6WDQGDUGV DQG EHQFKPDUNV  VHUYLFH SHUIRUPDQFH • 0DQDJHU¶V UHVSRQVLELOLWLHV DQG  -DQ  )HE  0DU  $SU DXWKRULW\ LQ UHODWLRQ WR FXVWRPHU  0D\  -XQ VHUYLFH  -XO  $XJ • +RZ WR LGHQWLI\ WKH LQWHUQDO FXVWRPHU  6HS  2FW FKDLQ H[WHUQDO FXVWRPHUV DQG  1RY  'HF SRWHQWLDO FXVWRPHUV • 0HWKRGV RI HVWDEOLVKLQJ UHOHYDQW 2WKHU ORFDWLRQV FXVWRPHU FDUH VWDQGDUGV DQG LQFOXGH SURFHGXUHV /RQGRQ • 0HWKRGV WR HVWDEOLVK DQG PDLQWDLQ %ULVWRO HIIHFWLYH UHODWLRQVKLSV ZLWK FXVWRPHUV (GLQEXUJK DW DOO VWDJHV /HHGV • 7HFKQLTXHV IRU LGHQWLI\LQJ FXVWRPHU QHHGV • 8VH RI DSSURSULDWH SODQQLQJ DQG TXDOLW\ V\VWHPV WR PRQLWRU DQG IXOILO FXVWRPHU FDUH VWDQGDUGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 26 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

(VVHQWLDO 5HFHSWLRQLVW 6NLOOV  'D\ %XVLQHVV %HQHILW)LUVW LPSUHVVLRQV FRXQW DQG DQ RUJDQLVDWLRQ¶V UHFHSWLRQ VWDII DUH WKH µIDFH DQG YRLFH¶RI WKDW RUJDQLVDWLRQ ,Q WRGD\¶V FRPSHWLWLYH HQYLURQPHQW WKRVH ILUVW LPSUHVVLRQVPLJKW PHDQ WKH GLIIHUHQFH EHWZHHQ ZLQQLQJ RU ORVLQJ WKH GHDO%XLOGLQJ WKH HVVHQWLDO VNLOOV RI D UHFHSWLRQLVW LQFOXGLQJ FUHDWLQJ WKH ULJKW SURIHVVLRQDOLPDJH LV WKH IRFXV RI WKLV FRXUVH :KR 6KRXOG $WWHQG\"3HRSOH ZKR QHHG WR SURMHFW D SURIHVVLRQDO LPDJH ZKLOVW PDQDJLQJ WKH UHFHSWLRQ DUHDRI DQ RUJDQLVDWLRQ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 8QGHUVWDQGLQJ \RXU UROH LQ \RX ZLOO EH DEOH WR« UHSUHVHQWLQJ \RXU FRPSDQ\  2FW  1RY  'HF• 'HVFULEH WKH UROH DQG • 'HILQLQJ \RXU FXVWRPHUV DQG \RXU UHVSRQVLELOLWLHV RI D UHFHSWLRQLVW UHVSRQVLELOLWLHV WR WKHP   'HF  )HE• 'HPRQVWUDWH HIIHFWLYH TXHVWLRQLQJ • 3URMHFWLQJ D SURIHVVLRQDO LPDJH  0DU  $SU DQG OLVWHQLQJ VNLOOV  0D\  -XQ • 4XHVWLRQLQJ DQG OLVWHQLQJ VNLOOV  -XO  $XJ• 'HVFULEH KRZ WR SURMHFW D  6HS  2FW SURIHVVLRQDO LPDJH • (VVHQWLDO UHFHSWLRQ VNLOOV  1RY  'HF• 'HPRQVWUDWH WKH HVVHQWLDO VNLOOV RI • 'HDOLQJ ZLWK GLIILFXOW VLWXDWLRQV   WDNLQJ PHVVDJHV GHDOLQJ ZLWK FDOOV UHPDLQLQJ FDOP XQGHU SUHVVXUH  -DQ  )HE DQG UHFHLYLQJ YLVLWRUV  0DU  0DU • 0DQDJLQJ \RXU WLPH HIIHFWLYHO\  0D\  -XQ• 0DQDJH \RXU WLPH HIIHFWLYHO\  -XO  $XJ  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 27 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

,QIOXHQFLQJ 3HUVXDGLQJ  'D\ %XVLQHVV %HQHILW,W LV QRW MXVW VDOHV SHRSOH ZKR QHHG WR EH DEOH WR LQIOXHQFH DQG SHUVXDGH RWKHUV3UDFWLFDOO\ HYHU\RQH LQ DQ RUJDQLVDWLRQ QHHGV WR EH DEOH WR XVH WKHVH VNLOOV IURP WLPHWR WLPH )RU VRPH HPSOR\HHV WKH\ DUH D YLWDO WRRO WR GRLQJ WKHLU MRE HIIHFWLYHO\*RRG LQIOXHQFLQJ DQG SHUVXDGLQJ VNLOOV OHDG WR JUHDWHU FRRSHUDWLRQ EHWZHHQHPSOR\HHV DQG UHGXFH FRQIOLFW DQG VWUHVV 7KLV FRXUVH LV GHVLJQHG WR GHYHORS WKRVHVNLOOV DQG DFKLHYH µZLQZLQ¶ RXWFRPHV DV D UHVXOW :KR 6KRXOG $WWHQG\"$Q\RQH ZKR ZRXOG EHQHILW IURP D JUHDWHU DELOLW\ WR LQIOXHQFH DQG SHUVXDGH DW DOOOHYHOV LQ WKH ZRUNSODFH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 3HUVXDVLRQ YHUVXV 0DQLSXODWLRQ \RX ZLOO EH DEOH WR«  2FW  1RY • µ7KH 3HUVXDVLRQ 6WUXFWXUH¶  'HF• 'HVFULEH WKH GLIIHUHQFHV EHWZHHQ SHUVXDVLRQ LQIOXHQFH DQG • 'HPRQVWUDWLQJ FRQILGHQFH LQ  PDQLSXODWLRQ H[SUHVVLRQ  -DQ  )HE  0DU  $SU• 'HPRQVWUDWH WKH HVVHQWLDO VNLOOV RI • 7KH VNLOOV RI DVVHUWLYHQHVV  0D\  -XQ SHUVXDVLRQ  -XO  $XJ • ,QIOXHQFLQJ WHFKQLTXHV  6HS  2FW• 'HVFULEH WKH LPSRUWDQFH RI WUXVW  1RY  'HF DQG FUHGLELOLW\ • 'HIHQVLYH SRVLWLRQV ± WKH KLGGHQ DJHQGD • 'HPRQVWUDWH HIIHFWLYH TXHVWLRQLQJ  -DQ  )HE DQG OLVWHQLQJ VNLOOV • 0DQDJLQJ REMHFWLRQV  0DU  $SU  0D\  -XQ• 'HVFULEH WKH WKUHH WLHUV RI • $FWLRQ SODQV  -XO  $XJ LQIOXHQFLQJ  6HS  2FW  1RY  'HF• 3ODQ \RXU QHJRWLDWLRQ DQG FUHDWH µZLQZLQ¶ RXWFRPHV 2WKHU ORFDWLRQV LQFOXGH• &UHDWH D SHUVRQDO LPSOHPHQWDWLRQ /RQGRQ %ULVWRO SODQ (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 28 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

1HJRWLDWLRQ 6NLOOV  'D\ %XVLQHVV %HQHILW2QH RI WKH PDMRU µFULWLFDO VXFFHVV IDFWRUV¶ IRU PDQ\ RUJDQLVDWLRQV LV WKH DELOLW\ WRFRPSOHWH VXFFHVVIXO QHJRWLDWLRQV 7KLV FRXUVH IRFXVHV RQ WKLV LQYROYHG DQGFKDOOHQJLQJ SURFHVV KLJKOLJKWLQJ WKH NH\ VNLOOV DQG VWUDWHJLHV QHHGHG WR QHJRWLDWH DZLQQLQJ RXWFRPH :KR 6KRXOG $WWHQG\"6DOHV SHRSOH EX\HUV PDQDJHUV DQG DQ\RQH ZKR LV LQYROYHG LQ QHJRWLDWLRQ DW DQ\OHYHO /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • :KDW LV QHJRWLDWLRQ \RX ZLOO EH DEOH WR« • 7KH P\WKV RI QHJRWLDWLRQ  2FW  1RY • 7KH  FULWHULD RI QHJRWLDWLRQ  'HF• 'HILQH QHJRWLDWLRQ DQG WKH P\WKV • :KHQ GR ZH QRUPDOO\ QHJRWLDWH\" DURXQG QHJRWLDWLRQ • 7KH DOWHUQDWLYHV WR QHJRWLDWLRQ  • 3RZHU DQG FRVWV  WKH ,GHDO DQG  -DQ  )HE• ,GHQWLI\ WKH  FULWHULD IRU  0DU  $SU QHJRWLDWLQJ WKH /LPLW EDUJDLQLQJ PRGHO  0D\  -XQ • 7KH VNLOOV RI QHJRWLDWLRQ  -XO  $XJ• ([DPLQH ZK\ ZH QHJRWLDWH DQG WKH • +RZ ZHOO GR \RX QHJRWLDWH  6HS  2FW DOWHUQDWLYHV WR QHJRWLDWLRQ • 7KH IRXU SKDVHV RI QHJRWLDWLRQ  1RY  'HF • 7KH &ORVH DQG $JUHHPHQW• 'HILQH WKH VNLOOV RI D QHJRWLDWRU • 1HJRWLDWLQJ &KDOOHQJHV  • 7KH %$71$ 0RGHO  -DQ  )HE• ,GHQWLI\ WKH IRXU GLIIHUHQW SKDVHV LQ • 7KH QHJRWLDWLRQ H[HUFLVH  0DU  $SU WKH QHJRWLDWLRQ SURFHVV • 3HUVRQDO 'HYHORSPHQW 3ODQV  0D\  -XQ  -XO  $XJ• ([DPLQH WZR QHJRWLDWLRQ PRGHOV  6HS  2FW  1RY  'HF• 3UDFWLFH QHJRWLDWLRQ 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 29 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

3URIHVVLRQDO 7HOHSKRQH 6NLOOV  'D\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• %XLOGLQJ DQ LPDJH RYHU WKH SKRQH \RX ZLOO EH DEOH WR«  2FW  1RY • %HLQJ DQ DPEDVVDGRU RI WKH  'HF• 'HPRQVWUDWH WHOHSKRQH FRPSDQ\ FRPSHWHQFH DQG FRQILGHQFH  • 8QGHUVWDQGLQJ WRQH DQG SLWFK RI  -DQ  )HE• 8QGHUVWDQG WKH GR¶V DQG GRQ¶WV RI YRLFH  0DU  $SU WDNLQJ DQG PDNLQJ FDOOV  0D\  -XQ • 'HYHORSLQJ WHOHSKRQH FRQILGHQFH  -XO  $XJ• 'HPRQVWUDWH WKH VNLOOV RI GHDOLQJ  6HS  2FW ZLWK GLIILFXOW FDOOV • +DQGOLQJ WKH NH\ VWDJHV RI WKH  1RY  'HF FDOO• &UHDWH D SHUVRQDO LPSOHPHQWDWLRQ  SODQ • +DQGOLQJ FRPSODLQWV RYHU WKH  -DQ  )HE SKRQH  0DU  $SU  0D\  -XQ • 'HDOLQJ ZLWK DEXVLYH DQG  -XO  $XJ  6HS  2FW DJJUHVVLYH EHKDYLRXU  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ *URXS …0333 344 4475 30 www.eqv.co.uk 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

6DOHV 0DUNHWLQJ  'D\ %XVLQHVV %HQHILW)RU DQ\ RUJDQLVDWLRQV 6DOHV DQG 0DUNHWLQJ LV HVVHQWLDO DQG QHHG WR VKDUSHQ WKHVHVNLOOV LQ RUGHU WR HIIHFWLYHO\ SURPRWH WKHLU VHUYLFHV DQG IHQG RII FRPSHWLWLRQ $QG GXHWR WKH UHGXFWLRQ LQ EXGJHWV DQG SUHVVXUH IURP FHQWUDO JRYHUQPHQW WKLV QRZ LQFOXGHVPRUH DQG PRUH µQRW IRU SURILW RUJDQLVDWLRQV¶ ZKR QHHG WR FUHDWH QHZ UHYHQXHVWUHDPV :KR 6KRXOG $WWHQG\"$Q\RQH LQYROYHG LQ SURPRWLQJ WKH RUJDQLVDWLRQV VHUYLFHV WR PHPEHUV DQG FOLHQWV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • µ:KDW 0DUNHWLQJ LV¶ ± D \RX ZLOO EH DEOH WR« GHILQLWLRQ  2FW  1RY  'HF• 'HVFULEH WKH RUJDQLVDWLRQV • :KDW LV RXU 0DUNHW\" 0DUNHW DQG KRZ LWV VHUYLFHV • :KDW DUH WKLV PDUNHW¶V QHHGV\"  PHHW WKDW PDUNHW¶V QHHGV • +RZ GR RXU VHUYLFHV PHHW  -DQ  )HE  0DU  $SU• 8QGHUVWDQG WKH RUJDQLVDWLRQ¶V WKRVH QHHGV\"  0D\  -XQ 0DUNHW 0L[ • 7KH 3 PDUNHW PL[ IRU VHUYLFHV  -XO  $XJ • 7KH UROH RI 0DUNHWLQJ LQ WKH  6HS  2FW• 'HVFULEH WKH UROH RI 0DUNHWLQJ  1RY  'HF LQ HQVXULQJ WKH RUJDQLVDWLRQV µ1RW IRU 3URILW¶ VHFWRU FRQWLQXLQJ VXFFHVV • 7KH UROH RI 0DUNHWLQJ LQ RXU   -DQ  )HE• 'HPRQVWUDWH DQ HWKLFDO DQG RUJDQLVDWLRQ  0DU  $SU SURIHVVLRQDO DSSURDFK WR VHOOLQJ • 8VLQJ SURPRWLRQDO PDWHULDO  0D\  -XQ WKH RUJDQLVDWLRQV VHUYLFHV  -XO  $XJ HIIHFWLYHO\  6HS  2FW • µ6HOOLQJ WR 1HHGV¶ ± DQ HWKLFDO  1RY  'HF DSSURDFK WR VDOHV 2WKHU ORFDWLRQV • 7KH IRXU VWHS V\VWHP WR LQFOXGH /RQGRQ SURIHVVLRQDO VHOOLQJ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 31 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

6RFLDO 0HGLD 6WUDWHJ\ 7UDLQLQJ  'D\ %XVLQHVV %HQHILW <RX¶OO OHDUQ ZK\ LW¶V VR LPSRUWDQW WR XQGHUVWDQG DERXW WKH GHSWK DQG EUHDGWK RI VRFLDO PHGLD DQG LWV GULYHUV ZKDW WKH\ FDQ GR IRU \RX DQG KRZ WR XVH WKHP IRU \RXU RZQ VRFLDO PHGLD PDUNHWLQJ VXFFHVV <RX ZLOO XQGHUVWDQG KRZ DQG ZK\ RWKHU EXVLQHVVHV RUJDQLVDWLRQV DQG EUDQGV DUH XVLQJ /RQJ 7DLO 0DUNHWLQJ WHFKQLTXHV LQ VRFLDO PHGLD DQG KRZ WR XVH EHVW SUDFWLFHV WR UHDFW WR SUREOHPV ZKHQ WKH\ DULVH :KR 6KRXOG $WWHQG\"7KLV FRXUVH LV IRU WKRVH WDVNHG ZLWK • 'HYHORSLQJ D 6RFLDO 0HGLD 6WUDWHJ\ • 8VLQJ YDULRXV WHFKQLTXHV IRU HQJDJLQJ WKHLU UHDGHUV • 3RVLWLRQLQJ WKHLU RUJDQLVDWLRQ DV DQ H[SHUW LQ LWV ILHOG • ,QGLYLGXDOV ZKR DUH ORRNLQJ WR GHYHORS D VWUXFWXUHG VRFLDO PHGLD SODQ WKDW LQWHJUDWHV ZLWK UHVW RI WKHLU PDUNHWLQJ SODQ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU %\ WKH HQG RI WKLV FRXUVH  \RX ZLOO EH DEOH WR« • &XUUHQW PDUNHWSODFH  2FW  1RY• 6RFLDO 0HGLD 2YHUYLHZ • 7UHQGV DQG ODWHVW GHYHORSPHQWV  'HF • %DVLF SULQFLSOHV EHKLQG XVLQJ 6RFLDO 0HGLD• 3ULQFLSOHV RI 6RFLDO 0HGLD • +RZ WR FUHDWH D GLDORJXH UHODWLRQVKLSV   -DQ  )HE• /HJDOLW\ (WKLFV EHKLQG XVLQJ 6RFLDO WKURXJK 6RFLDO 0HGLD  0DU  $SU 0HGLD  0D\  -XQ • 'HOLYHULQJ WUXVW DQG WKH ,PSRUWDQFH RI  -XO  $XJ• 7\SHV RI 6RFLDO 0HGLD  6HS  2FW • 7ZLWWHU /LQNHG,Q DQG )DFHERRN KRQHVW\ DQG LQWHJULW\  1RY  'HF %ORJJLQJ • &RPPXQLFDWLRQ IRUXPV ± EORJV DQG • &UHDWLQJ D 6RFLDO 0HGLD VWUDWHJ\ IRU  -DQ  )HE \RXU EUDQG GLVFXVVLRQ JURXSV  0DU  $SU  0D\  -XQ • (WKLFV  WKH ODZV EHKLQG 6RFLDO 0HGLD DQG  -XO  $XJ EHVW SUDFWLFH JXLGDQFH • ,QWURGXFWLRQ WR 7ZLWWHU IRU %XVLQHVV • 'LVFRYHU KRZ RWKHU EXVLQHVVHV XVH LW DQG  6HS  2FW KRZ \RX FDQ FRS\ WKHLU VXFFHVVHV  1RY  'HF • )LQG RXW KRZ EHVW WR QDYLJDWH WKH SODWIRUP TXLFNO\ DQG HDVLO\ IRU WKH 2WKHU ORFDWLRQV ELJJHVW VXFFHVV LQFOXGH /RQGRQ • /HDUQ WKH GR¶V DQG GRQ¶WV %ULVWRO • ,QWURGXFWLRQ WR /LQNHG ,Q • )LQG RXW KRZ WR ERRVW \RXU FUHGLELOLW\ (GLQEXUJK UHDFK OHDGV WUDIILF VDOHV DQG JURZ \RXU /HHGV QHWZRUN • ,QWURGXFWLRQ WR )DFHERRN • %XVLQHVV SDJH YV D SHUVRQDO SURILOH • +RZ WR VHW XS D )DFHERRN 3DJH DQG JDLQ IDQV • +RZ WR XVH )DFHERRN DSSV ± 3KRWRV 3ULFH 7DJV (YHQWV *URXSV • ,QWURGXFWLRQ WR %ORJJLQJ 6FKHGXOHG … 3HU 3HUVRQ 3HU GD\ +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ *URXS …0333 344 4475 32 www.eqv.co.uk 3HU JURXS RI XS WR  3HU GD\

7HOHVDOHV  'D\ %XVLQHVV %HQHILW7HOHVDOHV FDQ EH D YHU\ SURILWDEOH VRXUFH RI EXVLQHVV IRU PDQ\ RUJDQLVDWLRQV EXW IRUWKH WHOHVDOHV RSHUDWLYH LW LV D WRXJK MRE UHTXLULQJ VNLOO GHWHUPLQDWLRQ DQG UHVLOLHQFH7KLV FRXUVH VWDUWV ZLWK WKH EDVLFV DQG FRYHUV HYHU\ DVSHFW RI WHOHVDOHV :KR 6KRXOG $WWHQG\"1HZ WHOHVDOHV VWDII RU H[SHULHQFHG SHRSOH ZKR ZRXOG EHQHILW IURP VRPH µUHIUHVKHU¶WUDLQLQJ /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 2YHUFRPLQJ µWHOHSKRQH QHUYHV¶ \RX ZLOO EH DEOH WR«  2FW  2FW • 7HOHVDOHV NQRZOHGJH DWWLWXGH DQG  'HF• 'HPRQVWUDWH WKH FRUUHFW EUHDWKLQJ DELOLW\ DQG YRLFH VW\OH WHFKQLTXHV  • 'HILQLQJ WKH WHOHVDOHV SURIHVVLRQDO  -DQ  )HE• 'HPRQVWUDWH KRZ WR KDQGOH ERWK  0DU  $SU SRVLWLYH DQG QHJDWLYH UHVSRQVHV • 'HDOLQJ ZLWK µGLIILFXOW SHRSOH¶  0D\  -XQ  -XO  $XJ• 6WD\ LQ FRQWURO ZKHQ GHDOLQJ ZLWK • %UHDWKLQJ DQG YRLFH FRQWURO  6HS  2FW µGLIILFXOW¶ VLWXDWLRQV  1RY  'HF • :RUNLQJ ZLWK WKH UHFHSWLRQLVW• 'HVFULEH WKH NH\ WHOHVDOHV FRQFHSWV  • .H\ WHOHVDOHV FRQFHSWV  -DQ  )HE• 'HPRQVWUDWH WKH FRUUHFW PHWKRGV  0DU  $SU IRU PDNLQJ IROORZ XS FDOOV • 8VHIXO WHFKQLTXHV IRU KDQGOLQJ  0D\  -XQ QHJDWLYH DQG SRVLWLYH UHVSRQVHV  -XO  $XJ• 'HPRQVWUDWH HIIHFWLYH FORVLQJ  6HS  2FW WHFKQLTXHV • $YRLGLQJ WKH FRPPRQ PLVWDNHV RI  1RY  'HF IROORZ XS FDOOV• &UHDWH D SHUVRQDO LPSOHPHQWDWLRQ 2WKHU ORFDWLRQV SODQ • *HWWLQJ DWWHQWLRQ DQG VWD\LQJ LQ LQFOXGH FRQWURO /RQGRQ %ULVWRO (GLQEXUJK /HHGV • &ORVLQJ WHFKQLTXHV 3ULFHDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 6FKHGXOHGĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ …ƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 3HU SHUVRQ+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU GD\0333 344 4475 33 [email protected] *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

8SVHOOLQJ  'D\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• :KDW LV µXSVHOOLQJ¶ DQG µFURVV \RX ZLOO EH DEOH WR« VHOOLQJ¶\"  2FW  1RY  'HF• 'HVFULEH WKH EHQHILWV RI FUHDWLQJ D • +RZ WR LQFUHDVH \RXU VDOHV SRVLWLYH LPSUHVVLRQ UHYHQXH DQG SURILWDELOLW\   -DQ  )HE• 'HPRQVWUDWH WKH VNLOOV RI DFTXLULQJ • ,GHQWLI\LQJ µEX\LQJ VLJQDOV¶  0DU  $SU FXVWRPHU NQRZOHGJH  0D\  -XQ • %XLOGLQJ SURGXFWV DQG VHUYLFHV  -XO  $XJ• 5HFRJQLVH DQG UHDFW WR µEX\LQJ  6HS  6HS VLJQDOV¶ • 'HYHORSLQJ OLVWHQLQJ VNLOOV  1RY  'HF• 'LIIHUHQWLDWH EHWZHHQ µFURVV VHOOLQJ¶ • 3UHVHQWLQJ IXUWKHU DQG DGGHG  DQG µXSVHOOLQJ¶ YDOXH  -DQ  )HE  0DU  $SU• 'HPRQVWUDWH HIIHFWLYH FORVLQJ • $FWLRQ SODQV  0D\  -XQ WHFKQLTXHV  -XQ  $XJ  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 34 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

7KH %ULOOLDQW 0DQDJHU  'D\ %XVLQHVV %HQHILW0RVW RUJDQLVDWLRQV UHFRJQLVH WKDW µ)LUVW /LQH 0DQDJHPHQW¶ LV D SLYRWDO UROH LQ WKHVXFFHVV RI D EXVLQHVV RU SURMHFW :LWKRXW D VRXQG XQGHUVWDQGLQJ RI WKH PDQDJHU¶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• 8QGHUVWDQG 0DQDJHPHQW DQG \RX ZLOO EH DEOH WR« /HDGHUVKLS  -XO  1RY  'HF• 'HILQH WKH SXUSRVH DQG REMHFWLYHV • (VWDEOLVK KRZ WR EXLOG DQ RI WKH PDQDJHPHQW UROH HIIHFWLYH WHDP   -DQ  )HE• 8QGHUVWDQG WKH GLIIHUHQW ZD\V • (VWDEOLVK ZKHUH \RXU WHDP LV  0DU  $SU SHRSOH PDQDJH DQG LGHQWLI\ WKH LQ OLQH ZLWK 7XFNPDQ WKHRU\  0D\  -XQ PRVW VXFFHVVIXO PDQDJHPHQW  -XO  2FW EHKDYLRXUV • (VWDEOLVK \RXU OHDGHUVKLS VW\OH  6HS  2FW • /HDUQ \RXU %HOELQ W\SH  1RY  'HF• 'HVFULEH WKH EDVLF SULQFLSOHV RI • 8QGHUVWDQG WKH LPSRUWDQFH RI 7HDP %XLOGLQJ  SHUIRUPDQFH PDQDJHPHQW DQG  -DQ  )HE• 'HPRQVWUDWH KRZ WR PDQDJH WKH VHWWLQJ REMHFWLYHV  0DU  $SU SHUIRUPDQFH RI LQGLYLGXDOV DQG • 8QGHUVWDQG ZD\V WR PDQDJH  0D\  -XQ WHDPV \RXU WLPH H[DPLQH \RXU MRE  -XO  $XJ UROH DQG ZRUN VPDUWHU  6HS  2FW• 8QGHUVWDQG ZKDW PRWLYDWHV SHRSOH • /HDUQ KRZ WR PRWLYDWH \RXU  1RY  'HF DQG KRZ WR GHYHORS WKDW PRWLYDWLRQ WHDP • &RQVLGHU \RXU WKRXJKWV RQ• 'HPRQVWUDWH WKH NH\ VNLOOV RI FKDQJH DQG KRZ WR PDQDJH FKDQJH &RDFKLQJ • )HHO LQFUHDVHG FRQILGHQFH WR• 3URGXFH D 3HUVRQDO 'HYHORSPHQW HQDEOH \RX WR EH D %ULOOLDQW 0DQDJHU 3ODQ WKDW ZLOO KHOS \RX LPSOHPHQW WKH OHDUQLQJDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 35 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

&KDLULQJ 0HHWLQJV  'D\ %XVLQHVV %HQHILW5XQQLQJ D PHHWLQJ LV PRUH WKDQ VLPSO\ VLWWLQJ GRZQ DW WKH KHDG RI WKH WDEOH DQGWHOOLQJ SHRSOH ZKDW \RX ZDQW 6WUXFWXULQJ WKH PHHWLQJ WR JHW WKH PRVW IURP WKHDOORFDWHG WLPH DQG DOORZLQJ DOO SDUWLFLSDQWV WR EH LQYROYHG WDNHV NQRZOHGJH DQGSUDFWLFH :KR 6KRXOG $WWHQG\"$Q\RQH ZKR LQWHQGV UXQQLQJ PHHWLQJV ZLWK PHPEHUV RI WKHLU VWDII /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 5ROHV DQG UHVSRQVLELOLWLHV RI D \RX ZLOO EH DEOH WR« FKDLU SHUVRQ  2FW  1RY  'HF• 3UHPHHWLQJ HVVHQWLDOV • ,GHDO FKDUDFWHULVWLFV RI D VWURQJ FKDLU SHUVRQ • 4XDOLWLHV RI D JRRG FKDLU  'HF  )HE • 6HWWLQJ DQG GLVWULEXWLQJ WKH  0DU  $SU• 5XQQLQJ D 0HHWLQJ DJHQGD  0D\  -XQ  -XO  $XJ • 2SHQLQJ  6HS  2FW • &KDLULQJ IDFLOLWDWLQJ  1RY  'HF • &RQWUROOLQJ WKH PHHWLQJ DQG  NHHSLQJ WR WKH DJHQGD  -DQ  )HE  0DU  $SU • 7LPH PDQDJHPHQW  0D\  -XQ • 0DNLQJ GHFLVLRQV  -XO  $XJ • 5XQQLQJ D UHYLHZ  6HS  2FW • 0HHWLQJ HYDOXDWLRQV  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 36 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

'HYHORSLQJ DQG /HDGLQJ 7HDPV  'D\V %XVLQHVV %HQHILW'HYHORSLQJ DQG OHDGLQJ WHDPV WR DFKLHYH RUJDQLVDWLRQDO JRDOV DQG REMHFWLYHV LV NH\IRU DQ\ OHDGHU WR DFKLHYH WKLV FRXUVH JLYHV \RX WKH VNLOOV DQG WHFKQLTXHV WR DFKLHYH\RXU LQGLYLGXDO DQG RUJDQLVDWLRQDO JRDOV :KR 6KRXOG $WWHQG\"$Q\RQH ZDQWLQJ WR EHFRPH D PRUH HIIHFWLYH OHDGHU RI D WHDP /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW %\ WKH HQG RI WKLV FRXUVH • &RQFHSWV RI DXWKRULW\ DQG SRZHU \RX ZLOO EH DEOH WR« UHVSRQVLELOLW\ DQG DFFRXQWDELOLW\• 8QGHUVWDQG WKH LPSRUWDQFH RI • 'LIIHUHQFHV EHWZHHQ PDQDJLQJ LQ SXEOLF OHDGLQJ WHDPV WR DFKLHYH SULYDWH DQG YROXQWDU\ VHFWRUV RUJDQLVDWLRQDO JRDOV DQG REMHFWLYHV • 3URFHVVHV RI GHOHJDWLRQ DQG• %H DEOH WR GHYHORS DQG OHDG WHDPV HPSRZHUPHQW • )DFWRUV LQIOXHQFLQJ EHKDYLRXU DW ZRUN /HLFHVWHU WKHRULHV RI PRWLYDWLRQ DQG WKHLU  DSSOLFDWLRQ WR LQGLYLGXDOV LQFOXGLQJ LQFHQWLYHV DQG UHZDUGV  -XO  1RY  'HF • 6WUDWHJLHV WR HQFRXUDJH PDQDJHG ULVN WDNLQJ DQG WR OHDUQ IURP IDLOXUH   -DQ  )HE • 7KH FKDUDFWHULVWLFV DQG EHKDYLRXUV  0DU  $SU DVVRFLDWHG ZLWK LQLWLDWLYH OHDGHUVKLS  0D\  -XQ FUHDWLYLW\ DQG LQQRYDWLRQ DQG KRZ WR  -XO  2FW IRVWHU WKHP  6HS  2FW  1RY  'HF • 1HHG IRU SHUIRUPDQFH DVVHVVPHQW DQG SURYLVLRQ RI GHYHORSPHQW DQGRU  FRXQVHOOLQJ ZKHUH QHFHVVDU\  -DQ  )HE  0DU  $SU • 5HODWLRQVKLS EHWZHHQ WHDP SHUIRUPDQFH  0D\  -XQ DQG RUJDQLVDWLRQDO JRDOV DQG REMHFWLYHV  -XO  $XJ  6HS  2FW • 7KH %DODQFHG 6FRUHFDUG  1RY  'HF • 4XDOLW\ LQLWLDWLYHV VXFK DV 740 • 7HFKQLTXHV WR HYDOXDWH WHDP SHUIRUPDQFH 2WKHU ORFDWLRQV • )HHGEDFN UHFRJQLWLRQ DQG UHZDUG LQFOXGH /RQGRQ WHFKQLTXHV WR VXSSRUW PRWLYDWH DQG %ULVWRO PRQLWRU (GLQEXUJK • &KDUDFWHULVWLFV RI JURXSV DQG WHDPV WHDP /HHGV PHPEHUVKLS DQG OHDGHUVKLS • 0HWKRGV WR SURPRWH WUXVW DQG UHVSHFW ZLWKLQ WKH WHDP&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 37 [email protected] 3HU SHUVRQ 3HU GD\ … 3HU *URXS RI XS WR  3HU 'D\

'LVFLSOLQDU\ *ULHYDQFH &DSDELOLW\ 3URFHGXUHV  'D\V %XVLQHVV %HQHILW7R KDYH DQ XQGHUVWDQGLQJ RI HPSOR\PHQW ODZ DQG WKH RUJDQLVDWLRQV +5 SURFHGXUHV LV LPSRUWDQWIRU PDQDJHUV 1RW RQO\ WR SURWHFW WKH RUJDQLVDWLRQ IURP OLWLJDWLRQ EXW DOVR WR HQVXUH WKDW VWDII ZLOOEH WUHDWHG IDLUO\ DQG LPSDUWLDOO\ VKRXOG WKHVH SURFHGXUHV EH EURXJKW LQWR SOD\7KLV FRXUVH SURYLGHV WKDW XQGHUVWDQGLQJ DQG KHOSV WR EXLOG D PDQDJHUV FRQILGHQFH ZKHQ GHDOLQJZLWK GLIILFXOW VLWXDWLRQV ,I ZH PDQDJH WR XVH RXU RUJDQLVDWLRQV 'LVFLSOLQDU\ *ULHYDQFH DQG&DSDELOLW\ SURFHGXUHV HIIHFWLYHO\ LW FDQ HQKDQFH WKH ZRUNIRUFH DQG VXSSRUW HPSOR\HHV EDFN WRSHUIRUPDQFH :KR 6KRXOG $WWHQG\"$Q\RQH ZKR PD\ KDYH WR GHDO ZLWK GLVFLSOLQDU\ SURFHGXUHV RU QHHGV WR XQGHUVWDQG ZKHQWR XVH FDSDELOLW\ WR UDLVH HPSOR\HH SHUIRUPDQFH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU %\ WKH HQG RI WKLV FRXUVH \RX ZLOO EH DEOH WR« • 2UJDQLVDWLRQDO HPSOR\PHQW SROLFLHV  2FW  1RY • 'HVFULEH WKH RUJDQLVDWLRQV • 'LVFLSOLQH SURFHGXUHV  'HF HPSOR\PHQW SROLFLHV DQG SURFHGXUHV • .HHSLQJ VXSSRUWLQJ UHFRUGV DQG  PRQLWRULQJ WKH GLVFLSOLQDU\ SURFHVV  'HF  )HE • ([SODLQ WKH GLVFLSOLQDU\ SURFHGXUH  0DU  $SU • 8QGHUVWDQGLQJ WKH VWDII JULHYDQFH  0D\  -XQ • 0DLQWDLQ GLVFLSOLQDU\ UHFRUGV SURFHGXUH  -XO  $XJ  6HS  2FW • 5HFRJQLVH DQG DGGUHVV WHDP • /HJDO DVSHFWV RI GLVFLSOLQDU\ DQG  1RY  'HF JULHYDQFH SURFHVVHV DWWLWXGHV DQG EHKDYLRXUV  • ,QWHUSHUVRQDO EHKDYLRXU DQG VXSSRUW  -DQ  )HE • &UHDWH D SRVW FRXUVH VNLOOV WR PDLQWDLQ GLVFLSOLQH DW ZRUN  0DU  $SU  0D\  -XQ LPSOHPHQWDWLRQ SODQ • 6XSSRUWLQJ LQGLYLGXDOV WR PHHW  -XO  $XJ UHTXLUHPHQWV  6HS  2FW • (IIHFWLYHO\ XVH &DSDELOLW\  1RY  'HF • :KHQ VKRXOG \RX SXW VRPHRQH RQ FDSDELOLW\\" 2WKHU ORFDWLRQV LQFOXGH • +RZ WR XVH FDSDELOLW\ WR UHDFK D /RQGRQ VXFFHVVIXO RXWFRPH %ULVWRO (GLQEXUJK • +RZ WR UHYLHZ PRQLWRU DQG HYDOXDWH /HHGV WKH VXFFHVV RI WKH FDSDELOLW\ SURFHVVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 38 www.eqv.co.uk *URXS … 3HU JURXS RI XS WR

(IIHFWLYH 'HOHJDWLRQ  'D\ %XVLQHVV %HQHILW0RVW RUJDQLVDWLRQV UHFRJQLVH WKH HQRUPRXV EHQHILWV WR EH JDLQHG WKURXJK FUHDWLQJ DFXOWXUH RI 'HOHJDWLRQ DQG (PSRZHUPHQW 'HVSLWH WKLV PDQ\ PDQDJHUV IDLO WR IXOO\UHDOLVH WKHVH EHQHILWV 7KH PLVXVH RI GHOHJDWLRQ FDQ OHDG WR D µ%ODPH &XOWXUH¶ ZKLFKOHDGV WR KLJK VWDII WXUQRYHU DQG SRRU SURGXFWLYLW\ SXWWLQJ HYHQ PRUH SUHVVXUH RQ WKHEHOHDJXHUHG PDQDJHU 7KLV FRXUVH HTXLSV PDQDJHUV WR GHOHJDWH HIIHFWLYHO\ DQG EHJLQWKH SURFHVV RI EXLOGLQJ D FXOWXUH RI HPSRZHUPHQW DQG JURZWK :KR 6KRXOG $WWHQG\"$Q\ PDQDJHU ZKR LV QHZ WR WKH VNLOOV RI GHOHJDWLRQ RU LV QRW IXOO\ XWLOLVLQJ LW¶VSRWHQWLDO /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 'HOHJDWLRQ ± ZKDW DUH WKH EHQHILWV \RX ZLOO EH DEOH WR« DQG ZKDW DUH WKH ULVNV\"  2FW  1RY  'HF• 8QGHUVWDQG DQG FOHDUO\ LGHQWLI\ • 7KH µUXOHV¶ RI GHOHJDWLRQ ZKDW GHOHJDWLRQ LV  • 3ODQQLQJ 2UJDQLVLQJ 0RWLYDWLQJ  -DQ  )HE• 6HH WKH EHQHILWV ULVNV RI DQG &RQWUROOLQJ  0DU  $SU GHOHJDWLRQ  0D\  -XQ • µ7KH JXLGH FRQWLQXXP RI DGDSWLYH  -XO  $XJ• 'HYHORS WKH FRQILGHQFH SUHVVXUH¶ OHWWLQJ JR   6HS  2FW FRPSHWHQFH RI LQGLYLGXDOV LQ \RXU  1RY  'HF WHDP • 60$57 REMHFWLYHV • 8QGHUVWDQG KRZ WR FUHDWH DQ • (PSRZHUPHQW ± DOORZLQJ \RXU  -DQ  )HE HPSRZHUHG ZRUNIRUFH SHRSOH WR JURZ  0DU  $SU  0D\  -XQ• 'HOLYHU PHDQLQJIXO PRWLYDWLRQDO • 3URYLGLQJ HIIHFWLYH )HHGEDFN  -XO  $XJ IHHGEDFN  6HS  2FW • 3HUVRQDO ,PSOHPHQWDWLRQ 3ODQV  1RY  'HF• 6HW DFKLHYDEOH PHDVXUDEOH REMHFWLYHV 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 39 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

(PRWLRQDO ,QWHOOLJHQFH  'D\ %XVLQHVV %HQHILW8QGHUVWDQGLQJ (PRWLRQDO ,QWHOOLJHQFH FDQ PDNH WKH GLIIHUHQFH EHWZHHQ DYHUDJH DQGH[FHOOHQW SHUIRUPDQFH ZLWKLQ SHRSOH :KR 6KRXOG $WWHQG\"0DQDJHUV DQG VXSHUYLVRUV ZKR ZLVK WR GHYHORS WKHLU VNLOOV DQG DELOLWLHV DQG DQ\RQHZKR ZDQWV WR XQGHUVWDQG PRUH DERXW HPRWLRQDO LQWHOOLJHQFH DQG KRZ LW FDQ EHQHILWWKH ZRUNSODFH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 'HILQLQJ (PRWLRQDO ,QWHOOLJHQFH  2FW  1RY \RX ZLOO EH DEOH WR«  'HF • $VVHVVLQJ \RXU RZQ (PRWLRQDO • 'HILQLQJ DQG XVLQJ (PRWLRQDO ,QWHOOLJHQFH  -DQ  )HE ,QWHOOLJHQFH  0DU  $SU • 8QGHUVWDQGLQJ \RXU HPRWLRQDO  0D\  -XQ• ,GHQWLI\ ZKDW LV (PRWLRQDO UHVSRQVHV DQG WKH LPSDFW RQ  -XO  $XJ ,QWHOOLJHQFH (,\" RWKHUV  6HS  2FW  1RY  'HF• %H DEOH WR XVH DQG GHYHORS (, LQ • 0DQDJLQJ DQG HQJDJLQJ HPRWLRQV  WKH ZRUNSODFH ZLWKLQ \RXU ZRUN JURXSV RU WHDPV  -DQ  )HE  0DU  $SU• 'HVFULEH WKH EXVLQHVV EHQHILWV RI • 8QGHUVWDQGLQJ WKH GLIIHUHQFH  0D\  -XQ XVLQJ (, LQ WKH ZRUNSODFH EHWZHHQ UHDFWLRQ DQG UHVSRQVH  -XO  $XJ  6HS  2FW • 'HYHORSLQJ HPSDWK\  1RY  'HF • ,PSURYLQJ WDVN HIILFLHQF\ DQG 2WKHU ORFDWLRQV UHODWLRQDO HIIHFWLYHQHVV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG … +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ 0333 344 4475 40 www.eqv.co.uk 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

(TXDOLW\ 'LYHUVLW\  'D\ %XVLQHVV %HQHILW%RWK OHJDO DQG PRUDO LPSHUDWLYHV PDNH (TXDOLW\ DQG 'LYHUVLW\ LQ WKH ZRUNSODFH DSUHUHTXLVLWH IRU DQ\ RUJDQLVDWLRQ ZRUNLQJ LQ WRGD\¶V PXOWLFXOWXUDO VRFLHW\ 7KLVFRXUVH QRW RQO\ KLJKOLJKWV WKH OHJDO UHTXLUHPHQWV EXW DOVR ORRNV DW KRZ RUJDQLVDWLRQVFDQ HPEUDFH GLYHUVLW\ DQG XQORFN WKH YDVW DPRXQWV RI WDOHQW DQG FUHDWLYLW\ ZLWKLQWKH ZRUNIRUFH :KR 6KRXOG $WWHQG\"$Q\RQH DQG HYHU\RQH ZKR ZRUNV ZLWK RWKHU SHRSOH /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH NH\ HOHPHQWV RI (TXDO \RX ZLOO EH DEOH WR« 2SSRUWXQLWLHV /HJLVODWLRQ  2FW  1RY  'HF• 'HPRQVWUDWH DQ XQGHUVWDQGLQJ RI • 3UHMXGLFH DQG 'LVFULPLQDWLRQ ± QRW WKH NH\ HOHPHQWV RI HTXDO WKH VDPH WKLQJ  RSSRUWXQLWLHV OHJLVODWLRQ  -DQ  )HE • 'LUHFW DQG ,QGLUHFW GLVFULPLQDWLRQ  0DU  $SU• 8QGHUVWDQG WKH GLIIHUHQFH EHWZHHQ  0D\  -XQ SUHMXGLFH DQG GLVFULPLQDWLRQ • 6WHUHRW\SLQJ  -XO  $XJ  6HS  2FW• 'HVFULEH WKH GLIIHUHQFH EHWZHHQ • 7KH EHQHILWV RI LQWHJUDWLRQ DQG  1RY  'HF GLUHFW DQG LQGLUHFW GLVFULPLQDWLRQ LQFOXVLRQ • 'HVFULEH WKH GDQJHUV RI  -DQ  )HE VWHUHRW\SLQJ  0DU  $SU  0D\  -XQ• $SSUHFLDWH WKH EHQHILWV RI  -XO  $XJ LQWHJUDWLRQ DQG LQFOXVLRQ  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGVDĞĂƐƵƌĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ďLJ ŬŝŶŐ LJŽƵƌ ǁŽƌŬƉůĂĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĞƐƐŝŽŶ ƚŽ 3ULFHĨŽůůŽǁͲŽŶ ĂĨƚĞƌ ƚŚĞ ƐŬŝůůƐ ƚƌĂŶƐĨĞƌ ƉĞƌŝŽĚ ŐŝǀŝŶŐ LJŽƵ ƐƉĞĐŝĨŝĐ ĞǀŝĚĞŶĐĞ ŽĨ ŚŽǁ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞƵƐŝŶŐ ƚŚĞŝƌ ŶĞǁ ƐŬŝůůƐ͘ 6FKHGXOHG …+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3HU SHUVRQ0333 344 4475 41 [email protected] 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\ 0HDVXUHG … 3HU JURXS RI XS WR  3HU GD\

(VVHQWLDO 3$ 6NLOOV  'D\ %XVLQHVV %HQHILWµ%HKLQG HYHU\ VXFFHVVIXO H[HFXWLYH WKHUH LV DQ HIIHFWLYH 3$¶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• 3URYLGLQJ SURDFWLYH VXSSRUW \RX ZLOO EH DEOH WR« • 0DQDJLQJ WKH PDQDJHU  2FW  1RY • &RQWULEXWLQJ WR WKH WHDP¶V VXFFHVV  'HF• ,GHQWLI\ WKH TXDOLWLHV RI D • 0DQDJLQJ \RXU RZQ DQG \RXUVXFFHVVIXO 3$ PDQDJHU¶V WLPH  • +DQGOLQJ GLIILFXOW VLWXDWLRQV  -DQ  )HE• &RPPXQLFDWH DVVHUWLYHO\ ZLWK • 7DNLQJ JUHDWHU FRQWURO DQG  0DU  $SUPDQDJHUV DQG VWDII DW DOO OHYHOV UHVSRQVLELOLW\  0D\  -XQ • 3UDFWLFDO WLPH PDQDJHPHQW  -XO  $XJ• *DLQ FRRSHUDWLRQ DQG  6HS  2FWFRPPLWPHQW IURP FROOHDJXHV DQG  1RY  'HFRXWVLGH EXVLQHVV FRQWDFWV • ([SORUH ZD\V WR EURDGHQ WKH  -DQ  )HEVFRSH RI \RXU UROH  0DU  $SU  0D\  -XQ• 'HDO HIIHFWLYHO\ DQG SRVLWLYHO\  -XO  $XJZLWK GLIILFXOW VLWXDWLRQV  6HS  2FW  1RY  'HF 2WKHU ORFDWLRQV LQFOXGH /RQGRQ %ULVWRO (GLQEXUJK /HHGV 3ULFH 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\0333 344 4475 42 www.eqv.co.uk

,/0 /HYHO  $ZDUG LQ /HDGHUVKLS 0DQDJHPHQW ,QVWLWXWH RI /HDGHUVKLS 0DQDJHPHQW /HYHO  $ZDUG LQ /HDGHUVKLS 0DQDJHPHQW  'D\V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… %\ WKH HQG RI WKLV FRXUVH • dŚĞ ƉƵƌƉŽƐĞ ĂŶĚ ǀĂůƵĞ ŽĨ ĨŽƌŵĂů ĂŶĚ \RX ZLOO EH DEOH WR« ŝŶĨŽƌŵĂů ƉĞƌĨŽƌŵĂŶĐĞ ĂƐƐĞƐƐŵĞŶƚ ĂƚSHU SHUVRQ ǁŽƌŬ ;ĨŽƌŵĂů ĂƐƐĞƐƐŵĞŶƚ ŝŶĐůƵĚĞƐ SHU GD\ • 8QGHUVWDQGLQJ OHDGHUVKLS ƉĞƌĨŽƌŵĂŶĐĞ ƌĞǀŝĞǁͬĂƉƉƌĂŝƐĂůͿ • 8QGHUVWDQGLQJ SHUIRUPDQFH • tĂLJƐ ƚŽ ĞŶƐƵƌĞ ĨĂŝƌ ĂŶĚ ŽďũĞĐƚŝǀĞ PDQDJHPHQW ĂƐƐĞƐƐŵĞŶƚ ;ŝŶĐůƵĚŝŶŐ ŽďũĞĐƚŝǀĞƐ ĂŶĚ ŽŶͲŐŽŝŶŐ ŵŽŶŝƚŽƌŝŶŐͿ (DFK RI WKH DERYH KDV DQ DVVRFLDWHG DVVHVVPHQW DVVRFLDWHG WR SURYH OHDUQLQJ • WƌĞƉĂƌĂƚŝŽŶƐ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ĞĨĨĞĐƚŝǀĞ͕ KDV WDNHQ SODFH ǀĂůŝĚ ĂŶĚ ƌĞůŝĂďůĞ ĂƐƐĞƐƐŵĞŶƚƐ (DFK $ZDUG SURJUDPPH LV UXQ RYHU D  • ZŽůĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ PRQWK SHULRG ŝŶĚŝǀŝĚƵĂůƐ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐƐĞƐƐŵĞŶƚ ƉƌŽĐĞƐƐ &RXUVH &RQWHQW • ƉƉƌŽƉƌŝĂƚĞ ĂƐƐĞƐƐŵĞŶƚ ƌĞĐŽƌĚƐ • dŚĞ ƋƵĂůŝƚŝĞƐ ŽĨ ůĞĂĚĞƌƐŚŝƉ • ,Žǁ ƚŽ ĐŽŶĚƵĐƚ ĨŽƌŵĂů ĂƉƉƌĂŝƐĂůƐ • dŚĞ ůĞĂĚĞƌ ʹ ƌŽůĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ • dŚĞ ƌĞůĞǀĂŶĐĞ ŽĨ ^D Zd ŽďũĞĐƚŝǀĞƐ͕ • ŝĨĨĞƌĞŶĐĞƐ ĂŶĚ ƐŝŵŝůĂƌŝƚŝĞƐ ďĞƚǁĞĞŶ ĂŶĚ ŚŽǁ ƚŽ ƐĞƚ ƚŚĞŵ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ • ,Žǁ ƚŽ ƐĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ƐƚĂŶĚĂƌĚƐ • >ĞĂĚĞƌƐŚŝƉ ŵŽĚĞůƐ ĂŶĚ ƚŚĞŝƌ • ,Žǁ ƚŽ ŵĞĂƐƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŐĂŝŶƐƚ ƐŝŐŶŝĨŝĐĂŶĐĞ ĨŽƌ ƚĂƐŬ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂŐƌĞĞĚ ƐƚĂŶĚĂƌĚƐ ĐƵůƚƵƌĞ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ • ƌĂŶŐĞ ŽĨ ŵĞƚŚŽĚƐ ĨŽƌ ŵĞĂƐƵƌŝŶŐ • >ĞĂĚĞƌƐŚŝƉ ďĞŚĂǀŝŽƵƌƐ ĂŶĚ ƚŚĞ ƐŽƵƌĐĞƐ ŽĨ ƉŽǁĞƌ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ŚŽǁ ƚŽ ƐĞůĞĐƚ ƚŚĞ • /ĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŝĚĞĂů ŽŶĞ ĂƉƉƌŽƉƌŝĂƚĞ ĐŚŽŝĐĞ ŽĨ ƉĞƌƐŽŶĂů • dĞĐŚŶŝƋƵĞƐ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ůĞĂĚĞƌƐŚŝƉ ƐƚLJůĞƐ ĂŶĚ ďĞŚĂǀŝŽƵƌƐ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ • dŚĞ ƌŽůĞ ŽĨ ƚƌƵƐƚ ĂŶĚ ƌĞƐƉĞĐƚ ŝŶ • ZĂŶŐĞ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŝŵƉƌŽǀĞŵĞŶƚ ĞĨĨĞĐƚŝǀĞ ƚĞĂŵ ůĞĂĚĞƌƐŚŝƉ ŵĞƚŚŽĚƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ŵĂŶĂŐĞƌ • dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĨĞĞĚďĂĐŬ ƚŽ ŝŵƉƌŽǀĞ ƉĞƌĨŽƌŵĂŶĐĞ • WƌŝŶĐŝƉůĞƐ ĨŽƌ ŐŝǀŝŶŐ ĞĨĨĞĐƚŝǀĞ ĨĞĞĚďĂĐŬ ŽŶ ƉĞƌĨŽƌŵĂŶĐĞ 0333 344 4475 43 [email protected]

,QVWLWXWH RI /HDGHUVKLS 0DQDJHPHQW ,/0 /HYHO  $ZDUG LQ /HDGHUVKLS 0DQDJHPHQW /HYHO  $ZDUG LQ /HDGHUVKLS 0DQDJHPHQW  'D\V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• 7KH LPSRUWDQFH RI JRYHUQDQFH LQ … \RX ZLOO EH DEOH WR« VKDSLQJ WKH HWKLFV DQG YDOXHV RI WKH RUJDQLVDWLRQ SHU SHUVRQ• 8QGHUVWDQGLQJ 2UJDQLVDWLRQDO &XOWXUH SHU GD\ DQG (WKLFV  'D\ • &RUSRUDWH VRFLDO UHVSRQVLELOLW\ • /HJLVODWLRQ DQG VRFLDO DWWLWXGHV DQG• 0DQDJLQJ 3URMHFWV LQ WKH 2UJDQLVDWLRQ  'D\V WKHLU HIIHFW RQ RUJDQLVDWLRQDO SROLFLHV DQG SURFHGXUHV LQ UHODWLRQ WR GLYHUVLW\(DFK RI WKH DERYH KDV DQ DVVRFLDWHG DQG HTXDO RSSRUWXQLWLHVDVVHVVPHQW WR SURYH OHDUQLQJ KDV WDNHQ • ,VVXHV RI KXPDQ ULJKWV KDUDVVPHQWSODFH EXOO\LQJ DQG ³ZKLVWOHEORZLQJ´ OHJLVODWLRQ(DFK $ZDUG SURJUDPPH LV UXQ RYHU D  • 2ZQ RUJDQLVDWLRQ¶V SROLFLHV DQGPRQWK SHULRG SURFHGXUHV WR GHDO ZLWK OHJDO DQG PRUDO REOLJDWLRQV &RXUVH &RQWHQW • $OWHUQDWLYH SHUFHSWLRQV DERXW ULJKW DQG ZURQJ YDOXH MXGJHPHQWV• 5HVRXUFH DQDO\VLV DQG UHVFKHGXOLQJ • 'HILQLWLRQ RI HWKLFV LQ WKH ZRUN FRQWH[W• 3URMHFW FRPPXQLFDWLRQ PHWKRGV LQFOXGLQJ FXOWXUHV EHOLHIV DQG YDOXH• /LQNV WR FKDQJH PDQDJHPHQW V\VWHPV• ,QIRUPDWLRQ WHFKQRORJ\ VROXWLRQV • 3HUVRQDO DQG EXVLQHVV HWKLFV• %HQHILWV RI SURMHFW PDQDJHPHQW • (WKLFDO FRQVLGHUDWLRQV IRU LQYHVWPHQW• .H\ SURMHFW PDQDJHPHQW WHUPLQRORJ\ WUDGLQJ FRPSHWLWLRQ PDQXIDFWXULQJ• &KDUDFWHULVWLFV RI SURMHFW PDQDJHUV HPSOR\PHQW HWF• 2UJDQLVDWLRQDO VWUXFWXUHV WR VXSSRUW • (WKLFV DQG VWDNHKROGHUV • 6RFLDO UHVSRQVLELOLWLHV RI RUJDQLVDWLRQV SURMHFWV DQG WKH UHVRXUFH LPSOLFDWLRQV DQG• 7\SHV RI SURMHFW WKH SURMHFW OLIH F\FOH ILQDQFLDO FRVWV DQG UHWXUQV RI XVLQJ DQ• )HDVLELOLW\ VWXGLHV ULVN PDQDJHPHQW HWKLFDO DQG HTXLWDEOH DSSURDFK • 3URMHFW VSRQVRUV VWDNHKROGHUV DQG WHFKQLTXHV VFRSH• 3URMHFW WHDP UROHV FULWLFDO • :RUN EUHDNGRZQ DQG SURGXFW EUHDNGRZQ VWUXFWXUH UHODWLRQVKLSV • *DQWW DQG EDU FKDUWV FULWLFDO SDWK• 3URFHGXUHV IRU SURMHFW FORVXUH DQDO\VLV• 8VLQJ IHHGEDFN IURP RWKHUV WR FULWLFDOO\ • 0HWKRGV RI UHGXFLQJ SURMHFW WLPHV DQG FRVWV HYDOXDWH RZQ SHUIRUPDQFH0333 344 4475 44 www.eqv.co.uk

8QGHUVWDQGLQJ /HDGHUVKLS  'D\ %XVLQHVV %HQHILW$UH JUHDW OHDGHUV ERUQ RU FDQ HYHU\RQH OHDUQ /HDGHUVKLS 6NLOOV DQG EHFRPH D JUHDWOHDGHU\" ,W LV RIWHQ VDLG WKDW WKH GLIIHUHQFH EHWZHHQ DQ RUJDQLVDWLRQ WKDW GRHV ZHOODQG RQH WKDW DFKLHYHV UHPDUNDEOH UHVXOWV LV /HDGHUVKLS 7KLV FRXUVH LV GHVLJQHG WRLQVWLO WKH IXQGDPHQWDO SULQFLSOHV DQG VNLOOV LQYROYHG LQ GHYHORSLQJ D SHUVRQ IURP DJRRG PDQDJHU WR D JUHDW OHDGHU :KR 6KRXOG $WWHQG\"0DQDJHUV DQG VXSHUYLVRUV ZKR ZLVK WR GHYHORS WKHLU VNLOOV DQG DELOLWLHV DQG EHFRPH/HDGHUV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH TXDOLWLHV RI OHDGHUVKLS  2FW  1RY \RX ZLOO EH DEOH WR«  'HF • 7KH OHDGHU ± UROHV DQG • 8QGHUVWDQG OHDGHUVKLS VW\OHV UHVSRQVLELOLWLHV  'HF  )HE  0DU  $SU• 8QGHUVWDQG OHDGHUVKLS TXDOLWLHV • 'LIIHUHQFHV DQG VLPLODULWLHV  0D\  -XQ EHWZHHQ OHDGHUVKLS DQG  -XO  $XJ• 5HYLHZ RZQ OHDGHUVKLS TXDOLWLHV PDQDJHPHQW  6HS  2FW DQG SRWHQWLDO  1RY  'HF • /HDGHUVKLS PRGHOV DQG WKHLU  VLJQLILFDQFH IRU WDVN  -DQ  )HE SHUIRUPDQFH FXOWXUH DQG  0DU  $SU UHODWLRQVKLSV  0D\  -XQ  -XO  $XJ • /HDGHUVKLS EHKDYLRXUV DQG WKH  6HS  2FW VRXUFHV RI SRZHU  1RY  'HF • ,GHQWLILFDWLRQ GHYHORSPHQW DQG /RFDWLRQV DSSURSULDWH FKRLFH RI SHUVRQDO /RQGRQ OHDGHUVKLS VW\OHV DQG EHKDYLRXUV %ULVWRO (GLQEXUJK • 7KH UROH RI WUXVW DQG UHVSHFW LQ /HHGV HIIHFWLYH WHDP OHDGHUVKLS&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH0333 344 4475 45 [email protected] 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\

/HDGLQJ 3URMHFW ,PSOHPHQWDWLRQ  'D\ %XVLQHVV %HQHILW(IIHFWLYH SURMHFW PDQDJHPHQW LV D YLWDO UHTXLUHPHQW IRU DQ\ RUJDQLVDWLRQ LQYROYHGLQ H[SDQVLRQ RU GHYHORSPHQW :LWKRXW LW EXGJHWV PD\ RYHUUXQ GHDGOLQHV EHPLVVHG RU SURMHFWV IDLO WR PHHW WKHLU REMHFWLYHV7KLV FRXUVH IRFXVHV RQ WKH UROH RI WKH 6SRQVRU DQG JLYHV WKHP DQ XQGHUVWDQGLQJ RIWKH SURFHVV RI SURMHFW SODQQLQJ ULVN DQDO\VLV DQG PRQLWRULQJ WKH SODQ 7KLV HQDEOHVWKHP WR EHWWHU PDQDJH D 3URMHFW PDQDJHUV :KR 6KRXOG $WWHQG\"3URMHFW 6SRQVRUV DQG DQ\RQH ZKR PD\ EH UHVSRQVLEOH IRU RYHUVHHLQJ IXWXUH SURMHFWVDQG 3URMHFW 0DQDJHUV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 7KH QDWXUH DQG SXUSRVH RI SURMHFWV \RX ZLOO EH DEOH WR«  2FW  1RY • 3URMHFW SODQQLQJ DQG PDQDJHPHQW  'HF• 'HWHUPLQH WKH IHDVLELOLW\ DQG ULVNV DSSURDFKHV HJ XVH RI &3$ *DQWW DVVRFLDWHG ZLWK D SURSRVHG SURMHFW FKDUWV   -DQ  )HE• $JUHH WKH JRDOV DQG VXFFHVV FULWHULD IRU • )HDVLELOLW\ DQG ULVN DVVHVVPHQW  0DU  $SU WKH SURMHFW WHFKQLTXHV  0D\  -XQ  -XO  $XJ• 3ODQ WKH SURMHFW DQG LGHQWLI\ WKH • 3URMHFW FRQVWUDLQWV HJ VFRSH WLPH  6HS  2FW ILQDQFLDO DQG RWKHU UHVRXUFHV UHTXLUHG DQG FRVW RU ILQDQFH WLPH DQG KXPDQ  1RY  'HF XVLQJ D VWDQGDUG PHWKRG DQG UHVRXUFHV ± WKHLU LPSOLFDWLRQV IRU DSSURSULDWH SURMHFW PDQDJHPHQW WRROV SURMHFW PDQDJHPHQW   -DQ  )HE• 6HOHFW DQ DSSURSULDWH SURMHFW WHDP • 3URMHFW PDQDJHPHQW DQG OHDGHUVKLS  0DU  $SU VNLOOV  0D\  -XQ• /HDG WKH SURMHFW WHDP WR DFKLHYH  -XO  $XJ SURMHFW PLOHVWRQHV DQG JRDOV • ,GHQWLILFDWLRQ DQG FRPPXQLFDWLRQ ZLWK  6HS  2FW VWDNHKROGHUV  1RY  'HF• 0RQLWRU SURJUHVV DQG WDNH DFWLRQ WR UHFWLI\ SUREOHPV RU UHFRYHU IDLOXUH • 0RQLWRULQJ DQG UHSRUWLQJ RQ SURMHFW 2WKHU ORFDWLRQV SURJUHVV DQG DFKLHYHPHQW RI LQFOXGH• 0DQDJH WKH SURMHFW EXGJHW PLOHVWRQHV DQG JRDOV /RQGRQ %ULVWRO• (QVXUH IXOO HQJDJHPHQW RI VWDNHKROGHUV • %XGJHW PDQDJHPHQW DQG YDULDQFH (GLQEXUJK ZLWK WKH SURMHFW DQDO\VLV DQG UHSRUWLQJ VNLOOV /HHGV• 5HIOHFW RQ DQG OHDUQ IURP WKH RXWFRPHV • 3URMHFW HYDOXDWLRQ DQG UHSRUWLQJ 3ULFH RI D SURMHFW • 8VLQJ SURMHFW HYDOXDWLRQ WR UHIOHFW RQ 6FKHGXOHG RZQ SHUIRUPDQFH DQG VNLOOV …&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ 3HU SHUVRQ XSRQ FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW 3HU GD\ +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ *URXS …0333 344 4475 46 www.eqv.co.uk 3HU JURXS RI XS

8QGHUVWDQGLQJ &RQIOLFW 0DQDJHPHQW LQ WKH :RUNSODFH  'D\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• 3RVVLEOH FDXVHV RI LQWHUQDO \RX ZLOO EH DEOH WR« FRQIOLFW HJ SHUVRQDO YHUVXV  2FW  1RY EXVLQHVV REMHFWLYHVYDOXHV  'HF• 8QGHUVWDQG WKH URRW FDXVHV DQG QDWXUH RI FRQIOLFW • &DXVHV RI LQWHUSHUVRQDO IULFWLRQ DW  ZRUN LQFOXGLQJ EXOO\LQJ DQG  -DQ  )HE• %HWWHU XQGHUVWDQG RI KRZ KDUDVVPHQW  0DU  $SU SHUVRQDOLWLHV FDQ KDYH D EHDULQJ RQ  0D\  -XQ FRQIOLFW HVFDODWLRQ DQG UHVROXWLRQ • 7KH HIIHFWV RI FRQIOLFW RQ  -XO  $XJ SHUIRUPDQFH DQG WKH LQGLYLGXDO DW  6HS  2FW• +RZ WR UHFRJQLVH DQG DQWLFLSDWH ZRUN  1RY  'HF HPHUJLQJ FRQIOLFW • 6WDJHV LQ WKH GHYHORSPHQW RI • 0DQDJH DQG UHVROYH FRQIOLFW FRQIOLFW  -DQ  )HE  0DU  $SU• 5HVROYH FRQIOLFW WR SURGXFH PRUH • 7KH PDQDJHU¶V UHVSRQVLELOLW\ LQ  0D\  -XQ SRVLWLYH RXWFRPHV PLQLPLVLQJ DQG UHVROYLQJ FRQIOLFW  -XO  $XJ DQG WHFKQLTXHV WR DFKLHYH WKLV  6HS  2FW• ,GHQWLI\ DQG GHDO ZLWK EHKDYLRXUV  1RY  'HF ZKLFK WULJJHU FRQIOLFW • :D\V WR FUHDWH KDUPRQ\ DW ZRUN DQG HQJHQGHU D SRVLWLYH 2WKHU ORFDWLRQV DWPRVSKHUH LQFOXGH /RQGRQ&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ %ULVWRO FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW (GLQEXUJK /HHGV+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH 6FKHGXOHG … 3HU SHUVRQ 3HU GD\ *URXS … 3HU JURXS RI XS WR  3HU GD\0333 344 4475 47 [email protected]

0DQDJLQJ 3URMHFWV LQ WKH 2UJDQLVDWLRQ  'D\ %XVLQHVV %HQHILW(IIHFWLYH SURMHFW PDQDJHPHQW LV D YLWDO UHTXLUHPHQW IRU DQ\ RUJDQLVDWLRQ LQYROYHG LQH[SDQVLRQ RU GHYHORSPHQW :LWKRXW LW EXGJHWV PD\ RYHUUXQ GHDGOLQHV PLVVHG RUSURMHFWV IDLO WR PHHW WKHLU REMHFWLYHV7KLV FRXUVH IRFXVHV RQ WKH SURFHVV RI SURMHFW SODQQLQJ ULVN DQDO\VLV DQG PRQLWRULQJWKH SODQ :KR 6KRXOG $WWHQG\"7KLV LV DLPHG DW SUDFWLVLQJ 3URMHFW 0DQDJHUV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW /HLFHVWHU  %\ WKH HQG RI WKLV FRXUVH • 3URMHFW VSRQVRUV VWDNHKROGHUV DQG \RX ZLOO EH DEOH WR« VFRSH  -XO  1RY  'HF• 2YHUYLHZ RI WKH UROHV ZLWKLQ • :RUN EUHDNGRZQ DQG SURGXFW SURMHFW PDQDJHPHQW EUHDNGRZQ VWUXFWXUH   -DQ  )HE• &UHDWH D SURMHFW SODQ • *DQWW DQG EDU FKDUWV FULWLFDO SDWK  0DU  $SU DQDO\VLV  0D\  -XQ• 'HPRQVWUDWH KRZ WR PRQLWRU D  -XO  2FW SURMHFW SODQ • 0HWKRGV RI UHGXFLQJ SURMHFW WLPHV DQG  6HS  2FW FRVWV  1RY  'HF• 'HVFULEH WKH SURFHVV IRU PDQDJLQJ D SURMHFW WR FRPSOHWLRQ • 5HVRXUFH DQDO\VLV DQG UHVFKHGXOLQJ  • 3URMHFW FRPPXQLFDWLRQ PHWKRGV  'HF  )HE• 0HDVXUH WKH VXFFHVV RI D SURMHFW • /LQNV WR FKDQJH PDQDJHPHQW  0DU  $SU DQG DVFHUWDLQ WKH OHVVRQV WR EH • ,QIRUPDWLRQ WHFKQRORJ\ VROXWLRQV  0D\  -XQ OHDUQHG • %HQHILWV RI SURMHFW PDQDJHPHQW  -XQ  $XJ • .H\ SURMHFW PDQDJHPHQW WHUPLQRORJ\  6HS  2FW• %H DEOH WR HYDOXDWH RZQ DELOLW\ WR • &KDUDFWHULVWLFV RI SURMHFW PDQDJHUV  1RY  'HF PDQDJH D SURMHFW • 2UJDQLVDWLRQDO VWUXFWXUHV WR VXSSRUW /RFDWLRQV SURMHFWV /RQGRQ • 7\SHV RI SURMHFW WKH SURMHFW OLIH F\FOH %ULVWRO • )HDVLELOLW\ VWXGLHV ULVN PDQDJHPHQW (GLQEXUJK /HHGV WHFKQLTXHV • 3URMHFW WHDP UROHV FULWLFDO UHODWLRQVKLSV • 3URFHGXUHV IRU SURMHFW FORVXUH • 8VLQJ IHHGEDFN IURP RWKHUV WR FULWLFDOO\ HYDOXDWH RZQ SHUIRUPDQFH&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 48 www.eqv.co.uk 3HU SHUVRQ 3HU GD\ … 3HU *URXS XS WR  3HU 'D\

0DQDJLQJ :RUNSODFH 3URMHFWV  'D\ %XVLQHVV %HQHILW(IIHFWLYH SURMHFW PDQDJHPHQW LV D YLWDO UHTXLUHPHQW IRU DQ\ RUJDQLVDWLRQ LQYROYHG LQH[SDQVLRQ RU GHYHORSPHQW :LWKRXW LW EXGJHWV PD\ RYHUUXQ GHDGOLQHV EH PLVVHG RUSURMHFWV IDLO WR PHHW WKHLU REMHFWLYHV7KLV FRXUVH ORRNV DW VLPSOH SURMHFWV DQG WKHLU PDQDJHPHQW DQG LV LGHDO IRU SHRSOHZKR QHHG XQGHUVWDQG SURMHFW PDQDJHPHQW WHUPV DQG PHWKRGV EXW PD\ QRW OHDG DSURMHFW :KR 6KRXOG $WWHQG\"3URMHFW SHUVRQDO 7HDP /HDGHUV DQG RWKHUV ZKR DUH QHZ WR SURMHFWV /HDUQLQJ 2EMHFWLYHV &RXUVH &RQWHQW %\ WKH HQG RI WKLV FRXUVH • %DVLF SURMHFW GHVLJQ SULQFLSOHV /HLFHVWHU \RX ZLOO EH DEOH WR«  • 6LPSOH WRROV IRU ILQDQFLDO DSSUDLVDO• .QRZ KRZ WR PDQDJH D VLPSOH RI SURMHFWV  -XO  1RY ZRUNSODFH SURMHFW  'HF • 3URMHFW SODQQLQJ WHFKQLTXHV *DQWW• 8QGHUVWDQG WKH ILQDQFLDO DQG QRQ FKDUWV )ORZ FKDUWV 1HWZRUN  ILQDQFLDO LPSOLFDWLRQV RI D SODQQLQJ  -DQ  )HE ZRUNSODFH SURMHFW  0DU  $SU • 8VH RI REMHFWLYHV DQG  0D\  -XQ WDUJHWVPLOHVWRQHV WR PRQLWRU  -XO  2FW SHUIRUPDQFH DQG UHYLHZ SODQV  6HS  2FW  1RY  'HF • 3URMHFW HYDOXDWLRQ DQG UHYLHZ WHFKQLTXHV   -DQ  )HE • 1RQILQDQFLDO FRVWV DQG EHQHILWV RI  0DU  0DU FKDQJH VRFLDO HQYLURQPHQWDO DQG  0D\  -XQ KXPDQ HOHPHQWV  -XO  $XJ  6HS  2FW  1RY  'HF&UHGLWV  ± 7KHVH FUHGLWV FDQ EH FRXQWHG WRZDUGV DQ ,/0 OHYHO  4XDOLILFDWLRQ XSRQ /RFDWLRQV FRPSOHWLRQ RI D ZRUN EDVHG DVVLJQPHQW /RQGRQ %ULVWRO (GLQEXUJK /HHGV+DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 49 [email protected] 3HU SHUVRQ 3HU GD\ … 3HU *URXS X WR  3HU 'D\

0DQDJLQJ &KDQJH  'D\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• 7KH EHQHILWV RI FKDQJH DQG WKH /HLFHVWHU \RX ZLOO EH DEOH WR« FRQVHTXHQFHV RI QRW FKDQJLQJ • 'HVFULEH WKH PDLQ SULQFLSOHV RI • 7KH UROH RI FKDQJH LQ WKH VXUYLYDO  -XO  1RY &KDQJH 0DQDJHPHQW DQG SURVSHULW\ RI RUJDQLVDWLRQV  'HF• 8QGHUVWDQG WKH KXPDQ DVSHFWV RI • &RQFHSWV RI FUHDWLYLW\ DQG  FKDQJH LQQRYDWLRQ DQG WKHLU VLJQLILFDQFH  -DQ  )HE IRU RUJDQLVDWLRQDO VXFFHVV DQG  0DU  $SU• 'HVFULEH WKH PDLQ EDUULHUV WR FKDQJH PDQDJHPHQW  0D\  -XQ FKDQJH  -XO  2FW • %DUULHUV WR FKDQJH DQG LQQRYDWLRQ  6HS  2FW• &UHDWH D SODQ WR PDQDJH WKH ± KRZ WR LGHQWLI\ WKHP DQG RWKHU  1RY  'HF LPSDFW RI FKDQJH RQ VWDII GLIILFXOWLHV LQ LPSOHPHQWLQJ FKDQJH • 2XWOLQHV KRZ WKDW SODQ ZRXOG EH • 0HDQV RI RYHUFRPLQJ EDUULHUV DQG  -DQ  )HE LPSOHPHQWHG GLIILFXOWLHV LQFOXGLQJ XQIUHH]LQJ DQG  0DU  $SU IUHH]LQJ WHFKQLTXHV  0D\  -XQ  -XO  $XJ • 0HWKRGV WR PRQLWRU DQG FRQWURO  6HS  2FW SURJUHVV RI LQQRYDWLRQ DQG FKDQJH  1RY  'HF DJDLQVW SODQ LQFOXGLQJ XVH RI *DQWW FKDUWV QHWZRUN SODQQLQJ • 7KH UROH RI FRPPXQLFDWLRQ LQ VXFFHVVIXO LPSOHPHQWDWLRQ RI LQQRYDWLRQ DQG FKDQJH&UHGLWV  /RFDWLRQV7KHVH FUHGLWV FDQ EH FRQYHUWHG WRZDUG DQ ,/0 /HYHO  TXDOLILFDWLRQ /RQGRQ %ULVWRO (GLQEXUJK /HHGV +DYH WKH FRXUVH UXQ DW \RXU ORFDWLRQ 3ULFH …0333 344 4475 50 www.eqv.co.uk 3HU SHUVRQ 3HU 'D\ … 3HU *URXS RI XS WR  3HU 'D\