Quilter plc results for the year ended 31 December 2019

Enquiries

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Paul Feeney, CEO, and Mark Satchel, CFO, will host a presentation for investors and analysts at 08:30am (GMT) today, 11 March 2020, at Quilter plc, Millennium Bridge House, 2 Lambeth Hill, London, EC4V 4AJ.

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Alternatively, if you are unable to attend but would like to watch a live webcast of the presentation, please click on the link below to join via our website.

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Live and on-demand: https://www.quilter.com/investor-relations�

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Note: Neither the content of the Company's website nor the content of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

Disclaimer

This announcement may contain certain forward-looking statements with respect to certain Quilter plc's plans and its current goals and expectations relating to its future financial condition, performance and results.�

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc's control including amongst other things, international and global economic and business conditions, the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc's forward looking statements.

Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make. Nothing in this announcement should be construed as a profit forecast.

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Business unit descriptor:

Alternative Performance Measures ("APMs")

We assess our financial performance using a variety of measures. APMs are not defined by the relevant financial reporting framework which for the Group is IFRS, but we use them to provide greater insight into the financial performance, financial position and cash flows of the Group and the way it is managed.

APMs should be read together with the Group's consolidated financial statements, which include the Group's income statement, statement of financial position and statement of cash flows, which are presented on pages 32 to 37.

A number of our metrics exclude Quilter Life Assurance, which was historically excluded due to the closure of the institutional life book of business announced in 2017, and the run-off of the closed legacy book of business. At 31 December 2019, this business was sold to ReAssure, as explained in note 3(b) to the financial statements, and has been classified as a discontinued operation accordingly.

Further details of APMs used by the Group in its financial review are provided below. The Group's APMs have not changed due to the adoption of new accounting standards in the year, which includes the impact of IFRS 16, as disclosed in note 1 to the consolidated financial statements.

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Chief Executive Officer's Statement

Execution

Last year I noted that Quilter had come to market not as the finished article but as a work in progress. In 2019 we made significant strides towards achieving our goals. We have a clear vision about what we want Quilter to be: a modern advice-led, wealth management company built on the principles of fairness, transparency and choice with each of these supported by great service. Our core UK customer propositions are free of exit charges or surrender penalties. Delivering good customer outcomes through the provision of trusted advice is central to everything we do. The combination of our own restricted financial planners together with the c.4,000 independent adviser firms who use Quilter's UK Platform on a regular basis provides us with two strong channels to drive business growth.

Our ambitions are considerable and the growth opportunity across our markets remains compelling, so during 2019 we have been moving at pace to transform Quilter by:

������ a relentless focus on optimisation and the development of our new UK platform;

������ reshaping our business through both acquisitions and disposals;

������ investing in our revenue generation capability through growth in restricted financial planners and adding investment managers to replace the departures we saw in 2018; and

������ maintaining the capital discipline we demonstrated with 2018's special dividend through a commitment to return the �375 million net surplus sale proceeds from the disposal of Quilter Life Assurance through on-market share repurchases.

Remaining key milestones include the migration of customers from our existing platform onto our new UK platform, the first stage of which was completed in early 2020. We also need to complete the first phase of our optimisation plans by the end of 2021. As we look ahead, we believe that the secular growth characteristics of our markets remain strong, and each of our businesses are well positioned strategically in each of the markets in which they operate. Our objective is to deliver on our potential by making Quilter more than the sum of its parts and delivering excellent outcomes for all our stakeholders.

Financial performance

We have delivered a solid profit performance in 2019 in a market that has had to contend with extreme political and economic uncertainty due to Brexit in the UK, and trade and geopolitical concerns more broadly across the globe. Business conditions in 2019 were the opposite of those experienced in the previous year. In 2018, Quilter benefited from good new business flows but a challenging environment which was exacerbated by the market sell off late in that year. By contrast, in 2019 the net flow environment has been more challenging due to the aforementioned geopolitical uncertainty coupled with certain Quilter-specific issues, discussed below. However, the market rebound early in 2019 was stronger than we expected at the end of 2018, which, coupled with the high level of retention of our assets under management and administration, meant we closed the year with record AuMA of �110.4 billion.

Against this backdrop, I am pleased with our adjusted profit before tax for the year of �182 million (2018: �176 million) (excluding Quilter Life Assurance), up 3% on last year, or �235 million (2018: �233 million), up 1%, including Quilter Life Assurance. This reflected stable revenue margins coupled with a 4% increase in average AuMA and was supported by strong cost discipline and our optimisation activities. Expenses increased modestly as a result of investment in the business through our distribution acquisitions and the normalisation of the charge for the FSCS levy. Excluding the impact from acquisitions, underlying costs (including Quilter Life Assurance) were broadly unchanged on 2018, in line with the guidance provided at the beginning of the year. On an IFRS basis, our continuing business made a loss after tax of �21 million (2018: profit after tax of �66 million). The difference between our IFRS and adjusted profit is predominantly due to the amortisation of (non-cash) intangibles related to acquisitions, the costs of our platform transformation programme (which will fall away in 2021) and the restructuring costs associated with our optimisation plans, which will continue to be incurred in 2020 and 2021.

Transformation

A key initiative in 2019 was broadening the reach of our advice business. We acquired Charles Derby Group in February 2019 which, in one-step, gave us UK-wide scale in our recently formed national advice business. The subsequent addition of 390 financial advisers through the acquisition of Lighthouse Group plc in June 2019 added critical mass to the national advice business as well as broadening our network business. We will enhance the Lighthouse restricted proposition through access to Quilter Investors solutions which have been specifically designed to meet the needs of customers of advice businesses. In line with the trend in previous acquisitions, over time, we expect a number of the 250 Lighthouse independent financial advisers to convert to a restricted proposition based upon the ability of our propositions to meet their customers' needs.

The integration of both the above acquisitions are progressing in line with expectations and should contribute to flows during 2020. While these acquisitions were strategically important, we also experienced good levels of organic growth in RFPs across our wider business. We added a net 41 RFPs across the firm representing organic growth of 3% and have a strong pipeline of new joiners expected for 2020 which is partly due to the scaling up of our investment in our Financial Adviser School. Given the focus on broadening of our business, we were delighted that Quilter was named as the top-ranked financial adviser firm in 2019 by FTAdviser which provides external validation of our commitment to providing high-quality advice.

The sale of Quilter Life Assurance was in line with our strategic objectives. Once the FCA thematic review into fair treatment of long-standing customers closed with a favourable outcome in late 2018, we decided to undertake a strategic review of the business which concluded that a sale was in the best interests of customers, shareholders and employees. The sale of Quilter Life Assurance to ReAssure helps simplify and focus our business and removes a drag from our growth trajectory. We were delighted with the sale price achieved of �425 million (and interest income of �21 million) representing 120% of proforma own funds which set a new benchmark for pricing of closed life book transactions in the UK. Our Board is highly focussed on capital discipline and we intend to return the full net surplus sale proceeds (after disposal costs) of �375 million to shareholders. We will commence a share buyback on the London and Johannesburg exchanges shortly and it will be subject to staged regulatory approval and the Board will keep the programme under review to make sure it continues to be the most efficient and effective means of returning capital to shareholders.

In terms of our operational transformation through optimisation, we continue to make excellent progress. In late 2018 and 2019 our focus was on initiatives with near-term benefits such as supplier contract renegotiation and reduction, driving savings in property and facility costs, and reducing dependence on higher cost contracting staff. We are now focussed on delivering the longer-term sustainable cost savings which will allow us to deliver the planned operating margin improvements in 2020 and 2021. This will be achieved through technology enabled transformation, such as implementing a single payroll system, a firm-wide general ledger and enhancing the straight through processing capabilities within our advice business. We have started the consolidation of the support functions which is designed to create centres of excellence across the business by removing duplication and ensuring tasks are only performed once. This has already contributed to our lower costs in activities such as finance and marketing.

Our optimisation plans have contributed to keeping our operating margin stable year-on-year, despite the impact of our Advice acquisitions which have a lower operating margin than the rest of the Group. We remain committed to delivering the targeted improvement in our operating margin in 2020 and in 2021. As a result of the sale of Quilter Life Assurance, this will be off a lower base than we originally expected when we announced our targets in March 2019. We target an operating margin of 27% for 2020 and 29% for 2021.

Turning to our UK Platform Transformation Programme, this has been a priority over the course of 2019. We spent the year with the system in soft launch phase which was used to verify core system functionality, processes and controls in a live environment. This provided valuable insight as we worked through to the core code delivery in the summer and the delivery of the master version of the code in early November 2019. Alongside our rigorous testing approach, we undertook two dry runs and three dress rehearsals as part of our migration readiness plans before our initial migration in February 2020.

This initial migration of c.8% of the total platform assets under administration represented the funds associated with around 60 adviser firms and 25,000 customers. In the period immediately after migration, operational activity has been in line with expectations and initial feedback from advisers using the new system has been positive. We will incorporate lessons learnt from this process into our plans and ensure the new platform is operating well and at scale, ahead of undertaking our final migration by the end of summer, with scheduling of this timed to reduce potential disruption to our customers and advisers.

Ensuring that assets are transferred from our existing platform onto the new platform on a high quality, low risk basis is mission-critical. The total costs of the project are expected to be around �185 million, in line with the revised estimates we set out in August 2019. Of this sum, �136 million had been spent by end-December 2019.

Separately, we executed well on the programme to build out Quilter Investors' capability as a standalone business independent of the transitional support provided by Merian Global Investors (formerly Old Mutual Global Investors). This project was completed more than six months ahead of schedule and within budget.

Operational performance

Delivering good customer outcomes through a trusted advice relationship is core to the Quilter business model. Both our restricted and third party independent advisers drive client flows to our platform - the centre of our business which provides the investment 'wrappers', where needed, to meet clients needs. Our investment solutions provide the intellectual capital to deliver the financial outcomes that our clients seek. Excellent service delivery underpins the customer and adviser experience. Confidence in our proposition is demonstrated through both the continued attraction of our solutions to independent financial advisers and the resilience of our integrated net flows.

Gross client cash flows (excluding Quilter Life Assurance) into the business were lower at �12.3 billion (2018: �14.2 billion) and as already noted, 2019 was challenging in terms of NCCF. 2019 NCCF (excluding Quilter Life Assurance) of �0.3 billion was down from �4.7 billion in 2018. As well as general market uncertainty caused by Brexit and broader geopolitical and macro-economic concerns, the 2019 result includes two Quilter-specific issues:

First, despite higher gross sales in 2019 from Quilter Cheviot, the departures of a group of Investment Managers who resigned in mid-2018 had an impact on outflows in the business once their non-compete restrictions expired in the second quarter 2019. We recorded outflow requests totalling �1.3 billion from clients looking to follow these Investment Managers and, as previously announced, we also experienced the transfer of a quasi-institutional �0.2 billion mandate from Quilter Cheviot late in the second quarter.

Secondly, partly due to market uncertainty, we have experienced a lower level of new gross flows onto our UK platform from both our and third party financial advisers ahead of our planned platform migration this year. This has led to lower levels of flow into Quilter Investors, with the combination of these factors leading to lower net flows.

Quilter International's NCCF was up 67% on the prior year, albeit off a low base. The current business flows are consistent with repositioning the business to have deeper roots in fewer markets, and to ensure the product range and client offering across our international markets is consistent with Quilter's risk appetite in all markets where we operate.

We are pleased that overall levels of client retention across the business were broadly unchanged, outside of the isolated impact from the Quilter Cheviot departures.

AuMA, excluding Quilter Life Assurance, increased 13% to �110.4 billion from �97.7 billion at 31 December 2018. The market recovery began late in the first quarter and overall market levels oscillated around the higher levels for most of the year, with the FTSE-100 up 12% during the year. This led to average AuMA, excluding Quilter Life Assurance, of �105.7 billion, the principal driver of management fee revenue, modestly higher than the 2018 average level of �101.9 billion.

Investment performance

Our solutions have continued to deliver good investment performance for our clients. Performance at Quilter Cheviot, our discretionary fund management business, continued to outperform relevant ARC benchmarks, with strong returns from our stock selection. We recorded first or second quartile performance over 1, 3 and 5 years, and top quartile over 10 years across all categories.

The medium and longer-term performance of Quilter Investors' multi-asset funds has also remained strong, although the shorter-term performance on the biggest range, Cirilium Active, has been more mixed reflecting some tactical positioning over the prior year end and the start of 2019 that did not perform in the short-term to our medium and long-term expectations. This underperformance partially recovered in a strong finish to the year. Our Cirilium passive range has continued to perform strongly. The second largest range, our Managed Portfolio Service, continued to deliver good performance.

We have both simplified and broadened the Quilter Investors product range through fund consolidation and new product launches during 2019. These new products, including our new multi-asset income suite and the Cirilium blend proposition, have been launched in response to the specific needs of our customers based upon direct research we conducted through our advice business. These products have lower revenue margins than our current stock of business and equally, have a lower cost to manufacture. We are pleased with the early response from clients and advisers to these new products and look forward to them contributing to the Group's net flows in the years to come.

Brand

Ensuring Quilter brand consistency and strengthening the ties that bind our people to deliver our purpose is a core focus for the management team. Feedback from the gradual transition to a single Quilter brand across our business from both staff and advisers has been overwhelmingly positive. The move to the Quilter brand allows our network of advisers to enhance their relationship with their clients by demonstrating the backing of a strong FTSE-250 listed business and for staff it reinforces their importance to the broader Quilter business.

Culture and values

Creating a responsible business which builds positive stakeholder relationships is very important to me. In particular I want Quilter to be a place where our people can fulfil their potential and thrive. During 2019 we continued our colleague wellbeing initiative, Thrive, which supports our people's emotional, mental, physical, financial and social wellbeing. Colleagues are engaged in the community via the Quilter Foundation which is our registered charity. It supports young people by enhancing financial capability, improving employment prospects and supporting good mental health.� As we complete our transition to a unified brand I am delighted that our employee engagement scores remain strong and we will continue to strengthen our cutlure and the ties that bind us across the organisation.

Our vision for Quilter is to be a modern, advice led, Wealth Manager delivering good customer outcomes. Our foundations are built on three simple principles; delivering customer choice, being transparent and ensuring fairness in all our dealings with customers, with all of this underpinned by high quality service levels.

Choice is about delivering quality assured choice rather than unlimited choice to customers and being agnostic as to active versus passive solutions and in terms of how customers wish to approach us - whether it is via their own independent adviser or through one of our own restricted financial planners.

Transparency means no hidden charges and no lock-ins so that customers only pay Quilter for what they use and are free to go elsewhere if they choose.

Fairness is about always doing the right thing for our customers. In this regard, we are aware of current market commentary surrounding British Steel pension transfer advice. Prior to our acquisition in June last year, Lighthouse advised around 300 British Steel pension scheme members to undertake a defined benefit transfer. Of this sum,�approximately 80 were undertaken prior to June 2017 after which the transfer values of the pension scheme were fundamentally enhanced.�Since the year-end we have been notified of around 30 complaints relating to advice provided by Lighthouse, all of which related to the pre-June 2017 period. We are in the process of reviewing those complaints and have written directly to the customers involved. Whilst Lighthouse has professional indemnity insurance cover in place, we have taken a provision of �12 million on a gross basis to cover potential costs and this has been reflected as an adjustment to the acquisition balance sheet of Lighthouse. We have initiated a review of all cases advised by Lighthouse, prior to its acquisition by Quilter in June 2019, to assess the standard of advice given to British Steel pension scheme members and have actively engaged with the regulator. While this situation is obviously disappointing, our priority is to do the right thing for our customers.

Outlook

Quilter's performance during the early part of 2020 was broadly in line with our expectations. Markets were initially resilient, we were seeing a more confident tone from clients and their advisers and the overall NCCF flow trends for the UK business were consistent with the trends seen in late 2019. Net flows onto the UK platform continued at a similar level and the outflows at Quilter Cheviot continued to decline leading to a modest NCCF inflow in that business. NCCF for Quilter International was at a similar run-rate to the first quarter of 2019.

The sharp Coronavirus induced market correction beginning in late February has created a level of uncertainty as to the outlook for the remainder of 2020. As we all try to understand the potential impact of this on people, economies and markets, my focus is two-fold; firstly, making sure our people are safe and secondly, a customer focus. We have contingency plans in place for home-working across the organisation and we are following Public Health England guidelines, as they develop. In times of turbulence like this, we want our advisers and investment managers to be right there to support and guide our clients, so they are not left to deal with this level of uncertainty alone. At this stage, it is too early to ascertain the impact of this situation on investor sentiment, NCCF and revenues.

Our optimisation programme will deliver the cost savings that are embedded in our operating margin targets for 2020/2021. However, as we have previously indicated, those targets were based on an expectation of broadly stable markets from the base level at time they were set, coupled with a modest aggregate NCCF contribution over the period. If markets were to remain at recent post correction levels for an extended period, or to decline further, then delivering our operating margin target for 2020 will be a challenge. We remain committed to our targets but recognise that attainability will be subject to market levels, investor activity and management actions over the remainder of the year.

Irrespective of short term market sentiment, we remain optimistic on the long-term secular opportunity across our markets and we are strategically well positioned to benefit from this. Completing the first migration onto our new UK platform in early February was a major milestone for the Group. We are now focussed on delivering the second and final migration to a high quality outcome in the summer. The new platform will strengthen the cohesion between our different business capabilities and be a catalyst for faster growth.

Paul Feeney

Chief Executive Officer�

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Financial review

Review of financial performance

Overview

In this financial review, unless indicated otherwise, all results are presented including QLA in both the current year and prior year comparative. Unless indicated otherwise, the prior year comparative will exclude the results of the Single Strategy business that was disposed on 29 June 2018.

The Group delivered solid results for 2019, in a challenging environment for flows. Platform industry statistics indicate that 2019 was the lowest year for net flows since 2013, due to broader UK political and economic uncertainty. NCCF for the Group was �0.3 billion, excluding the Quilter Life Assurance business, which was sold to ReAssure in December 2019. AuMA, excluding the Quilter Life Assurance business, increased by 13% to close at �110.4 billion, benefitting from the rebound in equity markets during the year, with the FTSE-100 index up 12% for the year. Adjusted profit before tax (including QLA) increased by 1% to �235 million, with stable revenue, supported by continued cost discipline across the business. The Group's IFRS loss after tax from continuing operations (excluding QLA) was �21 million, compared to a profit after tax of �66 million in 2018, primarily due to the change in policyholder tax, which can vary significantly year on year as a result of market volatility.

Alternative Performance Measures ("APMs")

We assess our financial performance using a variety of measures including APMs, as explained further on pages 5 to 7. In the headings and tables presented, these measures are indicated with an asterix: *.

Key financial highlights

Net client cash flow ("NCCF")*�

NCCF, excluding Quilter Life Assurance, was a net inflow of �0.3 billion (2018: �4.7 billion). After a good first quarter, the Group experienced net outflows in the second and third quarters of the year, which modestly reversed in the final quarter. Gross sales were lower due to challenging market conditions, with Brexit and broader geopolitical and macro-economic concerns weighing on investor sentiment. The Group also experienced higher gross outflows during the year, primarily as a result of the Investment Manager ("IM") departures from Quilter Cheviot, who resigned during 2018. Detailed analysis on NCCF by business is shown in the supplementary information section of this announcement.

Net inflows into Quilter Investors were �0.5 billion, down 82% from 2018 (�2.8 billion) reflecting lower new business volumes from Quilter Financial Planning, Quilter's own platform (Quilter Wealth Solutions) and third party platforms. As reported during the year, new business flows from Quilter Financial Planning and independent financial advisers were particularly impacted by investor uncertainty over Brexit in the UK and the macro environment more generally. This had a knock-on impact for Quilter Investors, where net flows from the restricted channel were �1.2 billion (2018: �2.4 billion), of which �0.3 billion (2018: �1.1 billion) were from third party platforms and �0.9 billion (2018: �1.3 billion) from our own platform, Quilter Wealth Solutions. Flows from the Wealth Platform segment to Quilter Investors were net outflows of �0.1 billion in 2019 (2018: net inflow �0.8 billion). Third party net outflows in Quilter Investors were �0.6 billion in 2019 (2018: outflow �0.4 billion).

Quilter Cheviot experienced NCCF outflows of �0.8 billion (2018: inflow of �0.7 billion), which included �1.3 billion of outflows linked to the departures of the IMs who resigned in mid-2018 and the loss of a �0.2 billion quasi-institutional mandate.

Quilter Wealth Solutions recorded net inflows of �0.9 billion, down 71% on prior year (2018: �3.1 billion). Gross sales of �6.0 billion (2018: �7.7 billion) decreased by �1.7 billion, primarily as a result of lower levels of defined benefit scheme ("DB") to defined contribution scheme ("DC") pension transfers, which were down 50% to �0.8 billion (2018: �1.6 billion) and lower levels of market activity more generally, particularly from independent financial advisers. NCCF from Quilter Wealth Solutions was further impacted by the impending migration of client assets to our new technology platform.

Quilter International's NCCF increased by 67% to �0.5 billion (2018: �0.3 billion), supported by a small number of investments from Hong Kong and Latin America in the fourth quarter, which totalled �0.3 billion.

Integrated net flows (excluding Quilter Life Assurance) were �2.6 billion, down 45% from 2018 (�4.7 billion), as cautious investment sentiment led to a decrease in gross sales from Quilter Financial Planning. Similarly, Quilter Wealth Solutions experienced a decline in net flows primarily due to weaker flows across the industry due to a combination of Brexit, defined benefit transfer head winds and lower pension limits having an impact. The restricted channel of Quilter Financial Planning accounted for �1.2 billion (2018: �2.4 billion) of Quilter Investors' net flows and �1.0 billion (2018: �1.1 billion) of Quilter Wealth Solutions net flows.

Total Restricted Financial Planner ("RFP") headcount of 1,799 at 31 December 2019 included an additional 137 RFPs following the acquisition of Lighthouse Group plc. Excluding RFPs added through the Lighthouse Group plc acquisition, net RFP growth of 41 represents an annualised growth rate of 3%. We continue to generate good levels of new RFP appointments within existing businesses and through the recruitment of newly appointed representative firms, driven in part by the appointment of new recruitment leadership to drive our organic recruitment capability. The Quilter Financial Adviser School continues to be popular with firms and is on schedule to add around 100 graduates into Quilter Financial Planning firms in 2020. New RFP appointments have been partially offset by the natural attrition of advisers, with turnover levels within our appointed representative firms remaining stable throughout the year. Productivity* for Quilter Financial Planning was �1.0 million per RFP for the year (2018: �1.7 million), reflecting the challenging market conditions in 2019. Our strategic focus of building scale within the National model will help drive overall productivity levels in 2020 and beyond, boosted by the integration of Lighthouse Group plc and the acquisition of Prescient in December 2019.�

Asset retention* (excluding Quilter Life Assurance) has declined marginally to 88% (2018: 91%), as a result of the outflows in Quilter Cheviot from the departing IMs. Adjusting for these outflows, asset retention is 90%, in line with prior year and previous medium-term experience.

Assets under management/administration ("AuMA")*

AuMA was �110.4 billion at 31 December 2019, up 13% from 31 December 2018 (�97.7 billion, excluding Quilter Life Assurance), driven by positive market performance of �12.4 billion and net inflows of �0.3 billion.

Quilter Investors' AuM was �20.8 billion, up 18% since the start of the year (2018: �17.7 billion). The Cirilium fund range AuM increased by 23% to �11.1 billion at 31 December 2019 (2018: �9.0 billion), with �0.8 billion of net inflows and �1.3 billion of market movement. The WealthSelect fund range increased by 22% to �6.7 billion of AuM at the end of December 2019 (2018: �5.5 billion). Quilter Cheviot AuM of �24.2 billion increased by 9% in the year, primarily as a result of positive market movements. Quilter Wealth Solutions' AuA increased by 16% to �57.2 billion, which is primarily comprised of �27.8 billion within pension propositions (of which �4.4 billion has been generated from the restricted channel and �23.4 billion from third party advisers) and �16.5 billion of ISA products. Quilter International AuA was �20.5 billion, up 12% (2018: �18.3 billion) predominantly due to favourable markets over the year and modest client inflows.

Adjusted profit before tax*

Adjusted profit before tax reflects the Board's view of the underlying performance of the Group and is used for management decision making and internal performance management. Adjusted profit before tax is a non-GAAP measure which adjusts IFRS profit for specific items, as detailed in note 5 in the consolidated financial statements on page 49 of this announcement, and is the profit measure presented in the Group's segmental reporting.

Adjusted profit before tax for 2019 (including QLA) was �235 million, 1% higher than the prior year (2018: �233 million excluding the Single Strategy business; 2018: �259 million including Single Strategy business). Adjusted proft for the Advice and Wealth Management segment grew by 1% (excluding the Single Strategy business) and the Wealth Platforms segment grew by 2% during the year. Excluding Quilter Life Assurance, adjusted profit for the Wealth Platforms segment grew by 7%.

Total net fee revenue of �808 million increased by 3% (2018: �788 million) over the year. Net management fees of �649 million were broadly stable on those of the prior year (2018: �647 million) as the growth in revenues from higher average AuMA in Quilter Investors and Quilter Wealth Solutions was offset by a decreasing revenue contribution from Quilter Life Assurance given the run-off nature of that business. Other revenue of �159 million grew by 13% (2018: �141 million), where the growth in Quilter Financial Planning contributed to the increase.

Expenses for the Group increased from �555 million to �573 million, mainly due to the impact of the Quilter Financial Planning acquisitions made in the year. Excluding acquisitions, expenses remained stable year on year.

The Group's overall operating margin has remained broadly stable at 29% (2018: 30%). Realised optimisation benefits have offset the impact of the Quilter Financial Planning acquisitions, which initially provide a drag on operating margin.

¹Total adjusted profit before tax including the Single Strategy business for 2018 is �259 million. Refer to reconciliation on page 16.

Total net fee revenue*

The Group's total net fee revenue increased by 3% to �808 million (2018: �788 million) due to higher average AuMA across all businesses, primarily as a result of the rebound in equity markets in 2019 and increased advice fees as a result of the Quilter Financial Planning acquisitions in both 2018 and 2019.

Total net fee revenue for the Advice and Wealth Management segment grew by 9% during the year, to �407 million (2018: �373 million). Quilter Investors average AuM increased by 10% to �19.6 billion, with �17 million of additional net management fee revenue compared to the prior year. This included non-recurring net revenue for Quilter Investors from the release of revenue provisions that were no longer required and which relate to the separation of the business from the Single Strategy business that was sold in 2018 (c. �8 million). Quilter Cheviot average AuM was flat year-on-year, as market growth offset the impact of the assets lost as a consequence of the IM departures. Total net fee revenue within Quilter Cheviot was 2% higher in 2019 at �178 million (2018: �175 million). Other revenue increased by �14 million to �111 million, principally due to the increase in advice fees in Quilter Financial Planning as a result of the acquisitions in 2019, as well as the full year revenue contribution from acquisitions made in 2018.

Total net fee revenue for the Wealth Platforms segment (including QLA) was �398 million, which was down 4% (2018: �414 million) primarily due to a reduction in Quilter Life Assurance and Quilter International's revenue. Quilter Wealth Solutions' net fee revenue increased by �7 million (4%) to �177 million due to higher average AuA of 6% over the course of the year. Quilter International's net fee revenue was �10 million lower than the prior year due to the continued movement of the book towards products that attract lower revenue. As expected, revenues from Quilter Life Assurance continued to decrease given the run-off nature of the book, and totalled �96 million (2018: �109 million).

The Group's revenue margin* from continuing business of 55 bps remained consistent with the prior year (2018: 55 bps).

The revenue margin for Advice and Wealth Management of 67 bps was 2 bps higher compared to the prior year. This increase was due to a 4 bps increase in the revenue margin for Quilter Investors to 63 bps, primarily due to the revenue provision releases (c. 2 bps) and income received from the Compass fund range previously managed by Merian. Quilter Cheviot's revenue margin remained in line with prior year at 72 bps.

The revenue margin for Wealth Platforms (excluding QLA) decreased by 2 bps to 38 bps, as new business written for Quilter Wealth Solutions and Quilter International is generally in products or in revenue tiering structures that have a slightly lower margin than the average for the current book of business.

Expenses*�

Expenses increased by �18 million to �573 million (2018: �555 million) in the year. The acquisitions made by Quilter Financial Planning in 2019, and a full year run-rate for those made in 2018, increased expenses by �24 million, and the continued build out of the Quilter Investors business increased costs by a further �4 million year-on-year. The Quilter Investors business is now fully independent following the separation from the Single Strategy business, with a stable cost base. Expenses also increased as a result of the London office move, which added an additional �3 million as previously guided. The impact of these cost increases and those arising from inflation were more than mitigated by the continued cost disciplines across the business and savings achieved through optimisation. Overall expenses were broadly flat on 2018, excluding the impact of the acquisitions.

Front office and operations expenses increased by 6% to �339 million (2018: �319 million), primarily due to the impact of the Quilter Financial Planning acquisitions made during the year.

IT and development expenses increased by 6% to �130 million (2018: �123 million), mainly due to increased IT run costs to facilitate the growth in the business and general inflation, partly offset by a reduction in development costs due to less regulatory change requirements in 2019 compared to 2018.

Support function expenses relate to back office expenses, which have decreased by 14% to �83 million (2018: �96 million). Savings have been made across various functions as part of optimisation and are expanded on further below.

Other costs include Professional Indemnity Insurance, and charges for regulation and licencing fees. FSCS levies increased by �3 million this year due to an increase in levies for asset managers across the industry and a normalised full year charge for Quilter Financial Planning, following the nine month charge in 2018 as the FCA changed the timing of making charges to regulated entities within the industry.

Taxation

The effective tax rate ("ETR") on adjusted profit was 10.7% (2018: 4.5%). The Group's ETR is lower than the UK corporation tax rate of 19% principally due to profits from Quilter International being taxed at lower rates than the UK and the utilisation of brought forward capital losses. The Group's ETR is dependent upon a number of factors including the level of Quilter International profits, the utilisation of capital losses, which can be volatile, as well as the UK corporation tax rate. �A further reduction in the corporation tax rate to 17% from 1 April 2020 was enacted in 2016.

The Group's IFRS income tax expense on continuing business was �66 million for the year ended 31 December 2019, compared to a credit of �86 million for the prior year. This income tax expense or credit can vary significantly year-on-year as a result of market volatility and the impact market movements have on policyholder tax. The recognition of the income received from policyholders (which is included within the Group's IFRS revenue) to fund the policyholder tax liability can vary in timing to the recognition of the corresponding policyholder tax expense, creating volatility to the Group's IFRS profit or loss before tax attributable to equity holders. An adjustment is made to adjusted profit to remove these distortions, as explained further on page 17 and in note 5(a) of the consolidated financial statements.

Earnings Per Share ("EPS")�

Basic EPS was 8.0 pence, compared to 26.6 pence in 2018. Basic EPS is based on the Group's IFRS profit (including both continuing and discontinued operations), with the decrease within discontinued operations due principally to the profit on sale of the Single Strategy business in 2018. During the year, the number of shares in issue remained at 1,902 million. The average number of shares in issue used for basic EPS was 1,835 million (2018: 1,832 million), after the deduction of shares held in Employee Benefit Trusts ("EBTs") of 67 million (2018: 70 million) which are held in respect of staff share schemes.

Adjusted diluted EPS* (based on the Group's adjusted profit after tax) was 11.3 pence (2018: 13.5 pence), of which 8.6 pence relates to the continuing business before the reallocation of QLA costs. Refer to note 7 of the consolidated financial statements. The average number of shares in issue used for adjusted diluted EPS was 1,863 million (2018: 1,839 million), following inclusion of the dilutive effect of shares and options awarded to employees under share-based payment arrangements of 28 million (2018: 7 million). The dilutive effect of share awards has increased year-on-year due to more share options being awarded to employees during 2019. Further details are included in note 7 of the consolidated financial statements.

Optimisation

As announced in March 2019, we have commenced our phased, multi-year optimisation programme, targeting a 4 percentage point uplift in the Group's operating margin on an on-going business by 2021. Phase 1 is aiming to unify and simplify the Group through a number of efficiency initiatives that will deliver improvements in operational performance.

Throughout 2019 delivery and benefits were ahead of plan, with �14 million of savings realised during the period when compared to 2018.� Together with the initiatives delivered in 2018, this amounts to a run-rate annualised benefit to the Group of approximately �24 million. Implementation costs remain in line with previous guidance.

A number of quick win tactical efficiencies have been delivered, which included targeted staff restructuring, third party contract renegotiation and termination, and property and facilities savings. Some more complex initiatives, such as the insourcing of technology capabilities as well as the simplification of group support functions, have also been delivered. All the planned programmes that will transform our business through technology enablement, such as the consolidation and modernisation of our general ledgers and other associated finance, HR and procurement modules, have been initiated. The use of robotics to automate manual operational processes in our International business, as well as streamlining and automating some of the processes used in our advice business, are also underway.

Reconciliation of adjusted profit before tax* to IFRS profit

Adjusted profit before tax for the group, including QLA, was �235 million (2018: �233 million), which includes �182 million for the group excluding QLA (2018: �176 million), and �53 million (2018: �57 million) for QLA.

For adjusted profit before tax on a continuing basis, IFRS accounting standards require �26 million of costs (2018: �28 million), previously reported as part of the QLA business, to be reallocated from discontinued to continuing operations, as these costs do not transfer to ReAssure on disposal at 31 December 2019. Of the �26 million of costs reallocated, �14 million will be incurred in 2020 to provide services to ReAssure under the Transitional Services Arrangement, with corresponding income to cover these costs. Management actions are being taken to manage the remaining costs, which are expected to continually decline over the next two years. Due to the sale of the QLA business, we expect to incur additional one-off business transformation costs of up to �10 million over the next two years, as we restructure certain parts of our business and decommission IT infrastructure previously associated with QLA.

The Group's IFRS loss after tax from continuing operations was �21 million, compared to a profit after tax of �66 million in 2018, primarily due to the change in policyholder tax, which can vary significantly year on year as a result of market volatility. The table reconciles the Group's adjusted profit to the IFRS results in 2019 and 2018.

Adjusted profit before tax reflects the profit from the Group's core operations, and is calculated by making certain adjustments to IFRS profit to reflect the Directors' view of the Group's underlying performance. Details of these adjustments are provided in note 5 of the consolidated financial statements.

Business transformation costs of �77 million in 2019 (2018: �84 million) include �57 million (2018: �58 million) incurred on the UK Platform Transformation Programme and �18 million of costs (2018: �7 million) in relation to the optimisation programme. In 2019, a credit of �1 million (2018 cost: �19 million) has been recognised in relation to the separation of Quilter Investors as a result of the sale of the Single Strategy business and restructuring costs of �3 million (2018: nil) as a result of the sale of QLA.

Managed Separation costs were �6 million (2018: �24 million), reflecting costs associated with our successful separation from Old Mutual plc and Listing in June 2018. In 2019, this cost was primarily incurred on the rebranding activities within the business, with a further �4 million expected to be incurred in 2020 for the final rebranding activity.

Finance costs were �10 million (2018: �13 million). The prior year includes the cost of interest and finance charges on the Group's borrowings from Old Mutual plc. As previously reported, these were converted into equity or repaid in February 2018.

Policyholder tax adjustments of �74 million expense for 2019 (2018: credit of �101 million) relate to the removal of distortions arising from market volatility that can, in turn, lead to volatility in the policyholder tax charge between periods. The recognition of the income received from policyholders (which is included within the Group's IFRS revenue) to fund the policyholder tax liability can vary in timing to the recognition of the corresponding tax expense, creating volatility to the Group's IFRS (loss)/profit before tax attributable to equity holders.

Cash generation*

Cash generation measures the proportion of adjusted profit that is recognised in the form of cash generated from operations.

Cash generated from operations is calculated by removing non-cash generative items from adjusted profit, such as deferrals required under IFRS to spread fee income and acquisition costs over the lives of the underlying contracts with customers. It is stated after deducting an allowance for net cash required to support the capital requirements generated by new business offset by a release of capital from the in-force book.

The Group, including Quilter Life Assurance, achieved a cash generation rate of 94% of adjusted profit over 2019 (2018: 88%). The cash generation rate for the Group excluding Quilter Life Assurance and before the reallocation of Quilter Life Assurance costs is 85% (2018: 81%).

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Review of financial position

Capital and liquidity

Solvency II

The Group's pro forma Solvency II surplus is �769 million at 31 December 2019 (31 December 2018: �1,059 million), representing a Solvency II ratio of 180% (31 December 2018: 190%). The Solvency II information for the year to 31 December 2019 contained in this results disclosure has not been audited.

The pro forma Solvency II position is stated after allowing for the impact of the recommended final dividend payment of �65 million (2018: �61 million), the proposed distribution to shareholders of the net surplus proceeds from the QLA sale of �375 million and the Odd-lot Offer to shareholders of c.�30 million.

The Solvency II position for regulatory purposes is also presented below. Under Solvency II rules, the impact of future distribution of share buybacks and Odd-lot Offer to shareholders is not taken into account as at 31 December 2019, thereby increasing the Group's Solvency II surplus to �1,168 million and the Solvency II ratio to 221%.

The 10 percentage point decrease in the Group Solvency II ratio on a pro forma basis from the 2018 position is primarily due to corporate activity in the year, with the main contributors being the acquisitions of Charles Derby Group, Lighthouse Group plc and Prescient during 2019. The goodwill and intangible assets arising in respect of these acquisitions are not recognised within Solvency II own funds, thereby reducing the Solvency II ratio.

The Board believes that the Group Solvency II surplus includes sufficient free cash and capital to complete all committed strategic investments (including the UK Platform Transformation Programme). The impact of this prudent policy is that Quilter expects to continue to maintain a solvency position in excess of its internal target in the near term.

Composition of qualifying Solvency II capital

The Group own funds include the Quilter plc issued subordinated debt security which qualifies as capital under Solvency II. The composition of own funds by tier is presented in the table below.

On a pro forma basis:

������ the Group SCR is covered by Tier 1 capital, which represents 159% of the Group SCR of �958 million;

������ Tier 1 capital represents 88% of Group Solvency II own funds; and

������ Tier 2 capital represents 12% of Group Solvency II own funds and 27% of the Group surplus.

Dividend

The Board has recommended a final dividend of 3.5 pence per share at a total cost of �65 million. Subject to shareholder approval, the recommended final dividend will be paid on 18 May 2020 to shareholders on the UK and South African share registers on 3 April 2020. For shareholders on our South African share register a dividend of 72.78519 South African cents per share will be paid on 18 May 2020, using an exchange rate of 20.79577. This will bring the dividend for the full year to 5.2 pence per share (2018: 3.3 pence per share).

�Holding company cash

The holding company cash statement includes cash flows generated by the three holding companies within the business: Quilter plc, Old Mutual Wealth Holdings Limited and Old Mutual Wealth UK Holding Limited. The cash flows associated with these companies will differ markedly from those disclosed in the statutory statement of cash flows, which comprises flows from the entire Quilter plc Group including policyholder movements.

The holding company cash statement illustrates cash received from the key trading entities within the business together with other cash receipts, and cash paid out in respect of corporate costs and capital servicing (including interest and dividends). Other capital movements, including those in respect of acquisitions and disposals together with funding for ongoing business requirements, are also included. It is an unaudited non-GAAP analysis and aims to give a more illustrative view of business cash flows as they relate to the Group's holding companies compared to the IFRS consolidated statement of cash flows which is prepared in accordance with IAS 7 (statement of cash flows) and includes commingling of policyholder related flows.

Net capital movements

Net capital movements in the period include the cash proceeds of �446 million resulting from the sale of the Quilter Life Assurance business to ReAssure on 31 December 2019.� There was also a further �7 million of outflows in connection with disposal costs as a consequence of the sale.� Also included are the two dividend payments made to shareholders of �61 million on 20 May 2019 and �31 million on 17 September 2019.

Net operational movements

Net operational movements were �58 million for the year, which comprises corporate and transformation costs, including the Managed Separation and optimisation programmes, totalling �49 million.� Interest paid of �9 million relates to coupon payments on the Tier 2 bond and non-utilisation fees for the revolving credit facility.

Internal capital and strategic investments

The net inflow in the year of �110 million is principally due to �307 million of cash remittances from the trading businesses, partially offset by �200 million of capital contributions, made to support business unit operational activities, the Platform Transformation Programme and funding for the strategic acquisitions of Charles Derby Group, Lighthouse Group plc and acquisitions by Private Client Advisers within Quilter Financial Planning.

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The Group balance sheet at 31 December 2019 has total equity of �2,071 million (2018: �2,005 million).

Financial investments have increased from �49,533 million for continuing operations at 31 December 2018 to �59,345 million at 31 December 2019, predominantly due to positive market performance. The corresponding increase is reflected in Investment contract liabilities (an increase from �45,211 million for continuing operations at 31 December 2018 to �52,455 million at 31 December 2019), and Third-party interests in consolidated funds (an increase from �5,116 million at 31 December 2018 to �7,675 million at 31 December 2019).

Cash and cash equivalents of �2,473 million have increased by �592 million from �1,881 million at 31 December 2018 for continuing operations. This increase includes �446 million of the cash proceeds received on the sale of Quilter Life Assurance, of which �375 million is planned to be returned to shareholders. Included within this balance are cash investments due to policyholders, and cash to support the capital and funding requirements of the business.

Goodwill and intangible assets have increased by �72 million to �592 million at 31 December 2019. The balance increased by �117 million during the year due to the acquisitions made by Quilter Financial Planning, which was offset by the amortisation of the intangible assets of �45 million charged during the year.

Trade, other receivables and other assets have decreased by �76 million to �424 million mainly due to a reduction in unsettled trades across the business and lower management fees as Quilter Investors no longer acts as authorised corporate director ("ACD") for certain Merian funds.

Other assets of �449 million, which principally reflects property, plant and equipment and loans and advances, increased by �100 million during the year. The implementation of IFRS 16 resulted in an increase in other assets, where a right of use asset has been created in respect of property leases, which have totaled �124 million. Included within this balance are Practice Buy Out ("PBO") loans of �19 million, a �6 million increase during the year.

The lease liability of �137 million has arisen due to the implementation of IFRS 16, which represents the Group's obligation to pay lease rentals on certain property, plant and equipment.

Trade, other payables and other liabilities have reduced by �5 million to �836 million as at 31 December 2019, primarily due to a reduction in outstanding trade payables as Quilter Investors no longer acts as ACD for Merian funds.

Other liabilities have increased from �128 million to �175 million primarily due to an increase in deferred tax liabilities.

Contingent liability/post balance sheet event

Prior to the Group's acquisition of Lighthouse in June 2019, Lighthouse provided pension transfer advice to around 300 British Steel pension scheme members between 2016 and 2018. The Group was advised after the reporting date of a number of complaints on the advice given by Lighthouse. The Group has�initiated a review of all cases advised by Lighthouse, prior to its acquisition by Quilter in June 2019, to assess the standard of advice given to British Steel pension scheme members.

For the cases where a complaint has been received on the advice given by Lighthouse, the likelihood of redress is probable, and an estimate of the amount of redress payable has been made of �9 million. For the remaining cases, it is possible that further costs of redress may be incurred following the outcome of the reviews. Of the pension transfers Lighthouse advised on between 2016 and 2018, approximately 80 cases were undertaken prior to mid-2017 after which the British Steel pension scheme was restructured and transfer values were enhanced considerably.

An additional provision for �3 million has been established in respect of the cost of legal and professional fees related to the complaints and redress process, which includes the anticipated costs to review advice provided of a similar nature in relation to cases that management believe may have similar characteristics.�

As the advice was provided before the Group's acquisition of Lighthouse, any further redress costs will be recognised as a pre-acquisition liability within the fair value of the net assets acquired, with a corresponding increase in goodwill. Any adjustments to the acquisition balance sheet must be finalised within 12 months after the acquisition, in June 2020.

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Principal risks and uncertainties

The Group continues to operate in a challenging political and economic environment.� While the Brexit deal struck in October 2019 and the subsequent General Election of 12 December 2019 has provided greater stability on possible outcomes, the detail of the UK's future trading relationships is still to be determined.� Although Quilter's UK-focused business model has limited the cross-border challenges faced by Quilter in comparison with others in the sector, the firm is strongly exposed to any detriment to future UK economic performance and consequential impacts such as loss of investor confidence.� The Group is continuing to closely monitor developments and has developed a range of actions to mitigate any implications to our business and customers.����

The Group's business has become simpler during 2019. The successful sale of the Quilter Life Assurance business significantly reduces the financial and regulatory complexities associated with delivering life assurance business, and good progress has been made to move towards transitioning the UK Platform business onto FNZ's market-leading technology platform.

The principal risks and uncertainties faced by the group are:

������ Strategic risks: The risk that Quilter's strategy to be the leading UK advice-led wealth manager does not yield the anticipated benefits for the business as result of misalignment with customer needs or failure to establish appropriate arrangements to deliver the strategy.

������ Business risks: The risk Quilter's strategy is undermined by a failure to successfully deliver key strategic priorities, for example delivery of suitable advice, strong investment performance, and strong Group financial performance.

������ Market risks: The risk of an adverse change in the level or volatility of market prices of assets, since Quilter's key revenue streams are asset value related.

������ Operational risks: The risk of losses arising from inadequate or failed internal processes, or from personnel and systems, or from external events.� Given Quilter's technology-enabled client service model, particular exposures arise in relation to information technology, information security and third party risks.������

������ Legal and regulatory: Quilter is subject to regulation and laws of the jurisdictions in which it operates and failure to achieve compliance could expose Quilter to penalties or restrictions on its permissions to provide financial services.�

At this time, there remain the much publicised concerns about the risk of Coronavirus becoming a global pandemic and further impact to global supply chains, global growth and employee availability. The Group could be adversely impacted by falls in equity market levels, adverse investor sentiment affecting NCCF and increased operational risks should employment availability be badly affected. The length and severity of the impact remains unclear but the Group would not expect these to adversely change the underlying medium to long-term prospects of the business.

Shareholder information

The Quilter Board has agreed to recommend to shareholders the payment of a final dividend of 3.5 pence�per share. This will be considered at the Quilter plc Annual General Meeting, which will be held on Thursday 14 May 2020. The final dividend will be paid on Monday 18 May 2020 to shareholders on the UK and South African share registers on Friday 3 April 2020.�

Dividend Timetable

From the opening of trading on Wednesday 11 March 2020 until the close of business on Friday 3 April 2020, no transfers between the London and Johannesburg registers will be permitted. Share certificates for shareholders on the South African register may not be dematerialised or rematerialised between Wednesday 1 April and Friday 3 April 2020, both dates inclusive.

Additional information

For Shareholders on our South African share register a dividend of�72.78519 cents�per share will be paid on Monday 18 May 2020 to shareholders, based on an exchange rate of 20.79577. Dividend Tax will be withheld at the rate of 20% from the amount of the gross dividend of 72.78519 South African cents per share paid to South African shareholders unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net dividend will be 58.22815 South African cents per share. The Company had a total of 1,902,251,098 shares in issue at today's date.

If you are uncertain as to the tax treatment of any dividends you should consult your own tax advisor.

Odd-lot Offer

As part of our drive for greater efficiency and in line with our desire to act in the best interests of all our shareholders, the Board will today announce the launch of an Odd-lot Offer, for shareholders registered on the London and Johannesburg Stock Exchanges. The Odd-lot Offer entails Quilter making an offer to eligible shareholders (holders of less than 100 shares) to repurchase their shares at a 5% premium to the market price.� Full details will be provided in this morning's announcement.

The proposed Odd-lot Offer will reduce the complexity and cost to Quilter of managing our shareholder base and will allow investors holding small numbers of shares to dispose of their holdings in a timely and cost effective manner. Eligible shareholders can, of course, elect to retain their shareholding in Quilter, if they so choose.

Odd-lot Holders will receive the final dividend on their Odd-lot Offer shares providing they still hold their shares on the dividend record date, Friday 3 April 2020.

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Further information will be released to the market this morning and documentation for completion will be provided to eligible shareholders shortly.

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Capital return

Following the completion of the sale of Quilter Life Assurance to Reassure Group plc for �425 million (and interest income of �21 million), the Quilter Board intends to return the full net surplus sale proceeds (after disposal costs) of �375 million to shareholders. Quilter will commence a share buyback on the London and Johannesburg exchanges imminently and it will be subject to staged Board and regulatory approvals. The Board will keep the programme under review to make sure it continues to be the most efficient and effective means of returning capital to shareholders.

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Supplementary information

Alternative Performance Measures ("APMs")

We assess our financial performance using a variety of measures including APMs, as explained further on pages 5 to 7. These measures are indicated with an asterix: *.

For the year ended 31 December 2019

1.���� Key financial data

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2. Advice and Wealth Management

The following table presents certain key financial metrics utilised by management with respect to the business units of the Advice & Wealth Management segment, for the periods indicated.

3. Wealth Platforms

The following table presents certain key financial metrics utilised by management with respect to the business units of the Wealth Platforms segment, for the periods indicated.

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