‘Helping the UK economy grow by

providing finance to SMEs’

Results presentation: year to 31 May 2016

• Provide, or arrange, commercial lease finance, business loansor vehicle finance (approx. 20% FCA regulated)

• For business-critical equipment required by SMEs

• Broad range of sectors (e.g. catering, retail, health & beauty,garages, small manufacturing, construction, recycling)

• Lend from £1,000 to £200,000, on Terms from 3 to 60 months

• Strict Underwriting and Credit Control are paramount

What we do not do…

• Consumer finance products, e.g. personal loans or short-term ‘pay-day’ lending

• ‘Big ticket’ capital assets, which are typically lower-risk and lower-rate

• Sub-prime lending, (i.e. we always take security as part of underwriting a deal)

• Peer to peer facilitation (…although partnering with a platform operator is an option)

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What we do

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Deal examples

‘High Street’ SMEs:

• Loan: New Vision Coffee Europe Limited (t/a Starbucks) - £50k loan for

business expansion to open a new site

• Lease: Urban Retreats Limited - £50k of furniture into a private salon

within Harrods

• Lease: A Tasty Experience Ltd (T/A Subway) - £46k to open a new store

Asset funding and broking:

• Millcliffe Limited – 32 Burger King outlets fit-out: £180k on own-

book; £432k broked-on for £31k commission; 10 vehicles supplied

for £19k commission

• Crystal Palace FC - £1.2m broked-on to Investec, McQuarrie and

SocGen for floodlights, PA system and turnstiles

Hard asset funding and broking:

• Blue Machinery Ltd, market leader in aggregate recycling

equipment referred A&R Recycling Ltd (Wigan) to Bradgate in

2007; customer leases two or three assets a year, ranging from

£20k, which Bradgate funds on own book, to £100k broked-on.

• Non-bank loan financing to UK SMEs is approx. £64bn, of which asset finance market is £28bn, and of that £10bn is plant, machinery & equipment

• Served by banks and smaller funders in the vendor-finance distribution channel

and the broker-introduced channel

• The non-bank asset finance tends to be for smaller, riskier lending

Car finance34%

Commercial Vehicle finance

25%

IT equipment finance

9%

Plant & Machinery

finance22%

Business equipment

finance8%

Aircraft, ships, rolling stock

2%Direct finance

50%

Sales finance32%

Broker introduced

finance18%

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The Market

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New Business Origination

• Annualised origination rate: approx. £70m

• Approx 50% of lease business originated by Academy and

Bradgate is ‘broked-on’ for commission• Rate of increase in loans will decrease as the portfolio matures

• Vehicles are all broked-on; no funding risk taken on own-book

months 2015 2016 change Deals # Ave. £

LEASES £m: Onepm 12 11.6 13.6 17% 1,571 8,657

Academy 9 12.9 1,095 11,781

Bradgate 2 2.2 37 59,459

11.6 28.7 2,703 10,618

LOANS £m: Onepm 12 4.5 10.1 124% 305 33,115

VEHICLES £m: Academy 9 10.9 703 15,505

16.1 49.7 3,711 13,393

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Financial results - P&L

• Academy and Bradgate revenue includes £1.39m of commission income – new revenue stream

• Adjusted PBT is stated before the exceptional items, which

comprise severance and acquisition costs

months 2015 2016 change

REVENUE £m: Onepm 12 5.53 8.00 45%

Academy 9 4.31

Bradgate 2 0.24

5.53 12.55

PBT £m: Onepm 12 1.62 2.19 35%

(adjusted): Academy 9 1.50

Bradgate 2 0.02

1.62 3.71

Exceptional items £m -0.37

PBT £m: 1.62 3.34 106%

Earnings per share (p): 3.72 5.87 58%

Dividend per share (p): 0.35 0.5 43%

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KPIs

Gross months 2015 2016 change

Margin: Onepm 12 53% 55% 4%

Academy 9 80%

Bradgate 2 65%

Blended 53% 64% 21%

2015 2016 change

Consolidated Net Assets £m 12.4 23.9 93%

Return on Net Assets % 10.3% 11.1% 8%

NIM: 2015 2016 change

Average rate: Onepm 19.3% 18.8% -3%

Academy 14.4%

Bradgate 14.8%

Blended 19.3% 17.7% -8%

Cost of funds: 6.3% 5.7% -10%

Net interest margin: 13.0% 12.0% -8%

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Funding

• Funding is in the form of Block Discount facilities from 12 banks, plus (in onepm’s case) 7 HNW lenders and 1

corporate lender

• Annual facilities, secured by lease and loan paper –typically 1.20 to 1.25 x cover

2015 2016 change

PORTFOLIO £m: Onepm 30.1 41.8 39%

Academy 20.1

Bradgate 4.6

30.1 66.5 121%

FUNDING £m: Onepm 12.4 30.3 144%

Academy 13.5

Bradgate 2.5

12.4 46.3 273%

% of portfolio 41% 70%

TOTAL FACILITIES £m: 27.0 62.2 130%

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Portfolio – analysis & performance

Recycling48%

Construction21%

Haulage18%

Prestige cars7%

Other4%

Farming2%

BRADGATEGross bad months 2015 2016

debts £k: Onepm 12 256 517

Academy 9 110

Bradgate 2 3

256 630

Recoveries £k: -130

Net write-offs & provisions £k 500

% of averaged portfolio 0.90% 0.80%

Track record -

Organic compound annual growth rate (CAGR) over six years: 33%

10-fold increase in Profit Before Tax

Provided the platform for Strategic growth

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Strategic expansion in FY16

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1pm plc

(AIM listed)

1pm (UK) Ltd (100%)

Academy Leasing (100%)

Bradgate Business Finance (100%)

• Acquired 25 August 2015 (9 months post-acq)• £9m cash and shares, plus £3m shares, contingent

• 43 employees. Warrington.

• Acquired 22 March 2016 (2 months post-acq)• £2.2m cash, plus £0.55m shares, contingent

• 5 employees. Lutterworth, Leics.

Transformation

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• All Supplier-introduced business

• Also ‘soft’ assets, but

typically lower-risk, lower-priced

• Broker and Funder –

typically 50:50• Vehicles brokerage

• Supplier-introduced business

• ‘Hard’ assets focus –

i.e. higher residuals• Broker with small

own-book but

growth capacity; 75:25

• All Broker-introduced business

• ‘Soft’ assets leasing,

typically high-risk and higher price

• Business loans

• Funder only

MAY ’16: Added ‘hard’ assets.

Group now larger, flexible offering and risk-resilient

NOV ‘15: Added vendor channel, broking, vehicles

and management

MAY ‘15: 1pm operationally

sound, but funder only & inherently

risky

Investment in resources

Acquisition:

Academy Leasing

“Adjacent” products

‘Fintech’ platform ?

Acquisition:

BBFL

FurtherM&A ?

Market Cap May 2015 £25m

Market Cap first target £50m

Market Cap target £100m

Strategic growth plan

Goal –• £100m market capitalisation

Objectives -• Building scale through a model of distributed separate entities

• Having a multi-channel, multi-product offering to SMEs

• Maintaining risk mitigation through funding and broking• Being digitally capable (e.g. fintech)

• Strictly adhering to underwriting and credit control policies

• Being appropriately geared with cost-effective funding

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Focus in FY17

ONEPM FINANCE

Business loans offering to

Bradgate ‘hard’ asset customers

BRADGATE

Referral of ‘soft’ asset lease leads to Academy

ACADEMY

Vehicles and fleet management

product to 1pm brokers

1. Organic growth from CROSS-SELLING – intention

to deliver benefits from the

multi-channel, multi-product offering created

and to exploit the 10,000-

strong live accounts across three companies. CMO to

lead.

2. Further STRATEGIC GROWTH

through (a) carefully

selected acquisitions that fit the current model – ability

to scale profitably; and (b)

introduction of ‘adjacent’ products where there is

clear cross-sell ing synergy.

CEO, CSO to lead.

Cross-selling opportunities

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Summary & Outlook

Proud to be providing finance to help UK SMEs5m SMEs employing 15m people accounting for 50% of the UK economy

A significant market – asset finance is £28bn (45%) of £64bn SME financing

but competition is increasing – e.g. PE interest in alternative finance providers

Our track-record is attracting increased interest from banks; raw material (cash) is readily available to borrow

but ‘Specialty’ banks (Aldermore, Shawbrook, Metro) all providing finance to our customer base too

Alternative Finance becoming more mainstream

but must monitor/harness the ‘fintech’ trend

No discernible slow-down in New Business Origination

but certain sectors and economic uncertainties being monitored

Still a fragmented sector with opportunities to acquire scale and broaden offering

but must be selective

Well-placed due to supportive and growing institutional shareholder base

but institutional shareholder baseneeds to be broadened further

Julian Telling

Ron Russell

John NewmanChairman

Mike NolanStrategy & Risk

Hazel JacquesSales &

Marketing

Helen WalkerFinance

Ian Smith

CEO

Academy & Bradgate

Sales

1pm Broker Sales & Ops

Under-writing

Academy Ops.

Compliance & Training

Human Resources

Financial Control

Main Board:

Junior Board:

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Principal shareholders:

• Ron Russell (HNW) 19.4%

• Henderson funds 18.6%

• Charles Stanley 14.7%

• Mike Nolan (Academy) 5.1%

• Hargreaves Lansdown 3.1%

60.9%

Ownership & Management

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