SHARE TO

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GET THEREGGIts been a very long time since Ive been in a room like this so Hi,

Thank you RI for the opportunity David thank you

Im last on so guess its got to be good to keep you from the refresments!!! Added pressure I dont need right now

Share to get there - a common theme in my career past and present is an intension to share so hence the theme

And look they gave me an emogi!!

So where off

SHARING TO GET THERE

GGMarmite.. or could it be Garmite

An aquired taste? well I lead a pretty full on biz for 17 years so its expected that many of you have an opinion of me

Be it based on life experience or a dodgy headline or those 16 pages in Hello (but whos counting) im known to most of you in the recruitment world

so today Im going to be quintisentially me & hopefully you will all have a far better understanding of the real me after this & you will want a bit of garmite in your life xIntro@ My 1st 6 years at CF/SThree

@ RDLC & Gardean Human CapitalSHARING TO GET THERE

GGSthree was and still is my 1st love but its fair to say the S3 of today isnt the one that I joined.

The s3 of old would certainly resonate with more people in the room than the monolithic powerhouse it is today

So Ive chosen to share some of my story - the start, the end of my s3 career and in the middle some of the things we did to build a WINNING CULTURE !!!

I'd also like to share with you a little about what Im doing now and what brings me to be here today!!

The RDLC (in many ways a natural progression from s3 board meetings) and an introduction to our brand new, box fresh Gardean Human Capital the next chapter

All good?? Cool then were offBINGGO21233036171812.5k3.1k5360+2728804817164/1276311SHARING TO GET THERE

GGBingo - Ill start with a little background on me - its me in numbers - bet you steel this, its ace when it works

My 1st 6 Years at CF/S3The initial 6 years => 3m T/O (before me)

My 1st 6 years (93-99) => Grew to 253m T/O => +50% of group

Doubled PEOPLE, REVENUE & NET PROFITS year on year x6

17 To +2000 runners at +24% Margin Average

Almost zero staff churn!SHARING TO GET THERE

GGLike the moon landing Many people would like to think THIS didnt ever happen.. but trust me IT DID I WAS THERE!!

This is supposed to be the hook bit the bit to get you interested to listen to the rest!!

SO YES - IT WENT REALLY WELL BUT THE SECOR WAS ON THE UP AS I JOINED - YES - BUT IS THAT SO DIFFERENT FROM TODAY !??

SHARING TO GET THERE

GG6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 242005 / 15AVERAGETIME VALUEGROWTH / REGIONS2004 2005Recruitment EconomyOPPORTUNITY?*Q CYCLE ?Q CYCLE ?TODAY#Source GG + Industry Analysts, CEOs + CFOsThe recruitment economy

So loads going on here le me talk it through and see if we can draw some comparisons to the time I started at s3 to todays market economy

2007 (I sell me shares!!) 2008 the arse falls out of the economy - down, double dip - mid 13 things seemed to get better until today it feels that we are above the 10 year average 5-15

So if we agree on this curve we should also have some agreement on this the land of opportunity ahead of us!!

Compare that to 89 the market crashed, GPS suggested to me that 01, 03 was as bad a market as he has ever seen but compare 2003 to 20015, 1st years out of the down market and a land of opportu ity

Now there is more competition, there are different dynamics

But I will say, in this room there are winners, people who will out perform the market and competion and there might well be some loosers sat here but the hoice to believe and develop your winning culture is in your hands.

90s Pipe DreamsMy mild obsession with MLM / Pyramid selling!

I loved the meetings ;

Build a BUSINESS, within a BUSINESS The MORE people you have working for you, the MORE money you make Build FAST & Progress FASTER

It resonated with me, its recruitment so I drafted a PLAN for VNG

SHARING TO GET THERE

GGSo lets look at me joining S3 and yes I will share my exit as well , like I said warts and all today.

during the 80s/90s pyramid selling was a phenominon a bit like miami vice was - there were a host of pyramid companies it seemed like another get rich quick scheme was launched every few months Water filters, coockies, cleaning products, you name it and yes I paid 200 a time to get the paperwork and listen to the pitch.

Now dont get me wrong I was never going to do it, but the plans did resonate

When the motivational speaker talked about his vision for the business, explaining that the enterprise would be enormous and that everyone in the room would get rich along the way it was thrilling!!

Its obvious now but I had never worked anywhere where there was a culture of sharing but I instantly thought that by harnesing the power of mvm sharing and the entreprenuirial spirit I could be onto something.

So whilst at VNG the 3rd biggest contract agency in Europe at that time, I offered it up the line it was called "youre doing good but you could be doing great!!"

They instantly spotted my talent and ignored me! so sod them, I looked around and as Russ says they plucked me from the gutter and said do you want to start a contract biz here I remember playing it really cool saying Ive got a plan, ive got a plan

I loved the way everyone in the room got a buzz about in effect being their own boss, how

I have ridden out 3 recessions, during the 1st I gaurentee hoped adding skills until the market turned, from sales manager to search & selection & ended up at VNGGGHEAD Vs HEART SALES DIRECTOR at Span or RECRUITER at Computer Futures

SHARING TO GET THERE

GGHad been successful in spot IT biz - I was the Don Johnsen of burnham!! What you cant see here is my number plate A3 GAR because I couldnt afford Gary anything, when I finally got one G4RY G so gary G I was chuffed had it on a phantom in fact right up until someone stopped me and asked if I was gary glitter!!! Shame really!!!

I was interviewing and was offered the Sales Directors job at Span. The smart choice and a massive step up or go to CF

The Computer Futures Opportunity Tried to launch Contracts 2x unsuccessfully

A cold Start from absolute zero a desk (up with admin), a phone, a few cards in a box, no PC but an Alan Todd, a budget to take 2 on people.

Amazing low hanging fruit : 10s of Perm Clients (leads)

A cool brand

Cart Blanche me, my plan & I

Brilliant people instant buy-in

I was in - But how to get people to follow me?!?! SHARING TO GET THERE

GGSHARING TO GET THERE

GGSDSDMGRMGRMGRLDNTVSWMGRMGRMGRNTHMIDSCOTTLTLTLTLMIFOPSDEVRDEMSTLTLTLTLMIFOPSDEVRDEMSTLTLTLTLMIFOPSDEVRDEMSTLTLTLTLMIFOPSDEVRDEMSTLTLTLTLMIFOPSDEVRDEMSTLTLTLTLMIFOPSDEVRDEMSMDC.F. CONTRACTRee Cons = Post Code Splits (Fair!!!)120 Staff x 2.5k pwk = 300k pwk@ 15m

THIS IS THE ORIGIONAL MAP I DREW

You can see its origins in MLM & the intension was to share with everyone down to TL level with each team a channel

So the guys joined 4 of us ( 1 head over allowance from the start a theme that I continued with for 17 years!)

Its the origional page I wrote and was up on the wall, even when we were only 4 people

You might not make out the numbers 120 people 60m t/o and 15m gp or nfi

2X SDs

6x Managers

24x recruiting TLs

120 fee earners

120 (at 10k p head)

120 x 2500 p/wk x 96% (working actual) x 52 = 15m NFI

15m GP = 60m T/O

So this is the Map I shared with them,

Lloyd & John had worked with me at Dart, in fact JP was my team leader for a while.

The idea of dividing patchs was not new but down to a few postcode, in a specific part of a technology was taking it to another level again,

The logic was familiar so too was the process, although it instantly got sharper, better, faster cos now we were uber motivated to take on as many people as possible knowing (in principle) that we were on a wealth path not an income path.

It was brilliant, they wanted it as much as me and we worked together and competitively at the same time,

perfect team work and yes I had a budget for 2 trainees and I bust that taking 2 experienced people on (the only 2 ever) and an extra trainee and boy did Bill, Simon and Russ put them through the mill which again started the legendary hard as nails 11/12 Interview process to get in the door.

They obviously didnt trust my judgement

So we set about turning THIS into reality

The Plan Map - Measure - Motivate@ Divide & conquer : Organagrams everywhere with killer jobs for all - 2years / every 6monthsMap in ALL the potential markets within regions so no patch halving dramas

@ 100% organic growth :- Build loyalty from the ground up I never recruited anyone as any-ones boss!

@ Get advice from the shop floor:Reward the team for shaping the business - Its our business

SHARING TO GET THERE

GGSo the PLAN

this is the bit where I share with you how we built our fantastic winning culture - as you can see its wrapped into 3 distinctive parts forming M3

The 3Ms

This is the 1st MAP FOR THE MAP PART

Lots of detail here so please bare with me but lots of chances to share out a pearl or two so why not ??

Map - Measure - Motivate@ As well as Recruiting Well we targeted:Patch & market building - mapping scalabilityMaking "friends" to get the unfair advantage

@ Innovation:1st timers, free-working-interviews, S&S at contingency fees etc etc

@ Employ the best people in every non-sales discipline:We can focus on winning business

@ Buy the best tools, use tech to stay faster:- 3 CRMs in 7 yearsSHARING TO GET THERE

GGAgain still a map

From no pc or database to the best I could find, then changed up, we had great systems, envelopers to do mail shots, banks of fax machines in todays world that would be the best crm, analytics tools, coms, social media campaigners, linkedin licences, the works

SHARING TO GET THERE

GGMap Measure - Motivate @ KPIs per person, team & division:TLs & MGRs owned their No.s RCs Performance targets + minimum levels of expected performanceConsequences

@ A Defined Growth Model:PROFITABLE growth => +2500 a week GP per team to add a headMore heads => better GP => better bonus More GP => bigger contribution of Group => more options earned

@Catching people doing things right:- Conversion rates, new V repeat, account development, Xselling, etc etcWE RECORDED EVERYTHING TO IMPROVE THE SCIENCE & SAY WELL DONEQuincy MD not CSI !!! Im 50 not 15!!! This is my reminder to explain how forensic we were

we were very forensic!!!

The kpi culture has been well documented, often critisised then even more often mirrored!!! Safe to say we had one for sure and yup Ill take credit for that one.

The whole idea of kpis is to make sure we dont fail people, we own the numbers, we use the tools to ensure people dont have a bad month, we can impact it and turn a lack lustre performance into a decent one at least.

Map Measure - Motivate @Everyone was interviewed as a potential Manager/Director:Getting in was a badge of honour - a made manThe best sales jobs in Europe - manage or be managed

@Shared ownership: Constantly diluted to include/motivate more to do moreEach Team was a stand alone Channel with EBT/EMI value, (10s of 10%s)

@ Meritocracy:If you're good if enough, you get the chance to step up!!

SHARING TO GET THERE

GGIt was harder to join CF than for any of us to join Soho house.. which is impossible

Get in and you are on the road to becoming a made man - I think people today dont do enough story telling and its especially important when getting hold of talent is so so hard

Manage or be managed / possibly by a new trainee in due course meant everyone wanted that chance

The insentive was to get shares in your own p&l, part of the group, in the inner circle!!

It was the big driver !

We shared and people loved it, we hade 10s of 10%s enough for everyone who was really contributing

We we arso extremely metocratic if you were good enough you were old enough

Its yours to loose and for the donating manager they would get a follow on % for training said person up

It was a way to grow your stake alignment!!

Map Measure - Motivate @Happy people make money:FUN => We were the ultimate work hard play hard businessNEW H.R. DIRECTOR, GLASS HALF FULL .

@A winning environment:Growing isnt a matter of life & death its way more important than thatYou had to be a player to be in the gang, doing the minimum was lame !!

@Share your risk:"All for one & one for all

- 3Ms => WINNING CULTURE => US AGAINST THE WORLD!SHARING TO GET THERE

GGI believe its only your happy people that make you money so we had lots of fun

I think our thunder was stolen and most companies do what we did but back in the day we were doing way more to keep everyone happy

Lots of beer and vodka but still today, some inventive cash spending having fun will stop gen Y leaving!

Im plagerising here I know but we were almost clicky, the pub timewas for players, you had to be good to get in with the croud!

Its cool to be brilliant I loved that

And we did something smart to help managers manage if someone asked me for advice and it went wrong it was always my faukt, if they went on a flyer and did it alone and it bombed it was theirs so if people could always ask your boss so there was way less learning by making mistakes they learn when their manager did something brilliant.

Managers to the power 10 not managers divided by 10MGRMGRLDN./ CITY/ S.E.TLs DEV SUPT RDBMSREC CONs 554T.V / SW / H.CDEVSUPTRDBMS433NTH. / MIDS. / SCOT.DEVSUPTRDBMS322SDAt 3Years = 40 heads = 400 runners => 100k p/week = 20m T/O = 5m NFI MDSHARING TO GET THERE

GGSo.

At year 3 we got to here it looks a bit like the plan I drew out just smaller

40 people, 9 teams, 3 regions, 4 of us off the tools, so loads of space & capacity for growth for growthSHARING TO GET THERE

GGSDMGRMDSDSDSDMGRMGRMGRMGRMGRMGRMGRMGRMGRTLSCITYT.V.S.W.MTHWMIDSSCOTIRLBRSLSNDRTLSTLSTLSTLSTLSTLSTLSTLSTLS5515352020151010101064 people sharing 10% of +50 channels

REC CONs = 50x

10x4At 6Years = 200 heads = 2000 RUNNERS => 132m T/O => 32m NFI => 52% GROUP

At 6 years we got to here not far removed from the fag packet drawing I did at the start just bigger!!

1234567NORTHWESTTHAMESVALLEYMIDLANDSSOUTH WESTCITY BELGIUM SCOTDUBLIN / NETHERLANDSX (LOADS MORE! )100300500700900110013001500170019002100550 LONDON350 THAMES VALLEY200 NORTH WEST / SOUTH WEST150 CITY / MIDLANDS100 IRE / BELG / NDRCOMBINED NOS ON THE HAPPY BUS

Multiple Channel ModelCombined Value = Double or DieSHARING TO GET THERE

GGYEARS2000LONDON00The killer element here is obvious, dividing and conquering - adding channels here we did 9 in 6 years! - I did it by location but you can slice and dice a million different ways.

Each number on the right can be divided by 10 to give you a head count!

Each of those businesses looks really achievable

Add together and thats 200 heads and 2000 runners

We had a solid platform, as much as we were adding new offices we were expanding market, and growing teams to 10/14 in some regions,

the legend that is Lawrence Doe amongst others probably in this room - goe to 30+ runner from 3 post codes in london only doing PC Supt> thats ideal (amazing) and I wish I had 200 of him, 6000 runners

Could have - should have - would have!!

The happy bus is how we described our projections the min baclays paid us 50m for 20% to take us to an eventual IPO = all straight lines

SHARING TO GET THERE

Summary@Bill & Simon set the tone - honest, trustworthy, believable

@We had a vision & a plan - we werent making it up on the fly

@We were very agile & changed things often - looking for advantages

@Everyone bought into the values, culture and plan - ELSE!!!!

=> An IPO Circa +600m and I made 27 millionaires.

=> Sharing is a good thing, IDEAS TERRITORIES DATA REWARDS

SHARING TO GET THERE

GG

All Good Things Come To An End Firstly, I have an excellent way to get brand YOU up the SEO rankings It comes with some serious guidance notes though!!!

** DONT SHARE WITH THE FAKE SHIEK **

OK, so your business is doing great and you fancy being a PLC; - great Vs bureaucracy - rubbishNot your train set anymoreI was overlooked for COO - & had a stropChairman hours (10 to 4)Totally respect the decision - still bessie mates

MY LEGACY IS 70% OF GROUP PROFITSSHARING TO GET THERE

GGLet me finish this piece by touching on my exit from S3 cos there is a lesson.

1stly I have some great advice how to get you personally right up the seo rankings on google but it comes with a health warning

Dont do it if you have a globally well know member of your familyB) dont do it when the person she marries will inherit an army!!!

Ill leave that one right there but do protect your personal brand cos when they say there isnt any such thing as bad press try that bad boy on for size!

SoTen years on from 2000 runners the biz was still growing, a few economic dramas we got to 3100 but it wasnt the same business and in truth I wasnt the same person

If you are doing great you might cosider and ipo

Here are my words of caution..

The RDLC THERES NO NEED TO GO IT ALONE

From Ex-SThree reunions to the grown up enterprise it is today

A simple premise;Share best adviceHelp good folks grow faster See what could happen if the network shared & helped each other

There is NO rank, NO egos & its NOT for profit

LIKE AN STHREE BOARD ENVIRONMENT OF OLD; MOTIVATING, LEARNING, CHALLENGING, SHARING,

50/75 members to build the value & maintain the relationships

SHARING TO GET THERE

GGAfter my JORDON BELFORT style holiday I returned to the sector principly with RDLC our network of rec biz owners!!

So this is the WHY - why rdlc - well it can be lonely at the head of any business - we think it does not need to be that way so created something for rec biz owners by rec biz owners

The ground work to the RDLC came about by osmosis - there were lots of old boys reunions where many owners of new recruitment brands would catch up, have a good time at which the sharing was world class

Mates genuinely interested to help mates so the spark of an idea was formed,

Since then the pirates has matured and grown to become a movement

The best way I can describe it is like the old sthree board of old loads of input, ideas and suggestions around a table of bright articulate peers all interested to learn, do better and be amazing!!!

Motivating, uplifting yet challenging & loads of sharing

We are fast approaching the 50 mark and we have agreed to limit member ship to a max of 75 to keep the community tight and elite

Its as much about having friends in the game, your own network of great advisors as it is the advice itself!

We screen everyone and nearly as many folks have we excluded as aloud in!!! Really picky to keep the level right up there in terms of ambition, willingness to contribute, and a personality fit.

The RDLCSHARING TO GET THERE

GGBuilding StrategyRemuneration Incentives,Share SchemesManagement Processand StructuresReportingBoard DynamicTraining and DevelopmentFinancingMarketingStaffing, Recruitmentand RetentionKIPs and KPIsDelegation and NurturingVisioning and AgilityPirates +Advisors+ Consultancy+ NEDsThe what

Well we offer support across everything, we all share (never about clients or individuals)

Pirates ask us to debate certain subjects, we define an agenda around the key topic bring in advisors, if required to help answer key questions and believe our advice is like money in the bank

IE) management development, what to pay them, when to take them off the tools, to emi or to not etc ? Or recruitment and retension, what is or isnt working

Sometimes it prompts some extra 1-2-1 time and DK and I are available on the phone or to meet if the group cant resolve the issues we are living and breathing the pirates to msake sure each and ever member really see a benefit.

The subject material ranges from the most technical issues to some fairly run of the mill stuff but you dont know what you dont know and its a chance to ratify any decision or challenge your own thinking and ways.

Betterment comes in loads of different forms but this certainly is one of the cheapest and fun ways!! - chatham house rules & all behind closed doors

Email forums WORKSHOPSEVENT TABLES 1:2:1s coaching THE NETWORK BREAKFAST CLUBCONSULTING LUNCH MEETINGS web site INCENTIVES GUEST EVENTS A" grAGRSHARING TO GET THERE

GGA group that has inspiration, innovation and honesty at its core Nick Harrington My new best mates in recruitment thank you A No Brainer Roger Mills The RDLC has put some much needed experience and support on what can often seem a very lonely island John Morse There is nothing quite like it and we get significant value glad we were in at the start Spencer Symmons The THE HOW - is via a shed full of ways

We have lunches 9 times a year with only a gap over the summer and are just starting breakfast meetings for business to debate specific issues pertinant to businesses of certain sizes

The success of RDLC is already beyond our wildest dreams,

people have been invigerated by just being a part which is great but already we have a host of real wins,

Guys have - RESHAPED SALES TEAMS, IMPLIMENTED NEW INCENTIVE STRUCTURES, IMPROVED RETENTION, INCREASED YIELDS, WON BUSNESS

ALL DIRECTLY BECAUSE OF TIME SPENT WITH US & THEIR NEW MATES AT THE PIRATES.

As the guys have said themselves it a total no brainer

SHARING TO GET THERE

GG*Discounts & Deals on everything *Advice on suppliers / Deals#DecisionMaking #MoneySaving #TimeSaving Web DesignCRMSocial Media ToolsParsingTech Supt.Tele ComsMarketingTech IntegratorPrintBrandingAnalyticsAdvertising1200Consultants = Buying PowerBankingID LinesMembers clubs / Meeting roomsCoaching LegalThe extra bit

Lastly but from from leastly the RDLC is also a buying club:

A big incentive is the deals we have arranged for members

We have discount, deals or partnerships with all the key suppliers so we have done our DD & with great word of mouth owners can short cut decision making massively.

You can be pitched by a senior person, know the questions to ask and know what a good deal will look like if Ive not already done it for the group.

Its brilliant and we are seeing some big deals being done every month and we are saving 10s of 1000s for members!

Its effectly delivering the best tools and contacts like a recruitment business in a box!!!

So in a nutshell the Pirates is built by recruiters for recruiters & its just a good thing!!! - we have membership open specifically because of today then we are closing the doors for a bit so if youre interested do follow up rapedo!

Just remember its about as difficult to join as SOHO HOUSE or for some THE ROYAL FAMILY x

SHARING TO GET THERE

GG6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 242005 / 15AVERAGETIME Y VALUEGROWTH / REGIONS2004 2005Recruitment EconomyOPPORTUNITY?*Q CYCLE ?Q CYCLE ?TODAY*#Source GG + Industry Analysts, CEOs + CFOsLet quickly just remind ourselves of The recruitment economy because some of you guys I know will be looking at exits during this cycle!!

The perfect time would be to out perform the sector for a year or two, line your ducks up and go during this growth bit!!!

Brilliantly simple - if you can? but boy there is a lot to do, and boxes to tick to - to get a business away & if you havent done it before it might come as a shock!

DD will expose any and all weaknesses in your business; your back office,your client spread, your governance,Your reporting, you managements flaws,your inability to leave, your finances

everything to leave you with a fraction of the multiple you werent happy with at the time of offer!!!!

Remember its the aquieres job to chisel and they are good at it!!

So the natural progression from the RDLC was always going to be helping some of our members with their exit strategy. And we know collectively as a group there is way more chance of getting a deal done at the right levels than brands going it alone!!! And thats just fact!

Dean Kelly who has just sold Synabor (his 2nd sale) and I with my experience of the IPO our other great partners which form our - DREAM TEAM - come from VC and banking recognise all the pitfalls, dramas and gearing that make all the difference when looking to maximse your value so Im please to introduce Gardean Human Capital for the very 1st time

In exit vehicle with transparancy, headed by people with layers of experience and designed specifically to support rdlc members.

Gardean Human CapitalWe are pulling together an absolute dream team to;

Incubate new enterprisesAcquire stakes in businesses with 'true' growth potentialAmalgamate smaller players to deliver higher earnings qualityAdd value through structured growth and maximising multiple potential Create a very special relationship that you can trustGet an event away this cycle

LIMITED BUYERS LIMITED DEALS TO BE DONE 1 CHANCE TO GET IT RIGHT

SHARING TO GET THERE

GGOur partners and advisors all have done lots of sales & ipos

We are talking about ex heads of Bar Cap, 3i, CFOs & Ops people all coming together specifically represent our collective companies

So why wouldnt you want a dream team helping you grow faster, helping you prepare & negotiating for you rather than individuals who sit on your board once a month!!Value WallGrows headcount/revenues/profits to maximise this opportunityIs fit for a sale/exit in every wayEnables the principle to exit (if wanted)Is supported by the best team of advisors & partnersGet the best value/terms possible TO MAXIMISE AN EXIT THIS CYCLE TALK TO US!BrandReportingRecruitment VS ChurnMarket expertiseGovernanceScalabilityFinancesCoachingStructureManagement teamSuccessionRate of growthCombined EBITDA sizeValue todayGardean Human CapitalSHARING TO GET THERE

GGSo there is a genuine alternative entering the market.

We are honest brokers and have a history of helping people do better & maximising investor value so if you are looking at this path talk to us as part of your beauty parade.

Gardean Human CapitalSHARING TO GET THERE

GGTONG FIRMLY IN CHEEK IF YOU WANT TO FROW FASTER, IF YOU WANT TO MAXIMISE YOU KNOWLEDGE, IF YOU WANT TO SAVE A LOT OF MONEY AND IF YOU WANT TO MAXIMISE YOUR VALUE - in the words of my mate Tom Cruise

The ENDThanks very much Questions OR beers? GG OutSHARING TO GET THERE

GG(image of me with a drink)

Growing from100 -> +200 Heads Inter- Group rivalry was incredibly powerful - COMPETITION

Shared knowledge and data - THE SECRET WEAPON

10 hour days minimum - ZERO COMPLACENTCY

Everyone was desperate to maximise their value - ONE CNANCE

SHARING TO GET THERE

GGFIND A WAY TO BUILD COMPETITION INTO YOUR TOP PEOPLE (or you join RDLC and see whats possible)

THE NEXT DIAGRAM MAKES 200 PEOPLE SEEM WAY EASIER..

The Recruitment Economy

OpportunityCycle 3/6 YearsCycle 3/6 YearsLast 10 Years AverageMarket positionSHARING TO GET THERE

GGINow Ive deliberately not put significant detail into this as its particularly had to get "consensus" on dates and actual numbers

(I have shared this with everyone from sector analysts to PLC CFOs & everyone agrees this is a fair reflection of our world)

This wasnt too disimllar to the time I started at S3 in 93. 89 wheels fell off and market recovered in 93 to boom for 6 years!

the market was in recovery from a recession those old timers in the room will agree we had our own new dramas - PSLs were the new new thing driving competition up rates down

its different now I accept we could actually talk to clients back then!!! - but I will guarantee there will be significant winners in this market and in this cycle so why not make it you!!!

The diagram is self explanitory, 2008 it all goes south, we see a double dip, we see an easing and recovery then this year we jump over the last 10 years average!

There are some debates on when the positive cycle starts, to predict timings in this economy is way more balls than crystal buti think we can all agree there is a big opportunity in front of us and some agresive planning & people driving should, could & would see lots of records getting broken and some new cars getting ordered!

This was exactly the predictable landscape ahead of me!