Q1 FY21 ResultsJames Davies, Chief Financial Officer

Joe Fitzgerald, Chief Strategy & Commercial Officer

27 August 2020

About D&G

Domestic & General | Confidential 3

D&G protects domestic appliances

8.3mSubscription

Plans

5.5mSubscription Customers

11Countries

0.5mReplacements p.a.

2.4mRepairs p.a.

D&G is a large, high service, international business With a strong and resilient position in the home

Specialist B2B2C service provider with unique capabilities

Subscription business with high renewal rates

Exclusive partnerships covering 95% of UK white good OEMs

All data points FYE March 2020. Management information

98% 2nd time fix

66 NPS

89% Customer Satisfaction

81%1st time fix

COVID trading update

Domestic & General | Confidential 5

The business is stable and serving customers effectively

• We have successfully worked from home from the start of lockdown

• We have offered continuous and strong service in our contact centres

• We have seen increasing traffic to our digital estate and higher levels of self service

• Repair and replacement services operational across all product lines and territories

• Overall our key customer service metrics are stable

• Customer renewal rates remain strong and NPS significantly improved

• We have a strong cash position and took early mitigating actions to preserve cash

Operational

Domestic & General | Confidential 6

Revenues continue to be resilient due to the nature of the business modelTo

tal R

even

ue

Subs

crip

tion

Reve

nue

New

Bus

ines

s Su

bscr

iptio

n Pl

ans

Subscription85%

Cash15%

Subscription is profit generating; cash is marginal

The majority of our subscription revenues are from our renewal book

The majority of new business sales are generated post point of sale (PPOS)

Cust

omer

Ret

entio

n

Subs

crip

tion

Reve

nue

Consistent renewals retention performance leads to compounding growth…

…and growing subscription revenues

• When assessing short term performance the best indicators are new business and renewal plans sold in the period

• Lower volumes sold will eventually translate to revenue in future accounting periods as revenues are released

• Indeed total revenues have grown year on year in Q1 by 2.2% with subscription revenues increased by 4.6%

FY12 FY21

Ave >85%

FY12 FY21

New Business

21%

Renewals79%

POS30%

PPOS70%

Note: Based on Apr-Jul 2020 Management information

Domestic & General | Confidential 7

Trading (Q1 FY21)

Total Group subscription plan sales have grown by 8% year on year for Q1

Renewals New Business

• Our base expectation was compounding growth

• Retention rates have improved versus expectation for both UK and International

• Year on year growth of 13% versus last year

• Subscription new business levels reduced by 4% versus Q1 last year

• Closure of bricks and mortar retailers offset by digital sales as well as continuing PPOS channel sales

• Non-subscription sales have been affected by store closures (c.28% down)

• Pleasingly new business subscription and cash sales have recovered across UK and International in June and we have achieved year on year growth

Subscription Plans (000s) YTD FY20 YTD FY21 % VarRenewals 1250 1418 13%New Business 487 467 -4%Total 1,737 1,885 8%

Q1 FY21 Performance

Confidential 9

FY21 Q1- Key Messages

Financial and Cash Performance

• Year-on-year growth in revenues and adjusted EBITDA

• Growth in subscription revenues in both our UK and International businesses

• Strong quarter of cash flow performance delivered to support strong liquidity

Operational Progress

• Real progress on digital transformation programme ‘DGX’

• Contract to expand into the US market with Whirlpool signed

• Strategy review for new investment cycle completed

Capital Structure

• Closed £100m tap issuance to £305m 6.5% senior secured notes due in 2026. Proceeds used to repay drawn RCF and increase cash reserves (closed July 2020)

• As part of the tap issuance above, the RCF facility was also upsized by £15m to £100m

Domestic & General | Confidential 10

Revenues

3m to 30th June FY 21 FY 20 Change

Subs

crip

tion

Reve

nue UK 157.1 152.9 2.7%

International 19.8 16.1 22.6%

Group Subscription Revenue 176.9 169.0 4.6%

Non

-Su

bscr

iptio

n Re

venu

e UK 12.7 15.4 -17.0%

International 18.6 19.3 -3.9%

Group Non-Subscription Revenue 31.3 34.7 -9.8%

Reve

nue UK 169.8 168.2 0.9%

International 38.4 35.5 8.2%

Total Revenue 208.2 203.7 2.2%

• Continued growth in subscription revenue +4.6%

• Non-subscription revenue decreases in-line with strategic focus on subscription business

• International revenue increased due to renewals as the international business continues to adopt the well-established UK subscription model. This is the first quarter where international subscription revenue has exceed non-subscription revenue

• Stable, high renewal rates from subscription base driving growth in revenue +2.2%

1

1

2

2

3

3

4

4

Domestic & General | Confidential 11

Consistent financial performance

UK

Shar

e of

Rev

enue

from

Re

new

als

Inte

rnat

iona

l Sha

re o

f Rev

enue

fr

om R

enew

als

Und

erw

ritin

g Co

sts /

Und

erly

ing

Reve

nue

Gro

up S

ubs R

even

ue /

Reve

nue

75.2%

75.6%

74.3%

76.0%

77.6%

79.0%

FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1

30.1%

32.2% 31.8% 31.5%33.0%

32.3%

FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1

69.4%67.5% 66.7%

68.5% 69.2%

67.4%

FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1

82.1%

82.6%

83.0%

83.6%84.0%

84.5%

FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1

Domestic & General | Confidential 12

Adjusted EBITDA

• Group adjusted EBITDA +2% driven by embedded revenue growth from high subscription renewal rates in our UK business, stable cost ratios, and predictable margins

• UK EBITDA growth affected by investments in Digitisation and Customer First programmes

Note: UK segment includes holding company costs

Adju

sted

EBIT

DA (

£m)

28.4 28.0

2.5 3.4

Q1 FY20 Q1 FY21

UK International

£31.5m£30.9m 1.9% Growth

Domestic & General | Confidential 13

3m to 30th June FY 21 FY 20 Change

Adjusted EBITDA 31.5 30.9 1.9%

Less: Regulated Business adjusted EBITDA (6.0) (9.7) -38.3%

Unregulated Business adjusted EBITDA 25.5 21.2

Capital expenditure (5.9) (4.4) 34.9%

Change in working capital 22.3 (12.2) -282.6%

Unregulated Business Free Cash Flow 41.9 4.6

(Decrease)/increase in distributable reserves inRegulated Business* (4.3) 5.1 -184.9%

Group Free Cash Flow 37.6 9.7 288.0%

Conversion 119.4% 31.4%

Tax received/(paid) 1.9 (2.9)

Post-Tax Free Cash Flow 39.6 6.8 482.2%

Adjusted EBITDA

• Increase driven by embedded revenue growth, stable cost ratios and predictable margins

Unregulated Business

• Increased capital investment in our digital capability

• Working capital inflow in FY 21 due to management actions to preserve short-term liquidity including time-to-pay arrangements with HMRC under COVID-19 support measures, deferral of bonus payments and lower notification of claims through lockdown

Regulated Business

• Distributable reserves comprise net income of Regulated Business before significant items and as adjusted for changes in capital requirements and Solvency II valuation differences

• Outflow as a result of reduction in the Solvency II Own Funds best estimate

Tax

• FY 21 includes refund of overpaid tax in respect of FY 19

Summary Cash Flow

* FY20 distributable reserves has been restated to reflect the reclassification of initial launch costs for the US to significant items

Confidential 14

£m Multiple of

EBITDA Price £m Multiple of

EBITDA Maturity Price

Drawn Super Senior RCF* 77.2 0.7x 3m LIBOR + 3% 77.5 0.7x Apr-26 3m LIBOR + 3%Senior Secured FRN (€200m) 180.6 1.7x Euribor + 5.00% 180.6 1.7x Jul-26 Euribor + 5.00%Senior Secured Notes 305.0 2.8x 6.50% 305.0 2.9x Jul-26 6.500%Total Super and Senior Secured Debt 562.7 5.2x 563.0 5.3xSenior Notes 150.0 1.4x 9.250% 150.0 1.4x Jul-27 9.250%Total Bonds 712.7 6.6x 713.0 6.7xLease liabilities 9.9 10.7Total Gross Debt 722.6 6.7x 723.7 6.8xUnrestricted cash reserves (121.4) (99.1)Total Net Debt 601.2 5.6x 624.6 5.8xUndrawn Super Senior RCF 0.0 0.0 Apr-26

Q1 FY21 Q4 FY20

• £85.0m super senior revolving credit facility full drawn* during FY20 except for £3.0m available for same day drawdown to increase liquidity in the current uncertain environment. At the end of FY20, there was an on-demand letter of credit under the Facility in favour of the PoS Trust for £5.0m

• On 31 July 2020, Galaxy Bidco Limited (a subsidiary in the Group) closed a fungible private placement add-on of £100m of 6 1/2 % Senior Secured Notes due 2026 and upsized the Revolving Credit facility by £15m. Part of the proceeds from the private placement were used to pay down the drawn RCF balance on 6 August 2020 and to increase cash reserves.

• Leverage calculated on basis of underlying adjusted LTM EBITDA of £107.9m (Q4 FY20 £106.9m)

* Included within the drawn RCF balance at Q1 FY21 and Q4 FY20 is a €10.0m drawdown which is translated into GBP at the closing exchange rate at the respective Balance Sheet dates

Capitalisation

3

1

2

3

1

2

Appendix

Confidential 16

£mGroup Free Cash flow 37.6 46.2

Debt Repayment (incl leases) & RCF Drawdown (1.3) 42.6Debt Interest (3.8) (20.4)Corp Tax and Other (7.1) 10.5

Free Cash flow before exceptional items 25.5 78.9Exceptional items (3.1) (5.6)

Unrestricted cash flow 22.3 73.3

Unrestricted Cash b/f 99.1 25.8 Unrestricted Cash c/f (Note 1) 121.4 99.1

Gross Debt (Note 2) 722.6 723.7 Net Debt (Note 1) 601.2 624.6 Leverage (Net Debt / LTM EBITDA) 5.6x 5.8xLTM EBITDA 107.9 106.9

Q1 FY2130 Jun 2020

Q4 FY2031 Mar 2020

Available Cash and Net Debt

2

1 Based upon latest estimate of Capital Resources and Solvency Capital Requirement (SCR)2 Lease liabilities have been included in gross debt to reflect the adoption of IFRS 16 Leases

• Resilient Underwriting performance and cost savings (furlough scheme, recruitment freeze, travel savings) and working capital inflow in the unregulated business driven by management actions to preserve short-term liquidity including time-to-pay arrangements with HMRC under COVID-19 support measures, and lower notification of claims through lockdown

• Additional RCF drawn in Q4 FY20 to increase liquidity in current uncertain environment.

• Debt interest relates to interest payments on external bonds

• Corporation tax and other includes payments / receipts of corporation tax and timing differences on intercompany loans between the regulated and unregulated businesses

• Significant items relate to costs in connection with Brexit preparations, and costs incurred in relation to our Value Creation Plan

• Underlying adjusted LTM EBITDA was robust due to disciplined approach to underwriting and cost control

1

2

3

35

4

5

4

6

1

6

Confidential 17

LTM Underlying Adjusted EBITDA Calculation

£mQ1 FY21 LTM Q4 FY20 LTM

Adjusted EBITDA4

Add: HoldCoCosts3

U/L Adjusted EBITDA4

Adjusted EBITDA4

Add: HoldCoCosts3

U/L Adjusted EBITDA4

FY20 Q14 30.9 (0.3) 30.6

FY20 Q24 30.3 0.1 30.4 30.3 0.1 30.4

FY20 Q3 24.9 0.1 25.0 24.9 0.1 25.0

FY20 Q4 20.9 (0.0) 20.9 20.9 (0.0) 20.9

FY21 Q1 31.5 0.1 31.6

LTM U/L Adjusted EBITDA 107.9 106.9

Adjusted1 / Underlying Adjusted2 EBITDA by Quarter

Note: All amounts above reflect the adoption of IFRS 16 Leases1 Adjusted EBITDA refers to EBITDA, adjusted to include investment income and exclude significant items2 Underlying adjusted EBITDA is adjusted EBITDA, as further adjusted to exclude holding company costs3 HoldCo costs relate mainly to CVC monitoring fee. CVC monitoring fee agreement was retrospectively terminated effective from 1 January 2019 (the accrual for Q4 FY19 that is no longer required was released in Q1 FY 20)4 Q1 and Q2 FY20 underlying EBITDA and underlying adjusted EBITDA have been restated to reflect the reclassification of initial launch costs for the US to significant items

Confidential 18

DisclaimerThis presentation and any materials distributed in connection herewith (together, the “Presentation”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer topurchase or subscribe for any securities in any jurisdiction, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract orcommitment whatsoever.These materials are being provided to you on a confidential basis, may not be distributed to the press or to any other persons, may not be redistributed or passed on, directly or indirectly, to any person, or published, in whole or inpart, by any medium or for any purpose.The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness,reasonableness or correctness of the information or opinions contained herein. None of Galaxy Finco Limited, its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liabilitywhatsoever (in negligence or otherwise) for any loss howsoever arising from any u se o f this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is providedas at the date of this Presentation and is subject to change without notice.The information in this Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice, and the Presentation does not take into account your investment objectives or legal, accounting, regulatory,taxation or financial situation or other needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Presentation.Statements made in this Presentation include forward-looking statements, including in the slide captioned “Summary and Outlook”. These statements may b e identified by the fact that they use words such as “anticipate”, “estimate”,“should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe”, and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity,prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties,including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activitieswill continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely a ffect the outcome and financialeffects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business andoperations of the company. Neither Galaxy Finco Limited nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements,whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation. It should be noted that pastperformance is not a guide to future performance. Particular uncertainties that could cause our actual results to be materially different than those expressed in these forward-looking statements include risk factors described in theoffering memorandum of Galaxy Bidco Limited and Galaxy Finco Limited dated October 24, 2013, as updated from time to time by our annual and quarterly financial statements and financial reports, including the section c aptioned“Principal Risks and Uncertainties” of our Annual Report and Accounts 2019. Nothing in this Presentation should be construed as a profit forecast.This Presentation may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and liquidity and believes that this information may be informative to investors in gau ging thequality of our financial performance , assessing our liquidity, identifying trends in our results and providing meaningful period-to-period comparisons. For a reconciliation of non-GAAP measures presented in this Presentation, see“Alternative Non-GAAP Performance Measures Reconciliation” in our Annual Report and Accounts 2019.