h1 2017 financial performance - aldermore · h1 2017 financial performance james mack chief...

H1 2017

financial

performance

10 August 2017

H1 2017 financial performance

Introduction

H1 2017 financial

performance

Strategic progress

and outlook

Q&A Phillip Monks, OBE Chief Executive Officer

2

Maintaining a track record of consistent delivery Intro

3

We’ve made a strong

start to the year…

…with further strategic

progress…

…providing continued

confidence & improved

financial guidance

1 2 3

We’ve made a strong start to the year Intro

4

1

7.5

8.1

FY 2016 H1 2017

46

44

H1 2016 H1 2017

20 14

H1 2016 H1 2017

16

19

H1 2016 H1 2017

Customer driven new

lending growth

Net loan growth on

track for FY guidance

Cost/Income progress;

investment continues

Cost of risk remains

low & controlled

Ongoing organic CET1

capital generation

Generating high-teens

shareholder returns

11%

-2% 30bps 8%

-6 bps

1.5 1.6

H1 2016 H1 2017

11.5

11.8

FY 2016 H1 2017

3%

We’ve delivered further strategic progress Intro

5

2

Customer Driven

Helping more customers to seek and seize opportunities…

Our focus remains on growth in large markets through diverse pools of customer demand,

where we can operate as a service-focused specialist lender to meet customers’ needs

Simply Delivered

Enhancing the strength & efficiency of

our scalable operating model…

We continue to support the delivery of

growth with enhanced service & efficiency

Securely Managed

Maintaining a diverse business model

with robust risk management…

We retain our prudent risk appetite across

the bank, striking the right balance

between risk and reward

Our strategic priorities

6 1Prior year figures on an underlying basis. No adjustments made to HY 2017 reported figures.

Continued confidence and improved

financial guidance for 2017

Intro

3

Our focus remains risk-adjusted returns, maintaining risk appetite to find the right balance of profitable growth

Metric

Net loan

growth/ NIM

10 – 15% in 2017

Broadly stable NIM

Cost:Income1 < 40% over the

medium term

Cost of risk 25 – 35bps in the

coming years

Below range in

FY17

CET 1/ Dividend Target 12%

minimum

Above 12% by

FY 17

Return on

equity1

High teens ROE

over medium term

Guidance Performance Outlook

8%

60 51 45 44

2014 2015 2016 H1 2017

23 19 23 14

2014 2015 2016 H1 2017

35bps

25bps

11.8 11

11.5 11.8

2015 1H16 2016 1H17

-80bps +50bps

+30bps

15 20 18 19

2014 2015 2016 1H 2017

10% 15%

FY 2017 guided range

H1 2017


James Mack Chief Financial Officer

7

Introduction

H1 2017 financial

performance

Strategic progress

and outlook

Q&A

Continued delivery against our financial objectives

• Generated return on equity of 19%, in line with guidance

• Net loan growth of over £600m, on track for FY 2017 guidance

• NIM remains broadly stable at 3.5%, in line with guidance

• Investment programme tracking in line with plans – cost/Income progress

continues

• Continued capital accretion, generating 30bps of CET1 capital in H1 – expect to

be above 12% CET1 by FY 2017

1

2

3

4

6

Financial headlines

2017 H1

update

8 1Underlying figures exclude exceptional items, in 2016 exceptional items include the Invoice Finance goodwill write off (£4.1m), in 2015 It includes IPO related costs (£4.1m, post tax £3.4m).

• Cost of risk 14bps, reflecting benign environment and robust risk management 5

Balance sheet growing in size and strength

£m 30 Jun 17 31 Dec 16 Var1 (%)

Net Loans 8,108 7,477 8

Cash and Investments 1,176 848 39

Fixed Assets 4 3 16

Intangible Assets 28 26 8

Total Assets 9,339 8,381 11

Customer Deposits 7,346 6,674 10

Wholesale Funding 1,214 982 24

Other Liabilities 100 99 1

Total Liabilities 8,661 7,755 12

Shareholder Equity 605 552 10

AT1 Capital 74 74 -

Total Equity 679 626 8

KPIs

Net loan growth 630 1,333

Loan to deposit ratio 110% 112%

CET1 ratio 11.8% 11.5%

TNAV per share 167p 153p

Summary Balance Sheet

Key comments

1

2

3

4

1

2

3

4

Net Loan growth £630m or 8%, on track for

year end guidance

- Over £0.6bn Business Finance new lending

- Over £1bn Mortgages new lending

Customer deposits up over 10% continuing to

fund asset growth

9 1Variances based on underlying data

3

2017 H1

update

Wholesale funding up over 20%, as we

expand usage of TFS, includes repayment of

£40m sub-debt and repayment of on-balance-

sheet FLS

Strong organic capital generation, up 30bps

in seasonally weaker half for capital generation

Risk appetite remains prudent, while organic

origination drives growth

1.5 1.5

3.3 3.8

0.9 0.9 0.2 0.2

1.6

1.7

2016 Origination Redemption 1H17

£7.5bn

£8.1bn

Net loan growth by segment

10 1Includes Property Development portfolio of £235m (2016: £229m)

27% opening

net loans (annualised)

+£0.6bn, 8%

+1.6 -1.0

2017 H1

update

£1.6bn origination drives

8% loan growth across

both Business Finance

and Mortgages

• Business Finance up 8%

to £1.9bn

• Mortgages up 9% to £6.2bn

• Looking ahead, we continue to

expect 10 – 15% growth for the

full year 2017, while maintaining

our risk appetite

Commercial Mortgages

Buy-to-Let Mortgages

Residential Mortgages

Asset Finance 21%

Business Finance Mortgages

Invoice Finance 2%

Mix Mix

12%

47%

18%

6,674

7,346

396

1,047

355 131

107

101

62

2016 1H 17

Growth and diversity in funding

Our funding strategy

remains deposit-led and

diversified

• Deposits up 10% to £7.3bn,

strong growth from corporates

• Repo FLS fully repaid, some

off balance sheet T bills remain

• TFS : 4-year money at base

rate, c£1bn drawn

• RMBS reduced 18% to £107m

• Tier 2 call: £40m high-coupon

notes called in May 2017

• Looking ahead, anticipate

operating with a loan to deposit

ratio of around 115% - 120%

Customer deposits and wholesale funding

110%

112%

£7.7bn

£8.6bn

404

1H 17

1,826

5,117

£7.3bn

Deposits FLS

RMBS

Sub debt & Other

% LDR

Retail SME

Corporate TFS, ILTR

~30%

Commercial

~70%

Retail

11

2017 H1

update

Capital continues to build; anticipate a CET1 ratio

above 12% by FY 2017

Continuing to build capital,

as profitability outstrips

balance sheet growth and

seasonal charges

• Generation of c30bps organic

capital in H1 drives 11.8% CET1

• Total capital of 14.9% (2016:

15.6%) remains strong

- Leverage remains robust

at 6.9% (2016: 7.0%)

• Consideration for dividends:

- Growth opportunities

- Greater regulatory clarity

- Economic environment

Aldermore capital ratio walk (%)

12

2017 H1

update

11.0

11.5 11.8

11.8

1.5

1.6

H1 16CET 1

Profit RWA FY2016

OpsRisk

AT1 Profit RWA H1 17CET 1

TotalCapital

Annual charges

on capital

AT1

Tier 2

14.9

CET1

Note: Organic capital generation involves small adjustments to profit

+50bps +70bps

-40bps

Anticipate being above 12%

CET 1 ratio by FY 2017

Profits up over 30% driving a 19% ROE

£m H117 H116 Var2 (%)

Net interest income 136 116 17

Other operating income 14 12 15

Operating income 150 128 17

Underlying expenses (66) (58) (13)

Impairments (6) (6) 13

Underlying PBT1 78 63 24

Exceptional items1 - (4) -

Profit before tax 78 59 32

Tax (20) (17) (20)

Profit after tax 58 42 37

KPI

Net interest margin 3.48% 3.57%

Cost/Income ratio1 44.1% 45.5%

Cost of risk 0.14% 0.20%

ROE 18.8% 16.3%

EPS1 14.8p 10.3p

Summary Income Statement

Key comments

1

2

3

4

1

4

2

Strong growth in average loans and

broadly stable NIM drive 17% increase in NII

5

5

3

13 1Underlying figures exclude exceptional items, in 2016 exceptional items include the Invoice Finance goodwill write off (£4.1m), in 2015 it includes IPO related costs (£4.1m, post tax £3.4m). 2Variances based on underlying data

2

3

2017 H1

update

Underlying expenses increase 13%,

reflecting investment, while cost/income

improves to 44%

Loan impairments fall by 13% as cost of risk

remains low at 14bps

Profits up 32% demonstrating continued

strong, sustainable returns

Strong improvement in reported ROE

at 19%, up 2.5ppts

Cost of funds continuing to fall, driven by broadly

stable deposit pricing and benefits from TFS

The cost of new deposits

has remained stable over

the first half of 2017, TFS

usage driving further benefit

1Cost of funds calculated as interest expense / average net loans on a 2-point average basis. Component parts calculated as interest expense over monthly average funding balance. FLS includes off-balance sheet commitments 2Includes Retail, SME and Commercial deposits average pay rate of monthly inflows

14

Cost of funds1 (%) Average rate paid (%)

1.78

0.72

1.52

16.90

1.39

0.25

1.38

12.50

Deposits BoEschemes

RMBS Tier 2

Inflow cost of deposits2 (%)

2015

Group

1H17 1H16

2017 H1

update

1.5 1.6

1.8 1.7

1.4

1.2 1.2

1.0

1.2 1.2

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2016 2017

1.45 1.85

• Increased diversification of

funding, including TFS at 25bps

• Call of Tier 2 instrument will

drive full year benefit in 2018

• Further benefits from declining

deposit costs over H2 2016 and

increased drawings under TFS

Gross yield reflects lower funding costs and

the competitive environment

Gross asset yield by portfolio, %

5.0 4.7

1H 16 1H 17

4.9 4.5

1H 16 1H 17

6.9 6.7

1H 16 1H 17

5.4 4.9

1H 16 1H 17

6.2 5.4

1H 16 1H 17

4.3 4.0

1H 16 1H 17

Group AF IF

RM BTL CM

15

2017 H1

update

Group gross yield down

50bps from 5.4% to 4.9%:

• The base rate reduction H2

2016 and lower cost of funds

across the market

• Finer margins in Asset

Finance, driven by competition

and mix toward high-quality

wholesale lines

• Competitive BTL market, with

rates reflecting lower cost of

funds

• Increased competition and

HTB rolling-off in Residential

Mortgages

Pricing dynamics in lending and funding markets

resulting in a broadly stable net interest margin

Competitive pressures

largely driven by funding

savings

• NIM reduced slightly by 9bps,

driven by pricing pressure and

anticipated mix toward BTL

• Anticipate a broadly stable NIM

over 2017 at c3.5%

Net interest margin walk, 1H16-1H17 (%)

3.6 3.5

(0.5) 0.4

1H 16 Assetpricing

Fundingbenefit

1H 17

16

2017 H1

update

Continued improvement in operating leverage,

whilst continuing to invest in franchise capability

Greater operating leverage

has been driven by strong

top-line growth ahead of

cost base inflation

• Reported and underlying

cost/income improved to 44%

for the half year 2017

• Anticipate additional £15 -

£20m costs in 2017 versus

FY 2016, reflecting investment

in mandatory projects and

strengthening of our teams

• Cost/income1 trending < 40%

over the medium term

Operating income and underlying1 costs (£m), Cost/income1 (%)

Operating income Underlying1 expenses % Cost/income ratio1

17

£105m

£128m

£150m

£56m £58m

£66m

30

35

40

45

50

55

60

65

70

75

0

20

40

60

80

100

120

140

160

1H 15 1H 16 1H 17

53%

46%

44%

1Underlying figures exclude exceptional items, in 2016 exceptional items include the Invoice Finance goodwill write off (£4.1m), in 2015 it includes IPO related costs (£4.1m, post tax £3.4m)

2017 H1

update

Benign environment and robust risk management

reflected in low and controlled cost of risk

Cost of risk remains well

within risk appetite

• The cost of risk remains robust

at a group level at 14bps,

remaining low and controlled

across our portfolios

• Reduced impairment reflects the

benign economic environment

and extension of the emergence

period for collective provisions

introduced in H1 2016

• Expect to normalise in the

coming years at 25 – 35bps

- Anticipate a cost of risk

below this range for FY 2017

Cost of risk by portfolio (%)

0.12 0.12

1H 16 1H 17

0.07 0.10

1H 16 1H 17

0.20 0.14

1H 16 1H 17

0.34 0.24

1H 16 1H 17

1.27

0.27

1H 16 1H 17

Group AF IF

RM BTL

18

0.27 0.13

1H 16 1H 17

CM

£1.9m £0.2m £0.6m £1.9m £0.9m

£5.6m

H1 2017 Impairment charge (£m)

Total:

2017 H1

update

Strategic progress and outlook

19

Phillip Monks, OBE Chief Executive Officer

Introduction

H1 2017 financial

performance

Strategic progress

and outlook

Q&A

20

Providing specialist banking for customers

and strong, sustainable returns for shareholders

Strategy

Delivering a sustainable high-teens return on equity for shareholders

Banking as it should be: Helping people to seek and seize opportunities in their professional and personal lives

1

Efficient

distribution

2

Specialist

underwriting

3

Straightforward

savings

4

Expert risk

management

5

Dynamic

service

Our DNA, to be Reliable, Expert, Dynamic and Straightforward underpins our approach

Providing specialist banking in selected segments of the UK market

Our strategic priorities: Customer driven, Simply delivered, Securely managed

0.20 0.14

Cost of risk (%)

0.48 0.43

Non performing loans (%)

11.5 11.8

CET1 (%)

13.5 14.5

Liquidity ratio (%)

1H 2017 FY 2016

21

Managing risk is central to what we do and remaining

securely managed is a key pillar of our strategy

Risk

Maintaining standards to deliver growth

• Consistent, centrally controlled underwriting standards

• Stress-test affordability at origination

• Rescore portfolio monthly; no concerning trends

Prudent management of growing balance-sheet

• Strong and growing CET1 capital position

• Diversified lending and funding portfolios

• Healthy levels of liquidity

Remaining vigilant to a changing environment

• Horizon scanning & review of early warning indicators

• Review and reporting against emerging risks

• Agility to change risk appetite where justified

Robust management of risk across the bank

Note: Comparative for cost of risk presented as HY 2016

Liquidity ratio presented as total liquidity buffer as a proportion of funding liabilities, please see page 25 of the press release for more detail

22

We provide £1.9bn of financing to support the

growth and cash flow of the UK’s SMEs

Business

Finance

Investing in

service

Expanding

market

opportunity

• Expansion in Wholesale (+50%)

• Strategic partnership with AFS

• Vendor/ dealer strategic

roadmap

• Ongoing digital investment

• Launched “We back you”

broker service commitment

• Simplified/standardised broker

journey, enhancing efficiency

Asset Finance Strategic progress Enhanced

proposition

Expanding

market

opportunity

Refocused

strategy

• Partnering to provide supply

chain finance

• Expanding internal sales force

• Launch block bridging

• Football finance

• Contract finance

• Expansion of construction

finance & Asset Based

Lending

• Increased profitability

• Lower risk profile

• Higher quality clients

• Cross-sell opportunity

Invoice Finance Strategic progress

23

We help SMEs, investors, landlords and homeowners

access the property market with over £6bn of financing

Mortgage

Investing in

service

Capturing and

expanding the

market

opportunity

Mortgages franchise strategic progress

• Enhanced service, including new intermediary website and dedicated underwriting

contacts

• First-movers in Underwriting guides for professional Buy-to-Let landlords

• Strong progress in loyalty offering and retention strategy

• Broker Centre of Excellence launched in Commercial Mortgages

• Strong growth in Buy-to-Let, continuing to gain market share

• Healthy Q2 application volumes in Buy-to-Let, with healthy pipeline heading in to Q3

• Well positioned to capitalise on upcoming regulatory changes

• Continuing to explore lending into retirement opportunity in Residential

• Strong uptake of MIG product, with guarantees on all residential lending >80% LTV

• Enhanced self-employed proposition

We’re on track to exceed 2017 financial targets but

remain conscious of uncertain economic environment

Outlook

24

Delivering a high-teens

ROE1 over the medium term

Net loan growth

• 10 – 15% in 2017

Net interest margin

• Broadly stable in 2017

at 3.5%

Cost/income

• Trending below 40% over

medium-term

Cost of risk

• 25 – 35bps medium term

• Below range in 2017

Capital and dividend

• Growth opportunities

• Greater regulatory clarity

• Economic outlook

• CET1 > 12% by FY 2017

Banking as it should be

1Underlying


25

Phillip Monks, OBE Chief Executive Officer

Introduction

H1 2017 financial

performance

Strategic progress

and outlook

Q&A

27

Appendices Appendix

28

Balanced organic origination Appendix

Asset Finance Invoice Finance SME Commercial Buy-to-Let Residential

£16bn

3.6%

68% 62%

32% 38%

1H16 1H17

£509m

£583m

15%

53% 43%

47% 57%

1H16 1H17

£19m

£24m

26%

84%

75%

16%

25%

1H16 1H17

£210m

£150m

(28)%

83%

86%

17%

14%

1H16 1H17

£519m

£695m

34%

93% 93%

7%

7%

1H16 1H17

£243m

£193m

(21)%

£22bn

< 1%

£22bn

<1%

£18bn

4.0%

£101bn

< 1%

Aldermore Origination by channel, Intermediated Direct

H1 2017 Market size and Aldermore estimated share

FLA to May 2017,

Aldermore estimate

ABFA, Aldermore estimate DeMontford University, Aldermore

estimates

CML, Aldermore estimates CML, Aldermore estimates

Direct includes referral

Plant &Machinery

CommercialVehicles

Loans Cars Soft assets Other

0 - 50k 50k -100k

100k -150k

150k -200k

200k -300k

300k -400k

400k -500k

500k -1m

1m - 2m 2m+

29

Securely

Managed Asset Finance displays diverse UK coverage, small-

ticket loans and strong tangible collateral

Average balances across the portfolio around £35k

Tangible collateral backing c80% of the portfolio

c35k

Average Balance

Key underwriting criteria

• All criteria (Exposure, Term

Collateral Value Gap (CVG)) are

asset dependent

• Customer affordability is the

primary assessment criteria, with

the asset value assessed where

applicable (n/a for soft assets or professional loans)

9%

17%

18%

10% 14%

10%

8%

16%

Greater London

South East

Midlands

East Anglia

North West

South West

Yorkshire

Other

Diverse UK coverage

80%

Tangible collateral

60% lending

< £100k

Strong collateral, with

robust secondary markets

£1.7bn

Other includes North East, Scotland, Wales and Norther Ireland

0 - 50k 50k -100k

100k -150k

150k -200k

200k -300k

300k -400k

400k -500k

500k -1m

1m - 2m 2m+

30

Securely

Managed Our Residential Mortgages portfolio supports a broad

customer base and benefits from high collateral values

The portfolio is highly granular with £140k average balance

c140k

Average Balance


• Max exposure: £1m (to 75% LTV)

• Stress affordability

• Max LTV: 95% purchase

(80% remortgage)

• Term: 10 – 35 years

• Exclude self-build and

right-to-buy

5%

21%

16%

12% 14%

10%

8%

15%

Greater London

South East

Midlands

East Anglia

North West

South West

Yorkshire

Other

Lending by geography

66% lending < £200k

0 - 50% 50 - 60% 60 - 70% 70 - 75% 75 - 80% 80 - 85% 85 - 90% 90 - 95% 95 - 100%

98% balances over 85% LTV covered by guarantee

69% Average LTV, 60% excl. HTB

£1.5bn

Other includes North East, Scotland and Wales

0 - 50% 50 - 60% 60 - 70% 70 - 75% 75 - 80% 80 - 85% 85 - 90% 90 - 95% 95 -100+%

0 - 50k 50k -100k

100k -150k

150k -200k

200k -300k

300k -400k

400k -500k

500k -1m

1m - 2m 2m+

31

Securely

Managed Diversity in the BTL portfolio reflects the geographic

footprint and house prices in the broader market

c80% of loans at £50k - £400k, with only <5% above £1m

Average LTV of 64%, with < 5% of balances over 80%

c175k

Average Balance


• Max individual exposure: £1m

standard, £10m professional

• Maximum LTV: 80%


• Stress test affordability in line with

PRA requirements

35%

23%

8%

10%

7%

8% 4% 5%

Greater London

South East

Midlands

East Anglia

North West

South West

Yorkshire

Other


64%

Average LTV

< 5% over 80 LTV

£3.8bn

Other includes North East, Scotland and Wales

0 - 50% 50 - 60% 60 - 70% 70 - 75% 75 - 80% 80 - 85% 85 - 90% 90 - 95% 95 - 100%

0 - 50k 50k -100k

100k -150k

150k -200k

200k -300k

300k -400k

400k -500k

500k -1m

1m - 2m 2m+

32

Securely

Managed Commercial Mortgages average balance is £500k

underpinned by high levels of tangible collateral

Average balances around £0.5m

Highly-secured with c70% portfolio sub 60% LTV

c500k

Average Balance


20%

17%

13% 7%

12%

14%

6%

10%

Greater London

South East

Midlands

East Anglia

North West

South West

Scotland

Other


52%

Average LTV

£0.9bn

• Max individual exposure: £10m

• Maximum LTV: 75%


• Stress test affordability

Other includes North East, Yorkshire and Wales

33

Risk weighted asset density Appendix

30 June 2017 31 December 2016

Risk weighted asset density (%)1

Asset Finance 70% 70%

Invoice Finance 68% 68%

SME Commercial Mortgages 116% 121%

Buy-to-Let 37% 38%

Residential Mortgages 39% 38%

Credit risk weighted asset density 54% 56%

Total risk weighted asset density2 52% 55%

1Risk weighted asset density = Risk Weighted Assets / Net Loans 2Total risk weighted asset density = Total risk weighted assets/ Total Assets

34

Online, dynamic savings franchise Appendix

Retail Deposits

13%

15%

20%

19%

17%

6% 2% 8%

H1 2017

5 year

4 year

3 year

2 year

1 year

ISA

EA

Notice

Retail Balance:

61%

5%

24%

1% 8%

H1 2017

CFRA

1Y Flex SME

1Y SME

6M SME

EA

£5.1bn £1.8bn

Product mix:

SME Balance:

Product mix:

35

This document contains certain forward-looking statements with respect to the business, strategy and plans of Aldermore Group PLC (“Aldermore”)

and its current goals and expectations relating to its future financial condition and performance. Such forward-looking statements include, without

limitation, those preceded by, followed by or that include the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "may",

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nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may

occur in the future. Factors that could cause actual business, strategy, plans and/or results to differ materially from the plans, objectives,

expectations, estimates and intentions expressed in such forward-looking statements made by Aldermore or on its behalf include, but are not

limited to: general economic and business conditions in the UK and internationally; market related trends and developments; fluctuations in

exchange rates, stock markets, inflation, deflation, interest rates and currencies; policies of the Bank of England, the European Central Bank and

other G8 central banks; the ability to access sufficient sources of capital, liquidity and funding when required; changes to Aldermore’s credit ratings;

the ability to derive cost savings; changing demographic developments, and changing customer behaviour, including consumer spending, saving

and borrowing habits; changes in customer preferences; changes to borrower or counterparty credit quality; instability in the global financial

markets, including Eurozone instability, the potential for countries to exit the European Union (the “EU”) or the Eurozone, and the impact of any

sovereign credit rating downgrade or other sovereign financial issues; technological changes and risks to cyber security; natural and other

disasters, adverse weather and similar contingencies outside Aldermore’s control; inadequate or failed internal or external processes, people and

systems; terrorist acts and other acts of war or hostility and responses to those acts; geopolitical, pandemic or other such events; changes in laws,

regulations, taxation, accounting standards or practices, including as a result of an exit by the UK from the EU; regulatory capital or liquidity

requirements and similar contingencies outside Aldermore’s control; the policies and actions of governmental or regulatory authorities in the UK, the

EU or elsewhere including the implementation and interpretation of key legislation and regulation; the ability to attract and retain senior

management and other employees; the extent of any future impairment charges or write-downs caused by, but not limited to, depressed asset

valuations, market disruptions and illiquid markets; market relating trends and developments; exposure to regulatory scrutiny, legal proceedings,

regulatory investigations or complaints; changes in competition and pricing environments; the inability to hedge certain risks economically; the

adequacy of loss reserves; the actions of competitors, including non-bank financial services and lending companies; and the success of Aldermore

in managing the risks of the foregoing.

Any forward-looking statements made in this document speak only as of the date they are made and it should not be assumed that they have been

revised or updated in the light of new information of future events. Except as required by the Prudential Regulation Authority, the Financial Conduct

Authority, the London Stock Exchange PLC or applicable law, Aldermore expressly disclaims any obligation or undertaking to release publicly any

updates or revisions to any forward-looking statements contained in this document to reflect any change in Aldermore’s expectations with regard

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