Reflections on the Probitas Journey 29th November 2018 As a new syndicate, in only our third full year of trading, we are pleased to be on track to deliver an above average underwriting result, especially against the backdrop of: Starting from a zero base 3 years ago Extremely challenging market conditions Considerable start-up expenses, as we built our infrastructure and teams Replacing our cornerstone equity and distribution partner in 2017 Unprecedented level of catastrophe activity in 2017 Throughout these times, our core investors have continued to support us and we now also have a strong and stable equity partner in Saudi Re: who have demonstrated their commitment and belief in our business model by also deploying a significant level of underwriting capital into the syndicate. Probitas 1492 entered Lloyd’s 3 years ago determined not to be just another traditional syndicate. We have absolute belief in our forward-looking, differentiated strategy and business model and it makes me proud that we have remained true to our commitment. Where we have deviated, it has been through discussion, dialogue and agreement with our investors and Lloyd’s. Our 2019 business plan has been approved without any pre-conditions, and for all the classes of business we are currently underwriting; with the requisite Capital in place, we are very much looking forward to 2019 and beyond with a great deal of optimism. Recognition and acknowledgement is certainly due to the Probitas Team for their passion for our business. It’s through their tenacity and discipline that we have built an enduring and scalable business and are on course to deliver a strong performance in 2018. I also want to extend our gratitude to Capita Managing Agency for their considerable and ongoing support. And, of course, to our investors for their unwavering belief in our business model. We strongly believe that the recent business plan approval process will only further enhance Lloyd’s position as a globally coveted brand and a highly valued franchise.