December Quarter Update

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    CIX - Update on Implementation of MGA Model

    FIRST Interview

    Following the announcement at the half year of the farm portfolio being moved to the Managing General

    Agency Model, Calliden has since reported that it will cease acting as underwriter for the joint venture strata

    underwriting agency, QUS. Both arrangements come into effect as of January 1, 2013. Was the QUS move the

    final step in the execution of the MGA business model or is there more to come?

    CEO Nick Kirk

    Our target was to be 50% agency and 50% insurer for 2013 and with the movement of the strata portfolio we

    have achieved that. This change also means that we can look forward to our 50% share of growing profits

    from QUS as an agent and a continued increase in the value of that business.

    We are committed to growing the agency side of the business and will continue to be on the look-out for new

    agency opportunities rather than simply transferring existing products. Callidens new model provides insurers

    with the opportunity to quite simply plug into our capabilities and access new markets to them in a risk

    managed way. We would also like to widen our panel of capital providers over time.

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