o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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-	Cabot is one of the largest credit management services providers in Europe and the market leader in the UK and Ireland2 with total 120-Month ERC of £2.2 billion

-	Cabot provides a range of credit management services across a broad client base that includes some of the largest credit providers in Europe

-	Cabot’s primary business relates to the purchase of unsecured consumer debt from financial services institutions, although 37% of our collections for the year ended 31 December 2016 were on behalf of third party clients

-	Over its 20 year history, Cabot has invested a total of £2.1 billion in acquiring over £21 billion in face value of loan portfolios and has collected a cumulative £2.9 billion from these portfolios as at 30 June 2017

-	Management believe Cabot is the market leader in the UK and Ireland, where Cabot has built a sustainable competitive advantage. Cabot is also amongst the leading providers in Spain, France and Portugal

-	Cabot leverages its data and processing capabilities to enable it to collect more effectively than industry benchmarks in UK financial services debt3

-	Cabot has a strong financial profile with an Adjusted EBITDA of £247.8 million as of 31 December 2016, which grew by a CAGR of 21% between 2011 and 2016

-	Its mid-term financial targets include a low- to mid-twenties Return on Equity, a leverage ratio of approximately 3.0 to 4.0x (based on Cabot’s net debt divided by Adjusted EBITDA for the previous 12

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Given the strong market opportunities for growth, Cabot is targeting a leverage ratio of 3.75 in the short term (based on its net debt as of and Adjusted EBITDA for the 12 months ended 30 June 2017), after taking into account the effects of estimated proceeds of the Offer and the completion of the acquisition of Wescot Credit Services Limited, which is expected to occur in the fourth quarter of 2017 pending FCA approval

-	Cabot intends to deliver long-term sustainable growth and strong cash returns by continuing to focus on acquiring and servicing portfolios in the attractive UK market and underpenetrated European geographies. Its depth and breadth of data assets, proven litigation scorecard and constant willingness to find ways to innovate and meet clients’ needs sets it apart from its peers

Ø	One of the largest credit management service providers in Europe, and the market leader in the UK and Ireland

•	Significant benefits from scale and market leadership experience through a number of economic cycles

•	Market leader in the UK and Ireland and first large credit management company in the UK to be authorised by the FCA and the first credit management service company in Ireland to be authorised by the Central Bank of Ireland

•	Strong track record of customer focus and compliance

•	Strong reputation with clients built upon collections experience over a 20-year period

•	Significant data assets assist Cabot in identifying the appropriate collection strategy for each customer

•	Comprehensive end-to-end service offering covering a wide range of asset classes in five European jurisdictions

Ø	Industry leader in an attractive UK market with differentiated collections capabilities to deliver enhanced performance across portfolio profiles

•	The UK is the largest credit management services market in Europe with the highest volume of debt sold per annum

•	Cabot is the largest4 and one of the most sophisticated players in the UK and is the leader in financial services debt purchases, with 96% of its total UK 120-Month ERC coming from a broad range of UK financial services firms

•	Proprietary and differentiated data assets, collection experience, customer centric model, compliance focus and litigation capability drives superior collections performance5

•	Competitive advantage in non-paying portfolios through proprietary litigation scorecard

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•	Competitive advantage in paying portfolios through high interaction call framework

•	One of the highest customer satisfaction ratings in the financial services sector (4th out of 15 when benchmarked against the firms included in the July 2017 UK Customer Satisfaction Index for the Banks and Building Societies sector) and a lower level of complaints referred to the UK Financial Ombudsman Service (FOS) than selected high street banks

Ø	Established participant in the underpenetrated European market with significant growth potential and increasing barriers to entry

•	Most non-performing debt still managed in-house by credit providers

•	Increasing regulatory complexity and cost of compliance driving long term trend towards outsourcing to specialist credit management service companies such as Cabot

•	Higher compliance standards creating higher barriers to entry for credit management providers

•	Significant growth potential in European markets where propensity to sell debt remains significantly below more established markets such as the UK

Ø	Disciplined approach to geographic expansion into new markets with significant growth potential, leveraging successful Ireland experience

•	Leverage Cabot’s market leadership in the UK and experience gained in growing the Irish business to replicate its success in new markets

•	Entered the Irish market in 2007 and has since grown to be the market leading credit management firm, with board level relationships with all the major Irish banks

•	Disciplined approach to expansion through prioritising the building of strong management teams, developing data warehousing and pricing capabilities and developing the operational differentiation required to outperform in local markets

•	Significant untapped potential in markets including Ireland, Spain, Portugal and France

•	Cabot’s businesses in Spain, France and Ireland have a long track record with significant accumulated data, providing a basis for growing Cabot’s presence in those markets

Ø	Compelling financial profile combining growth, strong returns and resilience

•	Cabot’s Adjusted EBITDA grew by a CAGR of 21% between 2011 and 2016

•	Adjusted EBITDA for the year ended 31 December 2016 of £247.8 million with an Adjusted EBITDA Margin of 64.5% increasing to 66.4% for the six months ended 30 June 2017

•	High revenue visibility from owned assets, with 83% of revenue for the year ended 31 December 2016 generated from assets owned at the beginning of the year

•	Cabot’s actual collections have over the past few years consistently outperformed historic ERC forecasts; collections for the six months ended 30 June 2017 were 104% above the ERC forecast as at 31 December 2016

•	Disciplined control of core operating expenses, expected to grow in line with inflation (approximately 2.5%) prior to costs associated with being a public company (approximately £3 million in 2018)

•	Strong cash flow generation enabled £207 million of new debt portfolio purchases between 30 June 2016 and 30 June 2017 whilst still reducing leverage from 4.6x as of 30 June 2016 to 4.1x as of 30 June 2017

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•	Cabot intends to apply for the Company’s Shares to be admitted to listing on the premium segment of the Official List and admitted to trading on the main market of the London Stock Exchange

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Shares in the Offer will be offered to certain institutional investors in the UK and elsewhere outside the United States, and in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A of the US Securities Act of 1933 (the “Securities Act”), or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act

•	The Offer is expected to raise gross primary proceeds to the Company of approximately £195 million to be used for general corporate purposes (which may include repayment of outstanding indebtedness)

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The Offer will also provide its major shareholders, Encore and certain funds advised by J.C. Flowers & Co. (together, the “Major Shareholders”), and certain management shareholders with an opportunity to realise a part of their investment, with such management shareholders selling their shares as part of the Offer, and the Major Shareholders receiving an at-IPO dividend payment that will be funded out of further primary proceeds from the offering

•	The Company, its Major Shareholders and Directors expect to enter into customary lock-up arrangements with respect to their shareholdings for specified periods of time following Admission

•	Immediately following Admission of the new Shares, it is expected that the Company will have a free float of at least 25% of the issued ordinary share capital of the Company

•	A further over-allotment option of up to 15% of the Offer size will be made available by the Major Shareholders

•	Full details of the Offer will be included in the prospectus expected to be published in the coming weeks

•	Admission is expected to take place in November 2017, and following Admission, the Company will be eligible for inclusion in the FTSE UK indices

•	In relation to the Offer and Admission, Goldman Sachs International and Morgan Stanley & Co. International plc are acting as Joint Global Co-ordinators, Joint Bookrunners and Joint Sponsors

•	Jefferies International Limited and Numis Securities Limited are acting as Joint Bookrunners and Lazard & Co., Limited is acting as Financial Adviser to the Company

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Ø	Maintain market leadership in the UK and Ireland, delivering superior returns

•	Preserve Cabot’s market leading position in the UK and Ireland by maintaining its high level of collections performance and compliance

•	Invest in new innovations such as in digital channels to maintain its reputation for customer service and compliance, and continuing to develop its leading data, scorecard and litigation capabilities

•	Continue to focus on financial institutions where Cabot has a competitive advantage, and where the financial institutions market provides significant growth potential

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•	Increase the acquisition of deeper data (more data points per individual rather than more individuals) and focus on management of that data

•	Continue to invest in behavioural science, which is expected to assist in maintaining and enhancing Cabot’s collections performance

Ø	Provide a full suite of credit management service offerings to meet client’s evolving needs

•	Develop additional products within the full credit lifecycle in partnership with its clients to meet their evolving needs

•	Grow the potential for Cabot to fully provide all of its credit management service offerings across each asset class

•	Develop its business process outsourcing “white label” service and its capability to increase its provision of litigation services to third parties

•	Recently announced acquisition of Wescot Credit Services Limited, which is subject to FCA approval, is in line with Cabot’s strategy to maintain and grow the Group’s market leading position in both debt purchasing and debt servicing and to strengthen its offerings to its financial services clients

Ø	Measured geographic expansion to become the leading credit management company in certain countries with significant growth potential

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Apply experience in growing its Irish business into the market leading credit management firm in Ireland to the other countries it has recently entered and where there is a significant growth opportunity. European markets remain very fragmented with a clear opportunity for stronger players to gain market share over time in a large and growing market. The stock of defaulted consumer debt in these markets is approximately €145 billion as of 31 December 2016, with an estimated additional €204 billion of corporate and small and medium sized enterprise debt

•	Develop best in class collection operations in these markets by building strong management teams with relevant financial services experience, further developing consolidated data warehouse and pricing capabilities and identifying and developing market specific operational differentiation

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Leverage its market leading position in Ireland to build its capabilities across asset classes. Cabot’s businesses in France and Spain have significant operating history, experienced management teams and strong client relationships, and Cabot has been developing and will continue to develop thoughtful, market specific innovations in those jurisdictions to enhance collections effectiveness and take advantage of market opportunities

Ø	Deliver long term sustainable growth

•	Continue to focus on acquiring portfolios that Cabot believes will meet Cabot’s target rate of return thresholds and deploy capital in a disciplined manner after undertaking a full risk evaluation

•	Generate strong cash returns over time by leveraging its scale and operational expertise to drive incremental liquidation enhancements and cost efficiencies, and continue to optimise its funding costs

•	Continue to support organic growth with further corporate acquisitions that fit the strategic goals of Cabot, are appropriately priced to deliver an acceptable long term return, and provide sufficient growth upside post integration

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•	Estimated Remaining Collections or ERC represents Cabot’s expected future gross cash collections on purchased loan portfolios over a certain period as of the date specified

•	Collections on purchased loan portfolios means the amounts collected, including by agents on behalf of Cabot, from customers on purchased loan portfolios

•	Adjusted EBITDA is the net cash outflow or inflow from operating activities adjusted to exclude the effects of, as relevant, working capital increase or decrease in the period, exceptional costs, loan portfolio acquisitions, income tax and overseas taxation paid and received.

•	Adjusted EBITDA margin means Adjusted EBITDA divided by gross revenue

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(a)	This amount reflects the change in value of loan portfolios, also known as amortisation.

(b)	Non‑recurring costs include items that are identified internally for management reporting purposes that by virtue of their nature, are not considered representative of the performance at the business and may impact year‑on‑year comparability. Non‑recurring costs for the periods presented primarily relate to restructuring costs, costs relating to acquisitions, and one‑off financing fees.