Half-year Report

30 September 2016

Gable Holdings Inc.

("Gable" "the Company" or "the Group")

Unaudited Half Year Results for the six month period ended 30 June 2016

Gable (AIM: GAH), the European non-life insurance company, announces results for the six month period ended 30 June 2016.

Summary of Results

† Profit / (loss) on constant currency basis for 2016 is stated after adding back the effect of foreign exchange losses of £3.4m (H1 2015: £1.2m, Full year 2015 £0.9m).

Business in the Half Year

§ Written premiums £61.7 million (2015: £51.7 million)

§ Profitable underwriting on constant currency basis

§ Cash and short term investments £73.9 million (2015: £40.0 million)

Outlook - Strategic Restructuring Plan

§ Excellent progress with the provision of alternative capacity for the group's book of business

§ Considerable progress has ensured that running costs are at minimum sustainable level with a view to creating a lean business available for recapitalisation

William Dewsall, Chief Executive, Gable Holdings Inc, commented:

"I am pleased that the first half of 2016 returned to profit on a constant currency basis. The impact of the introduction of Solvency II on small insurance companies such as Gable has been devastating. The legislation has met widespread criticism, and justifiably so. I have made good progress on my undertaking to find alternative capacity for our policyholders and I expect to make an announcement very soon. In the meantime we are preparing for an orderly management of the historical book and to restructure the company so that it is in a suitable form for recapitalisation."

About Gable Holdings Inc.

Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in the UK, Denmark, France, Germany, Italy, Norway, Spain and Sweden. Gable benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU, which is delivered through the EU passporting mechanism. Gable Holdings Inc is quoted on the London Stock Exchange's AIM market. For further information please visit www.gableholdings.com.

Interim Statement 2016

Overview and results

Gable's results for the six-month period ended 30 June 2016 are as follows with gross written premium at £61.7 million (H1 2015: £51.7 million). Net earned premiums (earned income attributable to the Company) amounted to £31.4 million (H1 2015: £38.5 million) resulting in the insurance business returning to profit on a constant currency basis of £1.4 million (H1 2015: £2.6 million and full year 2015 Loss: £15.4 million). Where possible we maintain foreign currency assets to match relevant liabilities to minimise the ultimate exposure when settling non-Sterling claims. The impact on Sterling following the Brexit vote has led to a non-cash foreign exchange charge of £3.4 million giving a reported loss for the period of £2.3 million at the Group level.

At the end of the period cash balances and equivalents were £73.9 million (H1 2015: £40.0 million, 31 December 2015: £61.6 million).

During the period the Group continued to focus on delivering growth through leveraging its strong working relationships with selected brokers and broker networks to provide well priced bespoke insurance products to the commercial SME markets in Europe.

This period has been one of significant change for the business, the introduction of Solvency II on 1 January 2016 effectively rendered Gable's historic business model obsolete. Whilst a risk based approach such as that which forms the basis of Solvency II is supported by the Board, the method of implementing the rules under the Solvency II regime effectively requires small niche operations to hold excessive levels of capital. Gable estimates that it would need to hold a capital to GWP ratio of nearly one to one whereas an identical book of business as part of a wider, more diversified portfolio, within a major carrier would require a ratio of less than 30%. We announced that it would not be possible to raise the capital necessary to support the historical business model and ceased writing new business on 14 July 2016.

Outlook

On 15 July 2015 Gable announced that it had developed a strategic restructuring plan which included the provision of alternative capacity for the group's book of business as it falls due for renewal. I have made good progress on this and I am confident that an announcement will be made on this matter very shortly. In the meantime, we are preparing details plans to ensure the orderly management of the historical book and have entered into discussions with third party experts to provide independent oversight and technical administration assistance to the process.

Our plan includes a comprehensive review of the overhead cost base to ensure that running costs are cut back to a minimum sustainable level with a view to creating a lean business available for recapitalisation. Our Chairman and all non-executive directors have stood down from the Board and I should like to thank Jost Pilgrim, Blaise Craven, Andrew Trott, Julian Connerty and Kevin Alcock for their contributions during their tenure on the Board. On 12 September 2016 our Nomad, Zeus, resigned which has triggered a delisting process and, whilst we continue to explore the possibility of securing a replacement, if a nomad is not appointed by 13 October 2016, the Company's listing on AIM will be cancelled. The economic rights of shareholders are unchanged by this process which will result in a considerable cost saving as the maintenance of a listing was estimated to cost some £640,000 per year.

I shall continue to keep shareholders informed of developments over the coming period.

William Dewsall

Chief Executive

30 September 2016GABLE HOLDINGS INC

Group Income Statement

For the six months ended 30 June 2016

All operations are continuing.

GABLE HOLDINGS INC

Group Statement of Financial Position

At 30 June 2016

GABLE HOLDINGS INC

Group Statement of Cash Flows

For the six months ended 30 June 2016

GABLE HOLDINGS INC

Notes to the Interim Consolidated Financial Statements

For the six months ended 30 June 2016

1. Basis of preparation

The Company was incorporated as a Corporation in the Cayman Islands which does not prescribe the adoption of any particular accounting framework. These interim financial statements have been prepared under the historical cost convention and in accordance with the requirements of International Financial Reporting Standards ("IFRS") endorsed by the European Union, in so far as they apply to interim statements.

The Group financial statements consolidate the financial statements of Gable Holdings Inc and subsidiary undertakings made up to 30 June 2016.

2. Accounting policies

There have been no changes to the Group's accounting policies as set out in the Group's financial statements for the year ended 31 December 2015 and, as such, those accounting policies have been applied to these interim statements.

3. Segmental information

The Group's business is the provision of insurance products and it has, in the six months to 30 June 2016, derived its business from the United Kingdom, France, Spain, Norway, Denmark, Germany and Italy.

4. Earnings and net asset value per share

The calculation of basic and diluted earnings per share is based on the net loss after tax of £2,352,000 (six months ended 30 June 2015: loss of £2,414,000, full year ended 31 December 2015: loss of £24,209,000) divided by the weighted average number of shares in issue during the period of 135,319,833 (six months ended 30 June 2015: 135,319,833, full year ended 31 December 2015: 135,319,833

The net asset value per share is calculated by dividing the total equity of £674,000 (30 June 2015: £24,994,000, 31 December 2015: £3,026,000) by the number of shares in issue at the end of the period - 135,319,833 (30 June 2015: 135,319,833, 31 December 2015: 135,319,833).

5. Insurance assets and liabilities

6. Reconciliation of movements in shareholders' funds

7. Reconciliation of profit for the period before taxation to net cash flows from operating activities

8. Reconciliation of net cash flows to movement in net funds

9. General information

The information for the period ended 30 June 2016 does not constitute statutory accounts as defined in the Companies Act 2006. The figures for the period ended 31 December 2015 have been extracted from the 2015 Financial Statements prepared under IFRS. The auditors' report on those accounts was unqualified and did not contain a statement under the provisions of the Companies Act 2006.