1. January 2018 Financial and Business Review Business Outlook
MERCHANT CAPITAL
Financial and Business Review
Business Outlook
January 2018
PRIVATE AND CONFIDENTIAL 1

2. MERCHANT CAPITAL
DISCLAIMER Notice to residents in the United Kingdom
The information in this Presentation relating to Merchant House Group PLC (the “Company”) is for background purposes only and may be subject to change. It is
being issued to certain persons on the basis that they fall within one of the exemptions contained in the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order"). The contents of this Presentation have accordingly not been approved by an authorised person for the
purposes of section 21 of the Financial Services and Markets Act 2000 ("FSMA"). Such approval of this presentation would be required by section 21 FSMA if the
exemptions referred to below, or some other exemption, did not apply to it. This presentation and its contents are exempt from the general restriction (in
section 21 FSMA) on the communication of invitations or inducements to engage in investment activity on the grounds that it is being given only to (i) persons
outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments who fall within the definitions of investment
professionals as defined in Article 19 of the Order. Persons not falling within these categories should not rely or act upon this Presentation and in consideration
of receipt of this Presentation each recipient warrants and represents that he, she or it is a person falling within that description.
This Presentation is not a prospectus, is not intended to form the basis of any investment decision or contract and does not constitute an offer or invitation to
purchase or subscribe for any securities or to enter into any contract or commitment for any securities. No independent verification has been carried out on the
information set out in this Presentation, which is not and does not purport to be complete or comprehensive and, subject to applicable law, no representation or
warranty, express or implied, is or will be made or given by the Company or by any other person, including their respective professional advisers, as to the
accuracy, fairness, sufficiency or completeness of this Presentation. In particular, but without prejudice to the generality of the foregoing, no representation or
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them, forecasts, estimates or statements as to the prospects contained or referred to in this Presentation which were prepared expressly for use in this
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This Presentation is confidential and is for the sole use of the Company, firm or individual to whom it has been specifically issued. This Presentation may not be
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relates should consult an authorised person specialising in advising on investments of the kind in question. Prospective Investors must rely upon their own
representatives, including their own legal advisers and accountants, as to legal, tax, investment or other related matters concerning the Company and their
investment therein. 2

3. Key Achievements since 2010
MERCHANT CAPITAL
Key Achievements since 2010
Strong FX trading income from Merchant Trading LLP. This business was spun out in 2012 and subsequently 50% was sold for £176m
Structured Products division still owned with 27,000 registered investors.
Purchase of IFA business; +£500mn in client assets, 118 advisers, £2mn income stream which was then sold at a profit in 2013
Successful launch of UCITS platform (3 funds) with $60mn in AUM 3

4. MERCHANT CAPITAL
From ‘zero’ to …
In two years:
Largest independent provider of Structured Products in UK
£350mn in client assets and being approved on major UK investor platforms
control £13mn of client cash ; OWNED BY MERCHANT CAPITAL
Largest independent UCITS platform in Europe
~$60mn in assets under management, 3 funds
2013; FUNDS SUCCESSFULLY SPUN OUT.
Asset Management division seeking to launch new funds
MHFS largest AR of TenetConnnect, the largest independent UK IFA network
~£500mn in client assets with 118 advisers ; RE STRUCTURE COMPLETE AND BUSINESS SOLD
circa 70,000 clients with $2bn in client assets in January 2013 4

5. Business Overview MERCHANT CAPITAL
Core
Approach
Merchant Capital is a financial services platform, its core is its investments which are an independently valued and diversified portfolio of mines, gas fields and financial services. In addition the business has 27,000 registered investors.
Vision
To build a £10 million financial services and investment group based on strong core recurring revenues and implement investment exits over the next 5 years.

6. Business Overview Industry & Investor Context
MERCHANT CAPITAL
Business Overview
Industry & Investor Context
Banking and financial services industry is changing radically due to economic and regulatory trends and pressures.
There is greater demand for independent advice and services.
Due to regulatory and political pressures, large banks with retail arms are more limited in the extent to which they can participate in key parts of the market.
The UCITS market is nearly $8 trillion in size. Hedge fund UCITS represent about 1%.
The UK’s Retail Distribution Review coming into effect in 2012 will open up the retail investment market and enable more choice, creativity and transparency. We have already seen structural changes, and we are already taking advantage of those. 6

7. Business Overview
The successful execution of our strategy is based on three key principles:
Team
Attract and provide strong incentives to experienced teams.
Partners
Build strategic relationships with commercial partners to expand reach and distribution.
Recurring Revenues
Grow recurring revenues in core divisions with a constant view to the impact on the bottom line. 7

8. MERCHANT CAPITAL
Business Overview
A Private Equity-Style Approach to business development…without the leverage
Business Activities
Each Merchant business division is ideally positioned to become a leader in its area.
Business Leaders
Each team is backed by leaders in their field attracted to the group by its combination of strength in intellectual capital, a broad client base and rich cross-selling opportunities.
Business Evaluation
Business opportunities must meet pre-defined criteria in terms of strategic suitability, market opportunity, regulatory compliance and cultural fit; only then do we proceed to detailed due diligence.
Shareholder Value
We only pursue opportunities to the final stage where we believe Merchant can make an appropriate return for shareholders, with limited downside risk. 8

9. Line of Business Review
MERCHANT CAPITAL
Line of Business Review
Private Client Financial Services – Structured Products Business Initiatives
January 2010
Formal Launch of Structured Investment Plan Management Business
April 2010
Merchant Capital Takes on the “structured product investment book “ from Keydata
July 2010
Launch of FTSE100 income plan
July 2010
Launch of Emerging Markets Growth Plan
September 2010
Launch of second Emerging Markets Kick-Out Plan
September 2010
Launch of Second Annual Income Plan
January 2011
Launch of Agricultural Commodities Plan
January 2011
Launch of third Emerging markets Plan
February 2011
Launch of FTSE Accelerator Growth Plan
February 2011
Launch of Second Agricultural Commodities Plan
March 2011
Launch of Agricultural Commodities Structured Deposit Plan 9

10. Line of Business Review
MERCHANT CAPITAL
Line of Business Review
Investment Management Services
Business Strategy & Activities
The division concentrates on the provision of investment management infrastructure solutions
to managers, institutions and proprietary trading teams. In addition, it provides intragroup fund
products based on its specialist investment areas.
Recent Initiatives & Growth
Merchant Funds Plc, now the leading independent UCITS platform with the current three
funds to be complemented by a further three in the next few months. Merchant Trading LLP,
already the infrastructure solution to what is now one of the world’s leading FX trading teams;
Optionfire and Enigma FX to come. In discussion for a €500mn fund solution for major UK banking group.
Financial & Business Performance
UCITS asset management now breaking even - should move into profit on launch of new
funds. Merchant Trading LLP significant contributor to Non-UCITS solutions will add
meaningfully to profitability through Expect to end 2011 with $1bn in AUM and cash
generative trading solutions.
Business Development Strategy
Provide solutions to third-party UCITS platforms. Expand trading solutions into retail areas to significantly expand customer base. Launch companion funds to Merchant Gemini that
provide corporate financing solutions.
Current Pipeline of Initiatives (selected)
Optionfire, a retail binary options platform. Enigma FX, an algorithmic trading solution for both
internal funds and third-party ‘retail’ traders. Current negotiations with 5/6 managers to
launch UCITS funds. Expansion of investment solution to institutions (a UK bank and Ignis) 10

11. Line of Business Review
MERCHANT CAPITAL
Line of Business Review
Investment Management Services – UCITS Platform Initiatives
September 2009
Launch of proprietary trading infrastructure solution
January 2010
Launch of Merchant Funds Plc and first fund
November 2010
Launch of Merchant Galaxy China Absolute Return UCITS Fund
November 2010
Launch of Merchant Global Resources UCITS Fund
January 2011
Report that Merchant Funds Plc was largest independent UCITS platform
March 2011
Successful cut over to HSBC Group as Custodian/Administrator for Merchant Funds Plc
April 2011
Establishment of Merchant Gemini Turnaround Fund ICC
April 2011
Successful proposal for €500mn fund solution for major UK bank
May 2011
Launch of Optionfire.com 11