FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 06 September 2018 Blue Star Capital BLU Financial Services — GBP 0.0025 at close 06 September 2018

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 06-Sep-2018 06-Sep-2018 06-Sep-2018

0.007 200 200 1D WTD MTD YTD Absolute 0.0 0.0 0.0 -53.3 0.006 180 180 Rel.Sector 0.3 0.4 0.4 -52.1 160 160 Rel.Market 0.8 1.6 1.6 -51.2 0.005 140 140 VALUATION 0.004

(local currency) (local 120 120 Trailing 0.003 Relative Price Relative Price 100 100 PE -ve

Absolute Price Price Absolute 0.002 80 80 EV/EBITDA -ve PCF -ve 0.001 60 60 PB 1.3 0 40 40 Price/Sales - Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Div Yield 0.0 Absolute Price Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 0.0

100 100 100 ROE -ve 90 90 90 Net Debt/Equity -ve 80 80 80 70 70 70 60 DESCRIPTION 60 60 50 50 50 The Company is a investment company with a focus 40 RSI (Absolute) RSI 40 40 on technology and its applications within media and 30 gaming. 30 30 20 10 20 20 RSI (Relative to FTSE UK All-Share Index) UK All-Share to FTSE (Relative RSI RSI (Relative to FTSE UK All-Share Sector) UK All-Share to FTSE (Relative RSI 0 10 10 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Blue Star Capital 06 September 2018

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

31-Aug-2018 31-Aug-2018 31-Aug-2018 6 10 6 9 5 5 +1SD 8 7 4 4 6 +1SD 3 5 3 +1SD Avg 4 2 Avg 2 3 Avg 2 1 -1SD 1 1 -1SD -1SD 0 ǁǁǁ ǁ 0 ǁǁ ǁ ǁ 0 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017

XPS Pensions Group 99.2 Integrafin Holdings 100.0 JTC 25.0 Stock Exchange Group 44.3 57.2 Hargreaves Lansdown 25.0 Hargreaves Lansdown 44.2 IP Group 55.2 Integrafin Holdings 11.6 Integrafin Holdings 39.9 JTC 46.8 Liontrust Asset Management 6.8 Liontrust Asset Management 37.7 Hargreaves Lansdown 35.2 City Of London Investment Group 5.8 Financial Services 2.1 Financial Services 16.5 Financial Services 11.9 Blue Star Capital 1.3 Allied Minds -3.2 TP ICAP 3.0 Standard Life Aberdeen 1.1 Provident Financial -12.9 Standard Life Aberdeen 2.1 International Personal Finance 1.0 Blue Star Capital -24.9 Quilter 1.3 IP Group 0.9 Quilter -55.4 Allied Minds 0.0 TP ICAP 0.9 JTC -87.7 Blue Star Capital 0.0 VPC Specialty Lending Investments 0.9 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 5 10 15 20 25 30

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

31-Aug-2018 31-Aug-2018 31-Aug-2018 1 1 15 ǁǁ 0.9 0.9 0.8 0.8 +1SD 0.7 0.7 10 0.6 0.6 0.5 0.5 0.4 0.4 Avg 5 0.3 0.3 0.2 0.2 0.1 0.1 -1SD 0 ǁǁ0 0 ǁǁ ǁ ǁ Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017

JTC 48.5 VPC Specialty Lending Investments 8.6 IP Group 15.0 NEX Group 43.0 Standard Life Aberdeen 6.7 Hargreaves Lansdown 15.0 Hargreaves Lansdown 42.6 City Of London Investment Group 6.4 Real Estate Credit Investments 15.0 Integrafin Holdings 40.8 TP ICAP 5.8 Integrafin Holdings 14.9 Real Estate Credit Investments 38.2 International Personal Finance 5.6 Financial Services 6.9 Financial Services 2.0 Financial Services 3.0 Blue Star Capital -17.9 TP ICAP 0.9 NEX Group 1.1 Arrow Global Group -21.7 International Personal Finance 0.6 Provident Financial -30.5 Provident Financial 0.0 Standard Life Aberdeen 0.6 -32.7 IP Group 0.0 IP Group -61.6 Blue Star Capital 0.0 Quilter 0.4 International Personal Finance -63.0 Allied Minds 0.0 Blue Star Capital 0.0 -80 -60 -40 -20 0 20 40 60 012345678910 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Blue Star Capital 06 September 2018

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

31-Aug-2018 31-Aug-2018 31-Aug-2018 1.2 1 25 0.9 1 0.8 20 +1SD Avg 0.7 0.8 0.6 15 0.6 0.5 0.4 10 -1SD 0.4 Avg 0.3 0.2 5 0.2 0.1 0 ǁǁ0 0 ǁǁ ǁ ǁ Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017

Integrafin Holdings 100.0 XPS Pensions Group 100.0 Hargreaves Lansdown 50.0 JTC 39.5 VPC Specialty Lending Investments 100.0 City Of London Investment Group 50.0 Paragon Banking Group 8.8 TP ICAP 100.0 Integrafin Holdings 31.7 Arrow Global Group 4.8 Liontrust Asset Management 100.0 IG Group Holdings 28.7 Provident Financial 4.1 River and Mercantile Group 100.0 Charter Court Financial Services Group 28.6 Financial Services 46.3 Financial Services 1.0 Financial Services 13.7 S & U 0.0 River and Mercantile Group 0.0 Provident Financial 0.0 VPC Specialty Lending Investments 2.6 IG Group Holdings 0.0 IP Group 0.0 Quilter -4.4 0.0 0.0 Blue Star Capital -7.2 Blue Star Capital 0.0 City Of London Investment Group 0.0 Provident Financial -20.3 Hargreaves Lansdown 0.0 Blue Star Capital 0.0 Allied Minds -50.0 0 20 40 60 80 100 120 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

25 25 30

HL. 20 25 20

15 20

15 10 15 PB

IHP 10 5 10

LIO CLIG 0 5 5 LSE NXG BRW IGG ALM RAT RIV ASHM PFG JUP XPS SDR CCFS QLT FinancialSUS ServicEMGICP ARWCMCX OSB -5 0 BLU RECICGEO JLG ǁǁ VSLTCAPIPO IPF SLAINVPPAG III 2014 2015 2016 2017 2018 0 0 102030405060 Net Margin Asset Turnover Gearing ROE (rhs) ǁ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Blue Star Capital 06 September 2018

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

Blue Star Capital 06 September 2018 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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