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

Craven House Capital CRV Investment Banking and Brokerage Services — USD 0.8 at close 14 May 2021

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-May-2021 14-May-2021 14-May-2021

3.5 200 200 1D WTD MTD YTD Absolute 0.0 0.0 -5.9 70.2 3 Rel.Sector -2.4 0.4 -5.6 65.9 Rel.Market -1.1 1.3 -6.5 55.9 150 150 2.5 VALUATION 2 100 100 Trailing

1.5

Relative Price Relative Price Relative PE -ve

Absolute Price (local currency) (local Price Absolute 1 50 50 EV/EBITDA -ve

0.5 PB 0.4 PCF -ve 0 0 0 Div Yield 0.0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Price/Sales 2.1 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.0

100 100 100 Div Payout 0.0 90 90 90 ROE -ve

80 80 80

70 70 Index) Share 70

Share Sector) Share

- - 60 60 60 DESCRIPTION 50 50 50 Craven House Capital plc is a frontier and emerging 40 40 40

RSI RSI (Absolute) market investment company adopting a traditional 30 30 30 merchant banking approach, whereby we identify and 20 20 20 invest in good quality and high growth operating

10 10 10 companies with management that demonstrate the RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative local knowledge and business acumen to thrive in the 0 0 0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Craven House Capital 14 May 2021

Valuation Metrics

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

30-Apr-2021 30-Apr-2021 30-Apr-2021 5 1 4 0.9 3.5 4 +1SD 0.8 3 0.7 3 0.6 2.5 Avg 0.5 2 +1SD 2 0.4 1.5 0.3 1 1 -1SD 0.2 Avg 0.1 0.5 0 ‖ ‖ ‖ ‖ 0 ‖ ‖ 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

JTC 78.3 Group 100.0 AJ Bell 16.6 Liontrust Asset Management 76.1 Intermediate Capital Group 84.8 Ninety One Plc 15.0 Intermediate Capital Group 58.3 AJ Bell 33.7 14.6 3i Group 58.3 Liontrust Asset Management 31.4 City Of London Investment Group 14.5 Sanne Group 55.4 JTC 24.6 Integrafin Holdings 13.2 Investment Banking and Brokerage Services 16.7 Investment Banking and Brokerage Services 8.0 Investment Banking and Brokerage Services 2.0 Georgia Capital 3.3 M&G 1.9 John Laing Group 1.0 Craven House Capital -0.2 Craven House Capital 0.0 Real Estate Credit Investments 1.0 Allied Minds -1.4 Allied Minds 0.0 Aberdeen 0.9 Real Estate Credit Investments -18.6 Real Estate Credit Investments 0.0 Georgia Capital 0.5 John Laing Group -23.0 John Laing Group 0.0 Craven House Capital 0.4 -40 -20 0 20 40 60 80 100 0 20 40 60 80 100 120 0 2 4 6 8 10 12 14 16 18

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

30-Apr-2021 30-Apr-2021 30-Apr-2021 50 1 2.083 +1SD 0.9 2.082 40 0.8 2.081 0.7 2.08 30 Avg 0.6 0.5 2.079 20 0.4 2.078 0.3 2.077 10 -1SD 0.2 0.1 2.076 0 ‖ ‖ ‖ ‖ 0 2.075 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Intermediate Capital Group 80.0 Real Estate Credit Investments 8.5 Allied Minds 15.0 Standard Life Aberdeen 80.0 M&G 8.4 John Laing Group 15.0 3i Group 80.0 Plus500 7.9 3i Group 15.0 Liontrust Asset Management 52.1 6.6 Integrafin Holdings 15.0 AJ Bell 46.7 XPS Pensions Group 5.3 Intermediate Capital Group 15.0 Investment Banking and Brokerage Services 12.8 Investment Banking and Brokerage Services 3.7 Craven House Capital 2.1 Craven House Capital -0.8 AJ Bell Investment Banking and Brokerage Services Allied Minds -4.3 1.4 1.9 John Laing Group -17.4 JTC 1.0 TP ICAP Group 1.0 IP Group -50.1 IP Group 0.8 St. James's Place 0.9 St. James's Place -58.9 Craven House Capital 0.0 Quilter 0.6 Georgia Capital -100.0 Allied Minds 0.0 M&G 0.3 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 0 1 2 3 4 5 6 7 8 9 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 in the same sector as the concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Craven House Capital 14 May 2021

Valuation Metrics

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

30-Apr-2021 30-Apr-2021 30-Apr-2021 0.09 1 20 0.08 0.9 0.8 0.07 15 +1SD 0.7 0.06 Avg 0.6 0.05 0.5 10 0.04 Avg 0.4 0.03 0.3 -1SD 5 0.02 0.2 0.01 -1SD 0.1 0 0 0 ‖ ‖ ‖ ‖ May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Intermediate Capital Group 4.1 Intermediate Capital Group 100.0 Plus500 50.0 M&G 1.5 XPS Pensions Group 100.0 Ninety One Plc 50.0 Sanne Group 1.0 3i Group 100.0 Hargreaves Lansdown 50.0 JTC 0.9 River and Mercantile Group 100.0 City Of London Investment Group 40.0 Ninety One Plc 0.7 Liontrust Asset Management 100.0 AJ Bell 39.7 Investment Banking and Brokerage Services 0.5 Investment Banking and Brokerage Services 62.7 Investment Banking and Brokerage Services 12.4 Hargreaves Lansdown 0.0 JTC 0.0 3i Group 2.7 Plus500 0.0 IP Group 0.0 John Laing Group -4.1 Ashmore Group 0.0 Craven House Capital 0.0 Real Estate Credit Investments -5.9 Georgia Capital 0.0 John Laing Group 0.0 Allied Minds -50.0 Craven House Capital 0.0 Real Estate Credit Investments 0.0 Craven House Capital -50.0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

18 2 20

AJB 18 16 0 N91 16 CLIG HL. 14 IHP 14 -2 12 12 LIO

10 -4 10 PB

8 8 -6 STJ 6 6 JTC SNN ICP CMCX 4 4 -8 IGG PLUS RIV BRW ASHM 2 EMG SDR 2 RAT Investment Banki III QLTXPS JUP -10 0 ALM TCAP ‖ ‖ JLGRECI SLA IPO MNG 2017 2018 2019 2020 2021 CRV CGEO 0 0 10 20 30 40 50 60 Net Margin Asset Turnover Gearing ROE (rhs) ‖ 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: Craven House Capital 14 May 2021

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.

Craven House Capital 14 May 2021 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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