AIM MARKET UPDATE August 2017 Allenby Capital Limited is authorised and regulated by the Financial Conduct Authority (register no. 489795) and a member of the London Stock Exchange and NEX Growth Exchange Market 1 Information sourced from London Stock Exchange and Allenby Capital CONTENTS ]] Overview 3 ]] New Admissions 4 ]] Secondary Fundraises 19 ]] Trading Volumes 24 ]] AIM Market Overview 28 ]] Main Market Overview 32 ]] Allenby Capital Overview 33 2 OVERVIEW The summer months were strong for AIM. decision to join AIM. 42% of funds raised AIM MARKET New and Secondary raisings The average monthly raise of £760m at IPO during 2017 have been for exiting (primary and secondary issues) was well shareholders, a larger share than the 28.7% 1400.0 Money raised £m New above the £370m average raise of the first recorded in 2016. The 2017 figures have Money raised £m Further five months. The year-to-date total amount been boosted by several large deals such as 1200.0 raised through the end of August of £4.17bn the owners of Eddie Stobart Group plc and is already approaching last year’s total of Strix Group plc taking money off the table at 1000.0 £4.77bn with four months of statistics still IPO - £271m and £190m respectively. to be recorded. Both new issues (+51% yoy) 800.0 and secondary raisings (+41.5%) have been The collective market capitalisation of AIM strong compared to the same period through broke through £100bn in August for the first 600.0 2016. time since October 2007 and for the first time the average market capitalisation of Funds raised (£m) 400.0 We include vendor placings within our the 963 constituents broke the £100m mark, new issues statistics as we see them as an reaching £104.3m in August. 200.0 important and relevant part of a company’s 0.0 Jul-16 Jul-17 Jan-16 Apr-16 Jun-16 Jan-17 Apr-17 Jun-17 Oct-15 Oct-16 Feb-16 Feb-17 Sep-15 Sep-16 Nov-15 Dec-15 Nov-16 Dec-16 Aug-15 Aug-16 Aug-17 Mar-16 Mar-17 May-16 May-17 AIM MARKET Equity raisings since inception 18,000 Money raised £m Further 16,000 14,000 Money raised £m New 12,000 10,000 8,000 6,000 4,000 2,000 Funds raised (£m) 0 2017 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Money raised £m Further 25 302 350 318 600 1,338 535 486 1,000 1,880 2,481 5,734 9,603 3,214 4,861 5,738 3,661 2,218 2,738 2,962 3,984 3,290 2,497 Money raised £m New 71 521 342 268 334 1,754 593 490 1,095 2,776 6,461 9,944 6,581 1,108 740 1,219 608.8 703 1,251 2,938 1,344 1,475 1,670 Money raised £m Total 96 824 692 585 934 3,092 1,128 976 2,095 4,656 8,942 15,678 16,184 4,322 5,602 6,958 4,270 2,921 3,989 5,900 5,327 4,765 4,168 3 Information sourced from London Stock Exchange and Allenby Capital NEW ADMISSIONS 4 AUGUST 2017 - Number of AIM constituents falls to 963 The number of companies on AIM slipped AIM MARKET 2017 Net new admissions / departures by three over the summer to 963. The 26 new joiners were offset by 29 departures. 1040 Of the 26 new joiners, 18 were have their main operations in the UK. 11 7 1030 14 Of the 29 departures: 19 1020 ]] Two transferred to the Main market 15 ]] Six were the subject of RTOs 1010 3 0 ]] Ten were acquired 1000 10 3 15 ]] Eight chose to delist 990 3 0 ]] Three were forced to delist 982 9 980 6 970 2 963 960 January 01 2017 Move from Main Market Move from NEX Exchange Introductions (UK) Introductions (Int.) IPO (UK) IPO (Int.) to another market Listing transfer Reverse Takeover Acquired Chose to de-list Forced to de-list Lack of Nomad Administration August 31 2017 Growth Market Re-admissions (UK) Re-admissions (Int.) 5 Information sourced from London Stock Exchange and Allenby Capital NEW ADMISSIONS TO AIM SINCE INCEPTION New Money Raised 12000 600 Number of Admissions 10000 500 8000 400 6000 300 Number of Admissions New Money Raised (£k) 4000 200 2000 100 0 0 Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 6 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017 COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM IPO & Touchstone Exploration Inc. is a Calgary based company engaged in the business of Touchstone 26 June Oil & Gas Placing acquiring interests in petroleum and natural gas rights, and the exploration, development, Trinidad & 1.45 8.67 18.97% Exploration Inc. 2017 Producers (dual list production and sale of petroleum and natural gas. Touchstone is currently active in Tobago TSX) onshore properties located in the Republic of Trinidad and Tobago. Ethernity is a technology solutions provider that develops data network processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. The Company's core technology, which is protected by Technology five US patents and populated on programmable logic, improves efficiency and accelerates Ethernity Networks 29 June IPO & Hardware & data processing in the provision of data and network services, thereby reducing power Israel 15.00 47.96 22.14% Ltd 2017 Placing Equipment consumption and reducing the costs of maintaining network infrastructure by giving hardware systems the ability to add future-proof data processing functionality. The Company's software and firmware is already installed in over 400,000 systems globally in broadband access, mobile backhaul and Ethernet access applications. Jangada Mines plc is a natural resources company developing South America's largest and most advanced platinum group metals ('PGM') project. The majority of the net proceeds of the fundraising will be used to progress minor additional resource and reserve drilling, 29 June IPO & Jangada Mines Mining a bulk metallurgy test study, and a scoping study to determine operation parameters and Brazil 2.25 11.60 -7.50% 2017 Placing likely financial model at the Company's Pedra Branca PGM Project ('the Project') in Brazil. The Project, previously owned by Anglo American Platinum, has benefited from extensive historical exploration and development expenditure to the tune of circa US$35 million. Phoenix owns an 80% controlling and operating interest in the Empire Mine Project in Phoenix Global 29 June IPO & United Industrial Metals Idaho, USA, a historic brown-fields copper mine. The remaining 20% is held by ExGen, a 4.60 10.34 -6.25% Mining 2017 Placing Sates company listed on the TSX-V. FFI is the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. FFI was founded in London in 1950 and is now headquartered in Los Angeles, with 11 offices globally including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai. 30 June IPO & Over the last 67 years, FFI has provided the financiers of film and television productions United FFI Holdings General Financial 59.06 235.56 5.00% 2017 Placing with contracts providing assurance that such productions will be completed on time, on States budget and to a basic pre-agreed specification. Since 2008, FFI has issued completion contracts to all the leading financiers involved in the entertainment industry, unlocking funding for approximately 1,700 productions with gross production budgets estimated to be in excess of US$17 billion. Priced as of 26/09/2017 7 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued... COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM Diversified Gas & Oil Plc (DGO) owns and operates gas and oil producing wells in the United States. DGO’s head office is in Birmingham, Alabama and the Company’s operations are based in the neighbouring states of Pennsylvania, Ohio and West Virginia, which cover part Diversified Gas 03 July Oil & Gas Reverse of the largest and oldest hydrocarbon producing field in the US, known as the Appalachian United 19.60 101.19 7.50% & Oil Plc 2017 producers Takeover Basin. DGO listed on the AIM market in February 2017 having successfully raised $50 million, States in April 2017 DGO acquired an additional 1,300 producing wells and in July 2017, DGO was re-admitted to trading on AIM after the acquisition of 7,300 producing gas and oil wells from Titan Energy LLC, $35 million equity raising and $110 million financing. The Global Yachting Group (GYG) was formed from the joint venture of two of the most prestigious global superyacht painting, service and supply companies, Pinmar and Rolling Stock. Today GYG operates six market leading brands and offers a comprehensive painting 05 July Industrial IPO & GYG Plc and supply service for the global superyacht sector. The Company has major bases across Spain 6.90 46.60 36.00% 2017 Transportation Placing Europe including Palma de Mallorca, Barcelona, La Rochelle, the UK, Germany and Monaco, and also Fort Lauderdale in Florida.