Announcement of Offer Price

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (THE "UNITED STATES") (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

This announcement is not an offer of securities for sale in the United States or any other jurisdiction. This announcement is an advertisement and not a prospectus. Investors should not subscribe for or purchase any transferable securities referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") expected to be published by River and Mercantile Group PLC (the "Company" and together with its subsidiaries, "River and Mercantile" or the "Group") later today in connection with the proposed admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange plc's Main Market for listed securities (together "Admission"). Copies of the Prospectus will, following publication, be available for inspection from the Company's registered office: 11 Strand, London WC2N 5HR and on the Company's website at www.riverandmercantile.com.

FOR IMMEDIATE RELEASE

23 June 2014

River and Mercantile Group PLC

Initial Public Offering - Announcement of Offer Price

Offer Price set at 183 pence per Ordinary Share

River and Mercantile Group PLC (the "Company" and together with its subsidiaries, "River and Mercantile" or the "Group"), the advisory and investment solutions business, today announces the successful pricing of its initial public offering (the "IPO" or the "Offer") of 22,678,859 ordinary shares of £0.003 each ("Ordinary Shares").

Offer Highlights

· The offer price has been set at 183 pence per Ordinary Share (the " Offer Price").

· Based on the Offer Price, the total market capitalisation of River and Mercantile on Admission will be approximately £150.2 million.

· The Offer of 22,678,859 Ordinary Shares represents 27.6 per cent. of the enlarged issued share capital of the Company following completion of the Offer.

· The Offer is expected to raise gross proceeds of approximately £41.5 million.

· The Company expects to receive gross proceeds of £15.0 million from the issue of new Ordinary Shares in the Offer

· The Selling Shareholders expect to receive gross proceeds of approximately £26.5 million from the sale of existing Ordinary Shares in the Offer. The Selling Shareholders consist of Punter Southall Group Limited ("PSG"), Pacific Investments Management Limited, its subsidiary undertakings and its controlling shareholder, Sir John Beckwith ("Pacific Investments" and, together with PSG, the "Major Selling Shareholders"), and other existing shareholders who are selling Ordinary Shares as part of the Offer ("Small Selling Shareholders") (collectively, the "Selling Shareholders").

· At Admission, the Company will have 82,095,346 Ordinary Shares in issue.

· Conditional dealings in the Ordinary Shares will commence on the London Stock Exchange at 8.00 a.m. today under the ticker RIV (ISIN: GB00BLZH7X42).

· Admission to the premium listing segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities, and the commencement of unconditional dealings, are expected to take place at 8.00 a.m. on 26 June 2014.

· In relation to the Offer, Canaccord Genuity Limited ("Canaccord Genuity") and Numis Securities Limited ("Numis") are acting as joint sponsors and bookrunners.

Full details of the Offer will be set out in the Prospectus, when published.

Mike Faulkner, Chief Executive of River and Mercantile Group PLC, said:

"We are pleased with the level of investor interest in the Group and extend our thanks to all who participated in the process.

"Listing our company represents a major step forward and provides us with an ability to continue to invest in our advisory and asset management capabilities in both the UK and abroad.

"The Group is well positioned to capitalise on the "Pensions Revolution" and the increasing importance of governance to clients' investment strategies. We look forward to building on our strong investment performance and high levels of client satisfaction."

Enquiries

River and Mercantile Group Limited +44 (0)20 3327 5100

Mike Faulkner

James Barham

Kevin Hayes

Joint Sponsors and Joint Bookrunners:

Canaccord Genuity +44 (0)20 7523 8350

Hugh Elwes

Martin Green

Piers Coombs

Lucy Tilley

Numis +44 (0)20 7260 1000

Charles Farquhar

Andrew Holloway

Andrew Hackney

Media Enquiries:

MHP Communications +44 (0)20 3128 8100

Gay Collins +44 (0)7798 626282

Reg Hoare

Giles Robinson

Ben Griffiths

[email protected]

OFFER STATISTICS

EXPECTED TIMETABLE OF PRINCIPAL EVENTS(4)

Each of the times and dates in the above timetable is subject to change. References to times are to London time unless otherwise stated.

1) The net proceeds receivable by the Selling Shareholders are stated after deduction of estimated underwriting commissions and other fees and expenses of the Offer payable by the Selling Shareholders, of approximately £0.8 million.

2) The net proceeds receivable by the Company are stated after deduction of estimated underwriting commissions and other fees and expenses of the Offer payable by the Company, of approximately £4.5 million. The Company will not receive any of the net proceeds from the sale of the existing Ordinary Shares in the Offer.

3) The market capitalisation of the Company at any given time will depend upon the market price of the Ordinary Shares at that time and the number of Ordinary Shares in issue. There can be no assurance that the market price of the Ordinary Shares will equal or exceed the Offer Price (and consequently no assurance that the market capitalisation of the Company at any given time will equal or exceed the expected market capitalisation of the Company immediately following Admission).

4) The times and dates in the table above are indicative only and may be subject to change without further notice. All references to time are to London time.

5) It should be noted that if Admission does not occur, all conditional dealings will be of no effect and any such dealings will be at the sole risk of the parties concerned.

6) Or as soon as practicable thereafter. No temporary documents of title will be issued.

Important information

The contents of this announcement, which have been prepared and issued by, and are the sole responsibility, of the Company, have been approved by Canaccord Genuity Limited ("Canaccord Genuity") and Numis Securities Limited ("Numis") solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000, as amended ("FSMA").

Neither this announcement nor any copy of it may be taken or transmitted, published or distributed, directly or indirectly, into the United States, Australia, Canada, Japan or South Africa or to any persons in any of those jurisdictions or any other jurisdiction where to do so would constitute a violation of the relevant securities laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian, Japanese or South African securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe any such restrictions.

This announcement does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Ordinary Shares or other securities in the United States, Australia, Canada, Japan or South Africa or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Offer and the distribution of this announcement and other information in connection with the Offer and Admission in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein, comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither this announcement nor any part of it nor the fact of its distribution shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

The Offer timetable, including the publication of the Prospectus to be published by the Company in due course and/or the date of Admission, may be influenced by a range of circumstances, including market conditions. There is no guarantee that Admission will occur and you should not base your financial decisions on the Company's intentions in relation to the Offer and Admission at this stage. Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such an investment should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Offer. The value of the Ordinary Shares can decrease as well as increase. Potential investors should consult a professional adviser as to the suitability of the Offer for the person concerned. Past performance cannot be relied upon as a guide to future performance.

This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States or in any jurisdiction in which such offer or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. Securities may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States absent (i) registration under the Securities Act of 1933 (as amended) (the "Securities Act") or (ii) an available exemption from registration under the Securities Act. The securities mentioned herein have not been, and will not be, registered under the Securities Act and will not be offered to the public in the United States. There will be no public offer of the securities referred to herein in the United States, Australia, Canada, Japan or South Africa. The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, Japan or South Africa and, subject to certain exceptions, may not be offered or sold, directly or indirectly within Australia, Canada, Japan or South Africa or to any national, resident or citizen of Australia, Canada, Japan or South Africa.

This announcement is only addressed to and directed at persons in member states ("Member States") of the European Economic Area who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC as amended (including amendments by Directive 2010/73/EU to the extent implemented in the relevant Member State)) ("Qualified Investors"). In addition, in the United Kingdom this announcement is addressed and directed only at: (i) persons (A) who have professional experience in matters relating to investments and who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or who fall within Article 49 of the Order, and (B) are "qualified investors" as defined in section 86 of FSMA; and (ii) any other persons to whom it may otherwise be lawfully communicated (together all such persons being referred to as "relevant persons").

Any investment or investment activity to which this announcement relates is available only to relevant persons in the United Kingdom and Qualified Investors in any Member State other than the United Kingdom, and will be engaged in only with such persons. Other persons should not rely or act upon this announcement or any of its contents.

Any purchase of Ordinary Shares in the Offer should be made solely on the basis of the information contained in the final Prospectus. The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may or should be placed for any purposes whatsoever on the information contained in this announcement or its accuracy, completeness or fairness. The information in this announcement is subject to change. However, neither the Company nor Canaccord Genuity or Numis undertake to provide the recipient of this announcement with any additional information, or to update this announcement or to correct any inaccuracies, and the distribution of this announcement shall not be deemed to be any form of commitment on the part of the Company to proceed with the Offer or any transaction or arrangement referred to herein. This announcement has not been approved by any competent regulatory authority.

Canaccord Genuity and Numis, each of which is authorised and regulated by the Financial Conduct Authority, are acting exclusively for the Company and no one else in connection with the Offer and Admission, and will not regard any other person as their client in relation to the Offer and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offer or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offer, Canaccord Genuity and Numis and any of their respective affiliates, acting as investors for their own account, may subscribe for or purchase Ordinary Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own account in such Ordinary Shares and other securities of the Company or related investments in connection with the Offer or otherwise. Accordingly, references in the Prospectus, once published, to the Ordinary Shares being offered, subscribed, acquired, placed or otherwise dealt in should be read as including any offer to, or subscription, acquisition, placing by Canaccord Genuity, Numis and any of their respective affiliates acting as investors for their own account. In addition, certain of Canaccord Genuity, Numis or their respective affiliates may enter into financing arrangements and swaps in connection with which they or their affiliates may from time to time acquire, hold or dispose of Ordinary Shares. None of Canaccord Genuity or Numis nor any of their respective affiliates intends to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligation to do so.

None of Canaccord Genuity, Numis nor any of their respective subsidiary undertakings, affiliates or any of their respective partners, directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or as to whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Certain figures in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly with the total figure given.

Forward looking statements

Some of the statements in this announcement include forward-looking statements which reflect the current views of the Company's directors with respect to financial performance, business strategy, plans and objectives of management for future operations (including development plans relating to the Group's products and services). These statements include forward-looking statements both with respect to the Group and the sectors and industries in which the Group operates. Statements which include the words "believes", "estimates", "expects", "intends", "plans", "projects", "seeks", "anticipates", "will", "targets", "aims", "may", "would", "should", "could", "continue" or, in each case, their negative or other variations or comparable terminology and similar statements of a future or forward-looking nature, including discussions of strategy, plans, aims, objectives, goals, future events or intentions, identify forward-looking statements.

All forward-looking statements address matters that involve risks and uncertainties and are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Group's actual results of operations and financial condition to differ materially from those indicated in these statements.

Any forward-looking statements in this announcement reflect the Group's and/or the current views of the Company's directors with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the Group's operations, results of operations and growth strategy.

These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Rules, the Listing Rules and the Disclosure and Transparency Rules and save as required by law, the Company, its directors and each of Canaccord Genuity and Numis and their respective affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, or to disseminate any information regarding any change in events, conditions or circumstances on which any such statement is based. All subsequent written and oral forward-looking statements attributable to the Group, the Company's directors or individuals acting on behalf of the Group are expressly qualified in their entirety by this section.