Exercise of Options

1 November 2019

AFH Financial Group plc

("AFH" or the "Company")

(AIM: AFHP)

Exercise of Options

The Board of AFH, a leading financial planning led investment management firm, announces that application has been made for 16,387 new ordinary shares of 10 pence each in the Company (the "New Ordinary Shares") to be admitted to trading on AIM. The New Ordinary Shares have been issued and allotted pursuant to the exercise of share options under the AFH EMI Share Option Plan and will rank pari passu in all respects with the existing ordinary shares of the Company.

1,995 of the share options have an exercise price of £1.505; 2,424 of the share options have an exercise price of £1.65; 300 of the share options have an exercise price of £1.00; 11,668 of the share options have an exercise price of £1.69. The New Ordinary Shares are expected to be admitted to trading on AIM on 7 November 2019.

Following the issue of the New Ordinary Shares, the issued share capital of the Company will comprise 42,802,366 ordinary shares of 10 pence each. The Company retains 61,335 Ordinary Shares in treasury which do not carry any voting rights.

The total number of Ordinary Shares carrying voting rights in AFH is therefore 42,741,031. This figure will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

For further information please contact:

AFH Financial Group PLC 01527 577 775

Alan Hudson, Chief Executive Officer

Paul Wright, Chief Financial Officer

Liberum (Nominated Adviser and Broker) 020 3100 2000

John Fishley /Richard Bootle /Euan Brown

Yellow Jersey PR Limited (Financial PR) 07748 843 871

Felicity Winkles/Tim Thompson/Annabel Atkins

This announcement is released by AFH Financial Group plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Paul Wright, Chief Financial Officer.