RMMIC Update

25 May 2017

River and Mercantile Group PLC ("the Company")

River and Mercantile UK Micro Cap Investment Company Limited

River and Mercantile Group PLC ("the Company") announces that it has been informed by the Board of River and Mercantile UK Micro Cap Investment Company Limited ("RMMIC") that RMMIC intends to implement a partial compulsory redemption of shares in RMMIC in accordance with the prospectus published at the time of RMMIC's IPO in November 2014. RMMIC intends to return approximately £15 million, less the costs of the redemption, to its shareholders at a price based on RMMIC's NAV per share at the close of business on 19 May 2017. Further detail of the RMMIC partial compulsory redemption is available in the RMMIC RNS of 24 May 2017 (RNS Number 1455G).

The Company's subsidiary River and Mercantile Asset Management LLP ("RAMAM") is the appointed investment manager of RMMIC. RAMAM is entitled to receive a performance fee based on the amount by which RMMIC's investment portfolio outperforms the total return of its benchmark when RMMIC implements a compulsory redemption of shares. Accordingly, as a result of the substantial outperformance delivered for shareholders of RMMIC, RAMAM is due to receive a performance fee of £4.92 million in June 2017, following the compulsory redemption of the RMMIC shares.

The information communicated in this RNS is inside information.

Sally Buckmaster

Company Secretary

River and Mercantile Group PLC

For further information please contact:

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