1. INDEPENDENT RESEARCH & COMMISSION MANAGEMENT

2. GATEWAY TO INDEPENDENT RESEARCH Providing the buy-side with expert advice on the Independent Research landscape and access to best-of-breed Independent Research Providers (IRPs) and specialist Data Providers Unparalleled expertise ~ 20 years’ combined experience Holistic solution encompassing all aspects of Independent Research procurement, management, funding and reporting COMMISSION MANAGEMENT SOLUTIONS Access to market-leading Commission Management and Aggregation platform and high-quality execution services Deep understanding of the FCA’s policy on the use of dealing commission as well as the overall regulatory environment CONFLICT-FREE Independent, impartial advice No economic relationships with IRPs No traditional research department Conflicted manager and aggregator of research commissions November 2014 / Marex Spectron / Independent Research & Commission Management 2

3. INDEPENDENT RESEARCH THE BROKEN SELL-SIDE RESEARCH MODEL Conflicts of interest, no exclusivity, a lack of ‘out of the box’ contrarian thinking, no customisation, and research perceived as ‘free’ through bundled services ADDING VALUE – A UNIQUE SERVICE Introductory Broker One of the largest distributors of Independent Research in the UK Relationships with a large number of providers globally, covering all asset classes and investment methodologies Due diligence carried out to assess quality of IRPs output Optimising ROI on Research Spending Anecdotal evidence suggests that the cost of Independent Research is substantially lower than the implicit cost of research produced by the bulge-bracket; engaging Marex Spectron to construct a research framework can add real savings to a research budget Pricing & Budgeting Access to Marex Spectron IRP Pricing Data Curation Services & IRP Management Relationship management and associated reporting and administration November 2014 / Marex Spectron / Independent Research & Commission Management3

4. INDEPENDENT RESEARCH ADDING VALUE – CONSULTING SERVICES Deep Dives Customised IRP search and recommendations related to specific client queries Regular publications/reviews of leading IRPs Focusing on emerging investment themes, methodologies & geographies Primary Market Research Access to organisations that can perform proprietary channel checks, and / or detailed global, multi-lingual surveys of buyers, customers or suppliers – designed and co-ordinated in consultation with Marex Spectron EVENTS Regularly host events promoting Independent Research, often in collaboration with IRPs Client lunches with prominent speakers Regulatory briefings Topical presentations and seminars, hosted in conjunction with prominent researchers Regular contributor in Financial media including Financial News, Eurohedge and as part of Integrity Research in the USA November 2014 / Marex Spectron / Independent Research & Commission Management 4

5. COMMISSION MANAGEMENT MANAGING COMMISSIONS – STATE OF THE ART TOOLS Commission Management Specialist in Commission Management Aggregator of CSA funds for multiple brokers and counterparties Segregation of client money Online Solution In association with a leading vendor, Marex Spectron now offers clients access to a market-leading Commission Management platform Platform is a fully-integrated online portal with the following features: November 2014 / Marex Spectron / Independent Research & Commission Management5 o Trade Reconciliation - Automated trade-matching algorithm for all broker trade files o Invoice Management - Easy uploading of invoices and simple delegation to brokers for payment o Commission Management - Full view of each transaction and balances across all brokers o Reporting - Complete audit-trail of all transaction data o Broker Vote - Customisable parameters to support a client’s broker voting process

6. RELATED SERVICES CASH EQUITIES Team of professional, highly experienced Sales-Traders working with customer execution traders Considered and thoughtful approach to execution of client orders Conflict-free; pure agency-basis Broad touch execution with high-touch care orders combined with access to smart order- routing / algorithmic tools and light and dark liquidity pools Trading technology underpinned by Fidessa OMS platform; supplemented by trading and analysis tools developed in-house to enhance overall quality of execution Fully FIX-compatible to receive and update care orders Markets traded – UK and all major European markets; South Africa; Poland and Czech; North America and selected APAC markets Settlement is either via self-clearing arrangement with Bank of New York Mellon or a Model B arrangement provided by Pershing Securities Ltd November 2014 / Marex Spectron / Independent Research & Commission Management 6

7. REGULATORY ENVIRONMENT PS14/07, DP14/03, MIFID II AND BEYOND Latest summary of regulatory developments provided Ongoing observation, analysis and reporting Collaboration with regulators, industry experts, researchers and fund management houses Marex Spectron well positioned to assist in FCA-compliant processes: Independent Research impartiality Broker neutrality Conflict-free CSAs promote use of best-execution and transparent reporting of research pricing November 2014 / Marex Spectron / Independent Research & Commission Management 7

8. CONTACT DETAILS November 2014 / Marex Spectron / Independent Research & Commission Management 8 Nicholas Dray NDray@marexspectron.com T +44 (0)20 7650 4485 M + 44 7785 948 461 Edward Blad EBlad@marexspectron.com T +44 (0)20 7650 4486 M + 44 7795 118 744 London: Head Office Level Five 155 Bishopsgate London EC2M 3TQ marexspectron.com

9. November 2014 / Marex Spectron / Independent Research & Commission Management 9 THIS PRESENTATION HAS BEEN PREPARED BY MAREX SPECTRON FOR INFORMATION PURPOSES ONLY. MAREX SPECTRON DOES NOT GIVE ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR IMPLIED, AS TO THE ACCURACY, COMPLETENESS, CURRENCY OR FITNESS FOR ANY PURPOSE OR USE OF ANY INFORMATION IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION SHOULD NOT BE CONSIDERED AS ADVICE, OR AS A RECOMMENDATION OR SOLICITATION TO PURCHASE OR OTHERWISE DEAL IN SECURITIES, INVESTMENTS OR ANY OTHER PRODUCTS. IT HAS BEEN PREPARED FOR INSTITUTIONAL CLIENTS, IS NOT DIRECTED AT RETAIL CUSTOMERS AND DOES NOT TAKE INTO ACCOUNT PARTICULAR INVESTMENT OBJECTIVES, RISK APPETITES, FINANCIAL SITUATIONS OR NEEDS. RECIPIENTS OF THE PRESENTATION SHOULD MAKE THEIR OWN TRADING OR INVESTMENT DECISIONS BASED UPON THEIR OWN FINANCIAL OBJECTIVES AND FINANCIAL RESOURCES. THIS PRESENTATION MAY CONTAIN FORWARD LOOKING STATEMENTS INCLUDING STATEMENTS REGARDING OUR INTENT, BELIEF OR CURRENT EXPECTATIONS WITH RESPECT TO MAREX SPECTRON’S BUSINESSES AND OPERATIONS, MARKET CONDITIONS, RESULTS OF OPERATION AND FINANCIAL CONDITION, CAPITAL ADEQUACY, SPECIFIC PROVISIONS AND RISK MANAGEMENT PRACTICES. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS WHICH MAY BE SUBJECT TO CHANGE WITHOUT NOTICE. WHILE REASONABLE CARE HAS BEEN USED IN THE PREPARATION OF FORECAST INFORMATION, ACTUAL RESULTS MAY VARY IN A MATERIALLY POSITIVE OR NEGATIVE MANNER. FORECASTS AND HYPOTHETICAL EXAMPLES ARE SUBJECT TO UNCERTAINTY AND CONTINGENCIES OUTSIDE MAREX SPECTRON’S CONTROL. PAST PERFORMANCE IS NOT A RELIABLE INDICATION OF FUTURE PERFORMANCE. THE MAREX SPECTRON® GROUP OF COMPANIES INCLUDING MAREX FINANCIAL LIMITED, SPECTRON ENERGY SERVICES LIMITED, MAREX USA LIMITED, MAREX NORTH AMERICA LLC, MAREX HONG KONG LIMITED, MAREX SPECTRON ASIA PTE LTD AND SPECTRON ENERGY (ASIA) PTE LTD (INDIVIDUALLY AND COLLECTIVELY “MAREX SPECTRON”). THIS PRESENTATION WAS APPROVED BY MAREX FINANCIAL LIMITED (“MFL”). MFL IS INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES (COMPANY NO. 5613061 AND VAT REGISTRATION NO. GB 872 8106 13), IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FCA REGISTRATION NUMBER 442767) AND IS A MEMBER OF THE LONDON STOCK EXCHANGE. MFL’S REGISTERED ADDRESS IS AT 155 BISHOPSGATE, LONDON, EC2M 3TQ.