LHC3 PLC

As the issuer of

€575,000,000 4⅛/4⅞ Senior Secured PIK Toggle Notes due 2024

Interim Financial Report

For the three month period ended March 31, 2019

Dated May 30, 2019

TABLE OF CONTENTS

Forward-Looking Statements ................................................................................................................................. 2 Presentation of Financial and Other Information .................................................................................................... 4 Certain Definitions and Glossary of Fund Platform and Asset Management Terms .............................................. 5 Overview of Results ............................................................................................................................................... 6 Management’s Discussion and Analysis of Financial Conditions and Results of Operations ................................ 9 Appendix: Financial Statements ........................................................................................................................... 20 Unaudited Interim Consolidated Financial Statements of LHC3 PLC as of and for the three month period ended March 31, 2019 and 2018……………………………………………………………… ................ 21

2

FORWARD-LOOKING STATEMENTS This interim financial report (this “Interim Report”) of LHC3 plc (the “Issuer”) contains and refers to

certain forward-looking statements with respect to the financial condition, results of operations and business of LHC3 Group (“LHC3 Group”). LHC3 Group encompasses the Issuer and the LHC4 Group (“LHC4 Group”). LHC4 Group in turn encompasses LHC4 (UK) Limited, (“LHC4”), Liberty Partners, S.L.U. (“Liberty Partners”) and Allfunds Bank, S.A.U. (“Allfunds”) and its Subsidiaries (Allfunds and its Subsidiaries collectively, “Allfunds Group”).

Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, amongst others, statements concerning the potential exposure to market risks and statements expressing management’s expectations, beliefs, plans, objectives, intentions, estimates, forecasts, projections and assumptions. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.

Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “objectives,” “outlook,” “probably,” “project,” “will,” “seek,” “target” and other words of similar meaning in connection with a discussion of future operating or financial performance. All of these forward-looking statements are based on estimates and assumptions made by such entities that, although believed to be reasonable, are inherently uncertain. Therefore, undue reliance should not be placed upon any forward-looking statements. There are important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements. In addition, even if our actual results are consistent with the forward-looking statements contained in this Interim Report, those results or developments may not be indicative of results or developments in subsequent periods. For example, factors that could cause our actual results to vary from projected future results include, but are not limited to:

• General economic, political and market conditions, market risk and investor behaviour, particularly in Spain and Italy;

• The impact of regulation and investor preferences on the Fund Platform fee model;

• Our ability to maintain and grow our Assets under Administration (the “AuA”), particularly the AuA from our former shareholders;

• Our ability to operate in the highly competitive Fund Platform services market;

• Our ability to manage and negotiate contracts with Fund Managers and Platform Clients;

• The impact of complex regulatory regimes;

• Our continued reliance on Santander for certain corporate functions;

• Our ability to maintain the size of our network of Platform Clients and Fund Managers;

• Our ability to develop and manage our IT and information systems, including outsourced IT systems;

• The impact of the results of the United Kingdom’s referendum on withdrawal from the European Union;

• The impact of changes to the composition of the Eurozone;

• Our ability to adapt to new technology and provide new services;

• The impact of regulation in the areas of privacy, information security and data protection;

• Our ability to prevent unauthorized disclosure of data;

3

• Our ability to manage credit risk;

• Our ability to manage the expansion of our Exchange Traded Funds (the “ETF”) offering;

• Our ability to maintain compliance with anti-corruption and anti-money laundering laws and regulations and economic sanctions programs;

• Our ability to manage liquidity risks and foreign currency risks;

• The effectiveness of our risk management policies and procedures;

• The impact of the international expansion of our operations;

• Our ability to identify suitable acquisitions and integrate them into our business;

• The effectiveness of our conflict of interest policies and procedures;

• Our ability to attract, integrate, manage and retain qualified personnel or key employees;

• The impact of litigation, governmental or regulatory investigations and other claims;

• The adequacy of our insurance coverage;

• Our ability to protect our intellectual property rights;

• The impact of labour disputes or work stoppages;

• The impact of changes in tax laws or challenges to the Group’s tax position; and

• The other factors discussed in more detail under the section entitled “Risk Factors” in the offering memorandum dated July 27, 2017 (the “Offering Memorandum”) relating to the issuance by the Issuer of €575,000,000 4⅛%/4⅞% Senior Secured PIK Toggle Notes due 2024 (the “Notes”).

The foregoing factors should not be construed as exhaustive. One should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified in their entirety by the cautionary statements referred to in this section and contained elsewhere in this Interim Report.

In light of these risks, our results could differ materially from the forward-looking statements contained in this Interim Report.

4

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

General

On March 6, 2017, Adubala ITG, S.L.U. (“Adubala”), an entity indirectly controlled by Hellman & Friedman LLC and its affiliates (“H&F”) and Eiffel Investment Pte Ltd, a nominated investment vehicle of GIC Special Investments Pte Ltd, a direct subsidiary of GIC (Ventures) Pte Ltd, (“Eiffel” and, together with H&F, the “Sponsors”), entered into an agreement to acquire the entire issued share capital of Allfunds (the “Acquisition”). The Acquisition was completed on November 21, 2017.

On February 27, 2018 Adubala ITG, S.L.U. was renamed Liberty Partners, S.L.U.

The Issuer financed the Acquisition using the proceeds from the issuance of the Notes, together with the proceeds of the equity contribution received indirectly from the Sponsors by way of equity funding (the “Financing,” together with the Acquisition, the “Transactions”).

The Issuer is a public limited company formed on March 1, 2017 under the laws of Jersey. The Issuer is a newly formed holding company incorporated for the purposes of issuing the Notes and consummating the Transactions and is indirectly, majority owned by the Sponsors. It has no material assets or liabilities, other than, upon the Issue Date, its obligations under the Notes, and it has not engaged in any activities other than those related to its formation in preparation for the Transactions (as defined above).

In this Interim Report, we present the unaudited interim financial statements of LHC3 Group as of March 31, 2019 and for the period from January 1, 2019 to March 3, 2019.

The historical financial information of the Issuer included in this Interim Report, including the financial information discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” has been derived, without material adjustment, from translations of the unaudited condensed interim consolidated financial statements of the LHC3 Group for each of the three month periods ended March 31, 2019 and 2018 (the “Interim Financial Statements”).

Unless otherwise indicated, the financial information in respect of the Issuer for the three month period from January 1, 2019 to March 31, 2019 and 2018 presented in this Interim Report has been prepared in accordance with International Financial Reporting Standards (the “IFRS”) (formerly International Accounting Standards), endorsed by the European Union or any variation thereof with which the Issuer or its Restricted Subsidiaries are, or may be, required to comply with. Under Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of July 19, 2002, all companies governed by the law of an EU Member State and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements in conformity with IFRS.

The financial information and various other numbers and percentages set forth in this Interim Report are presented in euros, rounded to the nearest thousand, unless otherwise noted. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to our financial statements, are disclosed in the Interim Financial Statements.

Non-IFRS Financial Information

This Interim Report presents certain financial measures with respect to the Issuer or LHC3 Group that are not recognised by IFRS and that may not be permitted to appear on the face of IFRS compliant financial statements or footnotes thereto.

This Interim Report also presents certain key performance indicators and other non-financial operating data of LHC3 Group or Allfunds Group, that is derived from management estimates and do not form part of the financial statements or the accounting records.

5

Primary non-IFRS financial measures used in this Interim Report include EBITDA and Adjusted EBITDA. We believe that EBITDA and Adjusted EBITDA are useful measures for investors in evaluating our operating performance and ability to service debt. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to other indicators of our operating performance, cash flows or any other measure of performance derived in accordance with IFRS. EBITDA and Adjusted EBITDA, as presented in this Interim Report, may differ from, and may not be comparable to, similarly titled measures used by other companies and from “Consolidated EBITDA” as defined in the Indenture. We present EBITDA and Adjusted EBITDA for informational purposes only.

The calculations for Adjusted EBITDA are based on various assumptions, management estimates and unaudited management accounts. These amounts have not been and, in certain cases, cannot be audited, reviewed or verified by any independent accounting firm. This information is inherently subject to risks and uncertainties. It may not give an accurate or complete picture of the financial condition or results of operations of the transactions for the periods presented and may not be comparable to the financial statements or the other financial information included in this Interim Report and should not be relied upon when making an investment decision. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under IFRS.

For a discussion of further limitations that apply to the financial statements, please refer to the section entitled “Presentation of Financial Information” in the Offering Memorandum.

CERTAIN DEFINITIONS AND GLOSSARY OF FUND PLATFORM AND ASSET MANAGEMENT TERMS

When the terms “Group,” “we,” “us” and “our” are used in this Interim Report: (i) when referring to operations, businesses, market shares or historical financial results, such terms refer to LHC3 Group; (ii) when referring to the Financing and indebtedness obligations, such terms refer to the Issuer; and (iii) when referring to the Transactions, such terms refer to one or more of the Issuer, LHC4 and Liberty Partners.

Capitalized terms not otherwise defined in this Interim Report shall have the meanings assigned to such terms in the Offering Memorandum. For a glossary of fund platform and asset management terms used in this Interim Report, please refer to the Offering Memorandum.

6

OVERVIEW OF RESULTS

The Issuer is the parent entity of LHC3 Group, which contains the Allfunds Group.

Allfunds Group is an Open Architecture Fund Distribution Platform operating within the global asset management industry. We provide a marketplace that matches fragmented demand for asset management products from a large number of fund distributors globally with the fragmented supply of funds from global asset managers. We believe that we are the largest player in the sector in Europe based on AuA as of March 31, 2019, connecting 628 Platform Clients in 45 countries with a selection of over 78.000 funds from over 1,489 different Fund Managers. We had €362.0 billion and €369.5 billion of AuA on our platform as of March 31, 2018 and 2019, respectively.

Summary Condensed Consolidated Income Statement Information of LHC3 Group

Three months ended

March 31, 2018 2019 % change

(in € millions, except where stated

otherwise) Interest Income ...................................... 0.3 1.0 233.3% Interest Expenses ................................... (6.6) (12.6) 90.9% Net Interest Income / (Expense) ......... (6.3) (11.6) 84.1% Fee and Commission Income ................ 334.4 311.3 (6.9%) Fee and Commission Expense ............... (280.0) (260.3) (7.0%) Net Fee Income .................................... 54.4 51.0 (6.2%)

Gross Income ....................................... 48.9 40.5 (17.2%)

EBITDA ............................................... 28.0 15.3 (45.4%)

Profit / (Loss) for the Period ............... 1.2 (7.4) (716.7%

Other Financial Information

Twelve months ended

March 31, 2019

(in € millions, except

where stated otherwise) EBITDA(1) ................................................................................................................................ 120.1 Adjusted EBITDA(2) ................................................................................................................. 128.8 LTM Dividends paid(3) ............................................................................................................. (29.0) Net financial debt(4) .................................................................................................................. 573.8 Cash interest expense(5) ............................................................................................................ 24.2 Ratio of net financial debt of the Issuer to Adjusted EBITDA(2)(4) ........................................... 4.5 Ratio of Adjusted EBITDA to cash interest expense(2)(5) .......................................................... 5.3 Ratio of LTM Dividends paid to cash interest expense(3)(5) ...................................................... 1.2 Ratio of LTM Dividends paid plus additional liquidity available to the Issuer to cash interest

expense(3)(5)(6) .......................................................................................................................... 8.8 (1) EBITDA represents profit for the period from continuing operations before income tax, impairment losses on other assets (net),

impairment losses on financial assets (net) and depreciation and amortization charges. We believe that EBITDA is a useful measure to investors in evaluating our operating performance and ability to service debt. However, EBITDA is not a measurement of financial performance under IFRS and should not be considered as an alternative to other indicators of our operating performance, cash flows or any other measure of performance derived in accordance with IFRS. See “Presentation of financial and Other Information—Non-IFRS Financial Information and Non-Circular 4/2017 Financial Information”. EBITDA, as presented in this Interim Report, differs from, and is not comparable to, “Consolidated EBITDA” as defined in the Indenture.

7

(2) Adjusted EBITDA represents EBITDA as adjusted for certain costs that we believe are not reflective of the ongoing performance of our business and are thus added back to EBITDA. The following table provides a reconciliation from EBITDA to Adjusted EBITDA for the twelve month period ended March 31, 2019.

Twelve months ended

March 31, 2019

LHC3 GROUP EBITDA .............................................................................. 120.1

Advisory expenses (A) ..................................................................................... 6.7

Rental duplicity (B)........................................................................................... 0.1

Special award and retention plan for the management team (C) ....................... 0.5

Deferred Purchase for Fintech Partners, S.L.U. (D) .......................................... 0.7

IT carve out IT expenses (E) ……………………………………..…………… 0.4

Temporal subcontract task force (F) ............... ................................................. 0.3

LHC3 Group Adjusted EBITDA ................................................................. 128.8

(A) Represents the following non-recurring advisory expenses for: (i) accountancy, legal, financial and certain other

advisory services incurred by LHC3 Group in connection with the Transactions; (ii) Legal and tax advisory services related with a potential client who finally did not sign an agreement; (iii) employment recruiting services for senior positions in Allfunds Group; (iv) Consultancy services to define the value and pricing of the Allfunds Group services; (v) Legal services to help Allfunds Group with the Swiss branch project; (vi) benchmark, legal and tax advisory services regarding consideration of the acquisition of the Fintech Partners Group (which includes Finametrix); the consideration of three potential acquisitions that were ultimately not pursued and other M&A operations currently still active; (vii) Advisory costs connected with the new brand and logo of Allfunds; and (viii) Consultancy expenses associated with a cost reduction project.

(B) Rental duplicity represents costs arising from the transition to new offices in Spain, prior to the expiration of the existing lease, where the remaining amounts due under the lease continued to be paid at the same time as the lease payment for the new office.

(C) The former shareholders have approved the grant of a special award, in connection with the Acquisition, to key senior members of the Allfunds’ management team for their contribution and established a retention plan to incentivize their continued employment within Allfunds Group. Part of the award has already been paid and the rest is subject to the satisfaction of certain terms and conditions. In addition, payment made to specific employees at Allfunds with this amount dependent on achieving specified goals,

(D) Represents accrual for the period up to March 31, 2019 of the deferred payment required for Fintech Partners S.L.U. concerning the retention of the former Fintech Group employees within the Allfunds Group.

(E) Non recurrent IT expenses related to the carve-out project of the transfer of the IT infrastructure from the current IT provider to a new one.

(F) Subcontract task force for covering unexpected increase of volume of transfers by Italian clients.

We believe that Adjusted EBITDA is a useful measure to investors in evaluating our operating performance and ability to service debt. However, Adjusted EBITDA is not a measurement of financial performance under IFRS and should not be considered as an alternative to other indicators of our operating performance, cash flows or any other measure of performance derived in accordance with IFRS. See “Presentation of financial and Other Information—Non-IFRS Financial Information”. This information does not represent the results we would have achieved had each of the transactions for which an adjustment is made occurred at the dates indicated. There is no assurance that items we have identified for adjustment as non-recurring will not recur in the future or that similar items will not be incurred in the future. Adjusted EBITDA, as presented in this Interim Report, differs from, and is not comparable to, “Consolidated EBITDA” as defined in the Indenture.

(3) LTM Dividends paid represents the aggregate amount of dividends actually distributed by Allfunds Group to Liberty Partners S.L.U. in the twelve month period ended March 31, 2019, and consists of the following:

(i) An interim dividend for the amount of €14.5 million, approved by the board of directors and paid to the current shareholder on September 5, 2018, derived from interim net profit generated during the 2018 year-to-date period; and

(ii) An interim dividend for the amount of €14.5 million, approved by the board of directors and paid to the current shareholder on March 6, 2019, derived from interim net profits generated during the 2018 year-to-date period.

8

(4) Net financial debt represents the gross financial debt of the Issuer, minus cash at the Issuer, after giving effect to the Transactions which occurred on November 21, 2017. The net financial debt presented here differs from the calculation of our net leverage ratios under the Indenture where we are also permitted to deduct certain cash and cash equivalents of LHC4 Group in an amount equal to the notional excess capital above the Regulated Group’s applicable banking capital adequacy ratios. As at March 31, 2019, such notional excess capital buffer was equal to €122.3 million based on a CET1 capital ratio of 31.37% as of the same date. The CET1 includes, according to the applicable regulation, the non-distributed net profit for the year ended 31 December 2018 of Allfunds Group which amounted €57.2 million once the audit on the 2018 financial information has been completed.

We give no assurance, however that such amounts will be available for distribution to the Issuer on or after the Completion Date. For further information see “—Issuer Liquidity” below.

(5) Cash interest expense represents the estimated cash interest expense of the Issuer for the twelve month period ended March 31, 2019, after giving effect to the Transactions as if they had occurred on April 1, 2018, based upon (i) the cash interest rate of the Notes, assuming Cash Interest is paid with respect to such period, (ii) the commitment fee payable in respect of the Revolving Credit Facility and (iii) assuming the Revolving Credit Facility is undrawn throughout such period. Cash interest expense has been presented for illustrative purposes only and does not purport to represent what our interest payments would have been had the Offering occurred on the date assumed, nor does it purport to project our interest payments for any future period or our financial condition at any future date. The cash interest expense presented here differs from the calculation of our fixed charge ratio under the Indenture.

(6) For a detailed description of additional liquidity available to the Issuer, see “—Issuer Liquidity” below.

Issuer Liquidity

The following table provides an overview of the main factors driving the Regulated Group’s capacity to make distributions to its shareholders and other sources of funding potentially available to the Issuer. Dividends indirectly received by the Issuer from the Allfunds Group through LHC4, along with drawings on the Revolving Credit Facility, are expected to be the Issuer’s principal sources of liquidity and thus a key determinant of its ability to pay cash interest on the Notes.

Twelve months ended

March 31, 2019 (in € millions) Additional liquidity available to the Issuer ............................................................................ 183.5

Undrawn Revolving Credit Facility (1) 60.0 Notional excess capital buffer available to the LHC4 Group (2) ............................................... 122.3 Issuer Available Bank Account Balance (3) .............................................................................. 1.2

(1) Represents amounts available for drawing under the Revolving Credit Facility. As of the date of this Interim Report, the Revolving

Credit Facility is undrawn. In the event that the Revolving Credit Facility is drawn in the future, the additional liquidity available to the Issuer will be reduced by an equivalent amount of such drawings.

(2) Represents the calculation of LHC4 Group’s notional excess capital above the Regulated Group’s applicable banking capital adequacy ratios (the “Excess Capital Buffer”) as of March 31, 2019. LHC4 Group’s CET1 capital ratio was 31.37% as of March 31, 2019 on a historical basis, which would have been equal to €1,358.13 million in Excess Capital Buffer at that date based on the MAS requirement of at least SGD 200 million in group Shareholders’ funds (which are defined differently than CET1 capital and include intangible assets and certain other items that effectively lower the cash capital we need to comply with the MAS requirement). In connection with the Transactions, the Bank of Spain and the Sponsors have agreed a regulatory requirement for the Regulated Group to maintain a CET1 capital ratio of 17.5% after the Acquisition. It is expected that, following the Completion Date, LHC4 group will maintain a minimum consolidated CET1 capital ratio of 17.5%. However, we provide no assurance that this 17.5% CET1 capital ratio (or a higher CET1 capital ratio) will be maintained in the future. This is consistent with the Bank of Spain’s regulatory requirement for LHC4 Group to maintain a CET1 capital ratio of 17.5% after the Acquisition and the undertaking given by the Acquisition Vehicles and their shareholders in connection with the requirement to exercise their voting and other shareholder rights in LHC4 Group or the Acquisition Vehicles, as applicable, to ensure that LHC4 Group takes such steps as are necessary to restore the CET1 capital ratio of LHC4 Group, held at the level on a consolidated basis, to 17.5% following a capital shortfall. However, there can be no assurance that this 17.5% CET1 capital ratio will be maintained in the future.

(3) Represents amounts available in the Issuers Bank Accounts as at March 31, 2019.

9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

The following discussion and analysis of financial conditions and results of operations are based on the

Interim Financial Statements which are included elsewhere in this Interim Report, as well as on the accounting records and on the internal management accounts of the Issuer. The Interim Financial Statements are presented in accordance with IFRS. The Interim Financial Statements are not necessarily indicative of results to be expected for the full year. For more information on the basis of preparation of this financial information, see the notes to the Interim Financial Statements included elsewhere in this Interim Report.

Some of the statements contained below relate to future Net Fee Income, costs, capital expenditures, acquisitions and financial condition and include forward-looking statements. Because such statements involve inherent uncertainties, actual results may differ materially from the results expressed in or implied by such forward-looking statements. A discussion of such uncertainties can be found in “Forward-Looking Statements” in this Interim Report.

Results of Operations

Financial Statements

The following table provides an overview of the results of operations of LHC3 Group for the three month periods ended March 31, 2018 and 2019.

Three months ended

March 31, 2018 2019 Interest Income ................................................................................... 0.3 1.0 Interest Expenses ................................................................................ (6.6) (12.6) Net Interest Income / (Expense) ....................................................... (6.3) (11.6) Fee And Commission Income ............................................................. 334.4 311.3 Fee And Commission Expense ........................................................... (280.0) (260.3) Net Fee Income .................................................................................. 54.4 51.0 Gains (Losses) on Financial Assets and Liabilities not Held for…

Trading Designated at Fair Value through Profit or Loss (Net) ........ - - Gains (Losses) on Financial Assets and Liabilities Held for……..

Trading (Net) .................................................................................... 0.1 - Exchange Differences (Net) ................................................................ 0.2 (0.2) Other Operating Income ...................................................................... 0.7 1.4 Other Operating Expenses................................................................... (0.2) (0.1) Gross Income ..................................................................................... 48.9 40.5 Administrative Costs ........................................................................... (20.9) (25.2)

Staff Expenses ................................................................................... (10.1) (13.9) Other Administrative Expenses ......................................................... (10.8) (11.3)

EBITDA ............................................................................................. 28.0 15.3 Depreciation and Amortization ........................................................... (22.5) (24.6) Provisions or Reversals of Provisions ................................................. - - Impairment or Reversal of Impairment on Financial Assets Not

Measured at Fair Value through Profit (Loss) (Net) ......................... - - Loans and Receivables ...................................................................... (0.1) (0.1)

Net Operating Income / (Loss) ......................................................... 5.4 (9.4) Impairment or Reversal of Impairment on Non-Financial Assets

(Net) .................................................................................................. - - Tangible Assets ................................................................................. - (0.3)

Operating Profit / (Loss) Before Tax ............................................... 5.4 (9.7) Tax Expense or Income Related to Profit (Loss) from Continuing

Operations ......................................................................................... (4.2) 2.3 Profit / (Loss) for the Period from Continuing Operations ........... 1.2 (7.4)

10

Profit from Discontinued Operations (Net) ......................................... - - Profit / (Loss) for the Period ............................................................ 1.2 (7.4) Profit Attributable to Owners of the Parent 1.2 (7.4)

Discussion of LHC3 Group Results of Operations

Comparison of the Three Month Period Ended March 31, 2018 to the Three Month Period Ended March 31, 2019

Net Interest Income / (Expense)

The following table provides a breakdown of LHC3`s Group Net Interest Income / (Expense) by line item for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Interest Income ........................................................................................................................ 0.3 1.0 Interest Expenses ..................................................................................................................... (6.6) (12.6) Net Interest Income / (Expense) ........................................................................................... (6.3) (11.6)

Net Interest Expense decreased by €5.3 million, or 84.1%, from €6.3 million for the three month period ended March 31, 2018 to €11.6 million for the three month period ended March 31, 2019. This decrease in Net Interest Expense was mainly driven by the debt financing cost proportional expense charge following the reduction in the inter-company loan between LHC4 and Liberty Partners. This decrease was partially offset by an increase in the Interest Income due to the allocation of overnight deposits in GBP and USD with counterparties which offer higher interest rates.

Net Fee Income

The following table provides a breakdown of LHC3`s Group Net Fee Income for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Fee And Commission Income ................................................................................................. 334.4 311.3 Fee And Commission Expense ................................................................................................ (280.0) (260.3) Net Fee Income ...................................................................................................................... 54.4 51.0

Net Fee Income decreased by €3.4 million, or (6.2)%, from €54.4 million for the three month period ended March 31, 2018 to €51.0 million for the three month period ended March 31, 2019. This decrease was mainly driven by the reduction in both the Banca Corrispondente services and the Dealing, Custody, Administration and Value-Added Services. The contribution of this heading of the Income statement comes from Allfunds Group entirely.

The following table provides a breakdown of LHC3`s Group Net Fee Income by business line for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Net Fee Income ....................................................................................................................... 54.4 51.0

Dealing, Custody, Administration and Value-Added Services(1)............................................ 44.4 42.4 Banca Corrispondente Services ............................................................................................. 4.8 4.7 Foreign Currency Exchange Services ................................................................................... 5.2 3.9

(1) Dealing, Custody, Administration and Value-Added Services consists of: (a) Fee and Commission Income derived from the line

items “Marketing of Products—Investment Funds,” “Investment Services—Administration and Custody” and “Other— Other Fees

11

and Commissions,” which includes fees and commissions earned in securities registration services, Fund Manager set-up and maintenance services and research services, in addition to mailing expenses in connection with our bank corrispondente services; less (b) Fee and Commission Expense derived from the line items “Fees and commissions assigned to—Third parties” and “Fees and commissions assigned to—Distributors.” Our value-added services also generate revenue attributable to the line item “Other Operating Income” which is distinct from Fee and Commission Income and therefore not captured by Net Fee Income.

Net Fee Income from dealing, custody, administration and value-added services decreased by €2.0 million, or (4.5%), from €44.4 million for the three month period ended March 31, 2018 to €42.4 million for the three month period ended March 31, 2019. This decrease was a result of: (i) a decrease in Fee and Commission Income, primarily due to a reduction of the average margin obtained from the AuA on our platform during the same period of 3.3 basis points and partially offset with the good evolution of the services for which we collect fees (mainly Fund Manager set-up and maintenance services); and (ii) a positive effect due to a decrease in Fee and Commission Expense, mainly driven by a lower average volume of AuA on our platform which give rights to pay fees to our clients mainly due to the effect of the implementation of Mifid II (Markets in Financial Instruments Directive II).

Net Fee Income from banca corrispondente services decreased by €0.1 million, or (2.1%), from €4.8 million for the three month period ended March 31, 2018 to €4.7 million for the three month period ended March 31, 2019. This decrease was mainly driven by the reduction in the number of transactions on which we charge a fixed commission (49.5 million transactions for the three month period ended March 31, 2018 in comparison with 48.3 million transitions for the three month period ended March 31, 2019).

Net Fee Income from foreign currency exchange services decreased by €1.3 million, or 25.0%, from €5.2 million for the three month period ended March 31, 2018 to €3.9 million for the three month period ended March 31, 2019. This decrease was mainly driven by the lower number of transactions and a smaller average amount transacted during the same period.

Gross Income

The following table provides a breakdown of LHC3`s Groups Gross Income by line item for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Net Interest Expense ............................................................................................................. (6.3) (11.6) Net Fee Income ...................................................................................................................... 54.4 51.1 Gains/(Losses) on Financial Assets and Liabilities Held for trading (Net) .............................. 0.1 - Exchange Differences (Net) .................................................................................................... 0.2 (0.5) Other Operating Income .......................................................................................................... 0.7 1.7 Other Operating Expenses ....................................................................................................... (0.2) (0.1) Gross Income ......................................................................................................................... 48.9 40.5

Gross income decreased by €8.4 million, or (17.2%), from €48.9 million for the three month period ended March 31, 2018 to €40.5 million for the three month period ended March 31, 2019. This decrease was mainly driven by the increase in Net Interest Expense and the decrease in Net Fee Income during the same period, for the reasons described above.

12

EBITDA

The following table provides a breakdown of LHC3`s Group EBITDA by line item for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Gross Income ......................................................................................................................... 48.9 40.5 Administrative Costs ............................................................................................................... (20.9) (25.2)

Personnel Expenses ............................................................................................................... (10.1) (13.9) Other Administrative Expenses ............................................................................................. (10.8) (11.3)

EBITDA ................................................................................................................................. 28.0 15.3

EBITDA decreased by €12.7 million, or (45.4%), from €28.0 million for the three month period ended March 31, 2018 to €15.3 million for the three month period ended March 31, 2019. This decrease was mainly driven by a decrease in gross income during the same period, for the reasons described above, and additionally increased by an increase in Personnel expenses.

Personnel expenses increased by €3.8 million, or 37.6%, from €10.1 million for the three month period ended March 31, 2018 to €13.9 million for the three month period end March 31, 2019, due to: (i) Senior team recruitments; and (ii) an increase of 126 full time employees mainly in the IT, Digital and Client services areas between the start of three month periods ending March 31, 2018 and March 31, 2019. The reason for the additional headcount was due to the increase of the business activity and the number of new clients, to regulatory requirements, the development of the digital solutions following the separation from the former shareholders, which contributed to an increase in payroll expenditures, and (iii) an average salary increase of 2%.

Our other administrative expenses increased by €0.5 million, or 4.6%, from €10.8 million for the three month period ended March 31, 2018 to €11.3 million for the three month period ended March 31, 2019. The increase was driven mainly by the growth in accountancy, legal, and other advisory services , and communications costs, in part offset with a reduced rental cost due to applying IFRS 16 from 1 January 2019.

Profit before Tax

The following table provides a breakdown of LHC3`s Group Profits before Tax by line item for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) EBITDA ................................................................................................................................. 28.0 15.3 Depreciation and Amortisation ................................................................................................ (22.5) (24.6) Provisions or Reversals of Provisions ..................................................................................... - - Impairment or On Financial Assets Not Measured at Fair Value through Profit (Loss)

(Net) ...................................................................................................................................... - -

Loans And Receivables .......................................................................................................... (0.1) (0.1) Impairment or Reversal of Impairment on Non-Financial Assets (Net) .................................. - (0.3) Operating Profit / (Loss) before Tax .................................................................................... 5.4 (9.7)

Operating profit before tax decreased by €15.1 million, or (279.6%), from €5.4 million for the three month period ended March 31, 2018 to a loss of (€9.7) million for the three month period ended March 31, 2019. This decrease was mainly driven by the decrease in EBITDA, for the reasons described above, and further increased by the increase in the amortisation charges of additional intangible assets. Additionally, with the introduction of IFRS 16 on January 1 2019, has resulted with a higher depreciation charge of €1.3 million in “Right to Use Assets” classification.

13

Profit for the Period from Continuing Operations

The following table provides a breakdown of LHC3`s Group Profits from Continuing Operations by line item for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Operating Profit / (Loss) Before Tax ................................................................................... 5.4 (9.7) Tax Expense or Income Related to Profit (Loss) from Continuing Operations ....................... (4.2) 2.3 Profit / (Loss) From Continuing Operations ....................................................................... 1.2 (7.4)

Profit from continuing operations decreased by €8.6 million, or (716.7%) from €1.2 million for the three month period ended March 31, 2018 to a loss of (€7.4) million for the three month period ended March 31, 2019. This decrease was mainly driven by (i) the decrease in gross income; (ii) the increase in administrative costs; (iii) and by the introduction of a new tax regime granted by the Spanish tax authorities of the Liberty Partners Group.

14

Key Performance Indicators

As of and for the three

months ended March 31 2018(1) 2019(1) End of Period AuA (€bn)(2) ................................ 362.0 369.5 Average AuA (€bn)(3) ......................................... 364.4 359.8 Net Fee Income Margin(4) .................................. 5.97 5.67 Number of Platform Clients ............................... 595 628 Administrative Costs to Net Fee Income Ratio(5) 37.50% 49.00%

(1) The figures presented above are subject to variation from period to period.

(2) End of Period AuA represents the amount of AuA on our platform as of the applicable date.

(3) Average AuA represents the average amount of AuA on our platform for the applicable period. Average AuA is calculated as the sum of the value of AuA on our platform at the end of each business day divided by the number of business days in such period.

(4) Net Fee Income Margin represents Net Fee Income of Allfunds Group for the period divided by the average AuA for the period.

(5) Administrative Costs to Net Fee Income Ratio represents Administrative Costs divided by Net Fee Income (both from Allfunds Group), each for the applicable period.

Financial Conditions

Capital Ratios

LHC4 Group and Allfunds Group, are both regulated by the Bank of Spain.

Due to the regulatory regimes applicable to our businesses, we are required to comply with certain liquidity standards and Capital Regulatory Requirements (“CRR”) including those set forth in (i) Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, setting out prudential requirements for credit institutions and investment firms and (ii) Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013, on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (“CRD IV” and, together with the CRR, the “CRD IV Package”).

To protect against credit risk, operational risk, market risk, systemic risk, pension risk, concentration risk, strategic risk, reputational risk, liquidity risk and legal risk the CRD IV Package requires us to maintain certain minimum amounts of CET1 capital, Tier 1 Capital and Tier 2 Capital. Compliance with these capital requirements is monitored on the basis of capital ratios (including the CET1 capital ratio, Tier 1 capital ratio and Total capital ratio) that track the amounts of these capital components as a percentage of our weighted exposure to each of these risks.

In the business plan discussed with the Bank of Spain in connection with the Acquisition, the Acquisition Vehicles acknowledged the Bank of Spain’s regulatory requirement for LHC4 Group and Allfunds Group to maintain a CET1 capital ratio of 17.5% after the Acquisition, and the undertaking given by the Acquisition Vehicles and their shareholders in connection with the requirement to exercise their voting and other shareholder rights in LHC4 Group and Allfunds Group or any of the Acquisition Vehicles, as applicable, to ensure that LHC4 Group and Allfunds Group takes such steps as are necessary to restore the CET1 capital ratio of LHC4 Group and Allfunds Group, held at the levels on a consolidated basis, to 17.5% following a capital shortfall. However, there can be no assurance that this 17.5% CET1 capital ratio requirement will continue to apply in the future.

The Regulated Group and Allfunds Group is also required to comply with liquidity standards and capital adequacy requirements on an unconsolidated basis.

Calculation of Capital Requirements and Risk Weighted Assets

We calculate our capital requirements for credit and counterparty risk, market risk and operational risk in accordance with the CRD IV Package and applicable banking regulations, as described below.

15

Credit and Counterparty Risk

Our credit and counterparty risk requirement was €41.5 million as of March 31, 2019. We compute our capital requirements for credit and counterparty risk according to CRD IV, using the standardized method. According to this method, on- and off-balance sheet assets carrying credit and counterparty risk are weighted using percentage weights which depend on different factors such as the type of asset and its rating. The capital requirement is then computed by multiplying our Risk-Weighted Assets (the “RWA”) by 8%.

As of March 31, 2019

Book Value

Average Weight RWAs

(in € millions, except for percentages) Central Governments and Central Banks ........................................................... 414.4 0.0% 0.0 Financial Institutions ......................................................................................... 850.5 20.3% 172.4 Corporate Customers ......................................................................................... 9.2 100.0% 9.2 Retail Customers ............................................................................................... 0.4 75.1% 0.3 Collective Investment Undertakings .................................................................. 0.0 0.0% 0.0 Equity Instruments ............................................................................................ 0.4 100.0% 0.4 Other Exposures ................................................................................................ 337.0 100.0% 337.0 Total Excluding Off-Balance Sheet ................................................................ 1,611.9 32.2% 519.2 Off-Balance Sheet Assets .................................................................................. - - - Total Including Off-Balance Sheet ................................................................. 1,611.9 32.2% 519.2 Capital Requirement (RWAs × 8%) €41.5 million

Our credit and counterparty risk depends on the size and riskiness of our on- and off-balance sheet assets and tends to grow in line with the growth of their notional amounts. As an illustrative example, if the total of our on- and off-balance sheet assets increased by 5% to €1,692.5 million, and the average risk weight stayed constant at 32.2%, our RWAs would increase to €1,692.5 million × 32.2% = €545.0 million, and our capital requirement would increase to €545.0 million × 8% = €43.6 million.

RWAs increased by €19.0 million, or 3.8%, from €500.2 million as of December 31, 2018 to €519.2 million as of March 31, 2019. This increase was mainly driven by ta higher exposure to instruments due to an increase in the total book value from €1,421.6 million to €1,611.9 million.

Market Risk

Our market risk requirement showed a slight decrease from €0.7 million as of December 31, 2018 to €0.6 million as of March 31, 2019. This risk depends primarily on the size and volatility of our overall net foreign-exchange position. The capital for market risk requirements amounted to €0.6 million as of March 31, 2019, in order to cover structural exchange rate risk.

Operational Risk

Our operational risk requirement was €28.5 million as of March 31, 2019, with no variation in respect of December 31, 2018. We compute our capital requirements for operational risk according to CRD IV, using the basic indicator approach. According to this approach, the capital requirement is equal to 15% of the average for the past three accounting years of the “relevant indicator,” an income statement aggregate which is computed as indicated in EU Regulation No 575/2013, Article 316. This figure is updated just once per year, when the end-of-year financial statements are produced. Our relevant indicator is equal to our Net Fee Income, Net Interest Income and other operating income, adjusted for gains (losses) on de-recognition of financial assets and liabilities not measured at fair value through profit or loss and exchange differences in our IFRS financial statements.

As the Company LHC4 was constituted in March 2017, and the acquisition of Allfunds Bank S.A.U. was completed on November 21, 2017, the LHC4 Group does not have audited financial statements available for the previous three financial years. As such, the Company has decided to apply the following criteria from the CRR, “where an institution has been in operation for less than three years it may use forward looking business estimates in calculating the relevant indicator, provided that it starts to use historical data as soon as it is available”.

16

In this regard, the Company has decided to obtain the basic indicator approach for the LHC4 Group from Allfunds Bank Group`s Income Statements for the previous three financial years, as this is the main driver of the LHC4 Group`s Income Statement.

Year ended December 31, 2016 2017 2018

(in € millions, except where stated

otherwise) Interest Income ............................................................................................... 1.3 0.8 2.1 Interest Expenses ............................................................................................ (0.3) (0.5) (1.5) Fee And Commission Income ........................................................................ 732.5 1,020.4 1,333.5 Fee And Commission Expense ....................................................................... (578.0) (831.2) (1,116.1) Gains (Losses) on Financial Assets and Liabilities Not Held for Trading

Designated at Fair Value through Profit and Loss (Net)............................... 0.0 0.0 (0.3) Gains (Losses) on Financial Assets and Liabilities Held for Trading (Net) ... 0.2 0.1 0.1 Exchange Differences (Net) ........................................................................... 0.3 0.1 0.1 Other Operating Income ................................................................................. 0.7 0.6 5.1 Relevant indicator ........................................................................................ 156.7 190.3 223.0 Average of the last three years .................................................................... 144.3 169.2 190.0 Capital Requirement (average × 15%) ....................................................... 21.6 25.4 28.5

Our operational risk depends on the size of our revenues and tends to follow their growth. As an illustrative example, if the sum of our total income and other operating income increased by 5% to €234.1 million for the year ended December 31, 2018, the average of the last three years would increase to €193.7 million, and our approximation of the capital requirement would increase to €193.7 million × 15% = €29.1 million for both the year ended December 31, 2018 and for the three month periods ended March 31, 2019.

Discussion of Tier 1 Capital Ratio

The following table provides an overview of our own funds, exposures, capital requirements and capital ratios as of December 31, 2018 and March 31, 2019.

As of December 31, 2018 As of March 31, 2019 (in € millions, except where stated otherwise) Own funds(1)

Common Equity Tier 1 Capital (CET1)(2) ..................... 277.3 276.7 Tier 1 Capital(3) .............................................................. 277.3 276.7 Tier 2 Capital(4) .............................................................. — — Total own funds ......................................................... 277.3 276.7

Basel III Capital Requirements(5) .................................... Capital requirements for credit and counterparty risk(6) 40.0 41.5 Capital requirements for market risk(7) .......................... 0.7 0.6 Capital requirements for operational risk(8) ................... 28.5 28.5 Total capital requirements ........................................ 69.2 70.6

Monetary Authority of Singapore Equity Requirements(9) 128.3 131.5

Risk-Weighted Assets and capital ratios Risk-Weighted Assets(10) ................................................. 865.1 882.4 CET1 capital ratio(11) ....................................................... 32.1% 31.4% Tier 1 capital ratio(12) ....................................................... 32.1% 31.4% Total capital ratio(13) ........................................................ 32.1% 31.4%

(1) CET1 Capital, Tier 1 Capital and Tier 2 Capital were all calculated in accordance with the applicable regulations and reflect actual

amounts held for the applicable period.

(2) Common Equity Tier 1 Capital is the primary measure of a bank’s financial strength from a regulatory perspective. It is composed mainly of equity capital, net of regulatory deductions and adjustments as set out in more detail in the CRR.

17

(3) Tier 1 Capital is a measure of a bank’s financial strength from a regulatory perspective. It consists of CET1 capital and Additional Tier 1 Capital as further defined in the CRR.

(4) Tier 2 Capital is a measure of a bank’s financial strength from a regulatory perspective and consists of certain issued and paid-up subordinated and unsecured instruments, as further defined in the CRD IV. LHC4 Group does not have any Tier 2 Capital.

(5) We calculate our capital requirements for credit and counterparty risk, market risk and operational risk in accordance with the CRD IV Package and applicable banking regulations.

(6) Credit and counterparty risk is defined as the potential loss derived from the failure of a client or counterparty to meet its payment obligations in accordance with the agreed terms. We compute our capital requirements for credit and counterparty risk according to CRD IV using the standardized method. According to this method, on- and off-balance sheet assets carrying credit and counterparty risk are weighted using percentage weights which depend on different factors such as the type of asset and its rating. The capital requirement is then computed by multiplying our Risk-Weighted Assets by 8%.

(7) Market risk can be defined as the risk of losses arising from adverse movements in interest rates, foreign exchange rates and market prices. We compute our capital requirements for market risk by applying the standard method in Pillar 1, which was deemed adequate to cover the structural exchange rate risk. Our market risk depends primarily on the size and volatility of our overall net foreign-exchange position.

(8) Operational risk is the risk of losses stemming from inadequate or failed internal processes, people and systems or from external events. Operational risk arises from events with an operational source, in contrast with market or credit risk event. We compute operational risk according to CRD IV, using the basic indicator approach. According to this approach, the capital requirement is equal to 15% of the average for the past three accounting years of the “relevant indicator,” an income statement aggregate which is computed as indicated in EU Regulation No 575/2013, Article 316.

(9) Represents the euro equivalent of SGD 200 million based on the exchange rate in effect at the end of the applicable period, and is based on the MAS requirement that at least SGD 200 million in group shareholders’ funds are required for carrying out the regulated activity of dealing in securities pursuant to the MAS’ criteria for granting AFB Singapore Branch’s capital markets services license. On December 31, 2018 the exchange rate of the euro compared to the SGD was €0.6414 per SGD and on March 31, 2019 the exchange rate of the euro compared to the SGD was €0.6573 per SGD.

(10) Risk-Weighted Assets are a measure of a bank’s assets and off balance sheet exposures, weighted according to risk, which is used as part of the determination of a bank’s regulatory capital requirements. The proportion of total Risk-Weighted Assets corresponding to each of credit and counterparty risk, market risk and operational risk can be derived by multiplying the capital requirement for each category of risk by 8%.

(11) Calculated as CET1 capital / risk-weighted assets. Our CET1 capital ratio as of March 31, 2019 is calculated on a fully loaded, historical basis.

(12) Calculated as Tier 1 capital / risk-weighted assets. Our Tier 1 capital ratio as of March 31, 2019 is calculated on a fully loaded, historical basis.

(13) Calculated as Total own funds / risk weighted assets. Our Total capital ratio as of March 31, 2019 is calculated on a fully loaded, historical basis.

Our Tier 1 capital ratio slightly decreased by 0.7% from 32.1% as of December 31, 2018, to 31.4% as of March 31, 2019. This decrease was primarily due to higher Risk-Weighted Assets mainly explained by higher exposures to institutions due to an increase in the total book value.

Liquidity and Capital Resources

Overview

The principal source of liquidity for the Issuer is expected to be distributions made by LHC4, as supplemented by drawings under our Revolving Credit Facility. The ability of LHC4 to make distributions to the Issuer will depend on its receipt of distributions from Liberty Partners, which ultimately will rely on distributions made by Allfunds. The ability of Allfunds to make these distributions will be based, among other things, on annual profits or distributable reserves as disclosed in its annual and interim financial statements and the compliance with certain capital adequacy measures.

Our ability to generate sufficient cash for our debt service and ongoing operations depends on our operating performance and liquidity, which in turn depends to some extent on general economic, financial, industry, regulatory and other factors, many of which are beyond our control. We believe that, based on our current level of operations as reflected in our results of operations for the three month period ended March 31, 2018, our

18

cash flows from operating activities and of borrowings under our Revolving Credit Facility will be sufficient to fund our operations and capital expenditures for at least the next twelve months.

Cash Flows

The table below shows selected cash flow statement information for the three month periods ended March 31, 2018 and 2019:

Three months ended

March 31, 2018 2019 (in € millions) Cash Flows From Operating Activities ............................... 116.8 216.8 Cash Flows From Investing Activities ................................ (13.4) (5.2) Cash Flows From Financing Activities ............................... (14.6) (11.9) Effect Of Exchange Rate Changes ...................................... 0.2 (0.2) Net Increase/Decrease In Cash And Cash Equivalents .. 89.0 199.5 Cash and cash equivalents at beginning of period............... 764.8 713.5 Cash and cash equivalents at end of period ......................... 853.8 913.0

Cash flows from Operating Activities

Our cash flows from operating activities are primarily driven by the profit or loss for the period, changes in balances of our Platform Clients’ of Allfunds Group, cash deposits and the amount of cash we deposit in short term deposits. Given that cash flows from operating activities include Platform Clients’ cash deposits, the cash flows from operating activities presented herein do not completely reflect the operational cash generation of our business.

Cash Flows from Operating Activities resulted in an inflow of €116.8 million for the three month period ended March 31, 2018, compared to an inflow of €216.8 million for the three month period ended March 31, 2019. This increase in the three month comparatives was primarily due to both: (i) the growth in the balance on other financial liabilities driven by higher transitory amounts which came from transfer operations and (ii) the recognition of the lease liability from the effect of the adoption of IFRS 16.

Cash flows from Investing Activities

Our cash flows from investing activities are primarily driven by Acquisitions, internal IT developments and refurbishment of our premises.

Cash Flows from Investing Activities resulted in an outflow of €13.4 million for the three month period ended March 31, 2018, compared to an outflow of €5.2 million for the three month period ended March 31, 2019.

For the three month period ended March 31, 2018, our investing expenditure related to: (i) Acquisition of the Fintech Partners Group for €11.5 million; and (ii) Internal IT developments of €1.9 million.

For the three month period ended March 31, 2019, our investing expenditure primarily related to: (i) The new office in Madrid, Spain of €1.3 million; (ii) refurbishment of the London office of €0.1 million; and (iii) internal IT development costs of €3.7 million.

Cash flows from Financing Activities

Cash Flows from Financing Activities resulted in an outflow of €14.6 million in the three month period ended March 31, 2018, compared to an outflow of €11.9 million for the three month period ended March 31, 2019. These outflows both relate to the payment of the PIK notes interest of €14.6 million in March 2018 and €11.9 million in March 2019.

19

Capital Expenditures

To support our business strategy and development plans, we regularly incur capital expenditures. The following table presents our capital expenditures by period. Expansion capital expenditures mainly related to the refurbishment of the Target’s offices and internal IT developments. Maintenance capital expenditures mainly relate to maintenance of our Dealing System.

Three months ended

March 31, 2018 2019 (in € millions) Expansion capital expenditures .............................................. 1.9 5.2 Maintenance capital expenditures .......................................... 1.0 1.6 Capital expenditures ............................................................ 2.9 6.8

For the three month period ended March 31, 2018, our expansion capital expenditures related to internal

IT developments of €1.9 million.

For the three month period ended March 31, 2019, our expansion capital expenditures primarily related to: (i) New office in Spain of €1.3 million; (ii) refurbishment of the London office of €0.1 million; and (iii) internal IT development costs of €3.7 million.

Our maintenance capital expenditures primarily related to maintenance of our software.

20

APPENDIX: FINANCIAL STATEMENTS

Unaudited Interim Consolidated Financial Statements of LHC3 Plc as of and for the three Month Period Ended March 31, 2019 and 2018………………..……………………………………………………...…….……..….. 21