Subscription by Phoenix UK Fund Ltd

CIRCULAR

1.Circular to shareholders

IRREVOCABLE UNDERTAKINGS

2. Irrevocable undertaking – Lombard Odier Asset Management (Europe) Limited

3. Irrevocable undertaking – Lombard Odier Asset Management (USA) Corp

4. Irrevocable undertaking – Clive Whiley

5. Irrevocable undertaking – Evolution Securities China Limited

6. Irrevocable undertaking – Henry Wilson

FINANCING DOCUMENTATION

7. The Subscription Letter

8. RBS Consent Letter

9. The Escrow and Framework Agreement

a) Agent Resignation Deed

b) Continuing Facilities Letter

c) Debt Facility Restatement Agreement

d) Deed of Creditor Arrangements

e) Deed of Partial Release

f) RBS Debt Assignment Agreements

i. LMA Trade Confirmation – in respect of the SGF Debt

ii. Assignment Agreement – in respect of the SGF Debt

iii. LMA Trade Confirmation – in respect of the Phoenix Debt

iv. Assignment Agreement – in respect of the Phoenix Debt

g) Security Assignment

h) SGF Subscription Documents

i) SG Guernsey Intercompany Indebtedness Assignment

j) Supplemental Debenture

k) Transaction Security Restatement Deeds

i. Guernsey law amendment, restatement and confirmation agreement

ii. Jersey law amendment, restatement and confirmation agreement

10. Inventory Acquisition Agreement

MATERIAL CONTRACT

11. Confidentiality agreement dated 17 August 2017

FINANCIAL STATEMENTS

12. Audited consolidated accounts of the Company for the years ended 31 March 2015

13. Audited consolidated accounts of the Company for the years ended 31 March 2016

14. Audited consolidated accounts of the Company for the years ended 31 March 2017

15.  Unaudited interim results of the Company for the six months ended 30 September 2017

CONSENT LETTER

16. finnCap consent letter

CONSTITUTIONAL DOCUMENTS

17. Memorandum and Articles of Association of The Stanley Gibbons Group Plc

18. Memorandum and Articles of Association of Phoenix UK Fund Ltd