2013 PERFORMANCE HIGHLIGHTS

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1 2013 PERFORMANCE HIGHLIGHTS

2 CONTENTS WHO WE ARE 01 CHAIRMAN S STATEMENT 02 CHIEF EXECUTIVE S 06 REVIEW 2013 FINANCIAL PERFORMANCE 10 HIGHLIGHTS OUR BUSINESS 12 marexspectron.com

3 WHO WE ARE MAREX SPECTRON IS A LEADING GLOBAL COMMODITIES BROKER. We are the conduit for clients transacting in raw materials, energy and related derivatives. We do so efficiently, discretely and with confidence, on or off-exchange. We provide liquidity in commodity markets that are frequently difficult for clients to access or that require specialist knowledge to navigate successfully. We also connect our clients to any of the world s major commodity exchanges via state of the art networks. We provide a full suite of services to trading companies who need to outsource infrastructure and support operations. We broker financial futures and options, foreign exchange, fixed income and equity securities. Our clients are predominantly commodity producers and consumers, banks, hedge funds, asset managers, brokers, commodity trading advisors and professional traders. We are over 600 market professionals, headquartered in London with offices across Europe, North America and Asia. NO.1 ON LIFFE FOR EXECUTION OF ALL COMMODITY FUTURES AND OPTIONS LIFFE TOP 3 TOP 3 ON LIFFE FOR CLEARING OF ALL COMMODITY FUTURES AND OPTIONS NO.1 LIQUIDITY PROVIDER FOR MATIF OPTIONS NO.1 ON THE LME 25% OF RING DEALING 35% OF SELECT TRANSACTIONS 01

4 CHAIRMAN S STATEMENT Jeremy Isaacs, Chairman MAREX SPECTRON WAS CREATED TO BE THE WORLD S LEADING COMMODITIES BROKER, A GLOBAL-SCALE BUSINESS WITH THE ABILITY TO ACCESS LIQUIDITY ACROSS AGRICULTURAL, METALS AND ENERGY PRODUCTS. 02

5 We saw a need for a broker that could leverage financial strength, expertise, experience and global reach for clients in commodities businesses who had previously had to deal with a different firm for each product they engaged with. We began to build the firm in 2010 with the acquisition of Marex Group, then, as now, the world s leading metals broker and a firm with a strong business in agricultural products. In 2011, we added one of the leading energy brokers, Spectron Group, and the global markets division of Eden Financial to increase our ability to access liquidity in financial products. Finally, in 2012, we acquired Schneider Trading Associates to strengthen our technology and services offering. Marex Spectron Group has become exactly what we hoped it would be: the leading source of liquidity in its core commodities markets and a global benchmark for excellence in transaction execution and post-trade services. Clients responded positively to the new firm. In 2012 an average of 57 new clients joined us every month. In 2013, that figure rose to 71. Commission revenues have grown strongly despite challenging market conditions and a torrent of new regulation. We have grown very rapidly in Asia and North America. We have managed this growth carefully, maintaining excess capital throughout 2013 and average net liquidity of $176 million. We have built a firm with a unique set of strengths, focused on a differentially deep liquidity hub for producers, consumers and investors in commodity markets. The real test of a company, however, comes not when times are good when markets are positive and demand for them is strong but when it faces challenges that are hitting its entire industry. In these circumstances, simply re-engineering internally is not enough. WE HAVE BUILT A FIRM WITH A UNIQUE SET OF STRENGTHS 03

6 CHAIRMAN S STATEMENT In 2013, the global commodities markets, at best, stagnated. The widely followed S&P GSCI Index showed most major commodities markets in decline. The flight to safety effect that had driven gold prices to stratospheric levels turned into a comprehensive rout. Understandably, consumers and producers traded cautiously and only when absolutely necessary. At the same time, the tidal surge of postfinancial crisis regulation reached the commodities sector in earnest. Many large banks began to retreat from our industry as regulatory disapproval of their part in the commodity supply chain combined with the need to reserve capital for core operations. Off-exchange trading underwent a series of major upheavals as, for the first time, many of the smaller commodity markets were required to report trades to a central authority and to clear with exchanges who hiked fees to cover their new costs. In these circumstances, many commodity brokers started to struggle. Clients pulled back, trading volumes weakened and the cost of doing business rose sharply. I am very pleased to report that Marex Spectron came through this difficult year stronger than ever before. We grew our commission revenue substantially in all of our core commodity businesses, actually growing our business at a time when the overall market was shrinking. While this impressive achievement was, in purely financial terms, offset by the increase in the cost of transacting it demonstrated our appeal to clients, our ability to navigate tumultuous markets and has strengthened us for the long-term. MAREX SPECTRON CAME THROUGH THIS DIFFICULT YEAR STRONGER THAN EVER BEFORE 04

7 Throughout, we maintained capital and liquidity buffers that were well in excess of what our regulators and our clients require. We adapted to new market structures without disrupting our clients and were, at all times and above all, operating according to both the letter and the spirit of the regulation and legislation that governs us. The investments we have made in ensuring that our technology services are secondto-none paid off throughout the year. On the London Metal Exchange, we were responsible for an average of 35% of electronic transactions in We built innovative solutions that have helped our off-exchange energy clients transition to new regulation smoothly. We expanded our unrivalled market data service and built some of the most advanced tools available for analysing commodity markets. We also grew our Financial Futures & Options business in 2013 and reported strong revenue growth from this unit. We went into 2014 stronger than ever, with more clients alongside us. Tough times can break companies but if the strategy, the people and the structure of a firm are right, they can put a firm in pole position for the future. I firmly believe that that is what 2013 did for Marex Spectron. OUR GROWTH NOVEMBER 2005 Marex Group established FEBRUARY 2010 Acquired by current shareholders JANUARY 2011 Gained SFC License and became a full US clearer for ICE Futures Inc and CME Group Inc Opened regional data centres in Chicago and New York FEBRUARY 2011 Opened regulated Hong Kong office and data centre MAY 2011 Acquired Spectron Group JUNE 2011 Merged group re-branded as Marex Spectron JULY 2011 Acquired Global Markets Division, Eden Financial MAY 2012 Acquired Pro-Trader Division of Schneider Trading Associates Marex Spectron now numbers around 600 market professionals Jeremy Isaacs Chairman 05

8 CHIEF EXECUTIVE S REVIEW 2013 John Wall, CEO 2013 WAS A VERY TOUGH YEAR FOR THE INDUSTRY AND ITS VARIOUS CONSTITUENTS. I AM PLEASED TO REPORT THAT THE FIRM OVERCAME THE CHALLENGES THIS PRESENTED AND WE CAME INTO 2014 IN MUCH BETTER SHAPE, A STRONGER AND MORE FOCUSED FIRM WITH A SIGNIFICANTLY LOWER COST BASE. 06

9 The difficult conditions experienced in 2013 hit our entire industry. They produced sizeable year-on-year reductions in the revenue of our competitors commodity brokerage operations, which fell 4% at the low end, to 16% in the worst case. Our revenue, conversely, was up 3% ($358.1 million in 2013 vs. $346.3 million in 2012) in total and down just 3% in commodities, which demonstrates the strength and growth of our client franchise and our ability to prevail in tough times. We recorded a small overall loss for the year on a reported basis driven by the cost of restructuring and rising exchange and clearing fees during a bear market year and low trading volumes in our core commodity markets. EBITDA, however, which excludes $8.2 million of one-time restructuring costs and depreciation and amortisation charges of $9.3 million, was positive at $11.3 million in During 2013, my first full year as CEO, it became clear that changes were required to ensure that we operate as efficiently and effectively as possible to guarantee our long term success for all stakeholders. We scaled back aspects of our Equity Commission business, restructured and refocused our FX business, restructured the management team, rationalised our real estate footprint, closed our loss-making Geneva office, and refocused the build of our electronic markets services to our core markets. While these restructuring actions incurred costs in 2013, they will increase the Group s profitability by an estimated $10 million per annum in 2014 and onward. Also, there were many revenue positives about 2013: we grew commissions in our core business and improved our standing with our clients. As a result of both of these and with a small uplift in the sector, I am delighted to report the first quarter of 2014 was the best in the company s history. In fact, EBITDA for the first quarter of 2014 exceeded the EBITDA generated in all of The hard work and achievements of 2013 have been more than justified. We are clearly better positioned to deliver profits in both good times and bad. We gained market share in Metals and our core Agricultural markets in 2013, and maintained share in our off-exchange energy markets. THE FIRST QUARTER OF 2014 WAS THE BEST IN THE COMPANY S HISTORY 07

10 CHIEF EXECUTIVE S REVIEW 2013 Gross commissions increased from $269.8 million in 2012, to $296.6 million in 2013, an increase of 10%, which in a flat to shrinking fee pool is indicative of impressive share gains. The cost of trading increased from $84.1 million in 2012 to $103.1 million in 2013 (23%), reflecting those rising exchange fees, so net commissions increased more modestly from $185.8 million to $193.1 million (4%). Market Making revenues were down year-on-year reflecting the impact of lower volatility on our market making activities in Metals and Agricultural products. Our strategy for growing the business is simple: we focus on building out in markets that are complementary to our existing strengths. The most obvious examples of this can be seen in the on-going success of our offices in New York, Hong Kong and Singapore. Our key qualities the ability to access liquidity in commodity markets, the excellence of our execution capabilities and our robust posttrade operations are attracting significant business in these markets. Revenues in North America and Singapore grew more than 30 per cent, and revenues in Hong Kong more than doubled. Our business in America is now profitable and the Hong Kong business supporting our Asian client base is performing very well and was also profitable through the year. Our Singapore business, which is at an earlier stage of development, is not yet profitable, but performance was encouraging in In the first quarter of 2014, the Monetary Authority of Singapore granted us a Capital Markets Services Licence which will help us grow further and faster, not just in Singapore but across the region. We were also able to make significant progress in our financial products businesses. Our financial futures and options desk continued to grow and carve out a niche as the market s leading intelligence-led broking service. Revenue here grew by 12%. In equity and fixed income securities, 2013 was a period of readjustment as we focused on building our strengths in niche areas and recruiting high quality brokers with strong client relationships. The ProTrader division, which provides technology, facilities and control and support services for trading individuals or groups, grew revenue by 14% in 2013 and was profitable. Last year, in tough conditions, the attractiveness of our core services to clients was validated and the firms hard work to reduce costs, whilst not reducing our leverage, was validated by the first quarter of this year. Outlook Our markets appear to be normalising somewhat. Commodities as a sector have had an improved performance relative to the last few years and indeed other asset classes. This may attract financial investors, and our core consumer/producer client base is more active as volatility returns to more normal levels. We have seen several banks exit the market and some consolidation of our peers on the brokerage side, both of which are advantageous to us. More clients than ever chose to join us in 2013, even when the overall market was shrinking, this reflects our deserved reputation for putting their interests first and their confidence that Marex Spectron is here for the long-term. 08

11 We have the capacity to grow our business whilst ensuring that we operate with strong capital and liquidity buffers. We have come through difficult market conditions and we are well set to weather any further storms. We are already seeing the benefits of the changes we have made and are confident we can continue to build on our strengths has started strongly and there is good reason to expect the business to perform well, in absolute terms and relative to our peers, through the rest of the year. John Wall CEO THE FIRST CHOICE FOR AGRICULTURAL PRODUCTS NYSE LIFFE top 2 for clearing and execution Matif top 3 option market maker NUMBER 1 FOR ENERGY Dominant market shares in European Gas and Power markets The leading Iron Ore, Coal & Oil Products broker THE LEADING GLOBAL METALS BROKER 35% of LME Ring transactions in % of LME select transactions in

12 GROUP FINANCIAL PERFORMANCE HIGHLIGHTS 2013 Profit & Loss AMOUNTS IN US$ MILLIONS Operating Revenues CHANGE % STRONG OPERATING REVENUE EBITDA* ** -70% * Earnings Before Interest, Taxation, Depreciation & Amortisation POSITIVE EBITDA IN CHALLENGING ENVIRONMENT ** Includes gain from sale of LME shares on HKeX aquisition Balance Sheet AMOUNTS IN US$ MILLIONS Total Assets CHANGE 1, , % STRONG BALANCE SHEET Total Equity Total Customer Assets Total Firm Assets % 40% -2% NO DEBT ON BALANCE SHEET Firm Cash Firm Net Leverage % NET LEVERAGE JUST 1.3X 10

13 Capital AMOUNTS IN US$ MILLIONS CHANGE Capital Resources % Capital Requirement (Pillar 1) % Excess on Pillar % Ratio of Capital Resources to Capital Requirements STRONG CAPITAL POSITION CAPITAL RESOURCES SUBSTANTIALLY EXCEED REQUIREMENT For our full 2013 Group Accounts please visit marexspectron.com 11

14 OUR BUSINESS Marex Spectron Group was formed following the integration of Marex Financial and Spectron Group in Our subsidiaries are regulated by the Financial Conduct Authority in the UK, the Commodity Futures Trading Commission in the USA, the Securities and Futures Commission in Hong Kong and the Monetary Authority of Singapore. Marex Spectron Group is majority owned by JRJ Group and its partners, Trilantic Capital Partners and BXR Group. OUR MAJOR BUSINESSES INCLUDE: Agricultural Products We offer a full broking, execution and clearing service for all major global softs and agricultural products markets. We are a leading broker on NYSE LIFFE, with dominant market shares in cocoa, coffee and sugar. Energy We are a leading broker of Natural Gas, Electricity, Crude Oil, Petroleum Products, Coal, Environmental Products, Carbon, Renewable Energy Certificates, Ethanol and Biodiesel. We offer voice and screen-based off-exchange and on-exchange broking and a range of execution and clearing services. We have also, alongside our peers ICAP and Tullett Prebon, created Tankard: a series of indices for UK and European natural gas hubs, calculated from physically-settled natural gas forwards, executed between utilities, natural gas producers, hedge funds, banks and trading houses. Metals We are a category-one, ring-dealing member of the London Metal Exchange, a member of the London Bullion Market Association and also provide execution and clearing services for COMEX and NYMEX products, exchange-traded and off-exchange precious metals products, as well as a full averaging and warrant dealing service. 12

15 Freight We are a key operator in the marketplace for tanker freight derivatives and options. We provide spreads and options on all tanker routes via an integrated screen that allows clients to co-mingle clearers from NOS, CME, ICE and LCH. Global Financial Futures and Options We have top-tier exchange rankings for these products across fixed income and equities. As well as execution and clearing services we offer strategic trade insight and customised analysis. Intelligence Marex Spectron offers a range of market data, commentary and analytics and research tools across our core commodity businesses. As one of the most experienced energy brokers in the world, we also provide unique market data on off- exchange markets in that sector. Securities Marex Spectron is a premier specialist broker of cash equities, fixed income and equity derivatives. We are a leading intermediary for cash equities and equity finance. We broke a full range of FI products and can match client orders in illiquid, corporate and government bonds. Foreign Exchange Marex Spectron s experienced FX team covers markets in spot, Forward, NDF and Currency Options. We offer voice broking and an advanced electronic execution platform. 13

16 London: Head Office Marex Spectron 155 Bishopsgate London EC2M 3TQ +44 (0) New York Marex North America LLC 360 Madison Avenue Third Floor New York NY Hong Kong Marex Hong Kong Limited th Floor ICBC Tower Citibank Plaza 3 Garden Road Central Hong Kong Singapore Marex Spectron Asia Pte Ltd 8 Marina View Asia Square Tower 1 Singapore marexspectron.com This document has been prepared by Marex Spectron for information purposes only and as a summary of the Group s performance highlights in Whilst Marex Spectron has taken all reasonable steps to ensure that the information in this document is correct, 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 document. Full details of Marex Spectron s financial performance can be found at Information in this document 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 and is not directed at retail customers. The information in this document is not intended to be published, directed, made available to or used by any person in any jurisdiction where to do so would be contrary to any applicable laws or regulation. Marex Spectron is a brand name of the group of companies including Marex Financial Limited, Marex North America LLC, and Marex Hong Kong Limited. Marex Financial Limited is incorporated under the laws of England and Wales (company no ), is authorised and regulated by the Financial Conduct Authority (FCA registration number ) and is a member of the London Stock Exchange. Marex Financial Limited s registered address is at 155 Bishopsgate, London, EC2M 3TQ. Marex North America LLC is incorporated in Delaware, is a Member of the U.S. National Futures Association and is a registered U.S. Futures Commission Merchant (NFA registration number ). Marex North America LLC s principal place of business is 570 Lexington Avenue Suite 4700, New York, NY Marex Hong Kong Limited is incorporated in Hong Kong and is licensed by the H.K. Securities Futures Commission. Marex Hong Kong Limited s registered address is ICBC Tower, Citibank Plaza, 3 Garden Road Central. The copyright to this document is held by Marex Spectron. Unauthorised reproduction is strictly prohibited.

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