Pre-Close Update

Scholium Group plc

(“Scholium” or, together with its subsidiaries, the “Group”)

Pre-Close Update

24 April 2015

The Directors of Scholium provide an update on trading in advance of the close period.

Shapero Rare Books

In common with the experience of other dealers in collectible and antique goods, Shapero Rare Books has experienced a more challenging year than expected, primarily as a result of lower sales of high value items, particularly to customers of Russian and East European origin.

On a positive note, Shapero Modern, the Group’s Modern and Contemporary prints department, was launched in mid 2014 and has grown during the year to represent more than 5% of group revenue.

Scholium Trading

Trading by the Group alongside other dealers in the broader arts and collectibles market has developed, been profitable and now represents c. 12% of Group revenue.  Whilst gross margins are in the region of 13%, stock turnover is higher than originally anticipated; the value-weighted average holding period of stock acquired for sale is approximately 65 days.  The Group continues to evaluate a number of interesting opportunities across multiple fields in the art and collectibles market.

Out Turn for the Year & Balance Sheet

The Board expects that the Group will report a pre-tax loss (before share based charges) in the region of £0.5 million for the year ended 31 March 2015.  The Group’s balance sheet remains healthy with over £2 million of cash and high quality stock supporting an unaudited net asset value in excess of £10 million (73p per ordinary share).

The Directors anticipate releasing the preliminary statement of the Group’s results for the year ended 31 March 2015 in late June.

Commenting on the above, Jasper Allen, Chairman of Scholium, commented:

“It is disappointing that buying activity in the traditional customer base of Shapero Rare Books has suffered in the last 12 months and impacted our performance. None the less, the Board remains confident that a more normal level of activity will return to the business in the medium term and is actively seeking new opportunities where it has the expertise and capital, whilst conserving cash.”

Scholium Group plc

Jasper Allen, Chairman

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding/Mark Leonard

+44 (0) 207 220 1666

Whitman Howard Ltd – Broker

Ranald McGregor-Smith / Niall Devins

+44 (0) 207 659 1240