Half-yearly Report

London Finance & Investment Group P.L.C.

Interim Results

Lonfin (LSE: LFI, JSE: LNF) today announces its unaudited interim results for
the six months ended 31st December 2014 and dividend declaration

Introduction

As an investment company our target is to achieve growth in shareholder value
in real terms over the medium to long term. In the short term our results can
be influenced by overall stock market performance, particularly the valuation
of our Strategic Investments. We continue to believe that a combination of
Strategic Investments and a General Portfolio is the most effective way of
achieving our aims. Strategic Investments are significant investments in
smaller UK quoted companies where we have expectations of above average growth
over the medium to longer term and these are balanced by a General Portfolio
which consists of investments in major U.S., U.K. and European equities.

At 31st December 2014, we held two Strategic Investments in which we have board
representation: our associated company Western Selection P.L.C. and Finsbury
Food Group plc. Detailed comments on our Strategic Investments are given below.

Results

Our net assets per share increased 6.9% to 47.8p at 31st December 2014 from
44.7p at 30th June 2014. Our Strategic Investments, adjusting for the
additional investment in Finsbury Foods, increased in value by 13.4% during the
period, reflecting a strong performance in both Western's and Finsbury Food's
share prices. Our General Portfolio increased by 1%, compared with decreases of
2.6% in the FTSE 100 index, and 0.2% in the FTSEurofirst 300 Index over the
half year. At the close of business on 26th February 2015, our net asset value
was 49.9p per share.

The Group profit before tax for the half year was £1,017,000 compared to a
profit of £385,000 for the same period last year, which reflects the unrealised
profit arising from the strong performances in the Strategic Investments. Our
profit after tax and minority interest was £810,000 (2013 - profit: £355,000)
giving profits per share of 2.6p (2013 - 1.1p).

Strategic Investments

Western Selection P.L.C. ("Western")

The Group owns 7,860,515 Western shares, representing 43.8% of Western's issued
share capital.

On 26th February 2014, Western announced a profit after tax of £336,000 for its
half year to 31st December 2014 and a profit per share of 1.2p (2013: profit
1.9p). Western's net assets at market value were £16,647,000 equivalent to 93p
per share, a decrease of 9% from 102p at 30th June 2014. Western has announced
an interim dividend of 1.05p per share (prior year: 0.95p).

The market value of the Company's investment in Western at 31st December 2014
was £4,559,000 representing 31% of the net assets of Lonfin. The underlying
value of the investment in Western, valuing Western's own investments at market
value, was £7.3 million (30th June 2014: £8.0 million).I am the Chairman of
Western and Mr. Robotham is a Non-Executive Director. Western's principal core
holdings are in Creston plc, Northbridge Industrial Services PLC, Swallowfield
plc and Hartim Limited. Extracts from Western's announcement on its core
holdings are set out below:

     Creston plc ("Creston")                                                   
                                                                               
     Creston is a marketing services group whose strategy is to grow within its
     sector both by organic growth and through selective acquisition to become 
     a substantial, diversified marketing services group. Further information  
     about Creston is available on their website: www.creston.com.             
                                                                               
     Creston's results for the half-year to 30th September 2014 show a profit  
     after tax of £3,123,000 (2013: £1,148,000). Creston declared an interim   
     dividend of 1.35p per share, an increase of 13% on the prior year.        
                                                                               
     Western owns 3,000,000 shares in Creston (5.0%) with a market value at    
     31st December 2014 of £3,840,000 (30th June 2014: £3,150,000), being 23%  
     of Western's assets.                                                      
                                                                               
     Northbridge Industrial Services plc ("Northbridge")                       
                                                                               
     Northbridge hires and sells specialist industrial equipment to a          
     non-cyclical customer base. With offices or agents in the U.K., U.S.A.,   
     Dubai, Germany, Belgium, France, Australia, Singapore, India, Brazil,     
     Korea and Azerbaijan, Northbridge has a global customer base. This        
     includes utility companies, the oil and gas sector, shipping, construction
     and the public sector. The product range includes loadbanks, transformers,
     generators, compressors, loadcells and oil tools. Further information     
     about Northbridge is available on their website:                          
     www.northbridgegroup.co.uk.                                               
                                                                               
     Northbridge's latest results, for the half year to 30th June 2014, showed 
     profit after tax of £2,568,000 (2013: £1,949,000). Northbridge declared an
     interim dividend of 2.20p per share, an increase of 10% on the prior year.
                                                                               
     Western owns 1,875,000 shares, representing 10% of Northbridge's share    
     capital. The market value of this investment at 31st December 2014 was £  
     7,406,000 (30th June 2014: £9,750,000), representing 44% of Western's     
     assets.                                                                   
                                                                               
     I am a Non-Executive Director of Northbridge.                             
                                                                               
     Swallowfield plc ("Swallowfield")                                         
                                                                               
     Swallowfield is a market leader in the development, formulation,          
     manufacture and supply of cosmetics, toiletries and related household     
     products for global brands and retailers operating in the cosmetics,      
     personal care and household goods market. Further information about       
     Swallowfield is available on its website: www.swallowfield.com.           
                                                                               
     Swallowfield announced its annual results to 30th June 2014 on 18th       
     September 2014 showing a profit after tax of £157,000 compared to a loss  
     of £910,000 (restated) for the comparable period last year. No dividends  
     were received from Swallowfield during the year (2013 - £118,000).        
                                                                               
     Western owns 1,869,149 shares in Swallowfield (16.5% of their issued share
     capital). The market value of the Company's holding in Swallowfield on    
     31st December 2014 was £1,589,000 (30th June 2014: £1,813,000)            
     representing 10% of the Company's assets.                                 
                                                                               
     Mr E.J. Beale is a Non-Executive Director of Swallowfield.                
                                                                               
     Hartim Limited ("Hartim")                                                 
                                                                               
     Hartim offers a complete export sales, marketing and logistical service to
     a number of well known UK branded fast moving consumer goods companies.   
     This investment is accounted for as an associated company.                
                                                                               
     Our share of Hartim's estimated results for the period ended 31st December
     2014 is a profit after tax of £23,000 (2013 - £161,000, plus an           
     exceptional profit in 2013 of £167,000 due to the release of surplus      
     provisions relating to the closure of its Australian subsidiary).         
                                                                               
     At 31st December 2014, Western owned 49.5% of Hartim. The carrying value  
     of the Company's equity investment in Hartim on 31st December 2014 was £  
     591,000 (31st December 2013: £514,000) representing 3% of the Company's   
     assets. In addition, loans of £660,000 (equivalent to a further 4% of the 
     Company's assets) have been made to Hartim and its executive directors.   
                                                                               
     Mr L.H. Marshall and Mr. E.J. Beale are Non-Executive Directors of Hartim. 

Finsbury Food Group plc ("Finsbury Food")

Finsbury Food is a leading manufacturer of cakes and bread to the major UK
multiple grocers and recently acquired the Fletchers Group, suppliers of fresh
and frozen bread and morning goods to the major UK multiple grocers and the UK
foodservice sector. Further information about Finsbury Food is available on its
website: www.finsburyfoods.co.uk.

The Group acquired a further 1,000,000 shares in Finsbury Food for £593,000
during the period and now holds 10,000,000 shares, representing 7.9% of their
share capital. The Group interest has reduced from 13.7% at June 2014 following
Finsbury's acquisition of Fletchers Group for £56m by way of £35m of shares and
new debt facilities. The market value of our holding was £5,900,000 on 31st
December 2014 compared to a cost of £2,876,000; this represents 40% of the net
assets of Lonfin.

Finsbury Food will be announcing their interim results on 23rd March 2015.

Mr E.J. Beale is a Non-Executive Director of Finsbury Food.

General Portfolio

The list of investments included in the General Portfolio is set out at the end
of this announcement. We continue to hold 29 investments having taken £67,000
out of the amount invested.

Dividends

The Board has declared an interim dividend of 0.50p per share (prior year:
0.45p)

Outlook

Despite only modest improvements in global economic conditions, world indices
are at record levels. As a result the Board remains cautious about the
remainder of the year.

                                                              David C. Marshall

                                                                       Chairman

Interim Dividend

The declared interim dividend is 0.5p per share (ZAR 8.86735 cents) (prior
year: 0.45p) and will be paid on Friday, 10th April 2015 to those members
registered at the close of business on Friday 20th March 2015 (SA and UK).
Shareholders on the South African register will receive their dividend in South
African Rand converted from sterling at the closing rate of exchange on 26th
February 2015.

The issued number of shares as at the declaration date is 31,207,479.

The Company's UK Income Tax reference number is 948/L32120.

Salient dates for dividend                                         
                                                                   
Last day to trade (SA)                Friday, 13th March 2015      
                                                                   
Shares trade ex dividend (SA)         Monday, 16th March 2015      
                                                                   
Shares trade ex dividend (UK)         Thursday, 19th March 2015    
                                                                   
Record date (SA and UK)               Friday, 20th March 2015      
                                                                   
Pay date                              Friday, 10th April 2015      

Shareholders are hereby advised that the exchange rate to be used will be GBP 1
= ZAR 17.7347. This has been calculated as the average of the bid/ask spread at
16.00 (United Kingdom time) being the close of business on 26th February 2015.
Consequently, the dividend of 0.50p will be equal to ZAR 8.86735 cents.

The JSE Listings Requirements require disclosure of additional information in
relation to any dividend payments.

Shareholders registered on the South African register are reminded that the
dividend withholding tax will be withheld from the gross final dividend amount
of ZAR 8.86735 cents per share at a rate of 15%, unless a shareholder qualifies
for an exemption; shareholders registered on the South African register who do
not quality for an exemption will receive a net dividend of ZAR 7.53725 cents
per share. The dividend is payable in cash as a `Dividend' (as defined in the
South African Income Tax Act, 58 of 1962, as amended) by way of a payment out
of income reserves. The dividend withholding tax and the information contained
in this paragraph is only of direct application to shareholders registered on
the Johannesburg register, who should direct any questions about the
application of the dividend withholding tax to Computershare Investor Services
(Pty) Limited, Tel: [phone].

No dematerialisation or rematerialisation of share certificates, nor transfer
of shares between the registers in London and South Africa will take place
between Monday, 16th March 2015 and Friday 20th March 2015 all dates inclusive.



Unaudited Consolidated Statement of Comprehensive Income

                                                 Half year ended     Year ended
                                                  31st December       30th June
                                                   2014        2013        2014
                                                                               
                                                   £000        £000        £000
                                                                               
Operating Income                                                               
                                                                               
Dividends received                                 197         173          393
                                                                               
Rental and other income                             41          41           82
                                                                               
Profit on sales of investments, including           91         205          205
provisions                                                                     
                                                                               
                                                   329         419          680
                                                                               
Management services income                         108          93          205
                                                                               
                                                   437         512          885
                                                                               
Administrative expenses                                                        
                                                                               
Investment operations                             (171)       (158)       (330)
                                                                               
Management services                               (111)       (173)       (321)
                                                                               
Total administrative expenses                     (282)       (331)       (651)
                                                                               
Operating profit                                   155         181          234
                                                                               
Unrealised changes in the carrying value of        879         206        (339)
investments                                                                    
                                                                               
Interest payable                                   (17)         (2)        (25)
                                                                               
Profit on ordinary activities before taxation    1,017         385        (130)
                                                                               
Tax on result of ordinary activities              (188)        (45)          71
                                                                               
Profit on ordinary activities after taxation       829         340         (59)
                                                                               
Non-controlling interest                           (19)         15           16
                                                                               
Total comprehensive income - profit                810         355         (43)
attributable to members of the holding                                         
company                                                                        

Reconciliation of headline earnings                                           
                                                                              
Earnings/(Loss) per share                         2.6p        1.1p      (0.1)p
                                                                              
Adjustment for unrealised changes in the        (2.8)p      (0.6)p        0.8p
carrying value of investments and exceptional                                 
items, net of tax                                                             
                                                                              
Headline (loss)/earnings per share              (0.2)p        0.5p        0.7p
                                                                              
Interim dividend                               0.50p         0.45p       0.45p
                                                                              
Final dividend                                                           0.45p
                                                                              
Total in respect of the year                                             0.90p



Unaudited Consolidated Changes in Shareholders' Equity

                                                31st December       30th June
                                                 2014        2013        2014
                                                                             
                                                 £000        £000        £000
                                                                             
Total comprehensive income attributable to       810         355         (43)
members                                                                      
                                                                             
Dividends paid to equity shareholders           (141)       (125)       (265)
                                                                             
                                                 669         230        (308)
                                                                             
Equity shareholders' funds at start of        13,950      14,258       14,258
period                                                                       
                                                                             
Equity shareholders' funds at end of period   14,619      14,488       13,950



Unaudited Consolidated Statement of Financial Position

                                                31st December       30th June
                                                 2014        2013        2014
                                                                             
                                                 £000        £000        £000
                                                                             
Non-current assets                                                           
                                                                             
Tangible assets                                   35           2          39 
                                                                             
Principal investments:-                                                      
                                                                             
Finsbury Food Group Plc                        5,900       5,400        4,860
                                                                             
Western Selection P.L.C.                       4,559       4,323        4,166
                                                                             
                                              10,494       9,725        9,065
                                                                             
Current assets                                                               
                                                                             
Listed investments                             5,899       5,775        5,927
                                                                             
Trade and other receivables                      252         254          245
                                                                             
Cash, bank balances and deposits                  83         123           39
                                                                             
                                               6,234       6,152        6,211
                                                                             
Total Assets                                  16,728      15,877       15,276
                                                                             
Capital and Reserves                                                         
                                                                             
Called up share capital                        1,560       1,560        1,560
                                                                             
Share premium account                          2,320       2,320        2,320
                                                                             
Unrealised profits and losses on investments   5,280       5,037        4,585
                                                                             
Share of undistributed profits and losses of    (125)       (387)       (294)
subsidiaries and associates                                                  
                                                                             
Company's retained realised profits and        5,584       5,958        5,779
losses                                                                       
                                                                             
Equity shareholders funds                     14,619      14,488       13,950
                                                                             
Trade and other payables falling due within    1,729       1,067        1,150
one year                                                                     
                                                                             
Deferred taxation                                296         255          111
                                                                             
Non-controlling equity interest                   84          67           65
                                                                             
                                              16,728      15,877       15,276
                                                                             
Net assets per share                            46.8p       46.4p       44.7p

Number of shares in issue                 31,207,479    31,207,479   31,207,479



Unaudited Consolidated Statement of Cash Flow

                                               Half year ended     Year ended
                                                31st December       30th June
                                                 2014        2013        2014
                                                                             
                                                 £000        £000        £000
                                                                             
Profit/(Loss) before taxation                  1,017         385        (130)
                                                                             
Adjustments for non-cash and non-operating                                   
expenses:-                                                                   
                                                                             
Depreciation charges                               4           1            3
                                                                             
Unrealised changes in the carrying value of     (879)       (206)         339
fixed asset investments                                                      
                                                                             
Net interest paid                                 17           2           25
                                                                             
                                                (858)       (203)         367
                                                                             
Taxation paid                                     (4)         (3)        (22)
                                                                             
Changes in working capital:-                                                 
                                                                             
(Increase)/Decrease in debtors                    (8)         11           11
                                                                             
(Decrease)/Increase in creditors                (244)         69           23
                                                                             
Decrease/(Increase) in current asset              67        (300)       (272)
investments                                                                  
                                                                             
                                                (185)       (220)       (238)
                                                                             
Cash outflow on operating activities             (30)        (41)        (39)
                                                                             
Investment activities                                                        
                                                                             
Purchase of additional shares in strategic      (593)          -            -
investment                                                                   
                                                                             
Net cash outflow from investment activities   (593)             -           -
                                                                             
Cash flows from financing                                                    
                                                                             
Net interest paid                                (17)         (2)        (25)
                                                                             
Drawdown of loan facilities                      825         175          275
                                                                             
Equity dividends paid                           (141)       (125)       (265)
                                                                             
Net cash inflow/(outflow) from financing         667          48         (15)
                                                                             
Increase/(Decrease) in cash and cash              44           7         (77)
equivalents                                                                  
                                                                             
Cash and cash equivalents at start of period      39         116          116
                                                                             
Cash and cash equivalents at end of period        83         123           39



Reconciliation of net cash flow to movement in net debt

                                             At start        Cash      At end
                                            of period        Flow   of Period
                                                                             
Half year ended 31st December                    £000        £000        £000
                                                                             
2014                                                                         
                                                                             
Cash at bank                                      39          44          83 
                                                                             
Bank loan                                       (650)       (825)     (1,475)
                                                                             
                                                (611)       (781)     (1,392)
                                                                             
2013                                                                         
                                                                             
Cash at bank                                     116           7         123 
                                                                             
Bank loan                                       (650)       (175)       (825)
                                                                             
                                                (534)       (168)       (702)
                                                                             
Year ended 30th June 2014                                                    
                                                                             
Cash at bank                                     116         (77)         39 
                                                                             
Bank loan                                       (650)           -       (650)
                                                                             
                                                (534)        (77)       (611)

Notes:-

1.   The results for the half-year are unaudited. The information contained in 
     this report does not constitute statutory accounts within the meaning of  
     the Companies Act 2006. The statutory accounts of the Group for the year  
     ended 30th June 2014 have been reported on by the Company's auditors and  
     have been delivered to the Registrar of Companies. The report of the      
     auditors was unqualified.                                                 
                                                                               
2.   This report has been prepared in accordance with the accounting policies  
     contained in the Company's Annual Report and Accounts 2014, International 
     Financial Reporting Standards and comply with IAS34.                      
                                                                               
3.   The calculation of earnings per share is based on the weighted average    
     number of shares in issue for the period and the profit on ordinary       
     activities after tax.                                                     

Composition of General Portfolio

                                               31st December 2014  
                                                                   
                                                 Value             
                                                                   
                                                  £000            %
                                                                   
Nestle                                             322          5.5
                                                                   
L'Oreal                                            322          5.5
                                                                   
British American Tobacco                           305          5.2
                                                                   
Investor                                           304          5.1
                                                                   
Henkel                                             292          4.9
                                                                   
Diageo                                             271          4.6
                                                                   
Heineken                                           265          4.5
                                                                   
Reckitt Benckiser                                  265          4.5
                                                                   
Pernod-Ricard                                      255          4.3
                                                                   
Schindler-Holdings                                 252          4.3
                                                                   
Novartis                                           247          4.2
                                                                   
Imperial Tobacco                                   238          4.0
                                                                   
Philip Morris International                        232          3.9
                                                                   
Unilever                                           231          3.9
                                                                   
Exxon                                              213          3.6
                                                                   
Procter & Gamble                                   194          3.3
                                                                   
BASF                                               193          3.3
                                                                   
Chevron                                            189          3.2
                                                                   
ABB                                                181          3.1
                                                                   
Danone                                             170          2.9
                                                                   
Holcim                                             169          2.9
                                                                   
Linde                                              145          2.5
                                                                   
Givaudan                                           144          2.4
                                                                   
Anheuser Busch Inbev                               126          2.1
                                                                   
LVMH                                               106          1.8
                                                                   
3M                                                  96          1.6
                                                                   
Glencore International                              90          1.5
                                                                   
United Technologies                                 72          1.2
                                                                   
Hermes International                                10          0.2
                                                                   
                                                 5,899        100.0