Panmure Gordon, the corporate and institutional stockbroker, announces that it has entered into a definitive agreement to acquire ThinkEquity Partners LLC (“ThinkEquity”), a US based investment bank. 20 February 2007 Panmure Gordon & Co. plc (“Panmure Gordon”) Acquisition of ThinkEquity Partners LLC Panmure Gordon, the corporate and institutional stockbroker, announces that it has entered into a definitive agreement to acquire ThinkEquity Partners LLC (“ThinkEquity”), a US based investment bank. Highlights •Creation of a trans-Atlantic firm with the capability to service investors and issuers across London and New York capital markets •The enlarged group will have an international footprint through its principal offices in London and San Francisco and further offices in New York, Boston, Chicago, Minneapolis, Liverpool and Chennai. It will continue to do business as Panmure Gordon in the UK and Europe and as ThinkEquity, a Panmure Gordon Company in the US •The combined business will employ approximately 320 people, provide research on approximately 500 companies, make markets in approximately 800 companies and service over 800 institutional accounts •Founded in 2001 by former Merrill Lynch Managing Directors, Michael Moe and Deborah Quazzo, ThinkEquity has grown revenues from $12.2 million in 2002 to $64 million in 2006, an increase of 44% on 2005 •ThinkEquity currently advises more than $835 million through its wealth management operation •Consideration of US$62.3 million (£31.9 million), of which approximately US$35.3 million (£18.1 million) will be paid for the equity of ThinkEquity and approximately US$27 million (£13.8 million) for the assumption and repayment of debt and liabilities and the recapitalisation of the company. The consideration will be funded by the issue of 8.9 million new Ordinary shares in Panmure Gordon and by £15.7 million of cash from Panmure Gordon’s own resources •On completion of the acquisition Michael Moe, Co-Founder, Chairman and CEO of ThinkEquity and Deborah Quazzo, Co-Founder, President and Head of Investment Banking at ThinkEquity will be invited to join the Board of Panmure Gordon in addition to continuing to fulfil their current roles within ThinkEquity •The acquisition is subject to certain regulatory clearances and is expected to complete by the end of March Tim Linacre, CEO of Panmure Gordon said: “I am delighted we have reached agreement to acquire ThinkEquity. This is a significant acquisition for Panmure Gordon and is a logical step building on the strong performance of the last two years. The combined business will be well placed to address increasingly international capital markets. I have been greatly impressed by the way ThinkEquity have grown their business, and by combining ThinkEquity with Panmure Gordon we can create a very powerful offering for clients. Michael and Deborah will make a major contribution to the further development of Panmure Gordon, and I look forward to working with them and their colleagues.” Michael Moe, Co-Founder, Chairman and CEO of ThinkEquity said: “The combination of Panmure Gordon and ThinkEquity will create a market leading, well-capitalised, forward-looking firm with a proprietary offering for growth investors and companies. We see a unique opportunity to create the new “London bridge” bringing access to the London marketplace for US and Asia-based clients and access to the US marketplace for European based clients. Today’s marketplace for growth capital and investments is global with only time zones separating otherwise integrated investors, corporate clients and capital markets. This transaction is well timed as ThinkEquity is at a point in its development where the strong revenue performance of recent years should continue and translate into strong profit generation. I look forward to working with my new colleagues at Panmure Gordon to build an exceptional, profitable and powerful firm.”