AGM statement: 23 May 2011

At the annual general meeting of the Company being held today, Ed Warner, the Chairman, will make the following comments:

“Our businesses continue to make progress against challenging head-winds. In the UK we are encouraged by corporate client wins, the strengthening of the investment banking pipeline and by the calibre of recent hires. In the US market conditions for technology investment banking are more favourable than for some time and we anticipate strong performance in the second half of this year. In both markets the outlook for institutional commission is less clear with continuing low volumes. Our recently opened Singapore office, and our joint venture with Ambit Capital to sell emerging market research, are both developing in line with our expectations.”