Directorate change: 26 January 2010

David Liddell has notified the Board of his intention to resign from Panmure Gordon as Chief Financial Officer, with effect from 31 March 2010, to pursue other business interests.

The Board will commence a formal process to appoint a new Chief Financial Officer.David has been with Panmure Gordon since May 2005, and previously from April 2004 with Durlacher before its reverse takeover. He has made a significant contribution to many ventures during that time and feels now is the time to explore new challenges.

Tim Linacre, the Chief Executive of Panmure Gordon said: “I am very grateful to David for his loyalty to the firm over the past five years. He leaves the firm with the Board’s and my best wishes in his future endeavours.”