Employee Benefit Trust: 21 May 2012

The Company announces that Praxis Trustees Limited, which administers the Panmure Gordon & Co. plc No.2 Employee Benefit Trust (“EBT”), has entered into a new trading plan with the Company, the previous plan having expired on 30 April 2012.

Under the trading plan, in the period running to 31 October 2012 the EBT will instruct Panmure Gordon (UK) Limited as broker to acquire ordinary shares of 4p each in the Company for the EBT. Purchases will be limited to 200,000 ordinary shares in any single calendar month and the maximum price paid per ordinary share shall be no more than 110 per cent of the middle market quotation of the Company’s shares on the first business day of the calendar month in which the shares are purchased. While the Company is within a close period, neither the Company nor the EBT will attempt to terminate the trading plan which has now been entered into. The EBT has absolute discretion and independence in respect of all trading decisions it may make in respect of the purchase of ordinary shares pursuant to the trading plan.Any purchases made by the EBT will be announced to the market at the appropriate time.