Posting of Circular: 2 June 2009

Placing of 67.5 million new Ordinary Shares at 34 pence to raise GBP23 million

Following the announcement made on 21 May 2009 of the proposed placing of
67,514,813 new Ordinary Shares with QInvest LLC, the Board of Panmure Gordon is
pleased to announce that the Company has today posted to shareholders the
circular including, inter alia, notice of a General Meeting at which the
Company’s shareholders will be asked to approve certain matters in relation to
the Placing. The Placing will conditionally raise GBP23 million before expenses at
a price of 34 pence per new Ordinary Share.The General Meeting will be held on Friday 18 June at 2.00 p.m. at the offices
of Panmure Gordon, Moorgate Hall, 155 Moorgate, London EC2M 6XB.The circular will be available today on the Company’s website at

Definitions used in the announcement made on 21 May 2009 have the same meaning
in this announcement.

Advisers to Panmure Gordon: ING Corporate Finance as corporate finance adviser;
Berwin Leighton Paisner LLP as legal adviser; Grant Thornton as Nominated
Advisor; and Financial Dynamics as communications adviser.

Advisers to QInvest: QInvest Investment Banking and PricewaterhouseCoopers as
joint corporate finance advisers; Lovells (Middle East) LLP as legal adviser;
and Hill & Knowlton as communications adviser.

Tim Linacre, Chief Executive: 020 7459 3600
Nathaniel Webb, Group Communications Manager: 020 7614 8333
Ed Gascoigne-Pees/Billy Clegg, Financial Dynamics: 020 7269 7132
Mark Garrood/William Marle, ING Corporate Finance: 020 7767 1000