Trading Update: 30 November 2011

Recent severe market turmoil has caused the deferral of a number of sizeable investment banking transactions from the fourth quarter of 2011 into 2012 in both the UK and the US.

As a consequence of this the Group will now report a loss for the second half of the year.

The Board will review the appropriate carrying value of intangible assets held on the balance sheet and also our holding in Loudwater Trust Limited at the year end.

While market conditions are difficult, the Board continues to address costs. With the full support of our major shareholder, QInvest, and following the gain of 17 new clients this year, we see a number of opportunities to add further clients, to grow market share in commission income, and to build further the investment banking franchise.