RECOMMENDED ACQUISITION

of

Panmure Gordon & Co. plc ("Panmure Gordon")

by

Ellsworthy Limited ("Bidco")

a company owned and controlled by QInvest LLC ("QInvest") and by a wholly-owned subsidiary of a
fund managed by Atlas Merchant Capital LLC ("Atlas")
intended to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the
Companies Act 2006

Rule 2.7 Announcement