CLOSE BROTHERS CORPORATE FINANCE CONTINUES RECRUITMENT DRIVE

Close Brothers Corporate Finance (CBCF) continues to hire new staff as the financial markets show the first signs of an upturn in 2004. The latest high profile recruit is Gareth Healy who joins CBCF from UBS Investment Bank as an Assistant Director. Gareth is the second person to join CBCF from UBS Investment Bank in the last quarter, following the recruitment of Robert Vartevanian as a Director in September 2003.

In conjunction with Gareth, two new executives will be joining CBCF in January 2004. These recruits mean CBCF has increased its number of professional staff by 15% since September 2003. CBCF will continue to consider high quality staff to add to the team in 2004 to galvanise its position as the independent adviser of choice in the mid-market.

Commenting on the recruitment, Richard Grainger, Chief Executive of CBCF said:

"We performed strongly in the year to 31 July 2003, increasing revenue by 30% with no change in headcount. There are signs that the market is turning and this has driven the increase in the number of professional staff over the last quarter. We have recruited at all levels, from Director to Executive and will continue to seek out people who we believe will complement and enhance the existing team."