Singers Capital Markets - Press Release

Kaupthing Capital Markets Division sold to management

Kaupthing Capital Markets Division sold to management, re-named and re-launched Singer Capital Markets Limited

Led by Tim Cockroft, Chief Executive of Singer Capital Markets Limited (formerly Kaupthing Singer & Friedlander Capital Markets Limited, "KSFCM"), agreement has been reached with the administrators of Kaupthing Singer & Friedlander Limited to acquire the entire share capital of KSFCM not already owned by its management and staff. With effect from Thursday 30 October 2008, Singer Capital Markets will resume all trading and market making activities under the mnemonic "SING".

Singer Capital Markets is a wholly employee owned independent business, with no third party equity financing and a strong balance sheet in excess of its regulatory requirements. The business is authorised and regulated by the Financial Services Authority. Completion of the transaction is conditional on regulatory approval.

The business will focus on providing clients a service of the highest quality in the key areas of trading, market making, sales, research and corporate finance advisory and broking.

Tim Cockroft, Chief Executive, stated:

"The administration of Kaupthing Singer & Friedlander Limited affected our business but throughout this period we have retained a strong financial position and the full support of our regulators. We have worked hard to resolve a difficult situation and are delighted to have agreed the terms of the buy-out of the business by management and staff.

Singer Capital Markets is a full-service independent stockbroking business with a well funded, stable platform and, I believe, one of the most talented, committed and driven teams in the City.

I would like to thank our clients and staff for their support during what has been a challenging period. We now look forward with excitement to an independent future as Singer Capital Markets."


Singer Capital Markets Limited 020 3205 7500

Tim Cockroft, Chief Executive 020 3205 7501

Paul Wedge, Director 020 3205 7529

Hugh McAlister, Head of Trading 020 3205 7503

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Notes to Editors

Singer Capital Markets (at the time Kaupthing Singer & Friedlander Capital Markets) was established in April 2006 and commenced trading following FSA authorisation in September 2006. It is a Mid and Small Cap focused stockbroking firm with over 70 employees, providing high quality trading, market making, sales, research, corporate finance advisory and broking services to its corporate and institutional clients.

Singer Capital Markets is retained as an adviser and/or broker by over 30 companies, of which 24 are listed on either the Main Market or AIM. Since inception, we have raised in excess of £430 million of equity finance for our clients over six IPOs and nine secondary issues.

The Company has sales relationships with over 200 institutions in the UK, Europe and the US and makes markets in nearly 500 stocks across the 13 sectors in which it provides independent research.

The team at Singer Capital Markets, led by Tim Cockroft, prides itself on its highly motivated, entrepreneurial approach

The Group has had success in both private and public transactions across a range of market sectors and transactional size. There are few businesses operating in the mid and small-cap sectors which can rival the spectrum of complementary services and range of products, combined with the experience of the KSFCM team.