9 June 2008

First London Securities plc ("First London" or "the Company"), the fast growing international merchant banking business, today announces that it has agreed to acquire the financial services operations and take over the asset management operations of Jersey based Belgravia Financial Services Group ("Belgravia").

Commenting on the transaction Guy Saxton, Chief Executive of First London said:
"First London has assembled an experienced team with an impressive track record in order to expand our asset management business. Belgravia has built an exceptional business and has an excellent range of funds which have consistently outperformed the market. Our team and network will look to broaden distribution of these products".
He added:
"This acquisition is immediately accretive to earnings and is synergistic to our investment banking and proprietary investing businesses, and allows us to leverage Belgravia's significant experience and global network."
Following the transaction members of Belgravia's investment management team will join First London's own asset management division, First London Asset Management Ltd ("FLAM"), ensuring continuity of management and client service. Subject to Jersey Financial Services approval, which is expected soon, it is expected that FLAM will be appointed as the manager of the funds on an on-going basis.

Simon Bailey, Chief Executive of Belgravia Financial Services Group commented:
"First London is following a disciplined strategy and is quickly achieving its vision of becoming an integrated merchant bank with global presence. This transaction allows Belgravia to concentrate on its other operations including private equity and wealth management enabling both organisations to benefit from shared knowledge and experience, as well as a wider network of contacts, greater geographic reach and a broader depth of services. As such it is very much in the interests of our clients, investors and employees."

Following completion of the transaction, the shareholders of Belgravia will own approximately 29% of the combined Company.

For further information please visit, or contact:
First London Securities plc Tel: 020 7451 2466
Guy Saxton
Tavistock Communications Tel: 020 7920 3150
John West
Axiom Capital Limited Tel: 020 8455 0011
David Sinclair

The Directors of First London Securities plc accept responsibility for this announcement.

Notes to Editors

Belgravia Financial Services Group is a Jersey based financial services and fund management company. It offers a range of investment funds to high net worth and institutional investors and has established itself as a leading provider of innovative products, which tend to focus on a `low-risk' investment strategy, but still generate top quartile performance.

Belgravia's Funds aim to provide solid and consistent total investment returns. Capital preservation and total return of (at least) net 8-10% are the norm. Investors get access to the enhanced benefit of offshore tax status and the impressive track record of the manager. Active management will reduce risk and add significant value.

The operations acquired comprise principally of the asset management of a number of CSX listed funds, currently managed by Belgravia Asset Management. These include:

Belgravia Property Funds (UK & Europe) Limited: Launched October 2004

The Fund provides solid and consistent total investment returns from investment into a range of commercial properties. The Fund has low risk profiles and invests in properties let to large corporate tenants, usually with a net worth of over $180 million, on fully repairing and insuring leases. The Fund concentrates on investment opportunities where there is good rental growth or leases have fixed rental uplifts incorporated.

Cumulative Performance since Launch (GB £ Share Class) 52.22%

Belgravia European Logistics Fund PC: Launched May 2007

The Fund provides professional, institutional and high net worth investors with a professionally managed means of participating in the European logistics property markets. The primary investment objective of the Fund is to achieve medium to long term capital growth from a diversified portfolio of property and property related development projects. The Fund is acquiring a diversified portfolio of logistic and warehousing property and property development projects situated within the Western, Central and Eastern European countries. Such investments predominantly include commercial properties in the retail warehouse, office, industrial warehousing and logistic sectors.

Cumulative Performance since Launch (GB £ Share Class) 22.51%

Belgravia Global Property Fund PC: Launched in March 2007

The Fund provides investors with a fund-of-funds investing in property funds managed or promoted by entities associated with (whether by joint venture or otherwise) Belgravia Financial Services Group Limited or its subsidiaries.

Cumulative Performance since Launch (GB £ Share Class) 17.22%

Belgravia European Income Fund Limited: Fund launched October 2005

The Fund provides solid and consistent total investment returns from the investment into a range of predominantly real estate assets in Europe. The Fund has low risk profiles and invests in properties let to large corporate tenants, usually with a net worth of over €50 million, ideally on triple net leases. The Fund concentrates on investment opportunities where good rental growth is expected or leases have fixed rental uplifts incorporated.

Cumulative Performance since Launch (GB £ Share Class)
Accumulation: 39.05%
Income: 23.15%

Belgravia Gold & Resources Fund LP
Fund is predominantly used as a $ hedge in portfolio construction.

First London

First London strategy is to create a global wealth management brand and international merchant bank by acquiring complementary profitable businesses, which offer a holistic range of value added services to clients.

The Board and Advisory Board comprises:

Guy Saxton, Chief Executive Officer
Formerly CEO of Angelbourse Limited, a private equity boutique specialising in early stage companies. He is a member of the Guild of International Bankers and on the Plus Markets Advisory Group.

Andrew Turner, Executive Director
Andrew has spent the last 9 years managing the merchant banking/asset management activities at Tech Capital Group, the last 3 years of which, he was CEO. Andrew has extensive experience developing core strategies for technology companies.

Robert Barker, Finance Director and Chief Financial Officer
A chartered Accountant with over 20 years experience, Robert has significant experience as CFO of a number of both private and publicly quoted companies

Theresa Dowling, Non-Executive Chairman
Ms. Dowling has 20 years experience at leading international investment banks including Morgan Stanley, S.G.Warburg and Merrill Lynch, where she worked on institutional sales. In addition, Theresa built two US offices for European investment banks for the purpose of marketing foreign equities to US institutions. Theresa holds Series 7, 63 and 24 registrations with the NASD. Theresa is the CEO of Bio-IB Inc.

Nicholas Chance,Non-Executive Director
Nicholas has a wealth of investment experience having joined Grieveson Grant and Co (now Dresdner Kleinwort Securities) in 1972 as an investment broker for the Foreign Division of the Government Securities Department. Since then Nicholas has held positions at Hargreaves Group PLC, a listed industrial conglomerate with 1500 employees and an annual turn-over of approximately £300 million and quoted investment company Third Mile Investment PLC. In September 1997, Nicholas was appointed Private Secretary to HRH Prince Michael of Kent GCVO, based at Kensington Palace, London. He was appointed Lieutenant of the Royal Victorian Order (LVO) by HM The Queen in the 2005 New Year's Honours.

Andrew Consentino, Non-Executive Director
Andrew has 25 years experience as a corporate lawyer and was previously a partner with various major firms including Piper Rudnick and Greenberg Trauig.

Advisory Board

Air Marshall Sir John Walker
Sir John is former Chief of Defence Intelligence and Deputy Chairman of the Joint Intelligence Committee at the MoD and, until recently, he was Special Adviser to the House of Commons Defence Committee. He is former MoD Director of Forward Policy (RAF) responsible for the size and shape of the RAF up to 30 years ahead, and he is currently member of the board of directors of several corporations. He is a regular commentator on national television, radio, and press and he has lectured on mine-warfare.

Dr Michael Dexter
Dr Michael Dexter was Director of the Wellcome Trust from 1998 to 2003, one of the largest biomedical research funding charities in the world. Whilst Chief Executive of the Wellcome Trust he was responsible for a considerable increase in financial support for the biomedical and physical sciences through a variety of initiatives. Since leaving that post he has taken up the following appointments: member of the North West Science Council; Chair of the board of trustees at the Centre of Life in Newcastle; and Non-Executive Chair of Stem Cell Holdings while he is also an international scientific adviser for Rothschild Asset Management.

The Hon. Barbara Thomas (Lady Judge)
The Hon. Barbara Thomas (Lady Judge) is chairman of the UK Atomic Energy Authority and of the Governing Body of the School of Oriental and African Studies. She became a director of the UK Atomic Energy Authority in 2002 and has been its Chairman since 2004. She is also Chairman of the School of Oriental and African Studies and Deputy Chairman of Friends Provident plc. In 1980 she was appointed by Jimmy Carter as the youngest ever Commissioner of the US Securities and Exchange Commission and was a founder of its international division. She is also Chairman of LIFE IC, an incubator for renewable technologies and she acts as Independent Director of Massey Energy Inc (USA).


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