AGM Statement

Close Brothers Group PLC
31 October 2002


31st October 2002


                             AGM TRADING STATEMENT

At the Annual General Meeting today in London of Close Brothers Group, the
Chairman, Sir David Scholey, said:


"When we announced our results on 26th September I said that the economic
outlook was neither clear nor encouraging and that we remained cautious overall
about the outlook for the year.  This is still the case.


Our banking business has, as hoped, made a good start to the year.  However
conditions remain tough for our stock market related businesses.  In particular,
many of our asset management businesses have relatively high operational gearing
and are feeling the effects of the continuing stock market weakness since our
year end, as is our corporate finance business.  Market-making has made a quiet
start yet continues to be profitable in the first quarter; the new investment
trust team has settled in well.


In these circumstances we retain our cautious stance whilst holding to our
strategy of diversification and specialisation."

                      This information is provided by RNS
            The company news service from the London Stock Exchange