Corporate Action

Cohen(A.) & Co PLC
23 May 2001

CAPITALISATION ISSUE
SECURITY TITLE
*Ord Shs
MNEMONIC CODE        *CHEN
SEDOL CODE           *208-008
TERMS                *1 additional ordinary share for every 6 ordinary shares   
                      held.
DEALINGS COMMENCE NEW SHARES *12-06-01 
PROVISIONAL EX DATE  *12-06-01 
RECORD DATE          *08-06-01 
NOTES *


ENFRANCHISEMENT
SECURITY TITLE
*Non-Voting A' Ord Shs
MNEMONIC CODE        *CHEA
SEDOL CODE           *208-020
TERMS                *The Non-Voting 'A' Ordinary Shares will be redesignated   
                      as Ordinary Shares.
DEALINGS COMMENCE NEW SHARES *12-06-01
PROVISIONAL EFFECTIVE DATE    *12-06-01 
RECORD DATE          *08-06-01
NOTES *