1st Quarter Results

Titanium Asset Management Corp
07 May 2008



                        Titanium Asset Management Corp.

                             First Quarter Results

Chaiman's statement

I have pleasure in presenting my first set of financial statements as Chairman
and CEO of Titanium Asset Management Corp.

Until the approval by shareholders of the acquisition of National Investment
Services ('NIS') on March 31st 2008 we were operating under a 'SPAC' structure.
From that date we are a fully operational company with three wholly-owned fund
management subsidiaries - NIS, Sovereign Advisers and Wood Asset Management.

In the coming months the senior Titanium management team will be focussed on
developing a fully integrated sales and marketing strategy. At the same time we
will be pursuing other acquisition opportunities. Finally, we will be preparing
a registration statement for filing with the Securities and Exchange Commission
prior to seeking a listing on a US exchange.

I look forward to providing shareholders with more information on all these
points in future reports.

Nigel Wightman
Chairman and CEO

For further information:

Titanium Asset Management Corp.
Nigel Wightman, Chairman and CEO             + 44 7789 277849

Seymour Pierce Ltd
Jonathan Wright                              [phone]

Penrose Financial
Gay Collins                                  [phone]
Kay Larsen
[e-mail]


Titanium Asset Management Corp.
Interim report and unaudited accounts for the period from
January 1, 2008 to March 31, 2008

                 BALANCE SHEET as at March 31, 2008 (Unaudited)
                             (amounts in thousands)


                                        Note   March 31 2008     March 31, 2007
ASSETS
Current Assets
Debtors - trade debtors                                2,588                 -
- prepaids and other receivables                       1,139                 -
Short term investments                                15,098
Cash at bank and in hand                              29,820                25
Total Current Assets                                  48,645                25

Other Assets
Goodwill                                              37,122                 -
Intangible assets                                     27,757                 -
Property and equipment                                   125                 -
Deferred tax asset                                       436                 -
Total Other Assets                                    65,440                 -
Total Assets                                         114,085                25
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accrued expenses                                       1,886                 -
Accounts payable                                          79                 -
Amounts repayable to shareholders                     12,017                 -
Other creditors                                          193                 -
Total Current Liabilities                             14,175                 -

COMMITMENTS
Stockholders' Equity                                                         -
Share capital                              4               2                 1
Additional paid in capital                 5          99,462                24
Profit and loss account                    5             446                 -
Total Stockholders' Equity                            99,910                25
Total Liabilities and Stockholders'
Equity                                               114,085                25

The accompanying notes are an integral part of these financial statements.


                            STATEMENT OF OPERATIONS
              For the period from January 1,2008 to March 31, 2008
                (amounts in thousands except per share amounts)

                                   3 months to. 31     Inception (2 Feb 2007) to
                                   March, 2008         31 Mar 2007
Turnover                                       2,220                         -
Amortisation
and
depreciation                                    (809)                        -
Other
operating
expenses                                      (1,893)                        -
Operating Loss                                  (482)                        -
Interest
receivable                                       496                         -
Profit before
taxes                                             14                         -
Income tax
expense                                           10                         -
Net Profit                                         4                         -

Net Profit Per Share, Basic                        -                         -
Net Profit Per Share, Fully                        -                         -
Diluted                                       ========                  ========

Weighted Average Shares                       
Outstanding, Basic                            22.99 mn                  2.88 mn
Weighted Average Shares                       
Outstanding, Fully Diluted                    22.99 mn                  2.88 mn



                            STATEMENT OF CASH FLOWS
             For the period from January 1, 2008 to March 31, 2008
                             (amounts in thousands)
                                                         Jan 1, 2008  Inception 
                                                         to Mar 31,  (February 
                                                         2008        2, 2007) to
                                                                        Mar 31,
                                                                          2007
Net income                                                        4           -
Adjustments to reconcile net income to net cash
and cash equivalents provided by operating activities:
Depreciation and amortisation charges                           809           -
Changes in operating assets and liabilities:
(Increase) in debtors                                           (87)          -
(increase) in deferred tax asset                                (59)
(Decrease) in current liabilities                              (904)          -
Net Cash Used for Operating Activities                         (237)          -
Cash flows from investing activities
Cash paid for acquisitions less cash acquired               (29,814)          -
Purchase of property and equipment                               (6)          -
Release of restricted cash                                   55,587
Purchase of short term investments                          (15,098)          -
                                                           ---------   ---------
Net cash generated from investing activities                 10,669           -
Cash Flows from Financing Activities
Proceeds from issuance of share capital                           -          25
                                                           ---------   ---------

Net Increase in Cash                                         10,432          25
Cash, Beginning of Period                                    19,388         Nil
Cash, End of Period                                          29,820          25

                         NOTES TO FINANCIAL STATEMENTS

NOTE 1 - Organization, business and operations

Titanium Asset Management Corp. (the 'Company') was incorporated in Delaware on
February 2, 2007 as a blank check company, the objective of which is to acquire
one or more operating companies engaged in the asset management industry.

The Company was successfully listed on the London Alternative Investment Market
on 21 June 2007. The listing raised net proceeds of $110.4 million. The Company
completed its third acquisition on March 31, 2008 and as a result has become an
operating company. The Company intends to seek a registration statement with the
SEC within 120 days of the period end with a view to obtaining a listing on
NASDAQ.

NOTE 2 - Basis of Preparation

These report and accounts have been prepared in accordance with accounting
principles generally accepted in the United States of America.

The following accounting policies have been applied consistently in dealing with
items which are material in realation to the financial information of Titanium
Asset Management Corp. set out in this report.

NOTE 3 - Summary of Significant Accounting Policies

Use of Estimates The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.

Income per common share Income per common share is computed by dividing net
income by the weighted average number of shares of common stock and restricted
stock outstanding during the period. As the earnings per share are nil no
separate estimate of the impact of dilution has been prepared.

Goodwill and intangibles Goodwill is the excess of the amount paid to acquire a
business over the fair value of the net assets acquired. Pursuant to SFAS No.
142, Goodwill and Other Intangible Assets, the carrying amount of goodwill is
reviewed for impairment annually or whenever events or changes in circumstances
indicate that the carrying amount might not be recoverable. If the fair value of
the operations to which the goodwill relates is less than the carrying amount of
the unamortized goodwill, the carrying amount will be reduced with a
corresponding charge to expense.

The Company will test goodwill for impairment at least annually (first day of
our fourth quarter), or more often if deemed necessary based on certain
circumstances. The goodwill impairment test will be a two-step process: Step 1 -
test for potential impairment by comparing the fair value of each reporting unit
with its carrying amount; if the fair value of the reporting unit is greater
than its carrying amount (including recorded goodwill), then no impairment
exists and Step 2 is not performed; Step 2 - if the carrying amount of the
reporting unit (including recorded goodwill) is greater than its fair value,
then the amount of the impairment, if any, is measured and recorded as needed.

Intangible assets with definite lives are amortized over their estimated useful
life and reviewed for impairment in accordance with SFAS 144. Intangible assets
with definite lives are amortized using the straight-line method over their
estimated useful lives.

Option granted in relation to stock issuance The fair value of the option
granted to Sunrise Securities Corp. has been credited to additional paid in
capital. The cost of the option has been netted off against reserves along with
the other costs of admission.

Income taxes The Company accounts for income taxes in accordance with SFAS
No. 109, 'Accounting for Income Taxes.'  Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between
financial statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and other loss carryforwards.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled.

NOTE 4 - Share Capital
                                    Authorized        Called up and fully paid
                                  Number          $           Number         $
Common Stock $0.0001          54,000,000      5,400       22,659,952     2,266
Restricted Shares $0.0001        720,000         72          612,716        61
Preferred Stock $0.0001        1,000,000        100                          0
                                           --------                    -------
                                              5,572                      2,327
                                           --------                    -------

The holders of Common Stock arising from the issue of units on 21 June 2007 were
entitled to require the Company to repurchase their shares if at the time the
Company seeks approval for a business combination the stockholder votes against
the proposal. As at the balance sheet date 2,208,452 common shares representing
9.75% of the issued share capital were due to be repurchased for a total
consideration of approximately $12 million. Following the acquisition of NIS on
March 31, 2008 shareholders no longer have the right to require the Company to
repurchase their shares

The Restricted Shares carry no rights to dividends except in the case of a
winding up of the Company. They convert on a one for one basis to Common Stock
if at any time within five years of their issue,

and subsequent to a Business Combination, the ten day average share price of the
Common Stock exceeds $6.90.

No Preferred Stock had been issued at the balance sheet date and accordingly the
rights attaching to the Preferred Stock have not been set.

There were 20 million warrants in issue at the balance sheet date. Each warrant
entitles the holder to subscribe for Common Stock at $4.00 per share subsequent
to a Qualifying Business Combination. There were 20 million warrants in issue at
the balance sheet date.

The Company issued an option over 2 million Units to the placing agent. The
option is exercisable at $6.60 following a Qualifying Business Combination.

NOTE 5 - Reserves
                   Profit & Loss       Additional Paid in Capital        Total
                           $000s                            $000s        $000s
Brought forward at 1
January 2008                 442                           55,892       56,334
Net income for                 4                                -            4
the period
Reallocation
of temporary  equity                                       55,587       55,587
Shares to be
repurchased                    -                          (12,017)     (12,017)
                             446                           99,462       99,908

NOTE 6 - Acquisition

The financial statements include assets acquired from National Investment
Services Inc. on March 31, 2008. At March 31, 2008 Titanium Asset Management
Corp held 100% of the issued share capital of National Investment Services Inc.
The goodwill related to the acquisition will be fully deductible for tax
purposes.

Details                         Consideration        Fair value        Goodwill

Cash                                  $29,848               $34             $-
Accrued acquisition costs               1,378                 -              -
Debtors                                     -             3,140              -
Property and equipment                      -               116              -
Current liabilities                         -              (425)             -
Existing customers                          -            12,000              -
Non-compete agreement                       -               875              -
Brands                                      -               351              -
                                      _______           _______        _______
                                      $31,226           $16,091        $15,135


NOTE 7 - Intangible assets

                         Goodwill   Customers   Non-Compete   Brands     Total
Cost
At January 1, 2008         21,987      14,691         1,662      625    38,965
Additions (see note 6)     15,135      12,000           875      351    28,361
                           ______      ______        ______   ______   ______
At March 31, 2008          37,122      26,691         2,537      976    67,326
                           ______      ______        ______   ______   ______
Amortization
At January 1, 2008              -         697           898       43     1,638
Charge for period               -         697            69       43       809
                            _____       _____         _____    _____    _____
At March 31, 2008               -       1,394           967       86     2,447
                            _____       _____         _____    _____    _____
Net book amount     
At March 31, 2008         $37,122     $25,297        $1,570     $890   $64,879

Useful life (in months)      N/A           60            36    36-48

NOTE 8 - Contingency

On March 31st 2008 the Company received notice from its former attorneys that
they intended to submit an invoice in respect of services provided in 2007. At
the date of these accounts the Company has not received final confirmation of
the amount of this invoice or details of the services to which it is related.
The Company intends to reject any such invoice as it believes that it has paid
in full for services provided in 2007. Accordingly no provision has been made in
these accounts for the invoice. In the event that a liability does arise the
income statement will be unaffected and the Company does not expect its
financial position to materially change.




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