Associate Partnership

Millfield Group PLC
30 May 2001


LAUNCH OF MILLFIELD ASSOCIATE PARTNERSHIPS TO CHANGE THE FACE OF THE IFA
INDUSTRY

Millfield Group plc, the AIM-listed independent financial advisory company,
today unveiled Millfield Associated Partnerships ('MAP'), designed as a
blueprint for the future of the IFA industry. Millfield Associate Partnership
will complement Millfield's existing office network of advisers and extend
Millfield's reach nationwide.



Whilst Millfield will not be responsible for firms past activities, it will
thoroughly review MAP applicants to seek to ensure that they operate to the
high standards that Millfield has established and in particular that they have
not been subject to any material pensions mis-selling or other regulatory
issues. Millfield will insist on associated IFAs fully adopting its reporting
principles, management control, support, training and compliance standards.
Associated IFAs will provide their own business environment and infrastructure
and will help build national scale and name awareness.

IFA companies will have the opportunity to become a branded Millfield
Associate Partnership and benefit from economies of scale, training,
compliance and marketing support, advanced IT and Millfield best practice. The
creation of MAP takes into account the competitive pressures increasingly
marginaliszing the small IFA - reduced margins and consolidation within the
industry. It also recognises thatalong with the increasing profusion and
complexity of financial products - myriad types of ISAs, the advent of
stakeholder pensions, innumerable types of mortgage, and an explosion in
pension offerings - that require a greater breadth of knowledge and resources
than the smaller firm can usually call on.

Benefits to IFA companies becoming Millfield Associate Partnerships include:

  * The opportunity to become equity partners with Millfield Group plc
  * Access to state of the art information technology support including
    client management software to develop customer connectivity
  * Marketing and public relations resources
  * Compliance monitoring using the MAP framework with Millfield taking
    regulatory responsibility
  * Training from the Millfield Academy
  * Group buying power
  * The opportunity to maximize the potential of their business by using
    other IFAs' expertise from within the MAP group
  * Freedom to leave





Armstrong Anderson Partners (AAP), the largest independent IFA in Northern
Ireland with business in Scotland and the North of England, is to become the
first Millfield Associate Partnership. Millfield is currently processing 30
individual applications from three firms in order that they can to join MAP.

Paul Tebbutt, Chief Executive of Millfield, commenting on the creation of
Millfield Associate Partnership, said:

'Clients of Millfield Associate Partnership will know that their IFA has been
subjected to Millfield's compliance, training and competence systems. In
addition the advice they offer is truly independent and that their local
knowledge of the clients' background and circumstances is not lost in the
bowels of some corporate beast. MAP creates a win win situation both for IFAs
and their clients.'

                                    -ends-

For further information, please contact:

Sara Hooper-Smith, Senior Accounts Director           Tel: [phone]

Redleaf Communications                                Mob: [phone]

Harry Roome, Finance Director                         Tel: [phone]

Millfield Group plc