First London Securities plc


                           FIRST LONDON SECURITIES PLC
                        ("First London" or "the Company")


             Commercialising investment opportunities emanating from
                      one of Germany's leading Universities

First London, the UK investment banking and asset management business, has today
announced  that  it  has signed a binding MOU (Memorandum of Understanding)  and
reached  an  agreement with Humboldt-Innovation GmbH ("Humboldt-Innovation")  to
establish  a  €50  million fund, which will be invested in technology  spin-outs
from one of Germany's leading research universities.

The  Fund  intends  to generate attractive commercial rates of  return  for  its
investors  and  will work on a drawdown basis.  First London will  act  as  fund
manager and the Fund will have no time limit.  The Fund will use existing assets
to fund investments and may also work with institutional co-investors as well as
local Business Angels.

Notable recent successful spin-outs from Humboldt include the German version  of
"Facebook",  "StudiVZ", to date the largest on-line community in  Germany  which
was acquired by a major German publisher.

Humboldt-Universität  zu  Berlin  ("HU") was founded  in  1810  by  Wilhelm  von
Humboldt  to promote the concept of a "universitas litterarum" and was based  on
the  idea  of a unity between teaching and research.  Located in the  centre  of
Berlin adjoining the parliamentary offices of the government, it has over 30,000
students  and  350  professors.   The University  attracts  a  large  number  of
researchers  who  are  creating innovative Intellectual  Property  and  research
applications  in  a  wide  range  of  research  areas,  including  environmental
technology, biotechnology and financial markets.

In  2005,  the  University  established Humboldt  Innovation,  a  knowledge  and
technology  transfer  and  investment management company  wholly  owned  by  the
university,  to  facilitate  and  manage research  commercialisation.  Humboldt-
Innovation  acts  as a business interface between HU and the  commercial  world,
advising, funding and promoting spin-outs as well as handling the industrial and
contract  research portfolio of HU. Humboldt Innovation is currently  supporting
20 spin-out projects.

Guy  Saxton, Chief Executive of First London, remarked: "Humboldt-Innovation  is
highly  regarded across Europe by entrepreneurs and the academic world  for  its
hands-on  business  building  skills.  It has  an  impressive  track  record  of
commercialising university spin-outs and by making up to €50 million of  capital
commitments,  First  London  will  help it  to  significantly  increase  its  IP
commercialisation programme.

"This  deal  gives  us  a reliable and proven partner with  access  to  all  the
interesting IP of Germany's leading research University.  Humboldt has  a  well-
deserved  world-class reputation for research, innovation and  commercialisation
and we are delighted they wish to strengthen their relationship with us.

"We have hired a specialist team to take advantage of this opportunity and First
London will provide Humboldt with access to world markets. Intellectual Property
and  potential research applications will be refined to meet market demand  thus
providing optimal use of the research capability available. It is important  for
the  future  success of Europe's economy that the London market  is  married  to
Europe's leading research organisations."

Prof.   Dr.  Michael  Linscheid,  Vice  President  of  Research  HU   said:   "A
commercialisation fund of this size is unique in Germany. We especially hope  to
motivate  our  scientists, young researchers and outstanding  students  to  take
advantage of the available funds in order to faster close the gap between  basic
research and marketable products.

Dirk Radzinski, CEO Humboldt Innovation added: "The creation of the First London
technology  transfer  fund  will act as a further  catalyst  to  the  successful
commercialisation of the University's intellectual property. It offers the vital
and  fast access to capital for innovative Intellectual Property emanating  from
the University, to support it en route to commercialisation.

"Furthermore,  First London and Humboldt will pool resources  and  expertise  to
help  with  the  commercialisation of companies and their  technologies.   First
London  brings not only capital, but also experience and a network  of  contacts
that  will  help spin-out candidates reach the next phase in the development  of
their IP."

With a maximum value of €50 million, the Fund will have a dedicated team in both
Berlin  and London, and will be able to take advantage of First London's  global

For   further   information   please   visit   or or contact:

First London Securities plc        Tel: +44 20 7451 2466
Guy Saxton

Tavistock Communications           Tel: +44 20 7920 3150
John West / Clemmie Carr

Dirk Radzinski                     Tel: +49 30 2093 1452
Humboldt-Innovation GmbH

The Directors of First London Securities plc accept responsibility for this