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First London Securities plc (FLSP)

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Monday 09 June, 2008

First London Securities plc

Acquisition AGREEMENT TO ACQUIRE BELGRAVIA...



                  FIRST LONDON SECURITIES PLC AGREES TO ACQUIRE
                    BELGRAVIA'S FINANCIAL SERVICES OPERATION

First  London Securities plc ("First London" or "the Company"), the fast growing
international merchant banking business, today announces that it has  agreed  to
acquire  the  financial services operations and take over the  asset  management
operations of Jersey based Belgravia Financial Services Group  ("Belgravia").

Commenting on the transaction Guy Saxton, Chief Executive of First London  said:
"First  London has assembled an experienced team with an impressive track record
in  order  to  expand  our  asset management business. Belgravia  has  built  an
exceptional business and has an excellent range of funds which have consistently
outperformed  the market. Our team and network will look to broaden distribution
of these products".

He  added:  "This  acquisition  is immediately  accretive  to  earnings  and  is
synergistic to our investment banking and proprietary investing businesses,  and
allows us to leverage Belgravia's significant experience and global network."

Following the transaction members of Belgravia's investment management team will
join First London's own asset management division, First London Asset Management
Ltd ("FLAM"), ensuring continuity of management and client service.  Subject  to
Jersey Financial Services approval, which is expected soon, it is expected  that
FLAM will be appointed as the manager of the funds on an on-going basis.

Simon  Bailey, Chief Executive of Belgravia Financial Services Group  commented:
"First  London is following a disciplined strategy and is quickly achieving  its
vision  of  becoming  an  integrated merchant bank with global  presence.   This
transaction  allows  Belgravia to concentrate on its other operations  including
private equity and wealth management enabling both organisations to benefit from
shared knowledge and experience, as well as a wider network of contacts, greater
geographic  reach and a broader depth of services.  As such it is very  much  in
the interests of our clients, investors and employees."

Following completion of the transaction, the shareholders of Belgravia will  own
approximately 29% of the combined Company.


For further information please visit www.firstlondonsecurities.com,
www.belgravia.je or contact:

First London Securities plc             Tel: 020 7451 2466
Guy Saxton

Tavistock Communications                Tel: 020 7920 3150
John West

Axiom Capital Limited                   Tel: 020 8455 0011
David Sinclair

The Directors of First London Securities plc accept responsibility for this
announcement.

Notes to Editors

Belgravia Financial Services Group is a Jersey based financial services and fund
management company.  It offers a range of investment funds to high net worth and
institutional  investors and has established itself as  a  leading  provider  of
innovative  products,  which tend to focus on a `low-risk' investment  strategy,
but still generate top quartile performance.

Belgravia's Funds aim to provide solid and consistent total investment  returns.
Capital  preservation and total return of (at least) net  8-10%  are  the  norm.
Investors  get  access to the enhanced benefit of offshore tax  status  and  the
impressive track record of the manager.  Active management will reduce risk  and
add significant value.

The operations acquired comprise principally of the asset management of a number
of  CSX  listed  funds, currently managed by Belgravia Asset Management.   These
include:

Belgravia Property Funds (UK & Europe) Limited:  Launched October 2004

The  Fund provides solid and consistent total investment returns from investment
into  a  range  of  commercial properties. The Fund has low  risk  profiles  and
invests  in properties let to large corporate tenants, usually with a net  worth
of  over  $180  million,  on  fully repairing  and  insuring  leases.  The  Fund
concentrates  on investment opportunities where there is good rental  growth  or
leases have fixed rental uplifts incorporated.

Cumulative Performance since Launch (GB £ Share Class) 52.22%

Belgravia European Logistics Fund PC: Launched May 2007

The  Fund provides professional, institutional and high net worth investors with
a  professionally  managed  means of participating  in  the  European  logistics
property  markets. The primary investment objective of the Fund  is  to  achieve
medium to long term capital growth from a diversified portfolio of property  and
property  related  development projects. The Fund  is  acquiring  a  diversified
portfolio of logistic and warehousing property and property development projects
situated  within  the  Western,  Central and Eastern  European  countries.  Such
investments predominantly include commercial properties in the retail warehouse,
office, industrial warehousing and logistic sectors.

Cumulative Performance since Launch (GB £ Share Class) 22.51%

Belgravia Global Property Fund PC: Launched in March 2007

The  Fund  provides investors with a fund-of-funds investing in  property  funds
managed  or  promoted by entities associated with (whether by joint  venture  or
otherwise) Belgravia Financial Services Group Limited or its subsidiaries.

Cumulative Performance since Launch (GB £ Share Class) 17.22%

Belgravia European Income Fund Limited: Fund launched October 2005

The  Fund  provides  solid  and  consistent total investment  returns  from  the
investment into a range of predominantly real estate assets in Europe. The  Fund
has  low risk profiles and invests in properties let to large corporate tenants,
usually with a net worth of over €50 million, ideally on triple net leases.  The
Fund  concentrates  on  investment opportunities where  good  rental  growth  is
expected or leases have fixed rental uplifts incorporated.

Cumulative Performance since Launch (GB £ Share Class)
Accumulation: 39.05%
Income:  23.15%

Belgravia Gold & Resources Fund LP

Fund is predominantly used as a $ hedge in portfolio construction.

First London

First  London  strategy  is  to  create a global  wealth  management  brand  and
international  merchant  bank by acquiring complementary profitable  businesses,
which offer a holistic range of value added services to clients.

The Board and Advisory Board comprises:

Guy Saxton, Chief Executive Officer
Formerly CEO of Angelbourse Limited, a private equity boutique specialising in
early stage companies. He is a member of the Guild of International Bankers and
on the Plus Markets Advisory Group.

Andrew Turner, Executive Director
Andrew has spent the last 9 years managing the merchant banking/asset management
activities at Tech Capital Group, the last 3 years of which, he was CEO. Andrew
has extensive experience developing core strategies for technology companies.

Robert Barker, Finance Director and  Chief Financial Officer
A chartered Accountant with over 20 years experience, Robert has significant
experience as CFO of a number of both private and publicly quoted companies

Theresa Dowling, Non-Executive Chairman
Ms. Dowling has 20 years experience at leading international investment banks
including Morgan Stanley, S.G.Warburg and Merrill Lynch, where she worked on
institutional sales. In addition, Theresa built two US offices for European
investment banks for the purpose of marketing foreign equities to US
institutions. Theresa holds Series 7, 63 and 24 registrations with the NASD.
Theresa is the CEO of Bio-IB Inc.

Nicholas Chance,Non-Executive Director
Nicholas has a wealth of investment experience having joined Grieveson Grant and
Co (now Dresdner Kleinwort Securities) in 1972 as an investment broker for the
Foreign Division of the Government Securities Department. Since then Nicholas
has held positions at Hargreaves Group PLC, a listed industrial conglomerate
with 1500 employees and an annual turn-over of approximately £300 million and
quoted investment company Third Mile Investment PLC. In September 1997, Nicholas
was appointed Private Secretary to HRH Prince Michael of Kent GCVO, based at
Kensington Palace, London. He was appointed Lieutenant of the Royal Victorian
Order (LVO) by HM The Queen in the 2005 New Year's Honours.



Andrew Consentino, Non-Executive Director
Andrew has 25 years experience as a corporate lawyer and was previously a
partner with various major firms including Piper Rudnick and Greenberg Trauig.



Advisory Board

Air Marshall Sir John Walker
Sir John is former Chief of Defence Intelligence and Deputy Chairman of the
Joint Intelligence Committee at the MoD and, until recently, he was Special
Adviser to the House of Commons Defence Committee. He is former MoD Director of
Forward Policy (RAF) responsible for the size and shape of the RAF up to 30
years ahead, and he is currently member of the board of directors of several
corporations. He is a regular commentator on national television, radio, and
press and he has lectured on mine-warfare.

Dr Michael Dexter
Dr Michael Dexter was Director of the Wellcome Trust from 1998 to 2003, one of
the largest biomedical research funding charities in the world. Whilst Chief
Executive of the Wellcome Trust he was responsible for a considerable increase
in financial support for the biomedical and physical sciences through a variety
of initiatives. Since leaving that post he has taken up the following
appointments: member of the North West Science Council; Chair of the board of
trustees at the Centre of Life in Newcastle; and Non-Executive Chair of Stem
Cell Holdings while he is also an international scientific adviser for
Rothschild Asset Management.

The Hon. Barbara Thomas (Lady Judge)
The Hon. Barbara Thomas (Lady Judge) is chairman of the UK Atomic Energy
Authority and of the Governing Body of the School of Oriental and African
Studies. She became a director of the UK Atomic Energy Authority in 2002 and has
been its Chairman since 2004. She is also Chairman of the School of Oriental and
African Studies and Deputy Chairman of Friends Provident plc. In 1980 she was
appointed by Jimmy Carter as the youngest ever Commissioner of the US Securities
and Exchange Commission and was a founder of its international division. She is
also Chairman of LIFE IC, an incubator for renewable technologies and she acts
as Independent Director of Massey Energy Inc (USA).                                                                                                                                                                                                        

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