3 November 2002

Close Brothers Corporate Finance ("CBCF"), one of Europe's largest independent financial advisers, today announces that its restructuring group has entered into a strategic alliance with Chanin Capital Partners ("Chanin"), one of the largest restructuring firms in the United States.

Chanin has nearly 50 dedicated restructuring professionals in Dallas, London, Los Angeles, and New York. The professionals of Chanin have completed nearly $100 billion in financial restructuring transactions and have been involved in many of the largest restructuring transactions of recent years.

Commenting on today's announcement, Richard Grainger, Chief Executive of Close Brothers Corporate Finance, said:

"Chanin is an excellent firm with a very strong reputation for providing high quality independent restructuring advice. In Europe we already have a pre-eminent position in the area of restructuring, this new partnership will enhance our offering to clients in Europe and extend our reach to the United States".

Randall Lambert, Managing Director of Chanin, said:
"Close Brothers Corporate Finance has completed more European restructuring transactions in the last few years than any other restructuring adviser; this new relationship creates an even stronger partnership. Our experience in the United States and our extensive relationships with US investors combines perfectly with Close Brothers' existing franchise in Europe".

For more information please contact:

Close Brothers Corporate Finance Limited
Richard Grainger London (+44) (0)20 7655 3173

Chanin Capital Partners
Randall Lambert, Managing Director - New York (+1) 212 758 2629

Grandfield (PR Adviser)
London (+44) (0)20 7417 4170
Charles Cook
Victoria Morris
Gareth Penn