TMF GROUP GLOBAL INDEPENDENT ADMINISTRATORS

London 3 July 2006 - Ernst & Young are delighted to announce the sale of their Company Secretarial and Trust & Accounting Practices to the International Professional Services firm TMF. Over the last 12 months, the regulatory requirements on auditor independence, both in the UK and globally, have adversely affected the growth opportunities and the ability for both these practices to offer a full range of client services. Ernst & Young is the first amongst the major Professional Services firms to proactively react to this changing market. Jarrod Simpson who has led Ernst & Young's Company Secretarial Practice for the last 8 years will head up the new Global Secretarial Service Line at TMF. The practices, composed of 43 former Ernst & Young professionals based in London and Luton, with a further 100 individuals around the world, join TMF which has over 1600 employees in 50 jurisdictions specialising in Company Secretarial, Payroll and Accounting outsourcing to global multinationals.

Jarrod explains, "This is a real win-win solution. Our clients are pleased that we will be able to offer a more comprehensive range of solutions, our people are happy to take on new challenges and we are leaving with the full blessing of Ernst & Young. We are looking to build a £20m market leading business over the next two years offering corporate governance services for global multi-nationals."

Mike Cullen, Managing Partner - People and Clients, at Ernst & Young says, "We wish Jarrod and his team all the best in their new venture and hope that they can continue to flourish in a different environment."

Commenting on the transaction, René Rijntjes, founder of TMF said: "We are excited about this transaction and delighted to welcome the team to TMF. The transaction perfectly fits with management's aim to continue to enhance our products and service offering so that we remain at the forefront of our industry."