6 March 2007

Carlton Financial Group, the independent private merchant banking group and Clairfield partner based in London, has completed two client transactions during February 2007.

Carlton advised Spectris plc on its disposal of Spectrum Inspection Systems to Illinois Tool Works Inc. for approximately £16 million.

Spectrum Inspection Systems is a leader in the design, manufacture and service of inspection contaminant detection systems for the global food, textile and pharmaceutical industries with sales of approximately £30 million.

Spectris plc is a global leader in the supply of precision instrumentation and controls with a market capitalisation in excess of £1 billion and sales of £650 million.

Carlton also advised McInerney Holdings plc on its acquisition of Lancing Homes, a house builder based in the North of England, for approximately £16 million in cash plus the assumption of £3 million of debt. Carlton originated this transaction.

McInerney is a leading international property developer and house builder with operations in Ireland, Spain and the United Kingdom. McInerney, which is listed on the Dublin and London Stock Exchanges, has a market capitalisation of approximately €550 million.

Founded in 2004, Carlton Financial Group consists of two complementary businesses: Carlton Corporate Finance, an independent corporate finance and advisory firm, and Carlton Capital Partners LLP, which provides investment management advisory services to private clients and investment institutions.

During September 2006, Carlton announced that Bank of Scotland, part of the HBOS group, had acquired its 9.9 per cent strategic shareholding in the Group. HBOS and Carlton will work together to develop opportunities throughout the Carlton network for HBOS to apply its significant financial strength to funding transactions.

Enquiries:

Carlton Financial Group
Simon Murphy
Tel: +44 (0) 207 355 2211

Millbrook Partnership
Tim Grey
Tel: +44 (0) 207 520 9455

Notes to editors:

Carlton Corporate Finance is an independent corporate finance advisory business actively involved in: merger & acquisition advisory (sell-side and buy-side); corporate strategy advisory; private placement of debt and equity. The firm recently acted for Rentokil Initial plc in their £80m acquisition of J.C. Ehrlich Co. Inc, a leading US pest control company.

Carlton Capital Partners LLP is an independent investment management firm, managing tailored absolute and total return portfolios for institutions, ultra high net worth individuals, charities and foundations. The firm manages portfolios that are invested globally and constructed by combining dynamic asset allocation with Carlton’s selection of the very best portfolio managers.