Tullett completes the sale of Gains International to Goldman Sachs Capital Partners

London, 30 April 2003: Tullett plc, one of the world’s leading inter dealer brokers, has completed the sale of its specialist voice and data network services subsidiary Gains International to GS Capital Partners 2000 and other private equity funds affiliated with Goldman Sachs, for up to £15.4 million, subject to adjustments and earn out calculations.

The sale, which was announced on 22 January 2003, involved the transfer of Gains International Asia Holdings Limited, Gains International (US) Inc. and Gains International (Europe) Limited from Gains International Infocom Holdings BV, of which Tullett is the majority shareholder. The remaining 28.6% of the company was owned by Tokyo-based Totan IT.

In a separate but related agreement, IPC Acquisition Corp. exercised its option to purchase Gains International (US) Inc and Gains International (Europe) Limited from GS Capital Partners 2000 and other private equity funds affiliated with Goldman Sachs.

Media contacts:
Geoff Chapman
+44 (0)20 7895 9595
+44 (0)7798 854809

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