Auerbach Grayson’s Global Broker Network Adds CSL Stockbrokers of Nigeria

New York - 24 January 2007

Auerbach Grayson & Company Inc., a leading agency brokerage specializing in international securities trading for U.S. institutional investors, announced today that it has added long-established CSL Stockbrokers Ltd. of Nigeria to the Auerbach Grayson Global Broker Network.

A member of the Nigerian Stock Exchange since 1977 and one of the largest brokers in the country in terms of trading volume and size of trades, CSL Stockbrokers has more than 20,000 retail, government and corporate clients. Over the last three years, CSL Stockbrokers has been one of the largest facilitators of offshore trades on the Nigerian Stock Exchange.

In 2006, CSL Stockbrokers independently executed almost US$50 million in trades for offshore clients. CSL Stockbrokers clients can visit any of the firm’s 100 branches located in major cities across Nigeria, as well as execute their trades online. CSL Stockbrokers and its flagship company, FCMB Plc., are members of Nigeria’s pioneering financial services group, First City Group.

“We believe our union with Auerbach Grayson will further enhance our already dominant position in the offshore market,” said Gboyega O. Balogun, Executive Director, CSL Stockbrokers and Divisional Head of Investment Services of FCMB Capital Markets Subgroup.

Jonathan L. Auerbach, Managing Director and co-founder of Auerbach Grayson said, “CSL Stockbrokers has an outstanding reputation and is a prime example of the well-established local brokers on our network who are in the best position to provide in-depth research and analysis of local markets and individual companies to our institutional clients.”

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