New York, NY - 3 October 2007

SPA ETF Inc. (SPA ETF), an investment adviser and affiliate of London & Capital, a specialist provider of investment products including Exchange Traded Funds (ETFs), today announced the opening of their U.S. operations as part of the expansion of their business into the U.S. market. Edward Feliciano, executive director in the New York Office, will lead a team of professionals that will be responsible for driving the SPA ETF business growth.

“We are excited about SPA ETF expanding operations in the U.S. on the heels of listing our ETF products on the London Stock Exchange” said Daniel Freedman, co-founder and CEO. “We welcome Edward Feliciano who has joined our firm to lead our U.S. operations working in conjunction with Donald Decker, Michael Miranda and Ryan Grosdidier to drive our growth.”

The New York office will be run by Edward Feliciano and Donald Decker, executive director. Both executives come to SPA ETF with over 10 years of diverse financial knowledge and background.

- Mr. Feliciano, 42, joins the company from Prudential Equity Group, where he served as vice president in the Institutional Equity Sales department. While at Prudential Equity Group, Mr. Feliciano held various senior management positions working in the equity research division and equity sales department where he interacted with diverse investment teams. Previously, he was assistant vice president for Equity Marketing at Dean Witter Reynolds where he was responsible for implementing and establishing equity marketing for the financial institution group. He received a bachelor’s degree in mechanical engineering with a minor in economics from Rensselaer Polytechnic Institute in 1988 and received his Security Analysis, Financial Statement Analysis and Option Strategies certification from New York Institute of Finance.

- Mr. Decker, 35, joins the company from Prudential Equity Group, where he served as vice president in the Equity Advisory Services department. While at Prudential Securities, Mr. Decker helped drive retail equity sales with the Central and Midwest regions. Previously, Mr. Decker worked at Morgan Stanley Dean Witter in the Equity Marketing division where he helped to coordinate marketing of proprietary equity portfolios within the retail branch system. Prior to that, Mr. Decker worked at Dean Witter Reynolds in their corporate finance group. He received a bachelor’s degree in economics and a bachelor in history from Fairfield University.

- Mr. Miranda, 34, joins from Prudential Equity Group, where he was a Sales Associate in the Institutional Equity Sales department. While at Prudential Equity Group, Mr. Miranda developed strong relationships with analysts, traders and assisted in marketing to an institutional client base. Previously, Mr. Miranda worked at PEA Capital as an Associate in their Investment Research department. There Mr. Miranda worked with portfolio managers and research analysts on the PIMCO Innovation Fund. Prior to that, Mr. Miranda worked at Oppenheimer Capital as an associate in their Portfolio Management division supporting Mid-Cap portfolio manager. He received a B.B.A with a concentration in economics from Pace University.

- Mr. Grosdidier, 25, joins from Thompson Financial Corporate Services Group, where he was an Analyst in their Capital Markets Intelligence department. While at Thompson Financial, Mr. Grosdidier provided equity Investor Relations Consulting to corporate investor relations directors and senior executives. Previously, Mr. Grosdidier worked at Prudential Equity Group where he was an associate equity research advisor. There he worked directly with the Wachovia retail sales force regarding investment strategy. He received a bachelor’s degree with a finance concentration and a minor in economics at Fordham University.

Edward Feliciano, executive director said: “Our team is extremely excited to join the firm and we see a wonderful opportunity with ETFs in the future. We believe that our team will be instrumental in growing the SPA business.”

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