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TruckInsure's parent company EIS sale completed

New and stable long term ownership

21 April 2008. The Board of EIS announces that completion has now taken place of the sale of EIS to a new investment company (Caley Limited) wholly owned by leading banks HBOS, HSBC, and Lloyds TSB. The transaction which was announced on 14 April was subject to regulatory approvals and other conditions all of which have been satisfied.

EIS believes this is an excellent outcome for all our customers’ staff and suppliers. The effect is to provide EIS with long term stability and a strong financial platform. Our businesses enjoy leading market positions, good levels of profitability, low debt levels and positive operating cash flow. Based on these strong foundations, EIS has achieved the independence to operate and grow as one of the UK’s leading insurance brokers in its market sectors.

The announcement today by Caley that it has now acquired the Residential Management and Property Maintenance divisions of Erinaceous Group is further good news for EIS. There are existing close business links between EIS and these businesses and there will be the opportunity for additional synergies.

Leslie Goodman, Executive Chairman of EIS, commented:

“We are delighted that the Banks have shown such strong commitment to our business. No less significant for us has been the support and confidence of our customers, insurers and suppliers over recent months which we very greatly appreciate.

With substantial long-term backing now assured, we look forward to the future with much positive expectation and confidence.”

Note:

EIS offers innovative solutions to cover the diverse needs in risk management of residential and commercial property. EIS also offers a select range of niche general commercial insurance products for a wide range of customers. Leading EIS brands include HomeLet & Letsure (Bibalet), Keelan Westall, Cadogan Keelan Westall, Deacon, Cadogan Hanover Park (Truckinsure, SaifInsure, Performance & Plastech), Farr and CareAssured.

TruckInsure is a trade name of Erinaceous Insurance Services Limited which is authorised and regulated by the Financial Services Authority. Registered in England: 3135797. Registered Office Address: Phoenix House, 11 Wellesley Road, Croydon, England CR0 2NW

Leslie Goodman Executive Chairman - EIS
0870 853 2542

Jamie Smith Chief Operating Officer - EIS
0870 703 9716

Truckinsure is a trading name of Erinaceous Insurance Services Limited which is authorised and regulated
by the Financial Services Authority.
Registered in England: 03135797 Registered Address: Phoenix House, 11 Wellesley Road, Croydon, CR0 2NW.

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