PRESS RELEASE - June 2005

Corporate Restructuring at Pictons Solicitors LLP

Following a detailed review of its development plans for the coming period, Pictons Solicitors LLP (PSLLP) has decided to restructure its business in the interests of maintaining a first-class service to its
clients. With effect from 1st June 2005, PSLLP will offer a full range of services from its offices in Hemel Hempstead, Milton Keynes and Luton. In addition, further investment will be made to expand existing and offer new services to clients.

The resulting changes will be that on 1 June 2005:

• Pictons existing practice at St Albans will be sold to a Limited Liability Partnership known as SA Law LLP, which is owned by a number of the Pictons Partners who are currently based there.


• Pictons Bedford Crime Practice will be sold to a Partnership known as First Defence, which is owned by a number of Pictons Partners who are currently based at Bedford.

Then on 1 July 2005:

• Pictons Luton Crime Practice will be sold to a Partnership known as Healey Colbon, which is owned by a number of Pictons Partners who are currently based at Luton.

The remaining Partners of PSLLP welcome the restructuring and consider that it is in the longer term interests of all stakeholders and employees, presenting an opportunity to develop PSLLP in key locations providing a broad range of legal services to individuals and commercial organisations alike.

If you require any further information, please contact

      Roger Talbot (Chairman) Direct Line 01582 878537
      or
      David Lambert (Chief Executive) Direct Line 01582 878503