GFL Limited Acquired

Seascope Shipping Holdings PLC 10 November 1999 Seascope Shipping Holdings PLC - Acquisition of GFL Limited The Board of Seascope (the 'Board') is pleased to announce that Seascope Shipping Holdings PLC ('Seascope' or 'the Company') has today entered into an agreement to acquire the entire issued ordinary share capital of GFL Limited ('GFL') (the 'Acquisition'). GFL specialises in structuring and arranging asset based financings with a particular emphasis on the transportation and shipping industries. GFL does not act as a principal in relation to any business conducted by it. The Board believes that GFL is complementary to the Company's existing Capital Services division and would anticipate combining the two businesses following completion. The Board believes that Seascope will benefit from the leasing expertise that GFL can bring to the Company's existing client base. The Board expects that the acquisition of GFL will rapidly accelerate the growth of Capital Services into a significant profit centre within Seascope. The consideration for the acquisition, payable on completion is £1,750,000. The consideration is to be satisfied by the payment of £1,000,000 in cash and by the issue of 349,928 new 10p ordinary shares in the share capital of Seascope ('New Shares') at 214.3p per share being the average mid- market closing price of Seascope's shares over the three business days prior to the signing of the agreement. In addition, deferred consideration may be payable subject to GFL achieving certain revenue targets. The maximum deferred consideration is £750,000 payable on 30 June 2001 and £500,000 payable on 30 June 2002. The deferred consideration is payable by the issuance of loan notes or at the Company's option new ordinary shares in the share capital of Seascope. Application will be made for the New Shares to be admitted to the Official List of the London Stock Exchange. Dealings in the New Shares are expected to commence on Monday 15 November 1999. For the year ended 30 April 1999, GFL generated pre-tax profits £393, 402. At that date GFL had net assets of £66,710. For further information, please contact: Seascope Shipping Holdings PLC 0171 235 2022 Duncan Hill, Chief Executive Investec Henderson Crosthwaite 0171 597 5970 Sandy Fraser, Director of Corporate Finance Grandfield 0171 417 4170 Michael Henman/Clare Abbot