Disposal

Trio Holdings PLC 1 November 2001 TRIO HOLDINGS PLC Disposal of Martin International Securities Limited. The Board of Trio Holdings PLC ('Trio') today announces the sale of Trio's wholly owned subsidiary Martin International Securities Limited ('MIS') to Martin International Securities Holdings LLC ('MIS LLC') incorporated in Delaware USA, for total cash consideration of £362,000. MIS LLC is unconnected to Trio. The consideration payable is equal to the unaudited net asset value of MIS at 31 October 2001 after the repayment to Trio of a subordinated loan of £494,000. Trio's operating subsidiaries include some 180 brokers principally in Forward Foreign Exchange, Deposits, Off Balance Sheet instruments, Arbitrage and Equity Derivatives. MIS was the small team of 10 brokers within Trio specifically engaged in the 'matched principal' broking of Corporate Euro Eurobonds. Due substantially to the unique high cost of settlement of these 'matched principal' transactions within Trio, where all the other businesses broker on a high volume 'name give up' basis, it was recognised that further organic growth of the Eurobond activity to achieve eventual profitability would be too challenging to sustain, the direct cost to the Group over the last twelve months being approximately £700,000. The benefit to Trio of this sale is the cessation of any further losses at MIS. The Board expects to announce the full results of Trio for the year ended 30 September 2001 during the week ending 14 December 2001. Enquiries to: David Hagan, Executive Chairman, Trio Holdings PLC, 020 7489 8033