AGM Statement

Close Brothers Group PLC
30 October 2001

Chairman's Remarks at AGM

30th October 2001

In today's volatile political climate and  rapidly changing markets, it is
appropriate for us to up-date you on trading.

When we announced our results on 24th September  I expressed caution on the
outlook for the year.  There has been no cause, in the intervening period, for
me to change that view.  The trading conditions for our market-making business
remain difficult and have shown no material improvement over the second half
of last financial year.  Our banking business has made a satisfactory start.
Our asset management business is performing up to our expectation.   In our
corporate finance business, although the pipeline appears to be satisfactory,
several deals have been deferred or cancelled and we continue to expect low
conversion rates in the next few months.

In these circumstances we continue to keep a very watchful eye on costs and
remain cautious overall on our near-term prospects.