Investment in CityCompass

Trio Holdings PLC
23 January 2001

                         TRIO invests in CityCompass

            Creation of a Settlement and Clearing Industry network

                                                               23 January 2001

TRIO Holdings PLC, a leading London-based money and securities broking house,
announces its investment in CityCompass Limited, a community-of-interest
network for the 30,000 professionals operating in the global settlement and
clearing industry. TRIO's investment, which will give it a 22.5% stake in
CityCompass, will be enhanced by IT and infrastructure support from TRIO's
in-house resources.

The global clearing and settlement industry is currently experiencing enormous
change with the consolidation and proliferation of trading systems. The big
market users believe they alone could save around $1 billion a year in
operations if the settlement and clearing system was as efficient in Europe as
it is in the US. CityCompass will focus on the 'operations professionals'
within this market.

The CityCompass network will include brokers, bankers, investment bankers,
fund managers and other participants in the securities and capital markets. It
will also include the many, often competing, stock exchanges, clearing houses
and new electronic transactional systems. CityCompass provides a ready-made
source of contacts for key suppliers to the industry and will provide a point
of reference for operations professionals aiming to deliver the best possible
strategic and cost-effective services for their companies and their clients.

David Hagan, Chairman of TRIO and CityCompass, said of the new company's
launch: 'We are delighted that TRIO Holdings PLC, which is seeking to foster
the use of new technologies in the 'wholesale' financial markets, has been
able to take a stake in this exciting venture. We believe the high quality
management team of CityCompass, with almost two centuries of combined industry
experience, plus the financial and technological backing and infrastructure of
TRIO will create an immediate and sustained impact in this increasingly
important sector of our industry.'

Rod Williams, a Director of Martin International Securities and until recently
Chairman of the Securities Institute Operations Management Committee, said: '
There is a huge and fast-growing demand globally for unbiased information and
independent comment in this sector. CityCompass, which is harnessing some of
the best and brightest new technologies, backed up by highly experienced
professionals, will deliver a terrific service to all our colleagues in
securities operations worldwide.'

For further information please contact:

David Hagan, TRIO Holdings PLC                            Tel: [phone]

George Littlejohn, CityCompass Ltd                        Tel: [phone]

Melanie York, Citigate Dewe Rogerson                      Tel: [phone]



NOTES TO EDITORS

CityCompass

CityCompass is a consultancy created by a group of top UK operations
professionals. It brings together, in an inter-active forum, representation
from all the many diverse interests of an estimated 30,000 securities industry
operations professionals within the capital markets clearing and settlement
industry. The network will include brokers, bankers, investment bankers, fund
managers, stock exchanges, clearing houses, and other major participants in
the securities and capital markets. CityCompass, through its web-site
www.city-compass.co.uk, will provide an e-mail database of industry contacts
([e-mail]) and a neutral platform for:


  * specific sector-related reports

  * conferences

  * dissemination of research

  * information

  * news and opinion

  * on-line seminars



Recent and future publications and events


  * Central Counterparty for UK Securities Settlement (January 2001)


    Authored by Mike Jones and Gary Wright from CityCompass, this paper
    addresses the challenges presented by the introduction of a central
    counterparty in the UK equities market in February 2001.


  * Conference on Preparing for the Central Counterparty (18 January 2001)


    This well-attended conference addressed the key issues raised by the
    report. Speakers included:


  * Philip Bruce, Managing Director of Strategy and Development, London
    Clearing House

  * Jeffrey Hughes, Associate Director, Pershing

  * Gareth Jones, Head of Clearing Services, CrestCo

  * Pen Kent, Executive Chairman, European Securities Forum

  * John Tanner, Head of Post Trade Services, London Stock Exchange

  * Bernie Till, Vice President, DTCC


    The conference was chaired by Mike Jones, a CityCompass founding director
    who was until recently chairman of the Association of Private Client
    Investment Managers and Stockbrokers.


  * CityCompass/Deloitte & Touche Seminar: T + 3 (6 December 2000)

    Again based on a CityCompass report, 'T+3 A Short Sharp Shock?' (on the
    introduction of shortened settlement times in January 2001), this
    conference featured:


  * Gavin Downs, Technical Services Director, Lloyds TSB Registrars

  * Mike Jones, Director, CityCompass

  * Brian Ludlow, Director, Deloitte & Touche

  * Bernie Till, Vice President, DTCC


  * Dematerialisation in UK equities (15 February 2001)

    This special roundtable discussion on the moves towards full-scale
    dematerialisation in the UK retail equities market will be held as part of
    Europe's biggest retail financial technology event at Olympia, for which
    CityCompass is organising the conference element.

 For further information on CityCompass, or to register as a network member,
              please visit its website at www.city-compass.co.uk

      CityCompass Limited is an associated company of TRIO Holdings PLC