Pi Capital

October 30, 2007

      Compass Advisers, LLP ("Compass") is pleased to announce Pi Capital's sale of a strategic 19.9% stake in its business to Bank of Scotland Corporate ("HBOS").  Pi Capital is a unique investor network that finds growth equity and alternative asset investment opportunities for its members, and negotiates participation in select private equity deals.

      Compass assisted Pi Capital in reviewing and analysing the opportunity, advising on the tactics and approach to HBOS, advising on the structure of the transaction, negotiating the terms of the transaction and developing business plans.  Through the HBOS investment, Pi Capital gained access to the bank's pipeline of Growth Equity deals.  In addition, HBOS provides a partner who can open doors for Pi members to a range of investments in other asset classes.

      Pi Capital has the opportunity to participate in select HBOS investments, but retains the freedom to source deals from its membership and continue its own origination activities.  Bank of Scotland and Pi Capital each host an extensive program of education, research and events, and the transaction enables them to further develop this program in partnership.