RNS Number:9395Q
Singer & Friedlander Group PLC
15 October 2003

Singer & Friedlander Group PLC

The following is an extract from Carnegie outlining their results for the nine
month period ended 30th September 2003.



Carnegie - Net profit first nine months SEK 135 million (SEK 179 million)

  * Carnegie's net profit for the first nine months 2003 was SEK 135 million
    (SEK 179 million). The net profit for the third quarter was SEK 69 million
    (SEK 37 million), up 33 per cent Y/Y when excluding redundancy costs.

  * Earnings per share for the first nine months were SEK 2.02 (SEK2.69), of
    which SEK 1.04 in the third quarter (SEK 0.55).

  * Total income for the first nine months was SEK 1,500 million (SEK 1,796
    million), of which SEK 524 million in the third quarter SEK 552 million).
    Securities income in the third quarter was SEK 228 million unchanged Y/Y (up
    13 per cent on a like-for-like basis). Investment Banking income was SEK 87
    million down by 12 per cent Y/Y. Asset Management & Private Banking income
    was SEK 210 million down 7 per cent Y/Y (down 19 per cent on a like-for-like
    basis).

  * Total expenses for the first nine months were SEK 1,297 million, down 16
    per cent Y/Y, reflecting expenses before profit-share declining by 16 per
    cent and a profit-share decline of 18 per cent. Total expenses before
    profit-share in the third quarter 2003 were SEK 330 million, down 27 per
    cent Y/Y (down 20 per cent when excluding redundancy costs). Estimated costs
    before profit-share for 2003 will be below the earlier presented range of
    1,500 - 1,600 million.

  * Further steps were taken in the One Carnegie project, which includes a
    number of components to develop Carnegie's business to future clients'
    needs. During the third quarter Carnegie, Alfred Berg ABN AMRO and EDS
    signed a letter of intent with the aim of forming a partnership to create a
    common solution for securities post trade processing. The result of the
    feasibility study will be presented before year-end.

  * Assets under management amounted to SEK 52 billion at end of eptember, an
    increase of SEK 5 billion from the beginning of the year, due to inflows of
    SEK 4 billion and increased asset values of SEK 1 billion. During the third
    quarter, a number of Carnegie's mutual funds received new rankings. At
    present Carnegie funds representing over 50 per cent of the assets under
    management in equity mutual funds holds 4- or 5-star rankings.

  * Carnegie's share of the total turnover on the Nordic stock exchanges was
    8.35 per cent January-September 2003, which ranked Carnegie as the second
    largest actor. In Investment Banking, Carnegie is clearly ranked as No 1 in
    the first nine months in the Nordic M&A advisory league table, both in terms
    of announced and completed transactions.

  * Major changes in 2003


        Effect from transfer of Private Sales operations from Securities to
        Private Banking.

        Comparisons for the nine-month period includes the effects of redundancy
        expenses related to reduction of 55 employees in Jan-Sep 2003 (SEK 46
        million) and 80 employees in Jan-Sep 2002 (SEK 56 million).

Quotations from Karin Forseke, CEO:

"The shift in sentiment has become evident in the improved equity markets. From
an overall market perspective, Nordic turnover levels year-to-date are still 14
per cent below last year, and the current market valuation is 60 per cent below
the peak in March 2000. In the continued consolidation in the industry I see
possibilities for Carnegie to further strengthen the position."

"We are turning every stone and we are challenging every process, which is
reflected in our cost base being 20 per cent down from the turning point in the
beginning of 2002. Our aim is of course to manage the business to achieve the
optimal cost base in relation to our revenue potential. The commitment from my
colleagues in Carnegie has demonstrated that better results, both quantitative
and qualitative, can be achieved by hard work and dedication."

"All our focus is to bring value added products and services to targeted clients
and to help them take advantage of the momentum.

For further information please contact:

Karin Forseke (CEO) +46 8 5886 90 10

Mats-Olof Ljungkvist (CFO) +46 8 5886 90 13

Birgitta Henriksson (IR) +46 8 5886 86 39.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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