RNS Number:9924Q
Singer & Friedlander Group PLC
16 October 2003


                         SINGER & FRIEDLANDER GROUP PLC
            Subordinated Bond issue by Singer and Friedlander Limited


Singer & Friedlander Group PLC ("Singer & Friedlander") announces that Singer
and Friedlander Limited, a wholly owned subsidiary of Singer & Friedlander, is
proposing to raise up to #50,000,000 through a placement of subordinated bonds
("the Bonds").

The net proceeds of the proposed issue will initially be used by Singer &
Friedlander to further strengthen the regulatory capital base of its group of
companies, to facilitate the further growth of the banking business and for its
general corporate purposes.

The Bonds will be subordinated to the senior liabilities of Singer & Friedlander
Limited. The Bonds will have a coupon of 71/2% per annum, payable semi-annually,
with a maturity date of 2019 and a first call date in 2014.

The intention is for the placing to close on or about 13 November, 2003.

Application will be made to the Luxembourg Stock Exchange to list the Bonds.

Cazenove & Co. Ltd. is the sole lead manager for the issue.

For further information, please contact:

Singer & Friedlander                              020 7523 5000
John Hodson Chief Executive

Cazenove & Co. Ltd.                             020 7588 2828
James Douglas

Stabilisation/FSA.

END.



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