GlobalCapital plc - Details of 5.6% Bond Issue

Global Financial Services Group plc published its Prospectus dated 10 May 2006 in respect of the offering of €10,000,000, 5.6% Bonds due 2 June 2016 (subject to early redemption at the option of the Issuer on 2 June 2014 and 2 June 2015) of a nominal value of €100 per Bond issued at par, subject to an over-allotment option not exceeding €7,000,000 (the “Bonds”). The total amount of the Bonds on offer (in the event that the over-allotment option is exercised in full) is €17,000,000.

Application has been made to the Listing Authority for the admissibility of the Bonds to listing and to the Malta Stock Exchange for the Bonds to be listed and traded on its official List.

HSBC Stockbrokers (Malta) Ltd is acting as sponsor to the application for admissibility of the Bonds to Listing.

HSBC Bank Malta plc is acting as underwriter, manager and registrar in connection with the Bond issue.

SALIENT DETAILS & TIMETABLE OF THE BOND ISSUE

Offer price: 100% (at par)

Nominal Value: €100

Interest Rate: 5.6%

Minimum Application: €2,500 (+/- Lm1,091) and in multiples of €100 thereafter.

Interest Payment Dates: Annually on 02 June. First interest payment to be effected on 02 June 2007.

Commencement of Interest: 03 June 2006

Redemption Dates & Prices: 02 June 2016 @ 100%. The Issuer reserves the right to redeem all or any part of the Bonds at their nominal value on 02 June 2014 or 02 June 2015 by giving not less than 60 days prior notice to Bondholders.

Offer opens and closes: 18 May 2006 to 26 May 2006 (or earlier date as may be determined by the Issuer in the event of over-subscription).

PURPOSE OF THE ISSUE & USE OF PROCEEDS

The proceeds of the Bond Issue will be used by Global Financial Services Group plc (the Issuer) for the general financing purposes of the Group. In particular, the proceeds will be used to reorganise the Group’s inter-company borrowings and fund the expansion of operations in its core business segments. This will include, but will not be limited to, the following:

I) Expansion of the Group’s life assurance operations either via joint ventures or possible acquisitions;

II) Development of pension fund administration and servicing capabilities;

III) Investment in quality immovable properties both locally and overseas. The Group is currently seeking to achieve a balance between property held for development purposes and property held for long-term income and capital appreciation. The proceeds of the Bond Issue will assist the Issuer in achieving this balance, in the short term, by increasing the Group’s holding of immovable property held for income generation and longer-term capital appreciation purposes.

The Issuer will also be looking to anticipate and take advantage of any new business opportunities that may arise that fit the Group’s criteria for growth.

For further information, prospective investors should read the Prospectus dated 10 May 2006 issued by the Group in accordance with the provisions of Rule 6 of the Listing Rules issued by the Listing Authority. Copies of the Prospectus are available by email upon request.