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Promethean switch on to TIS and PDL

Arrowpoint Advisory is pleased to announce the sale of TIS Group, the parent company for Absolute Assigned Policies Ltd and Protected Distribution Ltd. TIS Group is the leading market maker in traded endowment policies ("TEPs"). The deal has been backed by Promethean Investments Fund LP.

In the year to July 2006, TIS Group and PDL generated a combined turnover of approximately 210 million and profits before tax of 13.7 million. TIS Group currently has circa 1 billion of TEP funds under management.

Promethean has acquired 51% shareholdings in TIS and PDL for 50m. Founder and Managing Director Lee Portnoi, alongside current shareholders who have built the businesses, will retain a 29% stake, and will remain as a non-executive director.

Arnie Iversen is joining the business as CEO. Arnie has a successful track record in financial services and has held senior positions with Next, GE Capital, GMAC and most recently Littlewoods Shop Direct Group.

Lee Portnoi, Managing Director of TIS Group, commented: "Through their knowledge of the private equity community Arrowpoint Advisory were able to target a shortlist of potential investors with a specific interest and understanding of financial services and the unique nature of our business. The Arrowpoint Advisory team were dedicated and tenacious throughout, led the negotiations and provided pro active project management of the process to secure completion within a timetable of 6 weeks from the signing of Heads of Terms."

Sir Peter Burt, Chairman of Promethean plc, said: "We believe that Lee Portnoi and his team have built an excellent business that has great potential for the future. We look forward to working with them in taking the business to the next level."

James Lever, Managing Director at Arrowpoint Advisory, commented: "We believe that the business represents a strong platform for Promethean and new management to significantly expand with the active input of the founders and current management team."

James Lever

James Lever

Managing Director

Phone: +44 20 7484 4711

Mobile: +44 7711 078463