2009: Finalisation of the sale of share capital to Legg Mason

Pursuant to the terms of the June 2005 agreement between Sequana, Legg Mason and the managers of Permal Group, Legg Mason has gradually built up a controlling interest in Permal. Sequana retained a 1% interest in Permal after selling its 5.36% interest in the group to Legg Mason in November 2007. Its 1% stake is to be sold to Legg Mason in November 2009 for USD 10 million. The sale price may be increased by an additional earnout payment of up to USD 30 million based on the Permal Group's performance at 30 September 2009.

It should be noted that this disposal is in keeping with the Group's value creation and growth strategy, since it has allowed Permal to receive the backing of a powerful financial partner and to significantly expand its business in the United States.