Pall Mall Capital Advises GEERS on Majority Stake Sale to AudioNova

Hearing Aid Market on Track For High Growth and Further Consolidation

LONDON, April 14, 2010 - GEERS Horakustik, a leading European hearing aid retailer, has
completed the sale of a 75 per cent stake in its business to AudioNova
International, the hearing aid retail business owned by HAL Holding N.V.
GEERS, a leading independent retailer in the hearing aid sector in Europe,
currently owns more than 450 specialist stores.

Pall Mall Capital, the cross-border corporate finance
specialist, acted as exclusive financial adviser to shareholders of GEERS
Horakustik, in this highly complex cross-border transaction, involving six
jurisdictions / markets (Germany, Holland, Switzerland, Poland, Hungary and
Russia).

Since its establishment in Dortmund, Germany in 1951, GEERS
has expanded domestically and internationally, and is now a leading retail
brand in Germany, Switzerland, Poland, Hungary and Russia. As a result of
this transaction, AudioNova's existing German operations trading under the
name "Horgut" will be combined with GEERS' German operations. The combination
will operate approximately 580 company owned stores, with annual sales of
approximately EUR 130 million, and has ambitious growth targets. GEERS will
become a dominant force in the fast growing hearing aid market.

The combined business will be led by Christian Geers as Chief
Executive, and his family will retain a 25 per cent shareholding.

The European hearing aid market is growing at approximately 5
per cent per annum. The key drivers are demographic shifts such as an aging
population and increasing hearing loss prevalence. According to research
published by Professor Adrian Davis of the British MRC Institute of Hearing,
the total number of Europeans suffering from hearing impairment is set to
reach 90 million by 2015, and he estimates that more than 900 million people
world-wide will suffer hearing loss by 2025. Additionally, changing patterns
of behaviour, aided by innovation and design, is creating a strong demand for
hearing aid products. The retailing of hearing aids is highly attractive.
However, the market is highly fragmented with significant potential for
consolidation.

The Pall Mall Capital team was led by its Chief Executive,
John Cutts, together with Ulrich Wogart, Richard Speak, Craig Humphrey and
Laura Boeck. John Cutts explained: "This complex cross-border transaction had
to meet a number of challenging objectives, including ensuring that the
GEERS' brand continues to flourish as a European leading retailer of hearing
aids.

The success and reputation of GEERS attracted many potential
suitors from across the globe. It was important for Pall Mall Capital to find
a balance that enabled certain family members to exit whilst the third/next
generation could remain invested alongside a strong strategic partner. HAL
Holding and the AudioNova team saw off strong competition and demonstrated
clear commitment to a partnership with the Geers family as well as to further
rapid growth and profitability. It was a great honour to work alongside the
Geers family and to ensure an orderly succession which is now well placed to
take advantage of this growth/dynamic market."

Disclaimer

This announcement is for information only and does not
constitute an offer or invitation to acquire or dispose of any securities or
investment advice in any jurisdiction.

Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser.

The information contained in this announcement does not
constitute an offer to sell or the solicitation of an offer to buy any
security. Distribution of the information contained in this announcement,
into or within jurisdictions other than the United Kingdom may be restricted
by law and, therefore, persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions. Any failure
to comply with any such restrictions may constitute a violation of the
securities laws of the relevant jurisdiction.

Notes to Editor

Pall Mall Capital is a London-based specialist corporate
finance advisory house well-versed in complex cross-border transactions.
Innovative, tailor-made solutions are delivered by experienced and respected
senior bankers globally through the Pall Mall Alliance, combining local
market knowledge with funding from the London and international Capital
Markets.

John W Cutts has led Pall Mall Capital since its acquisition
in 2001. He was previously the Head of European Corporate Finance at the
WestLB Group and former Executive Director of European Mergers & Acquisitions
at Samuel Montagu & Co. Limited. The Non-Executive Chairman is George Loudon,
previously Chairman and Chief Executive of Midland Montagu.

www.pallmallcapital.com

    Media Enquiries:

    John W Cutts, CEO, Pall Mall Capital
    Tel +44(0)20-7518-7300
    Mob +44(0)7836-678-917
    Email: john.cutts@pallmallcapital.com

    Richard Speak, Director, Pall Mall Capital
    Tel +44(0)20-7518-7323
    Mob +44(0)7775-802-313
    Email richard.speak@pallmallcapital.com

    Charlie Jack / Claire Barry, Hudson Sandler
    Tel +44(0)207-710-8909 / 8940
    Email: cjack@hudsonsandler.com / cbarry@hudsonsandler.com

Media Enquiries: John W Cutts, CEO, Pall Mall Capital, Tel +44(0)20-7518-7300, Mob +44(0)7836-678-917, Email: john.cutts at pallmallcapital.com; Richard Speak, Director, Pall Mall Capital, Tel +44(0)20-7518-7323, Mob +44(0)7775-802-313, Email richard.speak at pallmallcapital.com; Charlie Jack / Claire Barry, Hudson Sandler, Tel +44(0)207-710-8909 / 8940, Email: cjack at hudsonsandler.com / cbarry at hudsonsandler.com