Introduction

Hallwood Financial Limited ("Hallwood") is a private limited company, wholly owned by The Hallwood Trust, a Jersey based discretionary trust, the beneficiaries of which are Anthony J. Gumbiner and his family. The trustee of The Hallwood Trust is Hallwood Company Limited, a Nevis company.

Hallwood was incorporated on 16 April 2008 under the laws of the British Virgin Islands. Its registered office is at P.O. Box 3136, Road Town, Tortola, British Virgin Islands.

Currently, the principal business focus of Hallwood is investment in marketable securities in the US and the UK. Hallwood has an extensive portfolio of assets. These assets comprise, inter alia, cash and short term investments, time deposits and marketable securities. Hallwood owns 66.28 per cent. of The Hallwood Group Incorporated, a Delaware Corporation, whose shares are traded on the NYSE Alternext Exchange. HGI is a holding company primarily involved in textile activities through its subsidiary Brookwood Companies Incorporated. HGI also owns a 22 per cent. stake in its private energy affiliate, Hallwood Energy, L.P. Hallwood is not owned directly or indirectly by HGI. Anthony J. Gumbiner is Chairman and Chief Executive Officer of HGI.

The directors of Hallwood at the date of this document are:
Anthony J. Gumbiner
Mylene Gumbiner
Alastair Howie
Rhys Davies

Offer for The Local Radio Company plc

On 9 April 2009, Hallwood announced an offer for for the entire issued and to be issued share capital of The Local Radio Company plc ("TLR") at a price of 2.5 pence per share (the "Initial Offer"). Subsequently, on 30 April 2009, Hallwood announced a revised offer for TLR at a price of 3.5 pence per share (the "Revised Offer"). Then, on 11 May 2009, Hallwood announced a second revised offer for TLR at a price of 5 pence per share (the "Second Revised Offer"). The documents, announcements and information related to the Initial Offer, the Revised Offer and the Second Revised Offer will be published on this website by no later than 12 noon (London time) on the business day following their publication.

The following documents relation to the Initial Offer are currently available:

Announcement dated 9 April 2009
Announcement dated 17 April 2009
Offer Document dated 17 April 2009

The following documents relation to the Revised Offer are currently available:

Announcement dated 30 April 2009
Announcement dated 5 May 2009
Revised Offer Document dated 5 May 2009
Announcement dated 11 May 2009

The following documents relation to the Second Revised Offer are currently available:

Announcement dated 11 May 2009

The following documents are incorporated by reference into the Offer Document and the Revised Offer Document

Annual report of The Local Radio Company plc for the financial year ended 30 September 2006
Annual report of The Local Radio Company plc for the financial year ended 30 September 2007
Annual report of The Local Radio Company plc for the financial year ended 30 September 2008
Form 10-K of Hallwood Group Incorporated for the year ended 31 December 2008