REUTERS AND INSTITUTIONAL INVESTOR FORM GLOBAL EQUITY MARKETS SURVEYS ALLIANCE

London - Reuters, the information, news and technology group, and Institutional Investor, the leading U.S. and international financial magazine publisher owned by Euromoney Institutional Investor PLC, have joined together to publish a comprehensive and enhanced series of surveys covering the global equity markets.

From January 2002, Reuters will sponsor six of Institutional Investor's market-leading equity research surveys of the buy-side, including the All-America Research Team, which will continue to be published in Institutional Investor magazine. As part of the agreement, Reuters is sponsoring and co-publishing Institutional Investor's polls of sell-side institutions and chief financial officers of the major companies.

These surveys will be released in the Reuters Institutional Investor reports. They will provide global independent benchmarking of the investment research and communications activities of securities firms, institutional investors and corporations together with analyses of key trends and issues. They will cover the equity markets in the US, Europe, Japan, Asia and Latin America.

Reuters agreement with Institutional Investor replaces the Reuters Surveys which Tempest Consultants have conducted since 1995. Tempest Consultants went into liquidation in August this year. In a separate agreement, Institutional Investor magazine has acquired most of the assets of Tempest Consultants including the intellectual property and historical data.

The rankings, based on polls of buy-side institutions about sell-side research, provide independent performance benchmarks for the investment research activities of securities firms in virtually every major stock market. The research teams will continue to be developed by Institutional Investor's editors and published in its magazine, with sponsorship by Reuters.

In addition, Reuters is sponsoring Institutional Investor's publication of polls of sell-side institutions and of chief financial officers of the major companies in each market. These surveys will appear, together with the Institutional Investor research teams, in a series of single research reports, entitled the Reuters Institutional Investor Equities Investment Surveys. A report will be published for each of the six markets covered over the course of the year.

The first Institutional Investor survey to be sponsored by Reuters, The All-Europe Research Team, will be published in February 2002. Summary findings of the related sell-side and CFO surveys will be simultaneously released. The results will be presented at an awards dinner in London, hosted by Institutional Investor and sponsored by Reuters. Concurrently, 2000 reports of the Reuters Institutional Investor European Equities Investment Survey will be distributed throughout the financial community.

Alex Hungate, Reuters Chief Marketing Officer, said: "This alliance brings together two of

the leading sources of independent global equity information and data into a single, definitive set of surveys. Our aim with the Reuters Institutional Investor reports is to provide our customers around the world with a consistent and reliable performance benchmark which incorporates the global experience and profile of the Institutional Investor surveys with the enhanced methodology of the original Reuters Surveys."

Denise Murrell, Managing Director, Institutional Investor Research Group, commented: "We look forward to working with Reuters, our first ever sponsor. Reuters is strongly committed to Institutional Investor's continuing policy of preserving the independence of its rankings. We plan to integrate the best of the CFO and sell-side surveys, formerly produced by Tempest, with our own longstanding buy-side surveys. This will provide a definitive and enhanced overview of investment research and communication activities throughout the global equity markets."