Professional services for the front, middle and back office: CH-8021 Zurich Valordata Feed

9 January 2004

By confirming an order for 500 user licences for Telekurs Financials newgeneration display product Telekurs iD and signing a global agreement to
subscribe to securities data, Pictet & Cie. is leading the way in the
integrative use of professional financial data products in its front, middle
and back offices.

Founded in 1805 in Geneva, Pictet & Cie is today, with over CHF 173 bn under
custody and administration, one of Switzerland's leading private bankers and
one of the premier independent asset management specialists in Europe. Focused on asset management for private and institutional clients, the Pictet group employs some 1,900 people and has established offices in Zurich and Lausanne, London, Luxemburg, Frankfurt, Milan, Turin, Madrid, Montreal, Nassau, Singapore, Hong Kong and Tokyo. It will open an office in Paris in the early months of 2004.

Telekurs iD will be used by Pictet for its investment consulting and portfolio
management activities worldwide, as well as by its middle-office and backoffice
staff. Valordata Feed will support the automation of back-office processes.

Two factors influenced Pictet's decision to opt for Telekurs Financials newgeneration display product Telekurs iD and to commit itself fully to Valordata Feed (VDF), the world's only structured and encoded securities data feed of its kind: the stability of the products, and the high quality of the data supplied by Telekurs Financial.

"We were already users of Telekurs Financial display products and securities
data", says Michel Mermoux, Data Feed Manager at Pictet. "The new generation of display products and the enhanced Valordata Feed fit our corporate culture of using truly professional products and services in all areas".

"We are delighted with the confidence that Pictet & Cie. has placed in us,"
says Francesco di Pierro, Manager of Telekurs Financials Geneva Sales Unit.
"I firmly believe that both of these products meet the requirements of Pictet's
various operating units."

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