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Euromoney Ins.InvPLC (ERM)

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Thursday 08 November, 2001

Euromoney Ins.InvPLC

Acquisition

Euromoney Institutional InvestorPLC
8 November 2001

                           P R E S S R E L E A S E

                                                     Thursday November 8, 2001

                 INSTITUTIONAL INVESTOR ACQUIRES TEMPEST AND

                 SIGNS EQUITY RESEARCH ALLIANCE WITH REUTERS

London - Institutional Investor, the leading U.S. and international financial
magazine publisher owned by Euromoney Institutional Investor PLC, has acquired
most of the assets of Tempest Consultants. In addition, Institutional Investor
has signed a sponsorship alliance with Reuters.

The acquisition of Tempest's intellectual property significantly expands
Institutional Investor's role as the pre-eminent source of survey-based
rankings for the global equities markets. By integrating its own longstanding
analyst rankings with Tempest's CFO and sell-side polls, Institutional
Investor will provide independent performance benchmarks and analyses of key
market trends for securities firms, institutional investors and corporations.

Institutional Investor's influential surveys have identified the top analysts
covering the equities markets in the U.S., Europe, Japan, Asia and Latin
America for 30 years. 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.

In a separate agreement, Institutional Investor has signed an alliance with
Reuters, the information, news and technology group. From the beginning of
2002, Reuters will sponsor six of Institutional Investor's market-leading
equities research surveys, including the All-America Research Team.

In addition, Reuters is sponsoring Institutional Investor's publication of
polls, formerly conducted by Tempest, of sell-side institutions and the chief
financial officers of the major companies in each market. These surveys will
be published, 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 appear for each of the six markets
covered over the course of the year.

The first 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, 2,000 volumes of the Reuters Institutional Investor
European Equities Investment Survey will be distributed throughout the
financial community.

Alex Hungate, Reuters's Chief Marketing Officer, said: 'This alliance brings
together two of the leading sources of independent global equity information
and data. The Institutional Investor surveys sponsored by Reuters will provide
our customers around the world with a consistent performance benchmark they
can rely on. Institutional Investor has thirty years of research experience
and enormous presence in the global markets, and especially in the U.S., which
fits well with Reuters's global reputation for news and data integrity and
complements our strong European position.'

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 overview of
investment research and communications activities throughout the global
equities markets.'



                                     Ends

PR Contacts

Denise Murrell, Managing Director, II Research Group     Tel: +1(212) 224 3349

murrelld@iimagazine.com

Colin Jones, Chief Operating Officer,

Euromoney Institutional Investor PLC     Tel: +44 (207) 779 8291

Richard Ensor, Managing Director,

Euromoney Institutional Investor PLC     Tel: +44 (207) 779 8844

Notes to Editors

Schedule for timing of publications
Survey                                Month of publication in each year
The All-Europe Research Team          February
The Japan Research Team               April
The Asia Research Team                May
The Latin America Research Team       June
The All-America Research Team         October
The Global Research Team              December

About Reuters

Reuters's (about.reuters.com) premier position as a global information, news
and technology group is founded on its reputation for speed, accuracy,
integrity and impartiality combined with continuous technological innovation.
Reuters's strength is based on its unique ability to offer customers around
the world a combination of content, technology and connectivity. Reuters makes
extensive use of Internet technologies for the widest distribution of
information and news. Reuters is the world's largest international text and
television news agency with 2,157 journalists, photographers and camera
operators in 190 bureaux, serving 151 countries. In 2000 the Group had
revenues of £3.59 billion and on 30 June 2001 employed 19,081 staff in 204
cities in 100 countries. On 1 October 2001 an additional 1,273 staff joined
Reuters when the company completed the acquisition of certain Bridge assets.

Reuters and the sphere logo are the trademarks of the Reuters group of
companies.

About Institutional Investor

Institutional Investor is owned by Euromoney Institutional Investor PLC which
is quoted on the London Stock Exchange and publishes around 100
business-to-business titles including Euromoney and Institutional Investor. In
addition, the company runs conferences and training events, database,
electronic and other print publishing businesses in a variety of markets
internationally.

Institutional Investor is the leading research and publishing organisation
covering the U.S. and global investment and capital markets. Its editorial
staff, winners of numerous journalism awards, has published definitive analyst
rankings for 30 years. The Institutional Investor Research Group (IIRG) has
developed comprehensive market research reports based on published
Institutional Investor magazine surveys since 1995. IIRG's analyses are widely
used by the securities industry in the U.S., Europe, Asia and Latin America.