THE WORLD'S LEADING FINANCIAL MONTHLY

For 36 years, Institutional Investor has built its reputation on providing award-winning editorial for the world's most influential corporate and financial decision makers in every major segment of the global economy. Our regular features include coverage on banking, corporate finance, insurance, money management, pensions, mutual funds, derivatives, real estate and technology.

Seventy-four awards for editorial excellence as well as the results of independent research, confirm the importance of Institutional Investor to the global professional investment community: · Within the U.S., Institutional Investor is read by more than half the members of the professional investment community - more than any other financial monthly.* · Similarly, in Europe, Institutional Investor is the monthly magazine read by more professional investors than any other financial monthly.*

Our elite audience of C-level executives, professional investors and government leaders are highly influenced by what they read in our magazine. 60% of Americas subscribers, and 56% of International subscribers have taken some action as a result of reading an advertisement in Institutional Investor.^ · Nearly one-half of Americas subscribers, and one-third of International subscribers report that their investment strategy has been influenced by something they have read in Institutional Investor.+

Institutional Investor has a combined worldwide circulation of 141,261, with Corporate leaders, financial institutions and fund managers well represented**:

AMERICAS EDITION INTERNATIONAL EDITION Corporations 40,242 Corporations 15,047 Fund Management/ Fund Management/ Financial Institutions 47,283 Financial Institutions 13,090

For over thirty years, Institutional Investor has been publishing industry-standard research team rankings for the global financial community, which cover the U.S., Europe, Asia and Latin America. Institutional Investor compiles semi-annually the highly respected ratings of the creditworthiness of 151 countries and conducts several business and financial Surveys and Awards annually. Finally, it also runs conferences, seminars and training courses and is a provider of electronic business information through its capital markets and analyst databases.

*Source: Erdos & Morgan, The Professional Investment Community Worldwide, 2001-2002 ^ Erdos & Morgan Subscriber Profile, Institutional Investor Americas Edition 2001 + Erdos & Morgan Subscriber Profile, Institutional Investor International Edition 2001 *Source:BPA Circulation Statement, June 2002 / ABC certified, June 2002