January 09, 2003

MOODY'S GLOBAL CREDIT RESEARCH

Alacra is thrilled to announce the release of Moody's Global Credit Research! Moody's Investors Service, a subsidiary of Moody's Corporation, publishes rating opinions and research on a broad range of credit obligations. These include various corporate and governmental obligations issued in domestic and international capital markets, structured finance securities and commercial paper programs. In recent years, Moody's has moved significantly beyond its traditional bond ratings activities, assigning ratings to issuers of securities, insurance company obligations, bank loans, derivative products, bank deposits and other bank debt, managed funds and derivatives.

Moody's offers Alacra customers credit ratings and analysis on over $30 trillion of debt, covering approximately:

• 85,000 corporate and government securities
• 73,000 public finance obligations
• 4,300 corporate relationships
• 100 sovereign nations

From now through January 31, 2003, Alacra customers can download up to $100(USD) of Moody's documents for FREE*.

For more information, please contact Alacra at 1 888 333 0820 within the US, 1 212 363 9620 in New York or 44 (0)20 3059 5765 in Europe, or email us at [email protected].

*This offer applies to any download on Alacra or Alacra Book during the period January 9, 2003 to January 31, 2003. Any amount over $100(USD) is the responsibility of the customer.