Euromoney to acquire CEIC Data

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Friday 11 March 2005

Euromoney Institutional Investor PLC (“Euromoney”) announced today that it will acquire, through its 91%-owned subsidiary, Internet Securities Inc. (“ISI”), CEIC Holdings Limited and its related companies (“CEIC”). From its headquarters in Hong Kong, CEIC is one of the leading providers of time-series macro-economic data covering Asia.

Euromoney has initially acquired a 49% interest in CEIC for a cash consideration of US$7 million. In addition, it has entered a binding contract to acquire a further 25% interest in CEIC in June 2006 and the final 26% a year later. These further payments are dependent on the audited profits of CEIC for the years to 31 March 2006 and 2007 respectively. The maximum consideration payable for 100% of CEIC is capped at US$35 million. The acquisition will be financed from Euromoney’s existing borrowing facility. It is expected to be earnings-enhancing for Euromoney for its financial year ending 30 September 2005.

The acquisition opens ISI’s international customer network to CEIC, presenting new markets around the world for CEIC’s database products. It accelerates ISI’s growth in Asia by enabling ISI to introduce its global emerging market services to CEIC’s Asian customer base, and by expanding ISI’s physical presence in South-east Asia. It also continues ISI’s strategy of building its regional and global emerging markets information services through the acquisition of local online information providers.

CEIC was founded 12 years ago by Albert Fan, its managing director and owner. It specialises in providing high-quality, comprehensive databases focusing on Asian macro-economic, industrial and financial time-series data. It aggregates data from 500 primary sources, including national statistical offices, central banks and financial exchanges. In addition to its headquarters in Hong Kong, CEIC has offices in Shanghai, Beijing, Kuala Lumpur, Singapore, Jakarta, Manila and Bangkok. It employs 90 staff.

“We are delighted to acquire CEIC and to receive the continuing support of Albert Fan,” said Gary Mueller, founder and Chairman of ISI and a director of Euromoney. “CEIC is regarded as the leading provider of time-series economic data in Asia, and we are very pleased to be able to work closely with the CEIC team to further their expansion in Asia and the rest of the world. Also, the fit between ISI and CEIC is excellent: we complement each other well in terms of geographic focus, with very little overlap in the information and data we collect and provide. The combination of ISI and CEIC will enhance the ability of both companies to deliver superior services.”

Commenting on the acquisition, Albert Fan, Managing Director of CEIC, said: “We are excited about working with ISI and Euromoney to enhance our position as the leading provider of research data in Asia. The international reach of the Euromoney and ISI brand names and the global network of ISI offices and customers will facilitate the distribution of CEIC services outside Asia. We look forward to working with the ISI team to develop and deliver outstanding data services.”

For further information, please contact:
1) Richard Ensor, Managing Director of Euromoney Institutional Investor PLC:
London +44 207 779 8845. Email: rensor@euromoneyplc.com
2) Colin Jones, Finance Director of Euromoney Institutional Investor PLC:
New York +1 212 224 3930. Email: cjones@institutionalinvestor.com
3) Gary Mueller, Chairman of ISI, and Director of Euromoney Institutional Investor PLC: New York +1 212 610-2915. Email: gmueller@securities.com
4) Christopher Fordham, Development Director, Euromoney Institutional Investor PLC: London +44 207 779 8057. Email: cfordham@euromoneyplc.com