FactSet Research Systems Inc. Agrees to Acquire StreamVPN Limited and Creates New Alpha Metrics Division

Norwalk, Connecticut July 27, 2005 - FactSet Research Systems Inc. (NYSE:
FDS), a major supplier of computer-based financial and economic data to the
investment community, today announced that it has entered into a definitive
agreement to acquire all the outstanding capital stock of StreamVPN Limited.
The announcement follows the approval of the transaction by FactSet's board
of directors. FactSet will pay consideration of £13,000,000, subject to
adjustment based on levels of working capital. In addition, contingent
consideration will be payable if certain subscription targets are met during
a twelve-month period following the closing of the transaction.

Based in London, with offices in New York and Hong Kong, StreamVPN provides leading brokerage houses and their equity fund management clients worldwide with tools that maximize the value of equity research. StreamVPN's flagship product, Alpha Network, is specifically designed to enhance the communication between institutional money managers and the brokerage community by providing a platform to consistently filter, track and evaluate high conviction investment ideas. Alpha Network is currently utilized by some of the world's largest buy-side and sell-side firms throughout Europe, Asia and the United States.

FactSet intends that StreamVPN will constitute a new Alpha Metrics business
unit within its global investment management group. The Alpha Metrics unit
will provide StreamVPN's existing products to buy-side and sell-side
clients, and pursue the development of new products targeted at the
buy-side/sell-side relationship.

"The creation of the new Alpha Metrics unit and the integration of StreamVPN's Alpha products into FactSet's core offerings complements our breadth of premium research content and analysis and underscores our commitment to provide even stronger links between the buy-side and sell-side users within
our existing client base," said Michael Frankenfield, FactSet's Senior Vice President and Director of Sales. "The acquisition of StreamVPN will provide our institutional clients with a suite of sophisticated and innovative tools for capturing and measuring Alpha-generating ideas provided by the sell-side, as well as those ideas generated internally by their own research

"We are excited about the opportunity to join forces with FactSet and offer our existing and future clients the combined benefits of our analytical tools," said Simon Merchant, StreamVPN's CEO and head of the new Alpha Metrics division. "FactSet's service, with its premium position within the global money management and brokerage community, along with its available research content and analytical applications, is the perfect context for portfolio managers to access the customized flow of investment ideas provided by the Alpha Network."

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