TOWERGROUP EXPANDS EUROPEAN CAPABILITIES WITH NEW LEADERSHIP AND SERVICE OFFERINGS

Enhanced Research Agenda Focused on European Financial Services to Bring
Thought Leadership, Actionable Insights to European Financial Institutions

NEEDHAM, MA / LONDON, 7 March 2005 – TowerGroup today announced the expansion of its global research and advisory team with the addition of new leadership and an enhanced European-focused research agenda. Highly-regarded for its trusted insights and the strength of its financial services domain expertise, TowerGroup serves a global customer base and intends to continue to build its on-the-ground capabilities around the globe.

To lead this expansion, TowerGroup welcomes Simon Levin – a professional with 20-years experience in technology and research markets. Levin joins TowerGroup as the general manager of EMEA (Europe, the Middle East and Africa). Based at the regional headquarters in London that TowerGroup first established in 2003, Levin will lead a skilled team of research, sales, customer service and consulting professionals.

"This further global expansion is a natural next step for TowerGroup and its diverse client base – one that builds on the success and strong organic growth the company has experienced to date," said Karen Cone, president and CEO of TowerGroup. "TowerGroup has focused research on the European market for many years. Given our increasing work on issues such as a Single European Payments Area, cross-border merger activity, and the impact of the accession countries on the broader EU financial services marketplace, we felt the time was right to enhance our European expertise with deeper local context."

Cone added, "Simon Levin has great depth of experience in guiding large teams of analysts and customer service professionals. He is adept at understanding the needs of clients facing a diverse array of business challenges, as well as balancing global expertise with strong local content."

Levin brings to TowerGroup a first-class track record of building and leading product and services businesses in Europe and across the globe. He joins TowerGroup following a 10 year career at Gartner, where he was a member of the EMEA senior leadership team and played an instrumental role in the growth and development of the research business in these regions. Previously, Levin worked for 10 years in the software industry at companies like Software Publishing Corporation and Information Builders Inc.

In addition to Levin, TowerGroup’s global leadership includes several other seasoned professionals:

• Theodore Iacobuzio (who has been an analyst and research leader at TowerGroup since 1997) as head of European research. Iacobuzio’s own research specialty has been focused around payment products, including credit cards, debit cards, smart cards, stored value cards and other plastic media. Prior to joining TowerGroup, he served as the New York bureau chief for Lafferty Publications, where he also edited publication Cards International. In that position, he covered a broad range of card issues, both fiscal and technological, including European-style deferred debit cards and smart cards – with a special emphasis on non-US card markets and issues.

• Ralph Silva as a senior analyst based out of Paris, France. Silva will focus his research activities on channel management, branding and marketing, CRM, cross-border issues, global regulations, sourcing, industry consolidation, payments, and the strategic initiatives of diversified global financial services brands. Prior to joining TowerGroup, Silva spent several years with Gartner covering the securities and investments industries. Before that, he held various positions with investment banking companies as well as business development positions with technology and financial services providers.

• Emil Peterson, who joins TowerGroup as the new director of sales for EMEA. He brings to his new role a 10-year record of success in driving global information services industry sales. Peterson formerly served as sales manager for Meta Group Nordic, where he built relationships with major banks and brokerages across the Nordic region. Prior to this, he led global and major Nordic client accounts for Reuters Group plc. out of Oslo, Norway.

• Sam Radwan (who joined TowerGroup in late 2004) as head of global consulting. A former PwC, IBM and Accenture senior leader who has spent his entire career serving the financial services industry, Radwan leads an expanded team of senior consulting professionals with domain-specific expertise in sectors including Banking & Payments, Insurance, and Securities & Investments. He will work closely with Levin in leveraging TowerGroup’s global domain expertise.

Depth of Insight on the European Financial Services Landscape

TowerGroup’s expanded European research agenda will cover a broad spectrum of issues critical to financial services institutions based in Europe. Issues to be addressed will include:

• The challenges facing banks as they seek to comply with European directives on Financial Services, such as those designed to lead to a Single European Payments Area (SEPA)
• Integration of the 10 new accession countries and their impact on the broader EU financial services landscape
• Those emerging technological and social trends which will have the potential to change European Financial Service Institution business models
• Efforts to better balance operating costs with investments in innovation / growth, to drive continued recovery
• The impact of cross-border merger activities
• The ongoing effects of increasingly global competition
• In-depth IT strategy and spending analysis
• Developing an IT culture that is business-led

The current expansion of the TowerGroup’s global team sets the stage for future growth in 2005.

"Every business today expects its advisors to both be well-versed in its specific business as well as its local business context" says Levin. "Our clients value the immense depth of experience that TowerGroup analysts have in the financial services industry. Now they expect, and now they have, expertise and content that brings this breadth and depth of experience and TowerGroup thought leadership directly to bear within the context of the European marketplace."

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