REUTERS COMPLEMENTS PRICING AND REFERENCE DATA SERVICE WITH CDS PRICING FROM BEAR STEARNS PRICING DIRECT

New York - 26 October 2006

Reuters and Bear, Stearns & Co. Inc., a leading global securities firm, today announced that Reuters clients will now be able to receive credit default swaps and interest rate swaps pricing evaluations from Bear Stearns Pricing Direct® Inc. (“PricingDirect”).

The addition of PricingDirect evaluations to Reuters’ suite of capabilities provides Reuters’ customers with a source of single broker CDS quotes to meet the demanding pricing and fund evaluation requirements of today’s markets. This is the first step of a broader credit derivatives strategy for Reuters Pricing and Reference Data to provide customers with independent class-leading credit derivative pricing based on a Reuters’ composite alongside pricing from premier partners.

“We are delighted to be able to offer PricingDirect evaluations to our global client base,” said Kevin Bradshaw, global head of Enterprise Information, Reuters. “As a result of increasing regulation, clients require multiple pricing sources and a choice of providers. This opportunity is a key component of Reuters’ broader overall strategy to provide our customers with comprehensive credit derivatives data.”

This unique combination provides customers with the ability to source a full range of credit pricing data from Reuters Pricing and Reference Data and PricingDirect. Reuters Pricing and Reference Data offers comprehensive and accurate fixed income pricing to mutual funds, hedge funds, custodians and other major buy side clients. PricingDirect offers daily evaluations based on a 6:30 AM (11:30 GMT),11:30AM (4:30 PM GMT), 3PM or 4PM ET market snapshots in multiple currencies supporting over 2,000 credit curves, and has been providing pricing on swaps since 2004.

“Credit default and interest rate swaps have become a major part of PricingDirect,” said Unmesh Bhide, Vice President at PricingDirect. “The demand for accurate same day valuations for these products has become a high priority for much of the investment community and we’re pleased to provide our offering through Reuters.”

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