The Independent Research Network Announces Seven Members To Join Its Research Independence Council - Venture Helps Under-followed Companies Obtain Analyst Coverage Through Intermediated Research

The Independent Research Network(SM) (IRN(SM)) today announced it has appointed the first seven members to the IRN's Research Independence Council, a self-governing body that will ensure the integrity of the intermediated research process. IRN, a joint venture created by NASDAQ and Reuters in June and formed in September, acts as an intermediary for under-followed public companies seeking to have their equity securities covered by analysts.

The members are:

• Stephen Balog, a General Partner of Cedar Creek Management, an investment partnership based in Summit, New Jersey. Cedar Creek manages a fund employing a value-biased style. For nearly 20 years, Balog was a research analyst and executive with firms including Shearson Lehman Brothers and Merrill Lynch. Balog was recognized five times by Institutional Investor Magazine's All-American Research poll.
• Michael Gorin, retired Vice Chairman and Chief Financial Officer of Aeroflex Incorporated -- a Long Island company providing high technology solutions to the aerospace, defense and broadband communication markets. A licensed CPA, Gorin was responsible for financial reporting, financing arrangements and acquisitions.
• Jack M. Kaplan, Adjunct Professor of Entrepreneurial Studies at Columbia Business School. The Princeton, New Jersey resident has started and managed three successful companies and is currently President of Datamark Technologies, Inc., an entrepreneurial business venture engaged in electronic gift card and loyalty marketing programs. Ceridian acquired the company in November 2004.
• A. Michael Lipper, President of Lipper Advisory Services, Inc. -- a registered investment advisor. The Summit, New Jersey resident was CEO and founder of Lipper Analytical Services. Lipper has been President of the New York Society of Security Analysts and has served on its board for some part of the last four decades. A CFA, Lipper has also been a regional director with the Financial Analysts Federation and a director of the International Society of Financial Analysts.
• David Mangum, Executive Vice President and Chief Financial Officer of CheckFree Corporation, a provider of electronic commerce services and products. The Georgia resident joined CheckFree in 1999 after serving as Vice President of Finance and Administration for a division of Sterling Commerce, Inc.
• Jay R. Ritter, the Joe Cordell Professor of Finance at the University of Florida's Warrington College of Business. A resident of Gainesville, Florida, Ritter's research interests include analyst conflicts of interest, initial public offerings, investment banking and behavioral finance.
• Margaret E. Wyrwas, Senior Managing Director of Corporate Communications and Investor Relations at Knight Capital Group, among the largest traders of small- and mid-cap equities. Wyrwas is the former chair of the National Board of Directors of the National Investor Relations Institute (NIRI), and a founder of the organization's Center of Strategic Communication.

"We are pleased this group of accomplished individuals has accepted our invitation to serve on the Research Independence Council," said IRN President Daniel Blank. "This self-governing panel of research, corporate governance and academic experts will establish the criteria and standards for research firms seeking inclusion in the IRN's pool of qualified providers."

The Independent Research Network (IRN) will aggregate multiple, independent research providers to procure and distribute equity research on behalf of under-covered companies to increase the investment community's understanding of a company's fundamental prospects. The service will be targeted to all companies listed in the U.S. as well as private companies looking for research coverage. Neither NASDAQ, Reuters nor IRN will play a role in preparing the research or issuing recommendations.

According to publicly available data, approximately 50% of all publicly held companies have three or fewer analysts and approximately 35% of all public companies have no analyst coverage. According to Reuters Estimates, the global provider of real-time forecast information, since January 2002, 691 companies have lost analyst coverage representing over 17% of the entire universe of companies with analyst coverage.