Radianz Extranet Selected for New European Commercial Paper Messaging Service.

Business Editors/High Tech Writers

NEW YORK--(BUSINESS WIRE)--Sept. 26, 2001

Radianz today announced it has been selected to provide secure Internet Protocol (IP)-based network connectivity for the new European commercial paper messaging service being developed by three leading settlement organizations.

The commercial paper messaging service, called the European Pre-Issuance Messaging (EPIM) service, is being developed by Euroclear, Clearstream International and The Depository Trust & Clearing Corporation (DTCC). It will automate a key function in the sale of European commercial paper and related money market instruments in European international markets.

EPIM will provide a central messaging hub linking all parties involved in the issuance of euro-commercial paper, including dealers, issuing and paying agents, and international and national central securities depositories as appropriate. The new offering is based on PIM, the Pre-Issuance Messaging service created by The Depository Trust Company, a DTCC subsidiary, in 1999.

Initially, Radianz will use its global financial extranet, RadianzNet, to provide the IP connectivity needed to link Euroclear, Clearstream and DTCC. When the EPIM service becomes operational later this year, it will also be possible for other financial institutions to use RadianzNet to connect to it.

"Radianz's global financial extranet and expertise in the industry brings the connectivity and know-how needed to support EPIM's success," said Doug Gilstrap, Radianz CEO. "We see this as a major step in automating the commercial paper business and believe our extranet will facilitate the growth of this pan-European market."

About The Organizations

Radianz

Radianz (www.radianz.com) is an independent company with the world's largest Internet Protocol (IP)-based network for the global financial services industry. The company uses its network to provide superior IP connectivity and services designed to meet the demands of professionals in the finance community. Radianz was established by Reuters (RTR.L) and Equant (NYSE: ENT) (Euronext Paris: EQU).

Radianz and the lighthouse logo are the trademarks of the Radianz group of companies.

Clearstream International

Clearstream International is the Luxembourg-based clearing and settlement organization offering a comprehensive service covering equities and bonds both domestic and cross-border. The company, which was formed following the merger of Cedel International and Deutsche Borse Clearing, currently has over 7.4 trillion euros of assets under custody and handled in excess of 150 million transactions in 2000. Its shareholders are drawn from the world's major financial institutions. Clearstream Banking Luxembourg is rated AA+ by S&P and Fitch. For more information on Clearstream, see its web-site at www.clearstream.com.

DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides post-trade clearance, settlement, custody and information services for equities, corporate and municipal debt, money market instruments, American depositary receipts, exchange-traded funds, unit investment trusts, mutual funds, insurance products and other securities The National Securities Clearing Corporation (NSCC) subsidiary, which acts as a central counterparty (CCP), provides trade guarantee, netting and risk management services for equity and debt transactions from all U.S. stock exchanges and markets, valued at $105 trillion in 2000. The Depository Trust Company (DTC) subsidiary has custody of and provides asset servicing for 2 million securities issues of issuers from the U.S. and 65 other countries, valued at $23 trillion. DTC serves as a major clearinghouse for institutional post-trade settlement, and in 2000, processed book-entry deliveries valued at more than $116 trillion. DTCC's two subsidiary businesses have S&P's highest rating: AAA. For more information on DTCC, see www.dtcc.com.

Euroclear

Euroclear is the Brussels-based settlement system for domestic and international securities transactions, covering both bonds and equities. Market owned and market governed, Euroclear provides securities services to major financial institutions located in more than 80 countries. Euroclear also acts as the CSD for all French securities and Irish government bonds. The value of transactions settled by the Euroclear group in 2000 was 100 trillion euros. Euroclear Bank is rated AA+ by S&P and Fitch. For further information, please consult the Euroclear web-site at www.euroclear.com.