Dear Reuters User:

BondChannel is an Internet browser-based application that can suit a single bond market professional, as well as hundreds of institutional users simultaneously. It is a powerful application that accesses the Reuters (also known as EJV) database of over 1.5 million taxable fixed income securities. BondChannel’s features include: single security, issuer level and CMO deal look-ups; portfolio uploading and report generation using either Reuters’s preformatted reports or customizing reports based on the over 400 data points available; and criteria based browsing (i.e. return all IBM issued bonds with coupons greater than 8% maturing before January 1, 2010). Reuters is also one of the leading sources for valuation pricing of US domestic taxable bonds, both in a mutual fund and end-of-day time frame. These prices are sourced from our own Reuters Pricing Service.

The content includes North American bonds as well as a new international bond database. The new database has data and pricing on Eurobonds, sovereigns, foreign domestics, and global bonds from Europe and emerging market countries (approximately 100,000 new securities). The database will be expanded to include Asian and other emerging country debt over time.

We have also added a "Covenant Report". This report provides users with all of the covenant features that are important to bond investors – subordination clauses, net worth maintenance clauses, events of default features, and more. [Note: We recommend using the covenant report with “Hotlists” of less than 25 securities at a time.] Going forward, our plans are to increase functionality and performance including: the ability to load portfolios by using identifiers other than CUSIP®; providing access to portfolio price/yield histories; and saving covenant reports to a file. We also plan on deploying new web servers to improve performance.

We offer 30-day free trials so that prospective users can see for themselves that BondChannel has the bond data and pricing they need to help them manage their business

For more information on BondChannel and other Reuters Fixed Income data products please contact me at (312) 408-8795, or e-mail Russell.Warren@reuters.com. For faster service, to initiate a trial or to become a subscriber, please e-mail the following, your name, your company’s name, your company’s mailing address, and your phone number, to Russell.Warren@reuters.com. For technical problems or information on using the system, please contact our Fixed Income Client Support Department at 1-800-REUTERS (738-8377) or http://customers.reuters.com/support.

Sincerely,

Russell Warren

Product Specialist

Toll-Free 800-927-2734, Ext. 3457

Direct 312-408-8795

E-mail Russell.Warren@reuters.com