PlacementTracker Publishes 2003 PIPE Market League Tables; $447 Million in Banking Fees Earned in 2003 Represents an 80% Increase over 2002

Business Wire, Jan 27, 2004

Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "We congratulate all of the active agents in the PIPE market for a tremendous 2003, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market." Kyle continued, "2003 was a banner year for all investment banking professionals in the PIPE market with over $447 million dollars in banking and advisory fees reported. This was an 80% increase over 2002 reported fees and set a single year record for fees earned in the PIPE market. We believe this incredible growth further proves that PIPEs have become a permanent part of the financing landscape for public companies of all sizes."

About Sagient Research Systems

PCS Research Technology Inc. d/b/a Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems Web site at www.sagientresearch.com.

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