Institutional Brokers Estimate System (IBES)

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Overview

I/B/E/S’s extensive historical data presents a unique opportunity for testing investment theories in a variety of global market conditions. Historical forecasts date back to 1976 in the US, and 1987 internationally, providing the broadest and deepest knowledge base for back-testing and analysis in existence today.

Summary history consists of chronological snapshots of consensus level data taken on a monthly basis. The snapshots are as of the Thursday before the third Friday of every month (which is the I/B/E/S monthly production run) and the files are available the following week. The files dated are delivered on CD-ROMs and are available in the Lab for historical data until October 2002. Monthly files, which will be available as they are received, consist of a complete update of our historical data that includes the latest month��s data as well as historical data adjusted for corporate actions and corrections. The Lab presently has four disk: US summary, US Details, International Summary and International Details, all dated October 2002.

Data sets are available for U.S. and International stocks and can be customized by country or region. In addition, summary history is not limited to earnings per share data. Sales, cash flow, EBITDA, dividends per share and other forecast measures are also available.

Statement of Conditions for Academic Users of I/B/E/S

Due to the value of the I/B/E/S ® database, we are required to protect its commercial viability. The conditions in this statement have been established solely to protect the commercial value of the I/B/E/S database and should in no way hinder your use of the data for academic research purposes. They will not restrict your conclusions or publication of your research findings in any academic journal.

1. I will retain direct control of the I/B/E/S data entrusted to me and any research output and conclusions drawn from the data. I will prevent any unauthorized copying, use, or distribution of the data and the analyses derived therefrom for any purpose.

a. I will not copy or redistribute the I/B/E/S data in any form without the written permission of Thomson Financial except as may be required to complete the proposed research project.

b. My research cannot be designed, undertaken or utilized for any commercial purpose, either direct or indirect, without the written permission of Thomson Financial.

c. I am responsible for the security and use of the data provided to me for my research use. (Note that access by colleagues or co-authors, unless authorized in writing by Thomson Financial constitutes a breach of security and violates the conditions).

d. My research and the resulting research analyses, in working paper or other written form, will not be given to anyone who may use my analyses for commercial purpose without permission of Thomson Financial. This does not limit my right to submit my research paper (after I have provided it to Thomson Financial) for publication in professional journals.

e. Should I plan to use the I/B/E/S data in projects not described in my initial application, I will provide Thomson Financial with a new research proposal. I will not proceed with the research until written authorization is received from Thomson Financial.

f. I will return the data upon completion of my research project.

2. I will not redistribute any I/B/E/S data to any third party, including other researchers, without Thomson Financial��s specific written permission.

3. I will advise Thomson Financial of all individuals who will, during the course of my research, have access to the I/B/E/S data files.

a. This stipulation covers research assistants, colleagues and any other people who will participate in the project for which I am authorized to use the data. Each person who will have access to I/B/E/S data must sign the conditions statement.

b. Unless authorized, I may not share access to the I/B/E/S data with individuals or organizations not associated with my project.

4. I will supply Thomson Financial with complete copies of any research or working papers (draft or final) that result from my use of I/B/E/S data. Thomson Financial will be entitled to distribute paper reprints or electronic versions (such as CD-ROM) of such papers to clients, prospective clients and people in the academic community.

a. I agree to send copies in a timely manner of all papers that are to be distributed to colleagues. Thus, Thomson Financial will receive copies of papers while they are still in a preliminary or draft form. Thomson Financial. will be among the first to receive any research output.

b. Although I am required to send copies of my work to your firm, my research and papers remain my property. I understand that Thomson Financial claims no proprietary rights over the work executed under its academic program.

c. If the paper that I have provided is not yet ready for general circulation, I will mark the copy "Please do not distribute without requesting permission from the author(s)".

5. In addition to supplying Thomson Financial with written materials, I will make every effort to fully share my findings and methodology, including meeting with Thomson Financial representatives, if requested by the firm. I will make available any research materials utilized in the study.

6. As is traditional in the research process, I/B/E/S and Thomson Financial will receive direct and appropriate attribution in any written or oral presentations which make use of the data. It will be incumbent on me to provide a copy of the specific language referencing I/B/E/S and Thomson Financial prior to any direct reference to or other planned use of the I/B/E/S data.

The citation will include information stating that the Institutional Brokers Estimate System (I/B/E/S) is a service of Thomson Financial and that the data has been provided as part of a broad academic program to encourage earnings expectations research.

This agreement shall be governed by and interpreted pursuant to the laws of the State of New York and the courts of the State of New York. I acknowledge that the courts of the State of New York shall have exclusive jurisdiction over all disputes arising hereunder or related hereto.

Thomson Financial shall, at its sole cost and expense, indemnify and hold the University harmless from and against any claims or action brought against them that may result by reason of infringement, or claim of infringement, of any United States patent, copyright, or other proprietary rights of any third party based upon the use, or potential use, or installation of the data base delivered by Thomson Financial to the University, provided the University notifies Thomson Financial promptly and in writing of such claim or action.

I understand that I/B/E/S is a valuable database belonging to Thomson Financial and that these conditions are established to protect the commercial value of I/B/E/S and are in no way intended to hinder the use of the data for legitimate research purposes. Nor are they meant to infringe on the publication in any professional journal of any conclusions derived from the I/B/E/S data.

Suggested Citation

As an acknowledgment of Thomson Financial’s contribution to your research, to which you agreed in the "Statement of Conditons for Academic Users of I/B/E/S," the following citation is suggested:

The author gratefully acknowledges the contribution of Thomson Financial for providing earnings per share forecast data, available through the Institutional Brokers Estimate System. This data has been provided as part of a broad academics program to encourage earnings expectations research.

The Thomson Financial needs any completed or updated papers for your projects (electronically). You agreed to send the Thomson Financial papers at all stages of your progress in the Statement of Conditions. Please indicate on the cover page if you do not want your work distributed or quoted.