MOU signed with LSE

    19 May 2008

               Independent International Investment Research plc               

                                (the "Company")                                

       Memorandum of Understanding signed with London Stock Exchange plc       

Further to the announcement released today by London Stock Exchange plc
("LSE"),( http://www.londonstockexchange.com/en-gb/about/Newsroom/pressreleases
/ ) the Company is delighted to announce that under a Memorandum of
Understanding ("MOU") it has been selected by LSE to be one of three providers
of independent research on AIM and smaller companies on the Main Market under
the LSE's new research brand: PSQ Analytics. LSE have stated that the three
research providers all have a strong track record of providing objective
research across a wide variety of sectors.

The PSQ initiative will provide information that improves investor
understanding and is the centrepiece of a package of initiatives by the LSE
aimed at boosting liquidity in the shares of smaller companies.

Some of the key attributes of the PSQ Analytics scheme are as follows:

  * Investors are reassured by the endorsement of the London Stock Exchange
   
  * Equity research provided through PSQ Analytics is expected to cost a
    company in the region of £10,000 per annum, opening up research to
    companies for whom current market offerings are not economic.
   
  * Companies will be allocated one of the three research providers on a
    pre-determined blind pool allocation basis to ensure the impartiality of
    the research.
   
  * The research will consist of comprehensive factual information and
    analysis. It will not be investment advice and will not make
    recommendations.
   
  * The three research providers have agreed to share common methodologies and
    produce reports that follow a uniform presentation format, in order to
    facilitate cross-company and cross-sector comparisons by investors.
   
  * The full PSQ Analytics service is scheduled to launch fully in the autumn.
   
  * The service will be entirely optional for smaller quoted companies on both
    AIM and the Main Market although the LSE expect take up of the service to
    be good. The LSE estimates that the target audience comprises more than
    1,000 companies.
   
  * The LSE is setting up the scheme for the benefit of the market and will not
    be taking any revenue from this service. The LSE's role will be to provide
    marketing support and facilitate the widest distribution of the research.
   
  * The LSE shall own the intellectual property rights in the PSQ Analytics
    brand for the PSQ Analytics service. LSE has granted to each of the three
    research providers, for the duration of their involvement in the MOU, a
    non-exclusive, royalty-free, non-transferable licence to use the PSQ
    Analytics brand solely for the promotion and provision of the services
    under the MOU.
   
  * Research is expected to reach a wide audience with distribution provided
    initially via Bloomberg, Thomson Reuters and a dedicated web portal.
   
London Stock Exchange will be engaging in marketing and educational initiatives
in order to encourage the widest possible take-up of PSQ Analytics amongst
smaller quoted companies. These companies are expected to benefit as a result
of improved liquidity and better access to capital; whilst investors will
benefit from better information on a wider range of potential investments.

Shane Smith, Chairman and CEO of IIR, commented:

"We are delighted to announce this culmination of very significant planning and
preparation with the London Stock Exchange and our research partners. PSQ
Analytics represents the third and potentially most important of IIR's
three-pronged strategy to develop new commercial models in order to address
previously un-researched spaces: GEO Monitor, our pre-IPO research service
launched in November 2008, provides investors with unique coverage of all
institutional-grade public offerings from around the world for a modest annual
fee; and Research Oracle provides larger-cap international secondary markets
coverage free of charge and is expected to allow us to provide continuously
expanding coverage with the support of advertising revenues. Our participation
in PSQ Analytics allows the Group to make a step-change in terms of scale of
operation and is expected to enhance the international profile of the Group and
its research capabilities substantially".

In the London Stock Exchange's press release, Martin Graham, Head of AIM and
Director of Equity Markets, said:

"Over recent years, AIM has become established as the world's premier growth
market.  Across AIM and the Main Market, the Exchange supports a huge diversity
of smaller companies that are competing to attract investor interest.  Equity
research is a key tool to allow them to get their message heard.

The market feedback we have received demonstrates that there is huge value for
companies in this scheme.  By paying for research to complement the
services already provided by brokers and other research firms, companies can
increase visibility and understanding of their stock, leading to a wider
investor base and ultimately enhanced liquidity.

This is why we are delighted to be launching this initiative with 3 highly
regarded research suppliers - Argus, IIR and Pipal.  We are also pleased to be
supported by the two largest data vendors in the world, Bloomberg and Thomson
Reuters, who will distribute this data."

-ENDS

For further information please contact:

Shane Smith, Chairman and [e-mail]             [phone]
CEO, Independent                                                               
International Investment                                                       
Research PLC                                                                   
                                                                               
Simon Clements/David                                      [phone]  
Worlidge, John East &                                                          
Partners Limited                                                               

Notes to editors:

IIR (LSE:IIR) is a leading UK source for impartial research and strategy for
global equities and foreign exchange.

IIR was admitted to the Alternative Investment Market (AIM) of the London Stock
Exchange in 2000, and operates through two subsidiaries: Pronet Analytics.com
Limited (Regulated and Authorised by the Financial Services Authority in the
UK, and registered as an Investment Advisor with the Securities Exchange
Commission in the USA) which has been ranked consistently in the global
top-five independent currency research firms; and Independent Research Pvt
Limited, its research centre in Mumbai, India. IIR has become a leading
specialist in the United States for the provision of research on non-US
companies (primarily those with American Depositary Receipt programs).

IIR's core products are: GEO Monitor(tm), a research and tracking service
providing intelligence on Initial Public Offerings around the world; Research
Oracle(tm), a platform which provides access to the Group's international research
free of charge; and Global Research, which provides access to financial models,
sector analysts, short term trading strategies, and corporate access services.

For information on the Group's independent performance assessment by Investars
(tm), go to http://www.investars.com/bvic_universe.asp?coveragematch=0&AlgorithmID
=4&RegionID=4&period=1&NumOfPositions=4&index=0&Trusted=1&itime=0&SearchID=0&
imageField.x=112&imageField.y=14

IIR is a member of the British Olympic Association Council, promoting and
assisting Team GB athletes in Beijing 2008 and London 2012



END