IIR Ind.Intl.Inv.

    16 September 2008

               Independent International Investment Research Plc               

                        ("the Company" or "the Group")                         

                                Trading update                                 

The board notes the announcement that the parent company of Lehman Brothers was
placed in Chapter 11 bankruptcy protection over the last weekend.  At present
the full facts and their consequences are not clear.  Lehman is one of the
Group's largest clients and the ultimate loss of business from this client
would have a significant impact upon revenues and earnings in the current
financial year and next financial year.  The board understands that there
remains a possibility that the broker-dealer division of Lehman, which is the
Group's client for equity research, may be sold as a going concern to another
investment bank.  In this case the Group's business with Lehman may continue.

The Company recently announced its intention to seek shareholder approval to
de-list from the AIM market.  This was intended in part to reduce costs. 
Whilst the board believes that the loss of business from Lehman does not
threaten the Group's operations, the Group is not well positioned to raise
capital at the present time and further cost saving measures may become
desirable or necessary.  At the same time, the turmoil in global investment
banking may present significant new opportunities for the Group's research
services, as the industry seeks to streamline its own cost base; the Group is
developing additional product lines and is seeking to diversify its business.

A further announcement will be made in due course.

For further information please contact:

Shane Smith, Chairman and CEO,    Shane.smith@iirgroup.com     +44 7785 276 703
Independent International                                                      
Investment Research PLC                                                        
                                                                               
David Worlidge/John East,                                   +44 (0)20 7628 2200
                                                                               
John East & Partners Limited                                                   

Notes to editors:

Independent International Investment Research PLC ("Independent II Research")
(LSE:IIR) is the UK's leading source for impartial research and strategy for
global equities and foreign exchange.

The Company 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. The Group 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).

The Group'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 ground-breaking 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

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