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                                                             eResearchTechnology
                                                           Host: Joel Morganroth
                                                   April 26, 2001/ 9:00 a.m. EST
                                                                          Page 1

                               eResearchTechnology

                                 April 26, 2001
                                  8:00 a.m. CDT

Moderator           Ladies and gentlemen, thank you for standing by. Good
                    morning and welcome to eResearchTechnology's first quarter
                    conference call. At this time, all phone lines are muted or
                    in a listen-only mode. After our presentation today, there
                    will be an opportunity for questions and, as a reminder,
                    today's conference is being recorded for replay purposes.
                    With that being said, here with our opening remarks is
                    President of Hayden Communications, Mr. Matt Hayden. Please
                    go ahead, sir.

M. Hayden           Thank you very much, Brent. Good morning. Thank you for
                    joining us for the conference call. Before we get things
                    rolling, I'd like to read the Safe Harbor statement.
                    Statements included in this conference call constitute
                    forward-looking statements within the meaning of the Private
                    Securities Litigation Reform Act of 1995. Such statements
                    involve a number of risks and uncertainties, such as
                    competitive factors, technological development, market
                    demand, and the company's ability to obtain new contracts
                    and accurately estimate net revenues and net income due to
                    variability in size, scope, and duration of projects, and
                    internal issues in the sponsoring clients.

                    Further information on the potential factors that could
                    affect the company's financial results can be found in the
                    company's report on Form 10-K filed with the Securities and
                    Exchange Commission. This statement is also included in our
                    earnings release, which was just sent across the wire this
                    morning. If you do not have a copy of this release, please
                    contact my office directly at 843-272-4653 or you can send
                    an e-mail, it's nat@haydenir.com.

                    This morning we have with us on the call: Joseph Esposito,
                    President and Chief Executive Officer; Bruce Johnson, Chief
                    Financial Officer; and Dr. Joel Morganroth, Chairman and
                    Chief Scientist. Now I'd like to turn the call over to Mr.
                    Esposito for opening comments.


 J. Esposito        Good morning and welcome to eResearchTechnology's first
                    quarterly conference call. Today, we're going to cover the
                    first quarter results. We're going to provide you an
                    operations update and guidance for 2001.

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                         Page 2

                    I'd like to turn the conference over to Bruce Johnson, our
                    CFO, to provide you the first quarter results.

B.Johnson           Okay. Thank you, Joe. For the first quarter of 2001, PRWW,
                    which is now changing its name which will be effective
                    tomorrow to eResearch Technology, Inc., and also just so
                    everyone is aware and this was in our press release, the new
                    ticker symbol starting tomorrow will be ERES.

                    We reported revenue for the first quarter of $5.9 million
                    versus $6.1 million in the prior year. Excluding a pretax
                    asset impairment charge of $5 million, eRT recorded a net
                    loss of $477,000 or $0.07 per share on 6,971,000 shares
                    outstanding versus a net loss of $213,000 or $0.03 per share
                    on 6,934,000 shares outstanding last year.

                    During the first quarter, the company recorded a pretax
                    asset impairment charge of $5 million due to continued
                    negative market conditions affecting our investments in
                    Medical Advisory Services and AmericasDoctor.com. Including
                    the impairment charge, the company reported a total net loss
                    of $5.4 million or $0.78 per share. eRT ended the quarter
                    with a working capital balance of $19.1 million, which
                    included $17.4 million of cash, cash equivalents and
                    short-term investments. During the quarter, we repurchased
                    95,000 shares of redeemable preferred stock from the holder
                    for the original purchase price of $9.5 million plus accrued
                    dividends.

                    At this point, I'd like to turn it back over to Joe.

 J. Esposito        Thanks, Bruce. I'd like to provide everybody with an update
                    on our operations, and also some guidance for 2001. Two
                    thousand was a transition year for us and, as we enter 2001,
                    we continued that transition in several areas. We're very
                    proud of the fact that today, we're the only company in our
                    space to provide end-to-end clinical research solutions
                    powered by the Internet. We continue the transition in terms
                    of educating our customers and helping them adopt the
                    electronic research paradigm. Today, one-third of our 15
                    electronic research network customers are live and in
                    production. In the first quarter, we had added Glaxo
                    SmithKline to that esteemed list of clients. In addition, we
                    extended our contract relationship with US Oncology to
                    include the application service provider services, and we
                    entered into a multimillion dollar three year contract with
                    them.

                    We continue to transition in terms of the expansion of our
                    services. We now, today, provide ASP services, and in
                    addition to the traditional implementation services, we
                    provide regulatory services. We now have

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                         Page 3

                    five customers that are up and running in the ASP model, and
                    in addition, we have received in the first quarter our first
                    contract for regulatory consulting.

                    In the regulatory arena that we work in, CSR 21.11, which
                    relates to electronic research and transaction processing,
                    has the potential from a consulting standpoint to perhaps be
                    even larger than Y2K compliance. In addition, we continued
                    our transition to a recurring revenue model, not only by
                    offering the application services, but the infrastructure
                    that goes along with that. And in addition to that, with the
                    research networks now going live and in production, we set
                    the stage for network subscriptions, which we anticipate
                    receiving at the end of this year. In addition, we received
                    several additional master service agreements with our
                    diagnostics clients, most notably Pharmacia and UpJohn,
                    Novartis, BMS, Roche, Pfizer, and Sepracor. And we're very
                    pleased by the fact that with these new master service
                    agreements, we're able to increment our pricing by 5% to
                    10%.

                    In the first quarter, we received new signings, new
                    contracts, in excess of $8 million for these services. It
                    reflects an acceptance not only of our diagnostic product,
                    but also the value-added services that we've provided in the
                    ASP model. We were delighted with the sales force
                    productivity in the first quarter, particularly on the
                    diagnostics technology and service side, which we added
                    quite a number of folks in the latter half of last year.

                    The pipeline today is strong and it's in excess of $60
                    million with one half of that pipeline related to the
                    research network and community technology; however, in the
                    first quarter, we were disappointed with our license sales.
                    We did experience, as many companies in the software
                    business experienced, a delay in these contracts; however,
                    we are on track to record $4 million to $8 million worth of
                    license contracts in fiscal 2001. Our average license
                    contract for the research network technology is
                    approximately $500,000 and this represents approximately
                    eight to 16 new clients and contracts. That would put us in
                    a position by year-end to have 22 to 30 research networks
                    and communities.

                    The visibility as it relates to one-time license sales is
                    improving; however, we continue to remain cautious. In the
                    first quarter, we established a break-even point with
                    respect to our expenses. This break-even point would be
                    incremented by the cost of sale associated with new
                    licenses. We are approaching the break-even point in terms
                    of revenues with our services backlog, and this is very good
                    from our standpoint as we have

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
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                    less reliance upon the one-time licenses with respect to
                    our business model. So we continue to build toward that. We
                    look to the one-time licenses to increase market share,
                    provide a base for recurring revenues, and incremental
                    profit.

                    With respect to guidance throughout the balance of this
                    year, we anticipate that the company will continue to grow
                    its revenues between 10% and 20% quarter over quarter for
                    the balance of this year. We expect to grow the revenues
                    over the $28 million base last year by 10% to 20%, and we
                    anticipate that in the second quarter we will have a profit
                    range between a $0.07 loss and $0.01 gain. In the third
                    quarter, we expect to have a profit between $0.01 and $0.10,
                    and in the fourth quarter, we expect to have a profit
                    between $0.09 and $0.19. We expect to have a positive impact
                    in the fourth quarter with additional recurring revenues
                    that will come from the network subscriptions. Those are the
                    subscriptions of the folks that would be able to use these
                    research networks for our clients.

                    As we enter 2002, we anticipate that we will conduct up to
                    50 electronic research trials in 2002 with an average
                    subscription fee of $30,000 per trial. We look at the
                    year-end with a strong backlog of services, and 2002 looks
                    like a year in which we can grow 20% to 25% with an
                    increment of expense in the 10% to 15% range. This would
                    enable us to improve our margins and leverage our business
                    model for incremental profits.

                    I'd like to stop at this point and open up the conference to
                    questions and answers.

Moderator           Yes, indeed. Thank you. Ladies and gentlemen, representing
                    Axiom, our first question comes from the line of Barry
                    Zelan. Please go ahead.

D. Jordan           Yes, this is David Jordan. We're all listening here on the
                    conference call. You suggested that the quarter over
                    quarter, you're talking about historical quarter over
                    quarter of 10% to 20% per quarter. Is that correct?

J. Esposito         David, what I referred to is quarter over quarter as you
                    look forward. The second quarter revenues over first
                    quarter, third quarter revenues over second quarter...

D. Jordan           Okay. So this is sequential quarter-to-quarter growth, 10%
                    to 20% sequential?

J. Esposito         That's correct.

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                         Page 5


D. Jordan           Okay. That's what I was confused at, because if that's the
                    case and you did make a statement that your revenues will be
                    at 10% to 20% for the year.

J. Esposito         Ten percent to 20% greater than last year's revenues.

D. Jordan           Right. So if you're growing at 10% to 20% sequentially per
                    quarter that basically negates the 10% to 20% for the year.
                    Because if you compound sequential quarterly, it's much
                    greater than it is on an absolute basis comparatively over
                    year over year.

B.Johnson           That's working off of the first quarter, though, David.
                    Where the first quarter was at $6 million, if you do
                    sequential 10% to 20%, you end up with a range that will get
                    you around 10% to 20% by the end of the year. Obviously, not
                    each quarter will be either 10% or 20%, but we believe that
                    over the course of the year we will see growth over last
                    year of 10% to 20%.

J. Esposito         Yes, and put into real numbers, David, that would mean that
                    we see the revenue range between $31.5 million and $35
                    million for the year.

D. Jordan           I'm still confused. Because if you compound it sequentially,
                    quarterly, Bruce, it turns out to be much more than 20% year
                    over year, so where I am going awry in figuring this thing
                    out?

B. Johnson          David, you have to work off of the base quarter that we just
                    announced, which was $5.9 million.

D. Jordan           Okay. What did you do completely for the year, last year?

B. Johnson          Twenty-eight million.

D. Jordan           And your first quarter is $6 million. Let's say, so you're
                    annualizing at a rate of $24 million and therefore, there
                    lies the discrepancy that I'm referring to. Is that correct?

B.Johnson           No. We're ...

D. Jordan           You're saying that last year you did $29 million.

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                         Page 6

B. Johnson          ... You've got to work 20% off of each quarter, so you've
                    got 20% increase off of the first quarter, and then whatever
                    that number is, we're looking at 10% to 20% off of the
                    second quarter to the third and so on. And when you do that,
                    you can come up within a range of 10% to 20%. And as I said,
                    these numbers are going to vary quarter to quarter. But for
                    the year, we're comfortable that the 10% to 20% growth over
                    last year is the area that we'll be in.

D. Jordan           Okay. Let's get to another point. The $0.09 to $0.19 in the
                    fourth quarter, could you tell me what that depends on and
                    if that's an annualizable number going forward into 2002?

B. Johnson          Well, that depends upon us being able to grow the business,
                    as Joe had stated in his discussion. That the services areas
                    are growing and that we start to see the licenses pick up
                    from, obviously, what we had in the first quarter, and where
                    we had low licenses to stronger numbers indicative of our
                    pipeline at this time. So if we have a good economy and
                    strong pipeline, we believe we can hit those numbers in the
                    fourth quarter. We can't say that those fourth quarter
                    numbers will be indicative of what will happen in 2002. We
                    do not have visibility to 2002 at this point in time.

D. Jordan           So are those non-recurring earnings in the fourth quarter
                    between the $0.09 and $0.19? Let's say you hit the midpoint,
                    $0.15. If they're not annualized or capable of being
                    annualized, are those one-time revenues?

J. Esposito         No, David. There are two components to our business model.
                    One component is the recurring revenues and the other
                    component is the one-time license fees. As we've indicated,
                    there's less and less reliance on the one-time license fees
                    as we go forward because we're building a sizable backlog in
                    terms of the services. So when you look at the model and you
                    look at the fourth quarter, as an example, a significant
                    piece of that model comes from the diagnostic technology and
                    services backlog where we anticipate that that represents
                    about 55% to 60% of the total business. In addition to that,
                    there's a maintenance component, which we already know what
                    that is on a going forward basis. In addition to that,
                    there's a consulting component, which we already know what
                    that is based upon the new contracts and the backlog that
                    we've built. So the only range or tolerance, if you will, is
                    in the one-time fees as it relates to licenses for that
                    fourth quarter...

D. Jordan           Okay. Let me...

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                         Page 7

J. Esposito         ...Now, as you go forward into Ql of 2002, again, we're
                    going to have a strong backlog in the diagnostics area.
                    We're going to have a very predictable revenue stream in the
                    maintenance area. We will have a definitive backlog in the
                    consulting arena, which we feel will be very strong. In
                    addition to that, we'll be adding the network subscription,
                    which by that point in time, we'll have very good visibility
                    for the fact that all of our Res Nets today, all 15 of them,
                    will be live and running. And we anticipate that each and
                    every one of them will be conducting electronic trial. So
                    we'll have those network subscriptions, which we've talked
                    about, on a going forward basis that will be very
                    predictable.

                    What will still be a piece of the model going forward that
                    requires a one-time sale, and in 2002, we anticipate, again,
                    the licenses being between $4 million and $8 million, which
                    if you look on a going forward basis, would represent a
                    decline in percent in the total revenue. That is the
                    component that is somewhat less predictable in the first
                    quarter of next year.

                    I would also tell you that from a cyclical standpoint, the
                    first quarter, historically speaking as it relates to
                    enterprise Y technology, is a bit slower than the second
                    quarter and second, third, and fourth. But you can begin to
                    model from a standpoint of 2002 that you, for the most part,
                    will know what the expense rate is and the break-even levels
                    are at the fourth quarter. So even if the first quarter is
                    sequentially down over the fourth quarter, in all likelihood
                    it will be 35% to 40% up from this year's first quarter...

D. Jordan           Okay.

J. Esposito         ...establishing not only a break even level, but a very good
                    position for the company's springboard from there.

D. Jordan           Okay. That's great, Joe. I just have one more question and
                    then I'll let it open up.

J. Esposito         Okay, you want to allow your colleagues to question, as
                    well.

D. Jordan           That eight to 16 new clients this year you said, and you
                    said you expect to have 50 trials at $30,000 per trial,
                    that's a million and half dollars in revenues. Those
                    revenues are eRes Net revenues recurring?

J. Esposito         eRes Net subscription revenues. Those are the recurring
                    revenues that we get from enabling people to use the network
                    to conduct electronic trials.

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
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D. Jordan           And is that a minimum number? Is that million and a
                    half-dollar number a minimum number that you expect in the
                    year 2002 from eRes Net?

J. Esposito         As always, we always take a very conservative and cautious
                    posture.

D. Jordan           Okay, and the first part of the question I didn't get an
                    answer to. Do you expect, as well, you hope to sign up eight
                    to 16 new clients this year? In the number that you gave out
                    before, $4 million to $8 million for next year, is that
                    including eight to 16 new clients again next year?

J. Esposito         Absolutely.

D. Jordan           Okay. Thank you very much.

J. Esposito         Okay. Thank you, David.

Moderator           And thank you. Next we'll go to the line of Philip Anderson
                    with IR Capital. Please go ahead.

P. Anderson         Actually, that's SIR capital. Joe, of the 15 companies or
                    customers you have now on the eRes Net side, I think you
                    meant one-third of those or five companies are live?

J. Esposito         They're in production. They're conducting clinical trials
                    and they're embarking upon conducting electronic trials.

P. Anderson         I think that's actually a pretty impressive number. And
                    then, on the $60 million pipeline, talk about how much of
                    that would be nondiagnostic?

J. Esposito         Yes. In the pipeline, the break out of the pipeline is that
                    we really look at it in a number of different ways. There's
                    about $25 million of pipeline as it relates to one-time
                    license fees. That $25 million generates $5 million in
                    annual maintenance fees. It also generates more than $10
                    million in consulting fees, and then above and apart from
                    that, we have over $5 million in application service
                    provider opportunities, and the balance of $15 million or
                    more is in the diagnostics area.

P. Anderson         Over what point in time would you expect to implement the
                    systems that would drive the license, the maintenance
                    and the consulting fees?

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                         Page 9

J. Esposito         As I had indicated, we expect that the remaining ten
                    research network customers will be up, live, and in
                    production by year-end. Typically, the range, from the time
                    the contract is signed to the time that they are
                    implemented, live and in production with their first trial,
                    and traditionally that first trial might be paper based or
                    limited electronic, is a range from six months to nine
                    months. That's what we are averaging. Then, thereafter,
                    their first trial gets underway, which typically takes three
                    months to get that first trial underway. Then, typically,
                    thereafter, there's a three-month period of time where
                    they'll start in concert or simultaneously to explore the
                    electronic trials capability.

                    So when you look at the model, so that everybody
                    understands, it's a six to nine month sales process and it's
                    a six to nine month implementation process. Then it is three
                    months to take on that first trial and then three months,
                    thereafter, to get the electronic trial. Now what's
                    particularly exciting about this model, however, since we're
                    well into it, is that while the industry is moving from 98%
                    paper to 95% paper, meaning the electronic component is only
                    2% to 5%, what we're going to be able to do with our
                    approach is we put that research network and community
                    backbone in place for our clients. Once they are successful
                    with these e-trials, they're going to move from 2%
                    electronic, we believe, to 20%, 30%, 40% and 50% electronic
                    because they have the ability with the flip of a switch,
                    like a utility, to turn on those electronic trials.

                    So we're going to have, we believe, exponential acceptance
                    of this concept as compared to some of our competitors that
                    have to go out and ad hoc, one at a time, electronic trial
                    sale. And in so doing, while there are 10,000 trials out
                    there, if the market is only moving at 2% to 5%, that limits
                    the numbers of opportunities, whereas, our 15 electronic
                    research networks, these folks conduct over 1,000 trials
                    today. And as that number increases from 15% to potentially
                    22% to 30%, the number of trials that they conduct increases
                    accordingly and the success that we have with them will
                    provide for significant e-trial expansion.

Jack                Joe, this is Jack.

J. Esposito         Hi, Jack.

Jack                As it relates to, obviously, this is very exciting and we're
                    all happy to really hear it in some sense in this forum. The
                    benchmarks by which you are demonstrating efficacy, there's
                    clearly momentum. How do you create in the minds of the
                    customer the reason to turn on the network and to take

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                        Page 10

                    it up faster? What is it that you have to demonstrate to
                    them within those implementation periods in terms of data?
                    Obviously, it's based upon an initial decision, but what
                    will cause them to move to other products within the Res Net
                    family?

J. Esposito         Okay, Jack. Thank you for the question. Essentially, what's
                    happening in the marketplace today is we're finding we don't
                    have to convince people to move to the electronic paradigm.
                    Excuse me, the FDA has provided guidance that they would
                    like to see electronic submissions. Large companies are
                    embracing the technology and there's great need to move in
                    that direction because of the competitive pressures that are
                    taking place.

                    The challenge that we have to overcome is that our
                    customers, like all customers, have competing priorities. So
                    their first priority is to get a good, solid platform in
                    place that will handle both paper and provide them with the
                    capability to move electronically. Their next priority,
                    because they're in a highly regulated world, is to make sure
                    that whatever they do they properly test and it's in full
                    compliance. Then, last but not least in terms of priorities,
                    is they must embrace this electronic paradigm because they
                    have to collect and clean the information faster. They have
                    to make the go/no go decisions faster. They have to convert
                    data to knowledge better. Otherwise, they're not going to
                    compete and they're not going to bring their products to
                    market. They're not going to be able to get the marketplace
                    acceptance and compress that time from research to launch.

                    So it's just simply overcoming the inertia of competing
                    priorities. We're finding less and less challenge in having
                    to educate them as to the need to embrace this paradigm.

Jack                And what about the resistance that I think you've
                    encountered regarding the need to share data, which is
                    proprietary with an outside organization?

J. Esposito         Actually, there's less resistance than you might consider.
                    Each and every one of the companies that we serve, they want
                    to make sure that they have control over their data. They
                    want to make sure that their data is secure, and they want
                    to make sure that they can provide the proper access to the
                    data to the appropriate people, both internally and
                    externally. Consider for a minute the example where the
                    investigative sites that conduct the research are the same
                    investigative sites and doctors later on, once the product
                    is brought to market, prescribe the prescription. So it's
                    very, very important that the life sciences industry control
                    the data, have quality data, and control the access to the
                    data, and that's what our systems provide.

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                        Page 11


                    So it's not that people are going to have ad hoc access to
                    this information without proper security, and there's lots
                    of techniques that allow read only capability. There are
                    lots of techniques that provide views of only select
                    information, and our systems embrace all of those techniques
                    and we provide great flexibility to our clients. So we don't
                    see that as a big issue, Jack.

Jack                Okay. And one more question regarding some of the larger
                    companies who, at least, it's our understanding that some of
                    the larger companies are attempting to basically undertake
                    this themselves. And economics, which are obviously
                    significant, they are significant companies, do you have a
                    sense that they are likely to do that? Or are they likely to
                    recognize again that the security and the infrastructure
                    that you built is, in a sense, compelling and that it would
                    take them either too long or it's not really in their best
                    interest to do it themselves?

J. Esposito         Well, with respect to the larger companies, most of the
                    larger companies, with few exceptions, have in fact embraced
                    packaged software. What we do find, however, is that most of
                    the larger companies either have our product or a competing
                    product. So what we then have to do is look for our
                    opportunities, Jack. And our opportunities lie in the areas
                    where, in larger companies, perhaps they're understaffed or
                    they don't have the computing capacity or the resources to
                    rapidly deploy. So for example, very recently, in the first
                    quarter, Glaxo SmithKline, in the consumer division,
                    apparently there's a company with ample resources. They
                    opted to go with our research network software, which we are
                    hosting in partnership with our US Inter-networking
                    partnership. And the reason they did that was that they
                    needed to deploy our capability for several trials very
                    rapidly and they needed a secure hosted environment that
                    could allow for an expansion of the network, and they really
                    didn't have the resources. So they went to us in a
                    competitive situation where we were competing against Phase
                    Forward for this initiative, and we won the business. And
                    this has now gone to provide a platform for an enterprise
                    software initiative that they have later on in the fiscal
                    year.

                    So we pick our shots, particularly phased for marketing
                    types of studies, as an area where in large companies we can
                    provide an entire solution, immediately deploy it, and
                    provide them with the best technology out there. I think we
                    have to be judicious with the areas that we play in the
                    largest companies; however, in the mid-tier market where
                    we've had tremendous success with the Millenniums, Vertex,
                    Isis, Menerini. Those

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                        Page 12

                    folks, they typically start with a clean sheet of paper.
                    They're looking for a reusable infrastructure. They want to
                    be able to handle paper and electronic, and we believe we
                    provide the absolute best solution, most competitive, best
                    price performance, and the best platform for the future.

                    So, in expanding our sales force, Jack, we've organized them
                    according to targeted markets where we have the best
                    inclination to be able to win and prosper, and that's how
                    we're doing it.

Jack                Okay. Great, Joe. Thanks very much.

J. Esposito         Okay.

Moderator           And thank you. Next, we'll go to Axiom's Barry Zelan. Please
                    go ahead.

B. Zelan            Hi, Joe.

J. Esposito         Good morning, Barry.

B. Zelan            You touched briefly upon the regulatory consulting work that
                    you alluded to could be bigger than Y2K, if I heard you
                    correctly.

J. Esposito         That's correct.

B. Zelan            Can you try to help me understand what we're talking about?

J. Esposito         Absolutely. In order for the life sciences community to move
                    toward the electronic research paradigm, what is involved
                    there is what we call the CFR 21.11 regulation. This is an
                    FDA regulation that's provided in terms of how data can be
                    collected electronically, what the security is regarding
                    that data, what the signature process is, etc., etc. The
                    entire life sciences industry has to move rapidly in that
                    direction to make sure that they're either in the process of
                    being compliant with this reg or actually are being
                    compliant.

                    So, as we build these research networks and communities,
                    what goes hand in glove with that is making sure that the
                    clients are compliant in terms of their electronic data
                    capture. So this is a very, very big initiative that all of
                    the pharmaceutical companies are going through, just like
                    every company went through Y2K. What we've subsequently done
                    is we've built kits. We have validation kits that enable
                    people to take our systems and very

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                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                        Page 13

                    quickly validate them so that they are in regulatory
                    compliance. This is particularly important in order to put a
                    research network into production.

                    In addition to that, we've built regulatory kits, standard
                    operating procedures that would allow us to use the
                    technology in a way that's compliant with this CFR 21.11
                    capability. In addition to that, we've built some core
                    competencies in our organization that are CFR 21.11 experts
                    so that we can help our customers pass compliance. So for
                    example, in the first quarter, with US Oncology, we secured
                    an $800,000 consulting contract not only for helping them
                    implement the technology in the app hosted world, but also
                    to validate and regulate. So we see this as an incremental
                    upside potential to building our consulting backlog in what
                    would be considered very high margin consulting. The margin
                    on this type of consulting is in the neighborhood of 50%.

                    Have I answered your question, Barry?

B. Zelan            Yes, you have. And one further question, I know that you
                    have announced previously a buyback of shares, a
                    500,000-share buyback, and I'm just wondering how much you
                    bought back and what the intent of the company is going
                    forward?

B. Johnson          Joe, why don't I handle that?

J. Esposito         Okay.

B. Johnson          Barry, we started the buyback at the very tail end of March
                    and we have a lot of restrictions in terms of the number of
                    shares we can buy back given the volume. So at the end of
                    March, we only bought back 5,000 shares. We went into a
                    black out period for April because we were going to release
                    quarterly earnings, and that will be lifted starting in May.

                    The future buybacks, starting with May, will be determined
                    by our executive committee of our board. So we will take the
                    guidance from them and make purchases, as they deem fit.

B. Zelan            Okay. Can you lucidate me with what the presence guidance
                    is, perhaps?

B. Johnson          I don't have any at this point in time. We will next week.

B. Zelan            Okay. Thank you very much.

<PAGE>

                                                            eResearchTechnology
                                                          Host: Joel Morganroth
                                                  April 26, 2001/ 9:00 a.m. EST
                                                                        Page 14

J. Esposito         Barry?

B. Zelan            Yes, sir.

J. Esposito         One other point I might add, if you are personally looking
                    for a sign of confidence, you're probably aware that we
                    recently acquired back the shares from Omnicom and that is a
                    show of confidence on our part that we believe in what we're
                    doing and the progress that the company's making.

B. Johnson          Yes. That purchase was 95,000 series A preferred, and that
                    was a $9.5 million purchase.

B. Zelan            I understand. Thank you very much, gentlemen.

J. Esposito         Okay. Thank you, Barry.

Moderator           Thank you, Mr. Zelan. Mr. Esposito and our host panel, we
                    have no further questions. Please continue with your closing
                    remarks.

J. Esposito         I want to thank everybody for participating today. We look
                    forward to communicating with you going forward. We expect
                    and anticipate to have these quarterly conference calls on a
                    regular basis, and I want to wish everybody a happy day
                    today.

Moderator           Ladies and gentlemen, your host is making today's conference
                    available for replay for two days starting at 12:30 p.m.
                    Eastern Daylight Time, April 26 through 11:59 p.m., April
                    28. You may access AT&T's Executive Replay Service by
                    dialing 800-475-6701 and the access code of 583968. That
                    does conclude our earnings release for this quarter. Thank
                    you very much for your participation, as well as for using
                    AT&T's Executive Teleconference Service. You may now
                    disconnect.