Document:

Exhibit 10.34

                              AGREEMENT OF SUBLEASE

                                     between

                        INDIVIDUAL INVESTOR GROUP, INC.,

                                                         as Sublessor

                                     - and -

                             FAHNESTOCK & CO. INC.,

                                                         as Sublessee

                      Premises: A Portion of the 14th Floor
                                125 Broad Street
                                New York, New York

                      Date:     December 18, 2001

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                                Table of Contents

                                                                 Page

1.       Sublease of Demised Premises............................1

2.       Subordination...........................................2

3.       Term....................................................2

4.       Appurtenant Rights......................................3

5.       Fixed Rent..............................................3

6.       Electricity Charge......................................5

7.       Additional Rent.........................................7

8.       Occupancy Tax...........................................8

9.       Intentionally omitted...................................8

10.      Use.....................................................8

11.      Compliance with Underlying Lease........................8

12.      Non-Liability, Indemnity................................9

13.      Performance by Underlying Landlord.....................10

14.      Repairs, Cleaning......................................10

15.      Alterations............................................11

16.      Initial Occupancy......................................11

17.      Assignment and Subsubletting...........................12

18.      Insurance..............................................13

19.      Default................................................14

20.      Destruction by Fire or Other Casualty, Condemnation....15

21.      Attornment.............................................16

22.      Sublease Consent.......................................17

23.      Notice.................................................17

24.      Quiet Enjoyment........................................18

25.      Surrender of Demised Premises..........................18

26.      Broker(s)..............................................18

27.      Excluded Provisions....................................19

28.      Security Deposit.......................................19

29.      Intentionally omitted..................................21

30.      Inability to Perform, Delays...........................22

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                                Table of Contents
                                   (continued)
                                                                 Page

31.      No Waivers.............................................22

32.      Intentionally omitted..................................23

33.      Entire Agreement, Miscellaneous........................23

34.      Signage and Directory..................................25

35.      Telephone Room Access..................................26

36.      Computer Room Access...................................27

List of Exhibits:
----------------

EXHIBIT A:        Floor Plans
EXHIBIT B:        Letter of Credit Form
EXHIBIT C:        Commencement Date Letter
EXHIBIT D:        FF&E

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         AGREEMENT OF SUBLEASE (this "Sublease"), dated as of the 18th day of
December, 2001, by and between INDIVIDUAL INVESTOR GROUP, INC., a Delaware
corporation, having offices at 125 Broad Street, 14th Floor, New York, New York
("Sublessor"), and FAHNESTOCK & CO. INC., a New York corporation, having offices
at 125 Broad Street, 16th floor, New York, New York 10004 ("Sublessee").

                              W I T N E S S E T H:

         WHEREAS, Sublessor, as tenant, leases certain space on the 14th floor
(the "Leased Premises") in the building located at 125 Broad Street, New York,
New York (the "Building"), all as more particularly described in the Underlying
Lease (as defined below).

         WHEREAS, Sublessee is desirous of subletting a portion of the Leased
Premises, as shown unhatched and marked as "Subtenant-2" on the floor plan
annexed hereto as Exhibit "A" (the "demised premises" or "Demised Premises")
from Sublessor upon the terms and conditions hereinafter set forth:

         NOW, THEREFORE, in consideration of the rental payments to be made
hereunder by Sublessee to Sublessor and the mutual terms, covenants, conditions,
provisions and agreements hereinafter set forth, the Sublessee and Sublessor
agree as follows:

1. Sublease of Demised Premises. Sublessor does hereby sublet to Sublessee, and
Sublessee does hereby take and hire from Sublessor, the demised premises.

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2. Subordination. This Sublease shall be expressly subject and subordinate to
all of the terms, covenants, conditions, provisions and agreements contained in
that certain lease, dated as of November 30, 1998, entered into between 125
Broad Unit C LLC, as landlord ("Underlying Landlord"), and Sublessor, as tenant
thereunder, as the same may have been amended (which lease, as and if so
amended, is hereinafter referred to as the "Underlying Lease"), except such
terms, covenants, conditions, provisions and agreements as are specifically
inconsistent with the provisions hereof or are set forth in Article 27 below
(the "Excluded Provisions"). All express provisions of this Sublease shall
govern in all circumstances unless use of the demised premises or any action or
inaction taken in accordance with said provisions may be the basis of a default
under the Underlying Lease, in which case the inconsistency shall be resolved in
favor of the provisions of the Underlying Lease. A true copy of the Underlying
Lease, with certain of the Excluded Provisions and other particular information
deleted ("Deleted Provisions"), has been delivered to, and reviewed by,
Sublessee.

3. Term.

         (A) The term of this Sublease shall commence (the "Commencement Date")
on the later to occur of (i) the date hereof or (ii) the date on which
Underlying Landlord shall consent to this Sublease in writing pursuant to
Article 19 below. The term of this Sublease shall terminate on March 30, 2004
(the "Expiration Date"), unless such term shall sooner cease or terminate
pursuant to the terms of this Sublease. Sublessor and Sublessee agree to confirm
the actual Commencement Date in writing by executing the letter of agreement and
attached hereto as Exhibit "C"; provided, however, the failure to so confirm
shall have no effect on the Commencement Date, or otherwise.

         (B) Notwithstanding anything to the contrary contained herein, if for
any reason the term of the Underlying Lease is terminated prior to the
Expiration Date of this Sublease, this Sublease shall thereupon be terminated
and Sublessor shall not be liable to Sublessee by reason thereof unless such
termination is due to, or involves, a breach by Sublessor of its obligations
under the Underlying Lease or this Sublease.

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         (C) Sublessor shall either perform all of Sublessor's Work described in
Paragraph 13(B) below prior to January 31, 2002 or shall coordinate the
performance of Sublessor's Work with Sublessee in accordance with good and
reasonable construction scheduling procedures so as not to unreasonably delay
the completion of Sublessor's Work and unreasonably disturb Sublessee, however,
Sublessor shall not be required to perform Sublessor's Work on an overtime or
premium pay basis. In the event Sublessor's Work is not complete by the Rent
Commencement Date, the terms of this Sublease shall not be affected in any way,
except that the fixed rent shall be abated until the completion of Sublessor's
Work. Notwithstanding anything to the contrary contained herein, the fixed rent
shall not be abated if (i) Sublessee is responsible for any delay in Sublessor
completing Sublessor's Work and (ii) such delay is caused by any reason beyond
the reasonable control of Sublessor.

4. Appurtenant Rights. Sublessee shall have as rights appurtenant to the Demised
Premises, the right in common with others in the Building to use the common
areas of the land and the Building as and to the extent Sublessor is permitted
to use the same under the Underlying Lease.

5. Fixed Rent.

         (A) Sublessee shall pay to Sublessor, during the term of this Sublease,
the annual rental ("fixed rent") of: (i) Five Hundred Six Thousand Eight Hundred
Fifty and 00/100 Dollars ($506,850.00) per annum for the period commencing on
January 15, 2002 (the "Rent Commencement Date") through December 31, 2002,
payable in equal monthly installments of Forty-Two Thousand Two Hundred
Thirty-Seven and 50/100 Dollars ($42,237.50); (ii) Five Hundred Twenty-Two
Thousand Fifty-Five and 50/100 Dollars ($522,055.50) per annum for the period
commencing on January 1, 2003 through December 31, 2003, payable in monthly
installments of Forty-Three Thousand Five Hundred Four and 63/100 Dollars
($43,504.63); and (iii) Five Hundred Thirty-Seven Thousand Seven Hundred
Seventeen and 16/100 Dollars ($537,717.16) for the period commencing on January
1, 2004 through the Expiration Date, payable in monthly installments of
Forty-Four Thousand Eight Hundred Nine and 76/100 Dollars ($44,809.76).

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         (B) Each monthly installment of fixed rent shall be paid by the
twenty-fifth (25th) day of the month preceding the month in which such fixed
rent is due under the Underlying Lease by check drawn on a bank reasonably
acceptable to Sublessor with an office in New York at which the check can be
presented for payment, except the first (1st) full monthly installment of fixed
rent shall be paid upon the execution of this Sublease by Sublessee. The fixed
rent for any month of the term of this Sublease which does not begin or end on
the first or last day of a calendar month shall be prorated on a daily basis in
accordance with the fixed rent due for the calendar month. Since the installment
for the first (1st) full month's fixed rent is being paid by Sublessee upon the
execution of this Sublease regardless of whether the term shall have commenced
on the first day of a calendar month, any adjustment to which Sublessee is
entitled on account of the immediately preceding sentence shall be made to the
next monthly installment of fixed rent due. All fixed rent, additional rent (as
hereinafter defined) and other sums and charges due to Sublessor under this
Sublease shall be paid by Sublessee at the office of Sublessor set forth above,
or at such other place as Sublessor may designate, without any notice, setoff or
deduction whatsoever. Sublessee's obligation to make such payments shall survive
the Expiration Date or sooner termination of this Sublease.

         (C) All other costs and expenses which Sublessee assumes or agrees to
pay pursuant to this Sublease shall be deemed "additional rent" and, in the
event of non-payment, Sublessor shall have all the rights and remedies herein
provided for in case of non-payment of fixed rent. If Sublessee shall fail to
pay any installment of fixed rent or additional rent within a period of five (5)
days after the due date of the installment in question, Sublessee shall also pay
to Sublessor interest from the due date until paid at the rate of three percent
(3%) over the then "Prime Rate" as published in The Wall Street Journal or the
New York Times for ninety (90) day unsecured loans to major corporate borrowers
(unless such rate is usurious as applied to Tenant, in which case the highest
rate permitted by law shall apply) (the "Prime Rate"). In the event the Prime
Rate is no longer the reference rate for ninety (90) day unsecured loans to
major corporate borrowers, the replacement or successor reference rate to the
Prime Rate shall be used in determining the interest to be paid by Tenant
pursuant to this Section. The payment of such interest shall be in addition to
all other rights and remedies available to Sublessor in the case of non-payment
of fixed rent.

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         (D) If Sublessor shall be charged with respect to the demised premises
for any other sums or charges pursuant to the provisions of the Underlying
Lease, including, without limitation, for overtime or other extra services
requested by Sublessee, then Sublessee shall be liable for all such sums and
charges as additional rent under this Sublease and such sums shall be due and
payable by Sublessee to Sublessor on demand.

6. Electricity Charge.

         (A) Subject to the provisions of Paragraph 6(B) below, the cost to
Sublessee of electricity furnished to the demised premises shall be Forty-Nine
Thousand Fifty and 00/100 Dollars ($49,050.00) per annum, payable in monthly
installments of Four Thousand Eighty-Seven and 50/100 Dollars ($4,087.50) (the
"Electricity Charge"); provided, however, if Sublessee requires additional
electricity to be furnished to the demised premises, same may be furnished by
Sublessor, if at all, in Sublessor's sole discretion and otherwise in accordance
with, and with such other charges, costs and expenses as are provided under
Section 8.6 of the Underlying Lease. Any sums due and payable to Sublessor under
this Section 6(A) shall be deemed to be, and collectible as, additional rent,
and Sublessee shall commence payment of such amount on the Commencement Date.

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         (B) Sublessee may, at its sole cost and expense, make application
directly to Con Edison's Business Incentive Rate Program to certain eligible
customers at the rates set forth in Service Classification Rider J to Service
Classification Nos. 4 and 9, effective April 9, 1995 (and any amendments
thereof) and the New York City Energy Cost Savings Program, as applicable, to
provide Sublessee's supply of electric current to the demised premises, provided
(i) Sublessee obtains Underlying Landlord's written consent and approval of such
application, (ii) Sublessee reimburses Sublessor for any and all reasonable
costs and expenses (including, without limitation, reasonable attorney's fees)
in connection the such review of any such application as may be necessary and
(iii) such programs do not decrease or affect the quality and supply of electric
current to the Leased Premises. Sublessor agrees to reasonably cooperate with
Sublessee, at Sublessee's sole cost and expense, in the processing of such
application with the public utility and/or other providers, including providing
Sublessee with any relevant and necessary information in its possession relating
to its electrical usage in the Leased Premises, other than the demised premises.
In the event Underlying Landlord agrees and passes along to Sublessor a
reduction in Sublessor's electricity charges due under the Underlying Lease as a
result of the application(s) described herein, then Sublessor agrees to credit
(as a reduction in the Electricity Charge due hereunder) Sublessee with the full
amount of such savings passed along to Sublessor by Underlying Landlord. The
terms of this Paragraph 6(B), shall in no way be deemed a violation by Sublessor
of Article 8 of the Underlying Lease.

         (C) Sublessor shall not be liable in any way to Sublessee for any
failure or defect in the supply or character of electric current furnished to
the demised premises. Sublessee covenants and agrees that, at all times, its
connected electrical load shall not cause a default under Article 8 of the
Underlying Lease.

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7. Additional Rent. Commencing on the Commencement Date, Sublessee shall pay to
Sublessor, as additional rent, Sublessee's Proportionate Share of all amounts
payable by Sublessor to Underlying Landlord pursuant to Article 5 of the
Underlying Lease, which are applicable to the term of this Sublease.
Notwithstanding the preceding sentence, Sublessor and Sublessee agree that
Sublessee shall not be liable for Operating Expenses (as defined in Section
5.1(E) of the Underlying Lease) under Article 5 of the Underlying Lease.
Notwithstanding anything to the contrary and for purposes of determining the
amounts payable by Sublessee pursuant to this Article 7, the Base Tax Factor for
Taxes shall be deemed to mean Taxes for the Tax Year commencing on July 1, 2001
and ending on June 30, 2002. Payment of amounts due hereunder shall be made in
the manner and ten (10) days before each such date that Sublessor shall be
required to pay its corresponding share of such additional rent pursuant to the
Underlying Lease. Payments for the first and last years of the term of this
Sublease shall be equitably prorated. For the purposes of this Sublease, the
term "Sublessee's Proportionate Share" shall be deemed to mean 46.71%.

                                        7
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8. Occupancy Tax. Sublessee shall pay (i) directly to the City of New York all
occupancy and rent taxes which may be payable to the City of New York in respect
of the fixed rent reserved by this Sublease, if any, and (ii) all other taxes
required to be paid under the Underlying Lease or otherwise required by law as a
result of Sublessee's occupancy of the demised premises, the payment of which
shall be imposed directly upon any occupant of the demised premises.

9. Intentionally omitted.

10. Use. Sublessee shall use the demised premises only for general office use
consistent with the Class A nature of the Building and otherwise in accordance
with the provisions of the Underlying Lease.

11. Compliance with Underlying Lease. Sublessee covenants and agrees to observe
and perform all of the terms, covenants, conditions, provisions and agreements
to be performed by Sublessor, as tenant pursuant to the Underlying Lease, except
for any Excluded Provisions, and further covenants and agrees not to do or
suffer or permit anything to be done which would result in a default under the
Underlying Lease or cause the Underlying Lease to be terminated. All of the
terms, covenants, conditions, provisions and agreements of the Underlying Lease,
excepting any Excluded Provisions, are hereby incorporated herein with the same
force and effect as if herein set forth in full and wherever (a) the term
"Tenant" occurs in the Underlying Lease, the same shall be deemed to refer to
Sublessee and (b) the term "Premises" occurs in the Underlying Lease, the same
shall be deemed to refer to the Demised Premises or demised premises.
Notwithstanding the foregoing, all grace periods specified in Article 25 of the
Underlying Lease shall, for purposes of determining compliance by Sublessee with
the provisions hereof, be each reduced by three (3) days with respect to any
monetary default cure period, and by five (5) business days with respect to any
non-monetary default cure period, therein provided. The obligations of Sublessee
provided above in this Article 11 shall refer only to those obligations of
Sublessor under the Underlying Lease that relate to the demised premises.

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12. Non-Liability, Indemnity. Sublessee shall indemnify and hold harmless
Sublessor, its subsidiaries and affiliates and each of their respective
officers, directors, members, managers or partners, agents, contractors,
servants, licensees, employees or invitees (each an "Indemnified Party") from
and against any and all claims, losses, liabilities, damages, costs and expenses
(including, without limitation, reasonable attorney's fees and disbursements)
arising out of or related to (i) the use, conduct or maintenance of the demised
premises or any business therein or any work or thing whatsoever done, or any
condition created in or about the demised premises during the term of this
Sublease by Sublessee, its agents, contractors, servants, licensees, employees
or invitees (or any time prior to the Commencement Date that Sublessee may have
been given access to the demised premises), (ii) any negligent or otherwise
wrongful act or omission of Sublessee or any of its agents, contractors,
servants, licensees, employees or invitees, (iii) any failure of Sublessee to
perform or comply with all of the provisions of this Sublease hereof that are
applicable to Sublessee, and (iv) any obligation Sublessor may have to indemnify
Underlying Landlord under the Underlying Lease, to the extent related to the
demised premises. In case any action or proceeding be brought against any
Indemnified Party by reason of any of the foregoing, Sublessee, upon notice from
such Indemnified Party, shall defend such action or proceeding by counsel chosen
by Sublessee, who shall be reasonably satisfactory to such Indemnified Party.
Sublessee or its counsel shall keep such Indemnified Party fully apprised at all
times of the status of such defense and shall not settle same without the
written consent of such Indemnified Party.

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13. Performance by Underlying Landlord.

         (A) Sublessor does not assume any obligation to perform the terms,
covenants, conditions, provisions and agreements contained in the Underlying
Lease on the part of Underlying Landlord to be performed or make any
representation or warranty made by Underlying Landlord. In the event Underlying
Landlord shall fail to perform any of the terms, covenants, conditions,
provisions and agreements contained in the Underlying Lease on its part to be
performed, Sublessor shall be under no obligation to perform such services or
have any liability whatsoever to Sublessee in connection therewith.

         (B) Sublessee shall not be allowed any abatement or diminution of fixed
rent or additional rent under this Sublease because of Underlying Landlord's
failure to perform any of its obligations under the Underlying Lease.
Notwithstanding the foregoing, in the event that Sublessor receives an abatement
or diminution of fixed rent or additional rent from Underlying Landlord that
relates to the demised premises, Sublessee shall be entitled to its allocable
share of such abatement or diminution less any reasonable expenses incurred by
Sublessor in obtaining such abatement or diminution from Underlying Landlord.

14. Repairs, Cleaning. Sublessee shall be entitled to receive all of those
services and repairs, if any, which Underlying Landlord may be obligated to
provide and to make under the terms, covenants, conditions, provisions and
agreements of the Underlying Lease and to the extent that Underlying Landlord is
not required to provide any such services and repairs, Sublessee shall be
responsible therefor, subject to and in accordance with the provisions of the
Underlying Lease.

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15. Alterations. Sublessee shall not make any changes, alterations, additions or
improvements to the demised premises without first obtaining the written consent
of Sublessor (which consent may not be unreasonably withheld or delayed) and
Underlying Landlord (which may be given or withheld in accordance with the
provisions of the Underlying Lease). Notwithstanding the foregoing, Sublessor's
consent shall not be unreasonably withheld if the written consent of Underlying
Landlord is first obtained. Simultaneously with the submission of documents to
Underlying Landlord, Sublessee shall send copies of all such documents regarding
alterations to Sublessor. Sublessee shall pay all costs and expenses relating to
any changes, alterations, additions or improvements and shall cause same to be
completed in accordance with the terms, covenants, conditions, provisions and
agreements of the Underlying Lease. Sublessee hereby agrees to indemnify, defend
and hold Sublessor harmless from and against any and all loss, cost, damage,
expense or liability (including, but not limited to, reasonable attorneys' fees
and disbursements) incurred by Sublessor as a result of Sublessee's failure to
comply with the provisions of this Article 15.

16. Initial Occupancy.

         (A) Sublessee represents that it has inspected the demised premises and
agrees to take the same in its present "As Is" condition, and Sublessee
acknowledges that no representations with respect to the condition thereof or
otherwise, of any kind or nature, have been made. Any work required by Sublessee
to prepare the demised premises for its occupancy shall be paid for by Sublessee
and shall be subject to all of the terms, covenants, conditions, provisions and
agreements set forth in the Underlying Lease.

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         (B) Notwithstanding the foregoing, Sublessor shall, at Sublessor's sole
cost and expense, through contractor(s) engaged by Sublessor, install the
demising walls as set forth on Sublessee's plan annexed hereto as Exhibit "A",
and otherwise deliver the demised premises in "broom clean" condition
(hereinafter called "Sublessor's Work").

         (C) Sublessee shall pay to Sublessor the sum of $36,000.00 as and for
the purchase price for the cubicles and office furniture (the "FF&E") in the
demised premises set forth in Exhibit "D" attached hereto, by certified or
official bank made payable to Sublessor, simultaneously with the execution by
Sublessee of this Sublease. Sublessor makes no representation or warranty as to
the utility, fitness or condition of the FF&E, nor is Sublessor responsible for
any expense whatsoever related to the use provided for under this Paragraph
16(C).

17. Assignment and Subsubletting.

         (A) Sublessee shall not (a) assign this Sublease, or (b) permit this
Sublease to be assigned by operation of law or otherwise, or (c) sublet all or
any part of the demised premises, or (d) mortgage, pledge, hypothecate or
otherwise encumber its interest in this Sublease, the term and estate hereby
granted or the rentals hereunder, in whole of in part, or (e) grant any
concession, license or otherwise permit the demised premises to be used or
occupied by any person(s) other than Sublessee (for the purposes of this Section
17(A)(e), the term "Sublessee" includes, the directors, officers and employees
of Sublessee, or its subsidiaries, affiliates or correspondents (i.e.,
broker/dealers having a clearing relationship with Sublessee), in their
capacities as such), or (f) permit the demised premises or any desk space
therein to be used or occupied by any person(s) other than Sublessee, without
the prior written consent of Sublessor (which consent may not be unreasonably
withheld or delayed) and Underlying Landlord (which may be given or withheld in
accordance with Article 19 of the Underlying Lease).

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         (B) If this Sublease is assigned, or if the demised premises or any
part thereof is subsublet or occupied by one other than Sublessee, whether or
not Sublessee shall have been granted any required consent, Sublessor may, after
default by Sublessee, collect rent and other charges from such assignee,
subsubtenant or other occupant, and apply the net amount collected to fixed rent
and other charges herein reserved, but no such assignment, subsubletting,
occupancy or collection shall be deemed to be a waiver of the requirements of
this Article 17 or an acceptance of the assignee, subsubtenant or other occupant
as the sublessee under this Sublease. The consent by Sublessor to an assignment
or subsubletting shall not in any way be construed to relieve Sublessee from
obtaining the consent of Underlying Landlord and Sublessor to any further
assignment or subsubletting. No assignment or subsubletting shall, in any way,
release, relieve or modify the liability of Sublessee under this Sublease and
Sublessee shall be and remain liable under all of the terms, covenants,
conditions, provisions and agreements hereof.

18. Insurance.

         (A) During the term of this Sublease, Sublessee, at its sole cost and
expense, shall provide and maintain commercial general public liability and
all-risk property damage insurance in conformity with the provisions of Article
16 of the Underlying Lease. Sublessee shall cause Sublessor and Underlying
Landlord (and any other parties if required pursuant to the provisions of the
Underlying Lease) to be included as additional insureds in said policy or
policies which shall contain provisions, if and to the extent available, that it
or they will not be cancelable except upon at least thirty (30) days prior
written notice to all insureds and that the act or omission of one insured will
not invalidate the policy as to the other insureds. Sublessee shall furnish to
Sublessor reasonably satisfactory evidence that such insurance is in effect at
or before the Commencement Date and, on request, at reasonable intervals
thereafter.

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         (B) Nothing contained in this Sublease shall relieve Sublessee from
liability that may exist as a result of damage from fire or other casualty, but
each party shall look first to any insurance in its favor before making any
claim against the other party for recovery for loss or damage resulting from
fire or other casualty. To the extent permitted by law, Sublessor and Sublessee
each hereby releases and waives all right of recovery against the other or
anyone claiming through or under the other by way of subrogation or otherwise.
The foregoing release and waiver shall be in force only if the insurance
policies of Sublessor and Sublessee provide that such release or waiver does not
invalidate the insurance. Each party agrees to use its best efforts to include
in its applicable insurance policies such a provision. If the inclusion of said
provision would involve an additional expense, either party, at its expense, may
require such provision to be inserted in the other's policy.

         (C) Sublessee hereby releases Underlying Landlord or anyone claiming
through or under Underlying Landlord by way of subrogation or otherwise to the
extent that Sublessor released Underlying Landlord or Underlying Landlord was
relieved of liability or responsibility pursuant to the provisions of the
Underlying Lease, and Sublessee will cause its insurance carriers to include any
clauses or endorsements in favor of Underlying Landlord which Sublessor is
required to provide pursuant to the provisions of the Underlying Lease.

19. Default. In the event Sublessee defaults in the performance of any of the
terms, covenants, conditions, provisions and agreements of this Sublease or of
the Underlying Lease, Sublessor shall be entitled to exercise any and all of the
rights and remedies to which it is entitled by law and also any and all of the
rights and remedies specifically provided for in the Underlying Lease, which are
hereby incorporated herein and made a part hereof with the same force and effect
as if herein specifically set forth in full, and that wherever in the Underlying
Lease rights and remedies are given to Underlying Landlord, the same shall be
deemed to refer to Sublessor.

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20. Destruction by Fire or Other Casualty, Condemnation.

         (A) If the demised premises or the Building shall be partially or
totally damaged or destroyed by fire or other casualty, Sublessee shall have no
right to terminate this Sublease and this Sublease shall not be terminated by
reason of such casualty unless the Underlying Lease is terminated by Sublessor
or Underlying Landlord pursuant to the provisions of Article 23 of the
Underlying Lease. In the event Underlying Landlord agrees, pursuant to Sublessee
request, to permit Sublessor to terminate its obligations for the demised
premises separately from the Leased Premises in connection with the provisions
of Article 23 of the Underlying Lease, then upon Sublessee's reasonable written
request, Sublessor agrees to give any notice to Underlying Landlord as Sublessee
shall reasonably request in connection with the provisions of Section 23.4 of
the Underlying Lease.

         (B) If the demised premises are partially or totally damaged by fire or
other casualty as a consequence of which Sublessor shall receive an abatement of
rent relating to the demised premises, then in such event, there shall be a
corresponding abatement of the fixed rent payable hereunder.

         (C) Sublessee shall give Sublessor and Underlying Landlord notice of
any fire, casualty or accident in or about the demised premises promptly after
Sublessee becomes aware of such event.

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         (D) If the Underlying Lease is terminated pursuant to the provisions of
Article 23 thereof as the result of a taking of all or any portion of the
Building by condemnation (or deed in lieu thereof), this Sublease shall likewise
terminate.

         (E) Sublessee waives the provisions of Section 227 of the New York Real
Property Law, which is superseded by the provisions of this Article 20.

21. Attornment. If the Underlying Lease and Sublessor's leasehold interest in
the demised premises shall be terminated, other than as a result of a casualty
or condemnation or sale in lieu thereof, Sublessee shall, if so requested in
writing by Underlying Landlord, attorn to Underlying Landlord and shall, during
the term of this Sublease, perform all of the terms, covenants, conditions,
provisions and agreements of this Sublease on the part of Sublessee to be
performed. In the event of any such attornment, Underlying Landlord shall not be
(i) liable for any act or omission or default of any prior sublessor (including,
without limitation, Sublessor); (ii) subject to any offsets or defenses which
Sublessee might have against any prior sublessor (including, without limitation,
Sublessor); (iii) bound by any fixed rent or additional rent which Sublessee
might have paid for more than the current month to any prior sublessor
(including, without limitation, Sublessor); or (iv) bound by any amendment or
modification of this Sublease made without Underlying Landlord's written
consent. The foregoing shall be self-operative without the necessity of the
execution of any further instruments, but Sublessee agrees, upon the demand of
Underlying Landlord, to execute, acknowledge and deliver any instrument or
instruments confirming such attornment.

                                        16
<page>

22. Sublease Consent. This Sublease shall become effective only if the written
consent hereto of Underlying Landlord is obtained. If such written consent is
not obtained, then this Sublease shall be null and void and of no force or
effect and Sublessor shall return to Sublessee the first (1st) month's rent and
the security deposit and thereupon neither party shall have any further
obligation to the other. Sublessor shall promptly request the consent of
Underlying Landlord to this Sublease. Sublessee agrees to provide such
information in connection with such request as Underlying Landlord shall
reasonably request. If the foregoing consent is not obtained within sixty (60)
days following the execution and delivery of this Sublease by both parties, then
either Sublessor or Sublessee may, within ten (10) days following the expiration
of said sixty (60) day period, cancel this Sublease by giving written notice to
the other party of its election to cancel. If either Sublessor or Sublessee do
not give notice to cancel within said ten (10) day period, Sublessor or
Sublessee shall only have the right to cancel this Sublease pursuant to this
Article 22, thereafter only up until the time Underlying Landlord's consent may
ultimately be given. Upon Sublessor's receipt of a valid notice of cancellation,
this Sublease shall be null and void and Sublessor shall return to Sublessee the
first (1st) month's rent and thereupon neither party shall have any further
obligation to the other. In the event that Underlying Landlord shall notify
Sublessor that it will not consent to this Sublease, then Sublessor will
promptly notify Sublessee of such fact, return to Sublessee the first (1st)
month's rent and security deposit, and thereupon this Sublease shall be null and
void.

23. Notice. Any notice to be given under this Sublease shall be in writing and
shall be delivered by hand or sent by certified mail, return receipt requested,
or by nationally-recognized overnight courier, addressed to (i) Sublessor at its
(a) address herein stated, Attention: Chief Executive Officer, with a copy to
(b) Arent Fox Kintner Plotkin & Kahn, PLLC, 1675 Broadway, 25th Floor, New York,
New York 10019, Attention: Bradley A. Kaufman, Esq.; and (ii) Sublessee at its

                                       17
<page>

address herein stated on page 1, Attention: Mr. Robert Neuhoff. No notice shall
be effective unless given to all of the parties listed hereinabove. Each party
shall have the right to designate, by notice in writing, any other address to
which such party's notice is to be sent. Any notice to be given by either party
may be given by the attorneys for such party. Any notice sent as aforesaid shall
be deemed given upon the date of first attempted delivery.

24. Quiet Enjoyment. Sublessor covenants that Sublessee, on paying the fixed
rent and additional rent and performing all the terms, covenants, conditions,
provisions and agreements aforesaid, shall and may peacefully and quietly have,
hold and enjoy the demised premises for the term aforesaid, free from any
interference or hindrance by Sublessor, but subject to the exceptions,
reservations and conditions hereof.

25. Surrender of Demised Premises. On the date upon which the term hereof shall
expire and come to an end, whether on the Expiration Date, by lapse of time or
otherwise, Sublessee, at Sublessee's sole cost and expense, shall quit and
surrender the demised premises to Sublessor in the same order and condition as
Sublessor is required to surrender the demised premises under Article 27 of the
Underlying Lease.

26. Broker(s). Sublessee represents to Sublessor that Newmark & Company Real
Estate, Inc. (the "Broker") is the only broker with whom Sublessee dealt in
relation to this transaction and that Sublessee has had no dealings, either
direct or indirect, with any other real estate agent or broker in connection
with this transaction. Sublessee shall be under no obligation to pay any fees
payable to the Broker in connection with this Sublease. Sublessee agrees to
indemnify, defend and hold Sublessor harmless from any loss, liability and
expense incurred by Sublessor as a result of any claim made against Sublessor
which is based upon a breach of said representation by Sublessee. Sublessee's
indemnification obligation pursuant to this Sublease (including, without
limitation, Articles 8, 9, 11 and 22 herein) shall survive the Expiration Date
or sooner termination of this Sublease.

                                       18
<page>

27. Excluded Provisions. The following provisions of the Underlying Lease are
deemed to be Excluded Provisions: the Fundamental Lease Provisions, Articles 3
and 4, Sections 2.1, 2.3, 5.1(A), (B), (D) and (E), 5.3(a), 5.3(b) (with respect
to Tenant's Operating Payment only), 5.3(c), 5.6, 5.7 (with respect to Tenant's
Operating Payment and Tenant's right to audit Landlord's books only), 5.8 (with
respect to Tenant's Operating Payment only), 5.9, 5.12, 34.5 and 40.10, Articles
6, 7, 12, 14, 19, 28, 30, 31, 39 and 42 and Exhibits B and G, and all references
in the Underlying Lease to the aforesaid Articles, Sections or Exhibits of the
Underlying Lease shall not be deemed incorporated in or made a part hereof.

28. Security Deposit.

         (A) Sublessee shall deliver to Sublessor, and shall maintain in effect
at all times during the term of this Sublease following delivery thereof, a
clean, unconditional and irrevocable letter of credit, in substantially the form
annexed hereto as Exhibit "B", in the amount of Eighty-Nine Thousand Six Hundred
Nineteen and 53/100 Dollars ($89,619.53) issued by a banking corporation
("Bank") reasonably satisfactory to Sublessor and having its principal place of
business or its duly licensed branch in the City of New York at which the letter
of credit may be presented for payment. Such letter of credit shall serve as
security for the faithful performance and observance by Sublessee of the terms,
covenants, conditions, provisions and agreements of this Sublease. It is agreed
that in the event Sublessee defaults in respect of any of the terms, covenants,
conditions, provisions and agreements of this Sublease, including, but not
limited to, the payment of fixed rent and additional rent, Sublessor may use,
apply or retain the whole or any part of the security so deposited to the extent
required for the payment of any fixed rent and additional rent or any other sum
as to which Sublessee is in default or for any sum which Sublessor may expend or
may be required to expend by reason of Sublessee's default in respect of any of
the terms, covenants, conditions, provisions and agreements of this Sublease,
including, but not limited to, any damages or deficiency in the reletting of the
demised premises, whether such damages or deficiency accrued before or after
summary proceedings or other re-entry by Sublessor. If Sublessor so applies or
retains any part of the security, Sublessee shall, upon demand, promptly restore
the amount so applied or retained so that Sublessor shall have the full amount
of the letter of credit as provided herein on hand at all times during the term

                                       19
<page>

of this Sublease. In the event that Sublessee shall fully and faithfully comply
with all of the terms, covenants, conditions, provisions and agreements of this
Sublease, the letter of credit, or any remaining portion of any sum collected by
Sublessor hereunder from the Bank, shall be returned to Sublessee forty-five
(45) days after the later of: (i) the Expiration Date or (ii) delivery of entire
possession of the demised premises to Sublessor in the condition required by the
Underlying Lease. In the event of an assignment by Sublessor of its interest
under the Underlying Lease, Sublessor shall have the right to transfer the
security and Sublessee agrees to look to the new sublessor solely for the return
of said security and it is agreed that the provisions hereof shall apply to
every transfer or assignment made of the security to a new sublessor. Sublessee
further covenants that it shall not assign or encumber or attempt to assign or
encumber the monies deposited herein as security and that neither Sublessor nor
its successors or assigns shall be bound by any such assignment, encumbrance,
attempted assignment or attempted encumbrance.

         (B) Such letter of credit shall have an expiration date no earlier than
the first anniversary of the date of issuance thereof and shall provide that it
shall be automatically renewed from year to year unless terminated by the Bank
by notice to Sublessor given not less than ninety (90) days prior to the then
expiration date therefor. It is agreed that in the event Sublessee defaults in
respect of any of the terms, covenants, conditions, provisions or agreements of
this Sublease, including, but not limited to, the payment of fixed rent and
additional rent, or if the letter of credit is terminated pursuant to the
preceding sentence and is not replaced within forty-five (45) days prior to its
expiration date that (i) Sublessor shall have the right to require the Bank to
make payment to Sublessor of so much of the entire proceeds of the letter of
credit as shall be reasonably necessary to cure the default, and (ii) Sublessor
may apply said sum so paid to it by the Bank to the extent required for the
payment of any fixed rent or additional rent or any other sum as to which
Sublessee is in default or for any sum which Sublessor may expend or may be

                                       20
<page>

required to expend by reason of Sublessee's default in respect of any of the
terms, covenants, conditions, provisions and agreements of this Sublease,
including, but not limited to, any damages or deficiency in the reletting of the
demised premises, whether such damages or deficiency accrues before or after
summary proceedings or other re-entry by Sublessor, without thereby waiving any
other rights or remedies of Sublessor with respect to such default. To insure
that Sublessor may utilize the security represented by the letter of credit in
the manner, for the purpose, and to the extent provided in this Article 28, each
letter of credit shall provide that the full amount thereof may be drawn down by
Sublessor upon the presentation to the issuing bank of Sublessor's draft drawn
on the issuing bank. Sublessee shall have the right to substitute one letter of
credit for another, provided that, at all times, the letter of credit shall meet
the requirements of this subparagraph 24(B). If Sublessee shall fail to obtain
any replacement of a letter of credit within the time limits set forth in this
Article 28, Sublessor may draw down the full amount of the letter of credit and
retain the same as security hereunder.

29. Intentionally omitted.

                                       21
<page>

30. Inability to Perform, Delays. If Sublessee shall be delayed in obtaining
initial possession of the demised premises because of any reason beyond the
reasonable control of Sublessor, Sublessor shall not be subject to any
liability, the effectiveness of this Sublease shall not be affected and the term
hereof shall not be extended, but the fixed rent shall be abated (provided
Sublessee is not responsible for any such delay in obtaining possession) until
possession shall have been made available to Sublessee. Notwithstanding the
foregoing, if delivery of initial possession of the demised premises does not
occur on or before February 28, 2002, Sublessee shall have the option to
terminate this Sublease upon written notice ("Termination Notice") to Sublessor
by March 15, 2002. In the event such Termination Notice is timely given,
Sublessee shall immediately return the FF&E (in the condition delivered to
Sublessee) to Sublessor. Upon receipt of the Termination Notice and the FF&E as
provided herein, Sublessor shall refund within three (3) business days all
payments made to Sublessor hereunder to Sublessee.

31. No Waivers. Failure by either party in any instance to insist upon the
strict performance of any one or more of the obligations of the other party
under this Sublease, or to exercise any election herein contained or acceptance
of payment of any kind with knowledge of a default by the other party, shall in
no manner be or be deemed to be a waiver by such party of any defaults or
breaches hereunder or of any of its rights and remedies by reason of such
defaults or breaches, or a waiver or relinquishment for the future of the
requirement of strict performance of any and all of the defaulting party's
obligations hereunder. Further, no payment by Sublessee or receipt by Sublessor
of a lesser amount than the correct amount of fixed rent and/or additional rent
due hereunder shall be deemed to be other than a payment on account, nor shall
any endorsement or statement on any check or any letter accompanying any check
or payment be deemed to effect or evidence an accord and satisfaction, and
Sublessor may accept any checks or payments as made without prejudice to
Sublessor's right to recover the balance or pursue any other remedy in this
Sublease or otherwise provided at law or in equity.

                                       22
<page>

32. Intentionally omitted.

33. Entire Agreement, Miscellaneous.

         (A) This Sublease shall be governed by and construed in accordance with
the laws of the State of New York without regard to the conflicts of law
principles thereof.

         (B) The paragraph headings in this Sublease are inserted only as a
matter of convenience for reference and are not to be given any effect in
construing this Sublease.

         (C) If any of the provisions of this Sublease or the application
thereof to any person or circumstance shall be, to any extent, held to be
invalid or unenforceable, the remainder of this Sublease shall not be affected
thereby and shall be valid and enforceable to the fullest extent permitted by
law.

         (D) All of the terms and provisions of this Sublease shall be binding
upon and, except as prohibited by Article 13 hereof, inure to the benefit of the
parties hereto and their respective permitted successors and assigns.

         (E) All prior negotiations and agreements relating to this Sublease and
the demised premises are merged into this Sublease. This Sublease may not be
amended, modified or terminated, in whole or in part, nor may any of the
provisions be waived, except by a written instrument executed by the party
against whom enforcement of such amendment, modification, termination or waiver
is sought and unless the same is permitted under the provisions of the
Underlying Lease.

                                       23
<page>

         (F) Each person executing this Sublease hereby represents and warrants
that he or she is a duly authorized representative of Sublessor or Sublessee, as
the case may be, and has full authority to execute and deliver this Sublease.

         (G) This Sublease shall have no binding force and effect and shall not
confer any rights or impose any obligations upon either party unless and until
both parties have executed it and Sublessor shall have obtained Underlying
Landlord's written consent to this Sublease pursuant to the provisions hereof
and delivered to Sublessee an executed copy of such consent. Under no
circumstances shall the submission of this Sublease in draft form by or to
either party be deemed to constitute an offer for the subleasing of the demised
premises.

         (H) This Sublease may be executed in several counterparts each of which
shall be deemed an original but all of which together shall constitute one and
the same instrument.

         (I) This Sublease and all the obligations of Sublessee to pay fixed
rent and additional rent and perform all of its other covenants and agreements
hereunder shall in no way be affected, impaired, delayed or excused because
Sublessor or Underlying Landlord are unable to fulfill any of their respective
obligations hereunder, either explicit or implicit, if Sublessor or Underlying
Landlord is prevented or delayed from so doing by reason of strikes or labor
trouble or by accident, adjustment of insurance or by any cause whatsoever
reasonably beyond Sublessor's or Underlying Landlord's control.

         (J) Each and every right and remedy of Sublessor under this Sublease
shall be cumulative and in addition to every other right and remedy herein
contained or now or hereafter existing at law or in equity, by statute or
otherwise.

                                       24
<page>

         (K) At any time and from time to time Sublessee shall, within ten (10)
days after written request by Sublessor, execute, acknowledge and deliver to
Sublessor a written statement certifying (i) that this Sublease has not been
modified and is in full force and effect or, if modified, that this Sublease is
in full force and effect as modified, and specifying such modification(s), (ii)
the dates to which the fixed rent and additional rent and other charges have
been paid, (iii) that, to the best of Sublessee's knowledge, no defaults exist
under this Sublease or, if any do exist, the nature of such default(s) and (iv)
as to such other matters as Sublessor may reasonably request.

34. Signage and Directory.

         (A) Sublessee may, at Sublessee's sole cost and expense, install one
(1) first-class office signage as approved by Sublessor (which approval shall
not be unreasonably withheld or delayed) and Underlying Landlord in a location
in the lobby of the demised premises as designated by Sublessor and/or
Underlying Landlord in accordance with Sublessor's uniform signage program for
the floor and Underlying Landlord's signage requirements for the Building.
Sublessee shall not install any additional signage in any part of the lobby or
common corridor or in the entrance to the demised premises or in any portion of
the demised premises visible from the exterior of the demised premises, without,
in any such case, Sublessor's and Underlying Landlord's prior written consent,
which consent may be granted or withheld in each of Sublandlord's and Underlying
Landlord's sole and absolute discretion. In the event that Sublessee shall
install any additional signage without first obtaining Sublessor's and
Underlying Landlord's consent as provided in this Paragraph 30, Sublessor may,
in addition to any other remedies Sublessor shall have, immediately remove such
signage at Sublessee's cost and expense and without liability to Sublessee
therefor.

         (B) Subject to the provisions of this Sublease and Section 15.1 of the
Underlying Lease, Sublessor agrees to request that Underlying Landlord add
Sublessee's name on the Building lobby directory or provide Sublessee with
Sublessee's Proportionate Share of Sublessors's existing directory lines.

                                       25
<page>
35. Telephone Room Access. Sublessee or its agents or designees shall have the
right to enter the room in the Leased Premises designated to house the telephone
hardware and peripherals (the "Telephone Room") for the installation,
maintenance and/or repair of Sublessee's telephone equipment (the "Telephone
Room Work") located in the Telephone Room as marked on Exhibit "A" attached
hereto; provided, however, Sublessee's use of the Telephone Room will not or
does not cause Sublessor or Sublessor's communications equipment located in the
Telephone Room any harm, problems or any added cost or expense, or otherwise
interfere with Sublessor's use and enjoyment of the Telephone Room. In addition
to any other remedy available to Sublessor under this Sublease, Sublessee hereby
agrees (i) to pay, hold harmless and indemnify Sublessor from and against any
and all cost, expense (including reasonable attorneys' fees) or liability for
any claims for compensation, which may arise in connection with Sublessee's
Telephone Room Work and (ii) to be solely responsible for any expenses incurred
in Sublessor's hiring technicians or other independent contractors to fix or
replace any damaged communications equipment in the event such damage is caused
by Sublessee's use of or access to the Telephone Room and/or the Telephone Room
Work. Sublessee covenants and agrees (a) that its access to the Telephone Room
and the Telephone Room Work will be performed at reasonable times on business
days during business hours; provided, however, that upon Sublessee's reasonable
determination that access to the Telephone Room and/or Telephone Room Work is
necessary during non-business hours to prevent disruption of its business, then
Sublessee shall have access to the Telephone Room and the Telephone Room Work
shall be performed during such time; and (b) that any Telephone Room Work shall
be performed with diligence and in a manner designed to minimize interference
with Sublessor's business, Sublessor's use of the Telephone Room and Sublessor's
premises, provided that in the event of such interference, then Sublessee agrees
to be responsible for all of Sublessor's damages at law or in equity caused by
such interference. Sublessor shall have the option, at its sole cost and
expense, to have a representative of Sublessor present when Sublessee is in the
Telephone Room; provided, however, that Sublessee's access to the Telephone Room
or performance of the Telephone Room Work is not contingent upon such
representative being present.

                                       26
<page>

36. Computer Room Access. Sublessee or its agents or designees shall have the
right to enter and use approximately one-quarter (1/4) of the room in the Leased
Premises designated to house computer hardware and peripherals (the "Computer
Room"), which is approximately ten (10) feet from the left wall of the Computer
Room, for the installation, maintenance and/or repair of Sublessee's computer
equipment (the "Computer Room Work") located in the Computer Room as marked
unhatched on Exhibit "A" attached hereto, provided (a) Sublessee's use of the
Computer Room will not or does not cause Sublessor or Sublessor's computer
equipment located in the Computer Room any harm, problems or any added cost or
expense, or otherwise interfere with Sublessor's use and enjoyment of the
Computer Room and (b) Sublessee shall, at its sole cost and expense, install
metal cages with individual locks, as reasonably approved by Sublessor, to
separate its portion of the Computer Room from Sublessor's portion of the
Computer Room, provided further that the location of such cages shall be
designated by Sublessor in its sole discretion. In addition to any other remedy
available to Sublessor under this Sublease, Sublessee hereby agrees (i) to pay,
hold harmless and indemnify Sublessor from and against any and all cost, expense
(including reasonable attorneys' fees) or liability for any claims for
compensation, which may arise in connection with Sublessee's Computer Room Work
and (ii) to be solely responsible for any expenses incurred in Sublessor's
hiring technicians or other independent contractors to fix or replace any
damaged computer equipment in the event such damage is caused by Sublessee's use
of or access to the Computer Room and/or the Computer Room Work. Sublessee
covenants and agrees (1) that its access to the Computer Room and the Computer
Room Work will be performed at reasonable times on business days during business
hours; provided, however, that upon Sublessee's reasonable determination that
access to the Computer Room and/or Computer Room Work is necessary during

                                       27
<page>

non-business hours to prevent disruption of its business, then Sublessee shall
have access to the Computer Room and the Computer Room Work shall be performed
during such time and (2) that any Computer Room Work shall be performed with
diligence and in a manner designed to minimize interference with Sublessor's
business, Sublessor's use of the Computer Room and Sublessor's premises,
provided that in the event of such interference, then Sublessee agrees to be
responsible for all of Sublessor's damages at law or in equity caused by such
interference. Sublessor shall have the option, at its sole cost and expense, to
have a representative of Sublessor present when Sublessee is in the Computer
Room; provided, however, that Sublessee's access to the Computer Room or
performance of Computer Room Work is not contingent upon such representative
being present.

                                    * * * * *
            [The remainder of this page is left intentionally blank;
                          the signature page follows.]

                                       28
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement of
Sublease as of the day and year first above written.

                                            SUBLESSOR:

                                            INDIVIDUAL INVESTOR GROUP, INC.

                                             By: /s/ Jonathan Steinberg
                                                Name:  Jonathan Steinberg
                                                Title: CEO

                                            SUBLESSEE:

                                            FAHNESTOCK & CO. INC.

13-5657518                                  By:  /s/ Albert Lowenthal
Federal Identification Number               Name:
                                            Title:

<PAGE>

                                    EXHIBIT A

                                   FLOOR PLAN

                                   (Attached)

                                       A-1

<PAGE>

                                    EXHIBIT B

                              LETTER OF CREDIT FORM

                                [Bank Letterhead]

-----------------------

-----------------------

-----------------------

                           Re:      Irrevocable Clean Standby Letter of Credit

Gentlemen:

                  By order of our client, ("__________"), we hereby open our
clean irrevocable Standby Letter of Credit No. _____ in your favor for an amount
not to exceed in the aggregate $ __________ US Dollars effective immediately.

                  Funds under this credit are available to you against your
sight draft drawn on us mentioning thereon our Credit No. ___.

                  This Letter of Credit shall expire twelve (12) months from the
date hereof; provided, however, that it is a condition of this Letter of Credit
that it shall be deemed automatically extended, from time to time, without
amendment, for one (1) year from the expiration date hereof and from each and
every future expiry date, unless at least ninety (90) days prior to any expiry
date we shall notify you by certified mail that we elect not to consider this
Letter of Credit renewed for any such additional period, in which event unless a
substitute Letter of Credit in conformity with the provisions hereof is
delivered to you within forty-five (45) days following your receipt of our
notice of nonrenewal you may, at any time thereafter, upon presentation of a
sight draft accompanied by a certificate purportedly signed by an officer of
your company stating "a replacement letter of credit has not been delivered"
draw on the entire amount of this Letter of Credit.

                  This Letter of Credit is transferable and may be transferred
one or more times. However, no transfer shall be effective unless advice of such
transfer is received by us in the form signed by you and reasonably acceptable
to us.

                                       B-1
<page>

                  We hereby agree with you that all drafts drawn or negotiated
in compliance with the terms of this Letter of Credit will be duly and promptly
honored upon presentment and delivery of your draft to our office at accompanied
by a certificate purportedly signed by an officer of your company confirming
that you are entitled to draw the amount represented by the sight draft pursuant
to the Sublease between you and if negotiated on or prior to the expiry date as
the same may from time to time be extended.

                  Partial draws are permitted under this Letter of Credit.

                  Except as otherwise specified herein, this Letter of Credit is
subject to the Uniform Customs and Practice for Documentary Credits (1994)
Revision, International Chamber of Commerce Publication No. 500.

                                                     Very truly yours,

                                                     (Name of Bank)

                                                     By:
                                                        ------------------------

                                       B-2
<page>

                                    EXHIBIT C

                            COMMENCEMENT DATE LETTER

                         INDIVIDUAL INVESTOR GROUP, INC.
                          125 Broad Street, 14th Floor
                               New York, New York

                              _______________, 2001

VIA CERTIFIED MAIL
RETURN RECEIPT REQUESTED

Fahnestock & Co. Inc.
125 Broad Street, 14th Floor
New York, New York
Attention: Mr. Robert Neuhoff

          Re:  Sublease  dated  ___________,  2001,  (the  "Sublease"),  by  and
               between Individual  Investor Group,  Sublessor,  and Fahnestock &
               Co. Inc., Sublessee

Dear Mr. Neuhoff:

This letter of agreement is intended to memorialize certain understandings
between Sublessor and Sublessee as set forth below, and your countersignature at
the end of this letter indicates your agreement on behalf of Sublessee to the
terms and conditions set forth herein. All capitalized terms used herein shall
have the meanings ascribed to them in the Sublease unless otherwise specifically
set forth herein to the contrary.

1.   Sublessor and Sublessee hereby acknowledge that Commencement Date under the
     Sublease shall be deemed to be ________________, 2001.

2.   This letter of agreement may be executed any number of counterparts, all of
     which together shall constitute one agreement binding on all parties hereto
     notwithstanding  that all the parties have not signed the same counterpart.
     All  counterparts  shall be  construed  together and shall  constitute  one
     instrument.

3.   Except as expressly  set forth in this letter of  agreement,  the terms and
     conditions of the Sublease  shall continue in full force and effect without
     any change or  modification  and shall apply for the balance of the term of
     the Sublease.

                                       C-1
<page>

Kindly sign this letter of agreement to indicate your acceptance and
acknowledgment of the terms of this Agreement.

Thank you.

                                            Sincerely,

                                            INDIVIDUAL INVESTOR GROUP, INC.

                                            By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

ACKNOWLEDGED AND AGREED
THIS ____ DAY OF ________, 2001:

FAHNESTOCK & CO. INC.

By:      ________________________
         Name:
         Title:

         cc:      Bradley A. Kaufman, Esq. (via facsimile - 212/484-3990)

                                       C-2
<page>

                                    EXHIBIT D

                                      FF&E

Open Area

47       Cubes
47       Chairs
26       File Cabinets

Pantry

1        Refrigerator
3        Tables
12       Chairs
1        Dresser

Reception

1        Reception Desk
1        Chair
1        Leather Couch
1        Leather Chair
1        Table
1        End Table
1        Table/File Cabinet

Conference Rooms

2        Conference Tables
20       Chairs
5        Small Bookshelves
2        Large Bookshelves

                                       D-1Exhibit 10.48

                            ASSET PURCHASE AGREEMENT

         ASSET PURCHASE AGREEMENT, dated as of October 22, 2001 (the "Effective
Date") by and between INDIVIDUAL INVESTOR GROUP, INC., a Delaware corporation
with executive offices at 125 Broad Street, New York, New York 10004 ("Seller")
and TELESCAN, INC., a Delaware corporation with executive offices at 5959
Corporate Drive, Suite 2000, Houston, Texas 77036 ("Purchaser"),

                              W I T N E S S E T H:
                              --------------------

         WHEREAS, Seller wishes to sell to Purchaser, and Purchaser wishes to
purchase, certain assets specified herein, on and subject to the terms and
conditions set forth herein;

         NOW, THEREFORE, in consideration of the agreements contained herein,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

     1.   Purchase and Sale of Assets; Agreement Not to Compete.

         1.1 Transferred Assets. Upon the terms hereof, Purchaser hereby agrees
to purchase from Seller, and Seller hereby agrees to sell to Purchaser, all of
Seller's right, title and interest in and to the assets specified on Schedule
1.1 hereto (the "Transferred Assets") at the Closing specified in Section 2.5.

         1.2 Excluded Assets. No assets other than the Transferred Assets are
being sold pursuant to this Agreement. Without limiting the foregoing and
notwithstanding anything to the contrary herein, the Transferred Assets to be
sold, conveyed, assigned, transferred and delivered hereunder shall not include:
(a) any cash, cash equivalents, accounts receivable or investments owned by
Seller; (b) any property related to Individual Investor's Special Situations
Report newsletter ("SSR"), www.shortinterest.com ("ShortInterest"), the
America's Fastest Growing Companies family of stock indexes; or (c) Seller's
rights to receive payment from Interep Interactive, Inc. ("Interep"), Winstar
Interactive Media Sales, Inc. ("WIMS") and their affiliates related to the Asset
Purchase Agreement dated as of June 25, 2001 between Interep, WIMS and Winstar
New Media Company, Inc. Seller's accounts receivable include without limitation
the pro rata portion earned up to and including the date of the Closing (as
defined below) with respect to any Partially Served Insertion Orders (as defined
below). "Partially Served Insertion Orders" shall mean any insertion orders for
online or email advertising with respect to which, as of the date of the
Closing, Seller has served a portion but not all of the contracted advertising.
Without limiting the foregoing, Seller also shall retain all rights to accounts
receivable accrued after the date of the Closing related to ShortInterest, SSR
and Seller's stock index licensing operations. The parties acknowledge and agree
that (i) any advertiser who placed with Seller an insertion order for online or
email advertising that, as of the date of the Closing, remains wholly or
partially unserved by Seller ("Open Orders"), may deem the execution of this
Agreement to be an impermissble assignment by Seller of Seller's rights under
such Open Order and (ii) neither party shall have any liability to the other on
account of the cancellation of any Open Order.

<page>
         1.3 Non-Assigned Contracts. Seller shall not assign to Purchaser and
Purchaser shall not assume any liability with respect to any agreements to which
Seller is a party that relate to www.individualinvestor.com ("Non-Assigned
Contracts"). Seller represents that Purchaser shall not be liable to any third
party with respect to any Non-Assigned Contract. Notwithstanding the foregoing,
Seller and Purchaser shall use reasonable efforts to obtain the consent of
Interep for the assignment to Purchaser of Seller's rights and obligations from
and after the date of the Closing pursuant to the Advertising Sales
Representative Agreement dated as of April 1, 2000 between Seller and WIMS
("WIMS Sales Representative Agreement").

         1.4 Agreement Not to Compete. Seller agrees that for a period five (5)
years from the Closing, Seller shall not own or operate a web site devoted to
investing content (an "Investing Site"). Notwithstanding the foregoing, neither
ShortInterest nor www.afgc.com shall be deemed an "Investing Site."

     2.   Consideration.

         2.1 Shares. As consideration for the sale, conveyance, assignment and
transfer of the Transferred Assets, contemplated by Section 1, Purchaser shall
convey, assign, transfer and deliver to Seller, free of any liens or
encumbrances, one million sixty-three thousand five hundred and thirty-one
(1,063,531) shares of common stock of Seller (the "Shares"). Purchaser
represents that as of the Closing, the Shares constitute all of the shares of
common stock of Seller in which Purchaser or INVESTools, Inc. ("INVESTools") has
an interest. Purchaser represents that immediately after Purchaser's delivery of
the Shares, neither Purchaser nor INVESTools shall have an interest in any
shares of common stock of Seller.

         2.2 Amendment of Service Agreement. The letter agreement (the "Service
Agreement") dated as of September 29, 1999 between Seller and Purchaser is
hereby amended to (a) provide that Purchaser's total monthly fee for hosting
pages of ShortInterest as requested by Seller shall be four thousand dollars
$4,000 per month (without limiting the foregoing, there shall be no additional
amounts owing with respect to revenue sharing); and (b) provide that Seller may
assign its rights and obligations under the Service Agreement with respect to
ShortInterest with the consent of Purchaser, which consent Purchaser shall not
unreasonably withhold or delay. Notwithstanding the foregoing, the amendment of
Purchaser's fee set forth in clause (a) of this Section 2.2 shall not become
effective until the three (3) month anniversary of the Closing (or, if earlier,
upon such date as Seller assigns its rights and obligations under the Service
Agreement with respect to ShortInterest). The parties acknowledge that Seller
has paid the Aggregate License Fee (as defined in the Service Agreement).

         2.3 Share Escrow and Web Site Maintenance. (a) Seller will maintain the
web site located at URL www.individualinvestor.com until 5:00 p.m., Eastern
time, on November 30, 2001 (the "Maintenance Period"). On the date of the
Closing (defined below), Seller will deliver to Graubard Miller, as escrow agent
("Escrow Agent"), at Escrow Agent's offices at 600 Third Avenue, New York, New
York 10016, as Escrow Agent, one of more stock certificates that shall in the
aggregate represent all of the Shares, duly endorsed for transfer to Seller with
such endorsement Medallion guaranteed and accompanied by appropriate standard
corporate resolutions authorizing conveyance of the Shares to Seller. Escrow
Agent will hold the Shares in escrow during the Maintenance Period. Provided
Seller maintains the individualinvestor.com web site for the full Maintenance
Period, at the end of the Maintenance Period Seller shall be entitled to receive
the Shares as set forth below. Seller shall be deemed to have maintained the
individualinvestor.com web site if all current functionality of the site,
including quote feeds and news feeds, have been maintained for the complete
Maintenance Period. Upon the mutual agreement of Purchaser and Seller, the
Maintenance Period may be shortened and the Shares delivered to Seller upon the
termination of the shortened Maintenance Period. If the DNS entry for the
individualinvestor.com domain is changed (by Purchaser or by Seller at
Purchaser's written request) to point to Purchaser's servers, Purchaser shall,
within two (2) days of the date of the change in the DNS entry, notify the
Escrow Agent and Seller in writing that the Maintenance Period has been
shortened, and that Escrow Agent should deliver the Shares to Seller.

                                      2
<page>
         (b) Escrow Agent shall deliver the stock certificates representing in
the aggregate all of the Shares to Seller at 5:00 p.m., Eastern time, on
December 3, 2001, unless Escrow Agent has prior to such time received from
Purchaser a written notice ("Rescission Notice") indicating that Seller has
failed to maintain the individualinvestor.com web site during the Maintenance
Period and that as result of such failure, Purchaser desires to rescind this
Agreement. Purchaser shall deliver a copy of the Rescission Notice to Seller at
the time delivery is made to Escrow Agent. If Purchaser timely delivers a
Rescission Notice to Escrow Agent and Seller, Purchaser shall, within two (2)
business days after delivery of the Rescission Notice, return all of the
Transferred Assets to Seller and provide written evidence to Escrow Agent that
all of the Transferred Assets have been returned to Seller. Upon Escrow Agent's
receipt of such written evidence, Escrow Agent shall deliver the stock
certificates representing in the aggregate all of the Shares to Purchaser. If a
Rescission Notice is not timely delivered, or if Purchaser does not return all
of the Transferred Assets to Seller (and provide to Escrow Agent written
evidence of such return) within the time provided above, the Rescission Notice
shall be deemed null and void and Escrow Agent shall deliver to Seller the stock
certificates representing in the aggregate all of the Shares. If (x) Purchaser
timely delivers a Rescission Notice, returns all of the Transferred Assets to
Seller (and provides Escrow Agent written evidence of such return) within the
time provided above and (y) Escrow Agent delivers to Purchaser the stock
certificates representing in the aggregate all of the Shares, this Agreement
shall be deemed rescinded and no party shall have any further liability or
obligation whatsoever, except that each party's obligations pursuant to the
Mutual Confidentiality Agreement dated as of July 26, 1999 shall remain in full
force and effect (without limiting the foregoing and for avoidance of doubt, in
the event of rescission of this Agreement, neither party shall use for any
purpose whatsoever, and shall not disclose to any third party, any Confidential
Information of the other party). In the event that Escrow Agent prior to
December 1, 2001 receives written notice from Purchaser indicating that the
Maintenance Period has been shortened and that Escrow Agent should deliver the
Shares to Seller, Escrow Agent shall promptly after receipt of such notice
deliver the stock certificates representing in the aggregate all of the Shares
to Seller.

         2.4 License to Board Software. Purchaser hereby grants Seller an
irrevocable, perpetual royalty-free license, with right of sublicense and
without duty to account, to the Board Software (as defined on Schedule 1.1);
provided, however, that for purposes of this Section 2.3, the Board Software
shall not be deemed to include any of the content of the discussion boards on
www.individualinvestor.com.

                                        3
<page>
         2.5 Closing; Deliveries. The consummation of the transactions
contemplated by this Agreement (the "Closing") shall take place at Seller's
offices, at 10:00 a.m. New York City time on October 26, 2001 or such other date
as may be mutually agreed upon in writing by the parties hereto. At the Closing,
(a) Seller shall deliver to Purchaser the contents of the Database (as defined
on Schedule 1.1) and shall arrange for delivery to Purchaser, by United Parcel
Service, Federal Express or such other reputable common carrier as Seller and
Purchaser jointly may choose, of the web server component of the Hardware (as
defined on Schedule 1.1) and Board Software (as defined on Schedule 1.1) and (b)
Purchaser shall deliver to Escrow Agent one or more stock certificates that
shall in the aggregate represent all of the Shares, duly endorsed for transfer
to Seller with such endorsement Medallion guaranteed and accompanied by
appropriate standard corporate resolutions authorizing the conveyance of the
Shares to Seller. All deliverables shall be deemed delivered simultaneously and
all transactions contemplated thereby shall be deemed to take place
simultaneously. On or before November 5, 2001, Seller shall deliver to
Purchaser, by United Parcel Service, Federal Express or such other reputable
common carrier as Seller and Purchaser jointly may choose, the database server
component of the Hardware.

     3.   Representations and Warranties of Seller.

         Seller represents and warrants to Purchaser, as of the date hereof and
as of the Closing, as follows:

         3.1 Due Incorporation and Qualification of Seller. Seller is a
corporation duly incorporated, validly existing and in good standing under the
laws of Delaware. Seller is duly qualified and in good standing as a foreign
corporation in each jurisdiction in which ownership or leasing of its properties
or the character of its operations requires such qualification, except where the
failure to qualify would not have a material adverse effect on its business,
financial condition or results of operations considered as a whole (a "Material
Adverse Effect"). Seller has full corporate power and authority to own, lease
and operate its properties and to carry on its business in the places and in the
manner currently conducted.

         3.2 Authority; Due Authorization; Valid Obligation.

         (a) Seller has all requisite corporate power and authority to execute
and deliver this Agreement and the Additional Agreements (as defined below) and
to consummate the transactions contemplated hereby and thereby. Seller has taken
all corporate action necessary for the execution and delivery by it of this
Agreement and the Additional Agreements and for the consummation of the
transactions contemplated hereby and thereby.

         (b) This Agreement and the Additional Agreements constitute the valid
and binding obligations of Seller and are enforceable against Seller in
accordance with their respective terms, except as may be limited by principles
of equity or by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors' rights generally.

                                      4
<page>
         3.3 No Conflicts or Defaults. The execution and delivery by Seller of
this Agreement and the Additional Agreements and the consummation of the
transactions contemplated hereby and thereby do not (a) contravene Seller's
Certificate of Incorporation or By-laws or (b) with or without the giving of
notice or the passage of time, or both, violate or conflict with, or result in a
breach of, or a default or loss of rights under, any material agreement,
mortgage, indenture, lease, instrument, permit or license to which Seller is a
party or by which Seller or any of the Transferred Assets are bound, or any
judgment, order, decree, law, rule or regulation to which Seller or any of the
Transferred Assets are subject, except any such violation, conflict, breach,
default or loss of rights as would not have a Material Adverse Effect.

         3.4 Authorizations. No authorization, approval, order, license, permit
or consent of, or filing or registration with, any court or governmental
authority, or consent of any other party, is required in connection with the
execution, delivery and performance by Seller of this Agreement or the
Additional Agreements; provided, however, that (a) the consent of Network
Solutions Inc. ("NSI") is required in order to transfer to Purchaser the
registration of the Domain Names (as defined on Schedule 1.1), (b) the consent
of WIMS and/or Interep would be necessary in order to assign to Purchaser
Seller's rights pursuant to the WIMS Sales Representative Agreement and (c) the
consent of the advertiser would be necessary in order for Purchaser to be
entitled to the benefit of any Open Order.

         3.5 Transferred Assets. Seller has, and will deliver to Purchaser at
the Closing, good and marketable title to the Transferred Assets, free and clear
of all encumbrances, liens, charges or other restrictions of any kind or
character (collectively, "Liens"), except for any Liens incurred by Purchaser
prior to the Closing. The equipment included in the Transferred Assets are
generally in good operating condition and a good state of maintenance and
repair, reasonable wear and tear excepted, and are suitable for use in the
operation of www.individualinvestor.com as currently conducted.

         3.6 Litigation. There is no claim, action, suit, proceeding,
investigation or criminal proceeding, at law or in equity, before any national,
state or provincial, local or other governmental authority, court, arbitration
tribunal or other forum (collectively, "Proceedings") pending against Seller,
and Seller has not received notice of any threatened Proceedings that, if
adversely determined, would, singly or in the aggregate, materially adversely
affect the consummation of the transactions contemplated by this Agreement or
the Additional Agreements, or which challenge the validity or propriety of the
transactions contemplated by this Agreement or the Additional Agreements.

         3.7 Disclosure. Purchaser acknowledges that Seller does not make any
explicit or implicit representation as to the level of revenues and expenses
that Purchaser might generate and incur, respectively, in connection with
Purchaser's operation of the Transferred Assets.

     4.   Representations and Warranties of Purchaser.

         Purchaser represents and warrants to Seller, as of the date hereof and
as of the Closing, as follows:

         4.1 Due Organization and Qualification. Purchaser is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware, with full corporate power and authority to own, lease and operate
its properties and to carry on its business in the places and in the manner
currently conducted.

                                      5
<page>
         4.2 Authority; Due Authorization; Valid Obligation.

         (a) Purchaser has all requisite corporate power and authority to
execute and deliver this Agreement and the Additional Agreements and to
consummate the transactions contemplated hereby and thereby. Purchaser has taken
all corporate action necessary for the execution and delivery by it of this
Agreement and the Additional Agreements and for the consummation of the
transactions contemplated hereby and thereby.

         (b) This Agreement and the Additional Agreements constitute the valid
and binding obligations of Purchaser and are enforceable against Purchaser in
accordance with their respective terms, except as may be limited by principles
of equity or by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors' rights generally.

         4.3 No Conflicts or Defaults. The execution and delivery by Purchaser
of this Agreement and the Additional Agreements and the consummation of the
transactions contemplated hereby and thereby do not (a) contravene Purchaser's
Certificate of Incorporation or By- Laws or (b) with or without the giving of
notice or the passage of time, or both, violate or conflict with, or result in a
breach of, or a default or loss of rights under, any material agreement,
mortgage, indenture, lease, instrument, permit or license to which Purchaser is
a party or by which it or any material portion of its assets is bound, or any
judgment, order, decree, law, rule or regulation to which it or any material
portion of its assets is subject, except any such violation, conflict, breach,
default or loss of rights as would not have a Material Adverse Effect.

         4.4 Authorizations. No authorization, approval, order, license, permit
or consent of, or filing or registration with, any court or governmental
authority, or consent of any other party, is required in connection with the
execution, delivery and performance by Purchaser of this Agreement or the
Additional Agreements.

         4.5 Shares. Purchaser has, and will deliver to Seller at the Closing,
good and marketable title to the Shares, free and clear of all Liens, except for
any Liens incurred by Seller prior to the Closing.

         4.6 Litigation. There are no Proceedings pending against Purchaser, and
Purchaser has not received notice of any threatened Proceedings, that, if
adversely determined, would, singly or in the aggregate, materially adversely
affect the consummation of the transactions contemplated by this Agreement or
the Additional Agreements, or which challenge the validity or propriety of the
transactions contemplated by this Agreement or the Additional Agreements.

     5.   Acts and Instruments of Transfer; Correspondence.

         5.1 Acts and Instruments. Whenever reasonably requested to do so by
either party, on or after the Closing, the other party and its officers shall
do, execute, acknowledge and deliver all such acts, bills of sale, assignments,
confirmations, consents, other instruments of assignment, transfer and

                                      6
<page>

conveyance, and any and all such further instruments and documents ("Additional
Agreements"), in form reasonably satisfactory to the requesting party and its
counsel, as shall be reasonably necessary or advisable to carry out the intent
of this Agreement and to (a) vest in Purchaser all the right, title and interest
of Seller in and to the Transferred Assets and (b) vest in Seller all the right,
title and interest of Purchaser in and to the Shares. Without limiting the
foregoing, for each of the Domain Names (i) Purchaser shall request NSI,
registrar of such Domain Name, to record Purchaser as the registrant of such
Domain Name, (ii) Purchaser shall, upon receipt of the rejection by NSI
containing a NIC Tracking Number, complete a Registrant Name Change Agreement
(using the approved NSI form), filling in all applicable information (including
the NIC Tracking Number), sign such Registrant Name Change Agreement and deliver
the Registrant Name Change Agreement to Seller; and (iii) upon receipt of a
Registrant Name Change Agreement properly filled in and executed by Purchaser,
Seller shall sign and deliver to NSI such Registrant Name Change Agreement. The
parties acknowledge and agree that NSI may take several weeks to process the
Registrant Name Change Agreement; in the event that NSI offers expedited
processing upon payment of a fee, Purchaser may send Seller, together with the
Registrant Name Change Agreement, a check payable to NSI in the amount of the
expedited processing fee and Seller shall submit to NSI such check together with
the fully-executed Registrant Name Change Agreement.

     6.   Indemnification.

         6.1 Seller's Indemnification. Seller hereby agrees to indemnify, defend
and hold harmless Purchaser, its officers, directors, shareholders and each
other person who controls Purchaser (without duplication), from and after the
Closing, against and in respect of any loss, cost, damage, deficiency or expense
(including any related loss, cost, damage, deficiency or expense arising
pursuant to Section 6.3) (collectively, "Damages") arising from or related to:
(i) Seller's breach or non-performance of any agreement, representation,
warranty or undertaking contained in this Agreement, (ii) any lawsuit or any
court, administrative or other proceeding initiated against Purchaser by any
third party arising out of or relating to Seller's operation of the Transferred
Assets prior to the end of the Maintenance Period, and (iii) any lawsuit or any
court, administrative or other proceeding initiated against Purchaser by any
third party alleging that Purchaser's use of the mark "individualinvestor.com"
in Purchaser's operation of a world wide web site accessed via the URL
www.individualinvestor.com infringes upon a valid trademark of such third party
(provided that Seller or Purchaser is the valid registrant of the URL
www.individualinvestor.com).

         6.2 Purchaser's Indemnification. Purchaser hereby agrees to indemnify,
defend and hold harmless Seller, its officers, directors, shareholders and each
other person who controls Seller (without duplication), from and after the
Closing, against and in respect of any Damages arising from or related to: (i)
Purchaser's breach or non-performance of any agreement, representation, warranty
or undertaking contained in this Agreement or (ii) except for matters as to
which Purchaser is entitled to indemnification from Seller pursuant to Section
6.1(iii), any lawsuit or any court, administrative or other proceeding initiated
against Seller by any third party arising out of or relating to Purchaser's
operation of the Transferred Assets from and after the Closing.

         6.3 Related Costs and Expenses. Each indemnifying party hereto shall,
in addition to such indemnifying party's obligations under Section 6.1 or 6.2,
as applicable, indemnify and hold harmless the indemnified party hereto from,
against and in respect of any and all actions, suits, proceedings, demands,
assessments, judgments, settlements, costs (including reasonable attorneys' fees
and disbursements) and legal and other expenses of the indemnified party
incident to any matter as to which the indemnified party is entitled to
indemnification under such Sections 6.1 or 6.2, or incident to any allegations
or claims which, if true, would give rise to Damages subject to indemnification
thereunder, or incident to the enforcement by the indemnified party of this
Section 6.

                                      7
<page>

         6.4 Third Party Claims. If a claim by a third party is made against an
indemnified party, and if the indemnified party intends to seek indemnity with
respect thereto under this Section 6, such indemnified party shall promptly
notify the indemnifying party of such claim in writing ("Notice of
Indemnification Claim"). The indemnifying party shall have thirty (30) calendar
days after receipt of such Notice of Indemnification Claim to undertake, conduct
and control, through counsel of its own choosing (subject to the consent of the
indemnified party, such consent not to be unreasonably withheld or delayed) and
at its expense, the settlement or defense therefor, and the indemnified party
shall co-operate with the indemnifying party at the indemnifying party's expense
as the indemnifying party reasonably may request in connection therewith;
provided that: (i) the indemnifying party shall not thereby permit to exist any
Lien upon any assets of any indemnified party; (ii) the indemnifying party shall
permit the indemnified party to participate in such settlement or defense
through counsel chosen by the indemnified party, provided that the fees and
expenses of such counsel shall be borne by the indemnified party unless both the
indemnifying party and the indemnified party are named parties to the action and
the defense of both parties by the same counsel would be inappropriate due to
actual or potential conflict of interest, and provided further that such
participation shall not affect the control of the matter by the indemnifying
party; and (iii) the indemnifying party shall promptly reimburse the indemnified
party for the full amount of any loss resulting from such claim and all related
expense incurred by the indemnified party within the limits of this Section 6.
If the indemnifying party does not notify the indemnified party within thirty
(30) calendar days after receipt of the Notice of Indemnification Claim that the
indemnifying party elects to undertake the defense thereof, the indemnified
party shall have the right to contest, settle or compromise the claim in the
exercise of its exclusive discretion at the expense of the indemnifying party.
So long as the indemnifying party is reasonably contesting any such claim in
good faith, the indemnified party shall not pay or settle any such claim.
Notwithstanding the foregoing, the indemnified party shall have the right to pay
or settle any such claim if, in the reasonable judgment of the indemnifying
party (consent to such payment or settlement not to be unreasonably denied or
delayed) the payment or settlement of such claim will not adversely affect the
indemnifying party, provided that in the event of such payment or settlement the
indemnified party shall waive any right to indemnity therefor by the
indemnifying party. The indemnified party shall join in a settlement of a third
party claim proposed by the indemnifying party, provided that such settlement
shall be at the expense of the indemnifying party, that such settlement shall
achieve the release and discharge of the indemnified party by such third party
and that such settlement shall not prejudice in any material respect the
indemnified party's rights against such third party claimant or any other third
party with respect to matters unrelated to the third party claim in issue.

         6.5 Survival of Representations and Warranties, Limitations of Claims.

         (a) The representations and warranties and indemnities set forth in
this Agreement shall survive the Closing; provided, that the provisions of this
Section 6 shall constitute the sole remedy of any party for breach of any
representations or warranties in connection with the transactions contemplated
by this Agreement.

                                      8
<page>
         (b) Any claim between the parties hereto (other than a claim for
indemnification in respect of third party claims for unpaid taxes) predicated on
a breach of warranty or representation contained in this Agreement shall survive
the Closing but shall be barred after the second (2nd) anniversary of the
Closing.

         (c) Claims for indemnification in respect of third party claims,
including third party claims for taxes, shall survive the Closing but shall be
barred after the applicable statute of limitations.

         (d) No payment shall be required to be made by Seller or Purchaser
pursuant to Section 6.1 or Section 6.2 except to the extent that the amount of
Damages suffered by Purchaser or Seller or their related indemnified parties in
connection with such claim, together with all claims asserted therewith or
previously asserted under this Section 6 by any of them, exceeds ten thousand
dollars ($10,000) in the aggregate.

         (e) THE WARRANTIES EXPRESSLY STATED IN THIS AGREEMENT ARE THE ONLY
WARRANTIES THAT APPLY TO THE TRANSFERRED ASSETS AND THESE WARRANTIES ARE IN LIEU
OF, AND SELLER EXPRESSLY DISCLAIMS, ANY AND ALL OTHER WARRANTIES EXPRESS OR
IMPLIED, INCLUDING WITHOUT LIMITATION THE WARRANTIES OF MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE.

         (f) NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, THE
MAXIMUM LIABILITY OF EITHER SELLER OR PURCHASER TO ANY PERSON, CORPORATION OR
OTHER ENTITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER SUCH LIABILITY
ARISES FROM A CLAIM BASED IN TORT, CONTRACT (EXPRESS OR IMPLIED), WARRANTY,
STATUTE OR OTHERWISE, SHALL IN NO EVENT EXCEED THE SUM OF ONE HUNDRED THOUSAND
DOLLARS ($100,000).

         (g) NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, AND
REGARDLESS OF WHETHER ANY REMEDY FAILS OF ITS ESSENTIAL PURPOSE, IN NO EVENT
SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR TO ANY OTHER PERSON,
CORPORATION OR OTHER ENTITY FOR ANY LOST PROFITS, LOSS OF USE, COST OF OBTAINING
SUBSTITUTE GOODS OR SERVICES, OR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL,
INDIRECT OR EXEMPLARY DAMAGES ARISING UNDER OR IN ANY WAY RELATING TO THIS
AGREEMENT, EVEN IF THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS
OR DAMAGE; PROVIDED, HOWEVER, THAT THIS LIMITATION ON LIABILITY SHALL NOT APPLY
TO LIABILITY OF EITHER PURCHASER OR SELLER AS AN INDEMNIFYING PARTY AGAINST ANY
THIRD PARTY CLAIM.

                                      9
<page>
     7.   Miscellaneous.

         7.1 Entire Agreement. This Agreement, together with the Additional
Agreements and the other documents and instruments delivered pursuant to this
Agreement, sets forth the entire understanding of the parties with respect to
its subject matter, and merges and supersedes all prior and contemporaneous
understandings of the parties hereto with respect to its subject matter;
provided, that the Service Agreement shall continue in full force and effect, as
modified pursuant to Section 2.2 hereof. This Agreement may not be modified, in
whole or in part, except by a writing signed by each of the parties hereto, and
may not be waived, in whole or in part, except by a writing signed by the party
granting such waiver. No waiver of any provision of this Agreement in any
instance shall be deemed to be a waiver of the same or any other provision of
this Agreement in any other instance. Failure of any party to enforce any
provision of this Agreement shall not be construed as a waiver of its rights
under such provision or any other provision.

         7.2 Communications. All notices, consents and other communications
given under this Agreement shall be in writing and shall be deemed to have been
duly given (a) when delivered by hand or by Federal Express or a similar
overnight courier to, or (b) five (5) calendar days after being deposited in any
United States post office enclosed in a postage prepaid registered or certified
envelope addressed to the party for whom intended, at the address for such party
set forth below, or to such other address and/or contact person as may be
furnished by such party by notice in the manner provided herein; provided,
however, that any notice of change shall be effective only upon receipt.

                           If to Purchaser:

                                    Telescan, Inc.
                                    5959 Corporate Drive
                                    Suite 2000
                                    Houston, TX 77036
                                    Attention:  Senior Vice President

                           with a copy to:

                                    Telescan, Inc.
                                    5959 Corporate Drive
                                    Suite 2000
                                    Houston, TX 77036
                                    Attention:  Legal Department

                           If to Seller:

                                    Individual Investor Group, Inc.
                                    125 Broad Street
                                    14th Floor
                                    New York, NY 10004
                                    Attention:  General Counsel

                           with a copy to:

                                    Graubard Miller
                                    600 Third Avenue
                                    New York, NY 10016
                                    Attention: Peter M. Ziemba, Esq.

                           If to Escrow Agent:

                                    Graubard Miller
                                    600 Third Avenue
                                    New York, NY 10016
                                    Attention: Peter M. Ziemba, Esq.

                                       10
<page>

         7.3 Successors and Assigns. This Agreement shall be binding on,
enforceable against and inure to the benefit of the parties hereto and their
respective successors and permitted assigns, and nothing herein is intended to
confer any right, remedy or benefit upon any other person. Either party hereto
may assign its rights under this Agreement to any wholly-owned subsidiary, or to
the successor of all or substantially all of such party's assets and Purchaser
may assign its rights hereunder to INVESTools; provided in each case that the
assignee agrees in writing to be bound by the assignor's obligations hereunder.
Except as set forth in the previous sentence, no party hereto may assign its
rights under this Agreement, nor may a party hereto delegate its obligations
under this Agreement, without the express written consent of Purchaser or
Seller, as applicable, and any attempt to do so shall be null and void.

         7.4 Public Announcements. The parties shall endeavor in good faith to
agree upon the text of a press release describing the execution of this
Agreement. Notwithstanding the foregoing, either party may make public
disclosure of any term of this Agreement to the extent required by applicable
securities laws or otherwise required by law.

         7.5 Expenses. Each of the parties hereto shall bear and pay, without
any right of reimbursement from the other party, and indemnify, defend and hold
harmless the other party against, all costs, expenses and fees incurred by it or
on its or his behalf incident to the preparation, execution and delivery of this
Agreement and the performance of such party's obligations hereunder, whether or
not the transactions contemplated by this Agreement are consummated, including,
without limitation, the fees and disbursements of attorneys, accountants and
consultants employed by such party, and all brokers, investment bankers, finders
and financial advisors retained or utilized by it, or otherwise acting on its
behalf, or otherwise making any claim in the nature of a broker's or finder's
fee arising out of or resulting from any action or agreement of the indemnifying
party or its affiliated parties, in connection with the transactions
contemplated by this Agreement, and shall indemnify and hold harmless the other
party from and against all such fees, costs and expenses.

         7.6 Knowledge of a Party. Where any representation or warranty
contained in this Agreement is expressly qualified by reference to the knowledge
of a party, such knowledge shall be deemed to refer only to the actual knowledge
of the officers of Purchaser or Seller, as the case may be.

         7.7 Governing Law. This Agreement shall in all respects be governed by
and construed in accordance with the laws of the State of New York applicable to
agreements made and fully to be performed in such state, without giving effect
to conflicts of law principles that otherwise might call for application of the
substantive law of another jurisdiction.

                                      11
<page>
         7.8 Savings Clause. If any provision of this Agreement is held to be
invalid or unenforceable by any court or tribunal of competent jurisdiction, the
remainder of this Agreement shall not be affected thereby, and such provision
(and the remainder of this Agreement) shall be carried out as nearly as possible
according to its original terms and intent to eliminate such invalidity or
unenforceability.

         7.9 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Signatures received via
facsimile shall be deemed originals for all purposes.

         7.10 Construction. Headings contained in this Agreement are for
convenience only and shall not be used in the interpretation of this Agreement.
References herein to the Agreement shall be deemed to include all Schedules and
Exhibits hereto, and references herein to Sections, Schedules and Exhibits are
to the sections, schedules and exhibits of this Agreement. As used herein, the
singular includes the plural, and the masculine, feminine and neuter gender each
includes the others where the context so indicates. The language in all parts of
this Agreement shall be interpreted according to its fair meaning, and
specifically shall not be interpreted strictly for or against either of the
parties to this Agreement on the basis of such party's being (or being deemed to
be) the drafter of this Agreement.

         7.11 Escrow Agent. It is agreed that the duties and obligations of
Escrow Agent under Section 2.3 are only such as are specifically provided
therein and no other. Escrow Agent's duties are as a depositary only, and Escrow
Agent shall incur no liability whatsoever, except for its willful misconduct or
gross negligence. Escrow Agent shall not be bound by any modification of its
duties unless the same shall be in writing and signed jointly by Seller and
Purchaser and agreed to by Escrow Agent. In the event that Escrow Agent shall be
uncertain as to its duties or rights hereunder or shall receive instructions,
claims or demands which, in its opinion, are in conflict with any of the
provisions of Section 2.3, it shall be entitled to refrain from taking any
action other than to keep safely all property held in escrow until it shall be
directed otherwise in writing and signed jointly by Seller and Purchaser or by a
final judgment of a court of competent jurisdiction. Escrow Agent shall be fully
protected in relying upon any written notice, demand, certificate or document
which it, in good faith, believes to be genuine. Escrow Agent shall not
responsible or liable in any respect on account of the identity, authority or
rights of the persons executing or delivering or purporting to execute or
deliver any notice to it. This Agreement shall not create any fiduciary duty on
Escrow Agent's part to Seller or Purchaser, nor disqualify Escrow Agent from
representing Seller in any dispute with Purchaser. Seller and Purchaser, jointly
and severally, hereby indemnify and hold Escrow Agent harmless from and against
any and all loss, damage, tax, liability and expense that may be incurred by
Escrow Agent, arising out of or in connection with its acceptance of appointment
as Escrow Agent hereunder, or the performance of its duties pursuant to this
Escrow Agreement, including all legal costs and expenses of Escrow Agent
defending itself against any claim or liability in connection with its
performance hereunder.

                                       12
<page>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first set forth above.

INDIVIDUAL INVESTOR GROUP, INC.                      TELESCAN, INC.

By:      /s/ Jonathan Steinberg                      By:     /s/ Roger Wadsworth
Name:    Jonathan Steinberg                          Name:   Roger C. Wadsworth
Title:   CEO                                         Title:  Senior V.P.

GRAUBARD MILLER

By:      /s/ Peter M. Ziemba
Name:    Peter M. Ziemba
Title:   Partner

                                       13
<page>

                                  Schedule 1.1

                               Transferred Assets

1.       Seller's registration to the domain names individualinvestor.com,
         individualinvestor.org, individual-investor.com, and
         individual-investor.net (collectively, the "Domain Names").

2.       Seller's right, title and interest in and to the trademark
         "individualinvestor.com"; provided that Seller is not assigning any
         rights it may have pursuant to that certain Trademark License Agreement
         dated as of June 19, 1992 between Financial Data Systems, Inc.
         (predecessor to Seller) and the American Association of Individual
         Investors.

3.       Seller's rights in and to the registered user database of
         www.individualinvestor.com (the "Database") and delivery of the
         Database to Purchaser. As of August 7, 2001, the Database had the
         characteristics set forth on Exhibit A hereto.

4.       Seller's right, title and interest in the discussion boards of
         individualinvestor.com and a database server and web server
         (collectively, the "Hardware") and software ("Board Software") upon
         which the discussion boards of individualinvestor.com may be operated
         so as to provide the end user of the discussion boards with the
         experience provided as of the Closing, together with the database
         related to such discussion boards, provided, however, the Board
         Software shall not include, and Seller shall not transfer any right,
         title and interest in and to, any Windows server software (including
         without limitation, Windows NT 4.0 or Windows 2000), SQL database
         software or Microsoft site server software.

                                       14
<page>
                                    Exhibit A

A.       As of August 7, 2001, the Database contained:

         1.       243,002 total users.

         2.       88,203 subscribers to the Daily Dividend e-mail.

         3.       16,282 subscribers to the Magic25 Alert e-mail.

         4.       14,965 subscribers to IIGP products and services emails.

         5.       2,632 subscribers to new products and services emails.

B.       The Database has the following fields, a majority of which are "empty"
         for most subscribers:

         Table 1 - User_

         uname| fname| mname| lname |momName | add1| add2| city| state| zip| tel
         |fax|email |subId |tempSubId |subscriber| ssr| connection| country|
         tele |emailDisable |emailBounces |lastBounce |age|sex |day_tel|
         job_title | job_function| B2B_Industry

         Table 2 - Access

         Username |Password |User_Group |bit1| bit2| bit3| bit4| bit5| bit6
         |bit7| bit8 date_entered |invEmail| m25alert |active

         Table 3 - User marketing

         uname |email_block| can_share| our_promo| all_product| investments
         financial_services| high_tech_products| good_life| email_location|
         email_vertion| birthday

         Table 4 - Forum user

         uname | name | city |  state | sex | birthdate |email | hobby   website
         link stock |style cap val portfolio lovecomm addfixcomm |quotecomm |
         MajorHoldings | TopStockWhy | InvestingGuru |FBook |FMoovie | FTeam |
         MartialStatus | Occupation | Education |AlmaMater |children
         |YearsOFinvesting |DollarSizeOfPortfolio

                                       15
<page>

C.       The following questions currently are asked on the registration form.
         There is no requirement to answer the questions.  The answers populate
         the Database.

         Please tell us about your work.
         -- Choose Job Title -- General Manager-GM Chairman CEO CFO CIO
         President Vice President Director Manager Administrative-Clerical
         Supervisor Assistant Consultant Owner

         Choose Job Function -- Executive/Corporate Production/Manufacturing
         Accounting/Finance Research Marketing/Promotions/PR Human Resources
         Sales/Client Services Business Development IS/Systems Technology Office
         Manager Creative/Graphic Artists Professional & Technical General
         Office/administration Administrative Support Customer Service Skilled
         Trade

         Choose Industry -- Advertising/Marketing Agriculture Automotive
         Building & Construction Chemical Consulting/Business Services Education
         Entertainment Financial Service/Insurance Food & Beverage Government
         Healthcare Hospitality Information Technology Internet Legal
         Manufacturing Media, Publishing & Printing Metals Real Estate Retail
         Telecommunication Transportation

         I would like to hear about financial products and services, exclusive
         discounts and other offers from individualinvestor.com's strategic
         partners.

         I would like to receive a free subscription to the Individual Investor
         Dividend daily email newsletter.

         I would like to receive a free subscription to the Magic25 Alert daily
         email newsletter.

         I would like to receive information about Individual Investor Group
         products and services.

         I prefer: Plain text email    HTML email (when available)

         I am most interested in receiving information about the following:

                                       16
<page>
         Investments Financial Services & Resources
          All
          Small Cap Stocks
          Tech Stocks
          Biotech Stocks
          Options & Futures
          Oil & Gas Investments
          Global Investments
          Mutual Funds
          Insurance
          Real Estate
          IPOs
          Venture Capital
          Socially Conscious

          Investments
          All
          Online Trading
          Day Trading
          Personal Financial Planning
          Retirement Planning
          Online Banking
          Small Business Services
          Investment Seminars
          Financial Newsletters
          Free and Discounted Books on Finance and Investing

          High Tech Products The Good Life
          All
          Investment Software
          Internet Hardware and Software
          Internet Service Providers
          Website Products and Services
          Personal Computer Equipment
          Home Office Products
          PDAs
          Cell Phones
          Computer Games
          Other

         Consumer Electronics
          All
          Automobiles
          Travel
          Vacation Homes
          Golf
          Corporate Gifts
          Gambling

                                       17
<page>
D.       The following fields currently are asked on the update user profile
         form.  There is no requirement to answer the questions.  The answers
         populate the Database.

         Name:
         City:
         State:
         Email Address:
         Birthdate:
         Martial Status:
         Children:
         Occupation:
         Education:
         Alma Mater:
         Gender:
         Years Investing:
         Major Holdings (separated by commas):
         Top Stock Pick(s), separated by commas:
         Investment Style:
         Portfolio Size:
         Value or Growth:
         Favorite Web site(s), separated by commas:
         I visit individualinvestor.com because:
         Investing Guru/Mentor:
         Favorite Book:
         Favorite Movie:
         Favorite Team:
         Hobbies, Interests:
         Personal Quote:

                                       18

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