Document:

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                                                                     Exhibit 4.4

SUBSCRIPTION AGREEMENT dated 23 March 2000

PARTIES:

(1)     THE DIALOG CORPORATION PLC a company registered in England under Number
        1890236 whose registered office is at The Communications Building, 48
        Leicester Square, London WC2H 7DB (Dialog).

(2)     JIYU HOLDINGS LIMITED a company registered in British Virgin Islands
        under number 135971 whose registered office is at Omar Hodge Building,
        Wickhams Cay, Road Town, Tortola, British Virgin Islands (Jiyu)

WHEREAS

Dialog wishes to raise additional capital by the issue of shares upon and
subject to the terms of this Agreement.

IT IS AGREED as follows:

1.      Subject to the satisfaction of the conditions set out in clause 3, Jiyu
        shall subscribe for either of:

        1.1     such number of new ordinary shares of 1p each in the capital of
                Dialog (excluding fractions) whose value (ascertained by
                reference to clause 2) shall be nearest to but not less than
                (pound)12,000,000; or

        1.2     up to 10 million ordinary shares of 1p each in the capital of
                Dialog at a price per share calculated in accordance with clause
                2, provided that the total subscription price of such ordinary
                shares exceeds (pound)12,000,000

        such shares being referred to below as the "New Shares". The decision to
        elect for either of 1.1 or 1.2 shall be at the option of Jiyu.

2.      For the purposes of clause 1, the value of each of the New Shares shall
        be a sum equal to the closing price of an ordinary share of 1p in the
        capital of Dialog on the day on which the Exchange is open for business
        immediately preceding the date of the announcement made by Dialog to the
        Exchange announcing that final terms have been agreed for the disposal
        referred to in clause 3.1 ascertained by reference to the Daily Official
        List of the Exchange, less a discount of 5%.

3.      The obligations of Jiyu under clause 1 are conditional upon:

        3.1     the completion of the disposal by Dialog of its Information
                Services Division to The Thomson Corporation of Canada or one of
                its subsidiaries ("Thomson") for a consideration (the "Sale
                Proceeds") of not less than US$250,000,000;

        3.2     Dialog providing such evidence as Jiyu may reasonably require
                that Dialog has satisfied its obligation under clause 11 to
                repay its senior indebtedness;

        3.3     the creation by Dialog of an internet/e-commerce incubator fund;

                                       1

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        3.4     the passing of all the necessary resolutions by the shareholders
                of Dialog to permit the issue of the New Shares;

        3.5     admission of the New Shares to the Official List of the Exchange
                ("Admission");

        3.6     the Warranties (as defined below) remaining true and accurate in
                all material aspects, at all times up to and including
                Completion (as defined below); and

        3.7     Thomson having entered into an agreement with Dialog to
                subscribe for ordinary shares in Dialog having an aggregate
                subscription price of not less than US$15,000,000 completion of
                which is required to take place on the same date as Completion

        all by not later than 5 June 2000, or such later date as the parties may
        agree in writing

4.      If any condition referred to in clause 3 is not satisfied in accordance
        with its terms or becomes incapable of satisfaction, then this Agreement
        shall automatically terminate and become null and void and neither party
        shall have any claim against the other for any costs, damages,
        compensation or otherwise under this Agreement except as regards any
        breach of any provision of this Agreement which has occurred before
        termination; provided that Jiyu may waive any of the conditions referred
        to in clauses 3.1, 3.2, 3.3, 3.6 and 3.7 above

5.      Dialog shall use its reasonable endeavours to procure that each
        condition referred to in clause 3 is satisfied as soon as reasonably
        practicable and in any event by the date mentioned in the clause. Dialog
        undertakes to Jiyu to procure that the resolution by the shareholders of
        Dialog which will be required to approve the disposal referred to in
        clause 3.1 shall be conditional upon the passing of the resolutions
        referred to in clause 3.4

6.      Completion of the subscription ("Completion") shall take place as soon
        as reasonably practicable (and in any event not later than 2 business
        days) after the satisfaction of the last to be satisfied of the
        conditions set out in clause 3 when:

        6.1     Dialog shall allot the New Shares (conditionally only on
                Admission) to Jiyu fully paid pursuant to a resolution of its
                directors or of a duly authorised committee of its directors;

        6.2     Dialog shall deliver to Jiyu a certified copy of the resolution
                referred to at clause 6.1;

        6.3     subject to Admission, Jiyu shall transfer or procure the
                transfer of the subscription price for the New Shares, such
                payment to be made to Dialog's account previously notified in
                writing to Jiyu in cleared funds for value that day.

7.      Dialog shall procure the registration of Jiyu as the holder of the New
        Shares promptly and in any event within 2 business days following the
        receipt by Dialog of the payment to be made pursuant to clause 6.3
        (without registration fee) and shall procure that a definitive
        certificate
<PAGE>

     in respect of the New Shares is despatched to Jiyu as soon as reasonably
     practicable following Completion and in any event within 3 business days
     following Completion.

8.   The New Shares, when issued, will rank pari passu in all respects with the
     existing ordinary shares of Dialog then in issue including the right to
     receive all dividends and other distributions declared, made or paid after
     the date hereof.

9.   Dialog will make an application to the Exchange for Admission and will use
     all reasonable endeavours to obtain Admission as soon as reasonably
     practicable following the holding of the Extraordinary General Meeting of
     Dialog held to approve the resolutions referred to in clause 3.4. Dialog
     will supply all such information, give all such undertakings, execute all
     such documents, pay all such fees and do or procure to be done all such
     things as may be necessary or reasonably required by the Exchange for the
     purpose of obtaining Admission.

10.  While it continues to hold not less than 70% of the new Shares, Jiyu shall
     be entitled to nominate a representative to sit on the investment committee
     of the fund referred to in clause 3.2. Such representative shall enjoy the
     same rights and privileges as other representatives on the investment
     committee.

11.  Dialog undertakes to Jiyu to use the proceeds of the disposal of its
     Information Services division, less the costs and expenses incurred by it
     in connection with such disposal, to repay in full the indebtedness due to
     the banks under its senior secured loan facilities and to repay at least
     85% of the indebtedness due in respect of its high-yield bonds (such senior
     indebtedness and 85% of high-yield indebtedness amounting in total to not
     less than $247,439,000). Such repayments shall be made as soon as
     reasonably practicable.

12.  Dialog undertakes that it will not issue any shares or enter into any
     agreements, options or other arrangements for the issue of shares or
     securities convertible into shares in Dialog prior to Completion other
     than (a) the exercise or grant of officers' or employees' share or ADR
     options in accordance with the terms of Dialog's existing share or ADR
     option schemes, (b) the issue of shares to Thomson Canada representing not
     more than 15% of the issued share capital of Dialog at Completion (ignoring
     the subscription provided for in this Agreement), (c) any issue of shares
     for a non-cash consideration that does not require shareholder approval
     under the terms of the Listing Rules of the Exchange and (d) any issue of
     shares made pursuant to any agreement or binding commitment entered into by
     Dialog prior to 6 March 2000 which has been subject to an announcement to
     the Exchange or is referred to in the Report and Accounts as defined in
     clause 14.2.

13.  Dialog hereby warrants and represents to and for the benefit of Jiyu in the
     terms of the warranties contained in the schedule to this Agreement (the
     "Warranties") and acknowledges and accepts that Jiyu is entering into this
     Agreement in reliance upon each of the Warranties each of which is given on
     the basis that it will remain true and accurate from 6 March 2000 up to and
     including Completion. Dialog shall promptly disclose in writing to Jiyu any
     matter or thing which may arise or become known to Dialog after the date
     hereof and before Completion which is in breach of any of the Warranties.

                                       3

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14.  The following provisions shall apply in relation to the Warranties:

     14.1  No fact or circumstance shall give rise to a claim in damages against
           Dialog or a right to terminate or rescind this Agreement for breach
           of any of the Warranties unless such fact or circumstance materially
           adversely affects the interests of Jiyu in the context of the
           subscription provided for in this Agreement.

     14.2  The Warranties are given subject to the matters fairly disclosed in
           the published annual report and audited accounts of Dialog and its
           subsidiaries ("Group") as at and for the financial period ended on 31
           December 1998 ("Report and Accounts"), the interim statement of the
           Group for the six months ended 30 June 1999, the documents supplied
           to Jiyu or its advisers prior to 6 March 2000 in the course of the
           negotiations leading up to this Agreement and each announcement made
           by or on behalf of Dialog to the Exchange since the date of
           publication of the Report and Accounts and prior to 6 March 2000.

     14.3  The liability of Dialog in respect of claims under the Warranties:

           (a) shall not arise unless the amount of the claim exceeds
               (pound)100,000, in which case the Company shall be liable for the
               whole amount of such claim and not merely the excess;

           (b) shall not exceed an aggregate sum equal to the total subscription
               price for the New Shares;

           (c) shall terminate on 31 August 2001 except in respect of any claim
               of which notice in writing is given to Dialog before that date.

15.  Dialog undertakes to Jiyu that it will not claim payment under any
     undertaking or arrangement for payment of the subscription price for the
     New Shares unless and until it is entitled to receive such payment under
     the terms of this Agreement and Dialog will indemnify Jiyu in respect of
     any costs, claims, expenses, obligations, losses or liabilities suffered or
     incurred by Jiyu in connection with any breach of this clause 15.

16.  This Agreement shall be governed by and construed in accordance with
     English Law and the parties submit to the non-exclusive jurisdiction of the
     English Courts.

17.  This Agreement and the rights and obligations under it may not be assigned
     or transferred in whole or in part but is binding upon and shall enure for
     the benefit of the parties' successors in title.

18.  Each party shall pay its own costs and expenses incurred in relation to the
     negotiation, preparation and implementation of this Agreement.

                                       4

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19.  This Agreement shall supersede any previous agreement between the parties
     in relation to the subject matter of this Agreement and shall represent the
     entire agreement between the parties in relation to such subject matter and
     none of the provisions of this Agreement may be varied except by a written
     instrument signed by or on behalf of both parties.

20.  The failure by any party at any time to require performance by the other
     party or to claim a breach of any term of this Agreement shall not be
     deemed to be a waiver of any right under this Agreement and no waiver of
     any provision of this Agreement shall be effective unless made in writing
     by the party granting the waiver.

21.  No announcement or publicity or disclosure to any third party relating to
     any matter referred to in this Agreement shall be made or issued by either
     party without the prior approval of the other party other than as required
     by law or by the rules of any regulatory organisation to which either of
     the parties may be subject (in which case the parties shall consult with
     each other on the form of the announcement).

SIGNED by the parties on the date specified at the beginning of this Agreement.

SIGNED by a duly authorised officer       )
for and on behalf of THE DIALOG           )
CORPORATION PLC in the                    )   /s/ [ILLEGIBLE]
presence of:-                             )

/s/ Kristin Talvitie

/s/ Kristin Talvitie

SIGNED by a duly authorised officer       )
for and on behalf of JIYU                 )
HOLDINGS LIMITED in the                   )   /s/ [ILLEGIBLE]
presence of:-                             )

                                       5
<PAGE>

                             SCHEDULE: Warranties

Dialog hereby warrants and represents to and for the benefit of Jiyu as set out
in the following paragraphs of this Schedule:

1.   Capacity and Issue
     ------------------

1.1  Capacity

     Dialog has full power and authority to enter into and perform this
     Agreement, and may execute and deliver this Agreement and, subject to the
     passing of the resolutions referred to in clause 3.4, perform its
     obligations under this Agreement without requiring or obtaining the consent
     of its shareholders or of any other person, authority or body and this
     Agreement constitutes valid and binding obligations of Dialog in accordance
     with its terms.

1.2  Issue

     The New Shares will on issue be fully paid up and free from any interest or
     equity of any person (including any right to acquire, option or right of
     pre-emption), any mortgage, charge, pledge, lien, assignment,
     hypothecation, security interest (including any created by law), title
     retention or other security agreement or arrangement. The New Shares will
     rank pari passu in all respects with the existing ordinary shares in Dialog
     including the right to receive all dividends and other distributions
     disclosed, made or paid after 6 March 2000.

2.   Dialog's Constitution
     ---------------------

2.1  Options etc.

     No person has the right (whether exercisable now or in the future and
     whether contingent or not) to call for the allotment, issue, sale, transfer
     or conversion of any share or loan capital of Dialog under any option or
     other agreement (including conversion rights and rights of pre-emption)
     other than (i) any new issue of shares in the capital of Dialog made (a)
     pursuant to any agreement or binding commitment entered into by Dialog
     prior to 6 March 2000 which has been subject to an announcement to the
     Exchange or is referred to in the Report and Accounts as defined in clause
     14.2 or (b) for a non-cash consideration that does not require shareholder
     approval under the terms of the Listing Rules of the Exchange and (ii) the
     exercise or grant of officers' or employees' share or ADR options in
     accordance with the terms of Dialog's existing share or ADR option schemes.

2.2  Memorandum and Articles

     The copy of the memorandum and articles of association of Dialog provided
     to Jiyu is true and complete and has embodied therein or annexed thereto a
     copy of every resolution or agreement as is required by law to be embodied
     in or annexed to it, and sets out completely the rights and restrictions
     attaching to each class of authorised share capital of Dialog. No
     shareholders of Dialog have any rights, in their capacity as such, in
     relation to Dialog other than as set out in the Articles of Association of
     Dialog.

2.3  Share capital

     Dialog is a public company limited by shares incorporated under the
     Companies Act 1985. As at 6 March 2000 Dialog had an authorised share
     capital of (Pound)1,998,270 divided into 199,827,000 ordinary shares of 1p
     each of which 155,190,112 shares were in issue fully paid (the "Existing

                                       6
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     Shares"). The Existing Shares are admitted to the Official List of London
     Stock Exchange Limited (the "Exchange").

3.   Dialog and the law
     ------------------

3.1  Compliance with laws

     Dialog has conducted its business in all material respects in accordance
     with all applicable laws and regulations of the United Kingdom and any
     relevant foreign country or authority and there is no order, decree or
     judgement of any court or any governmental or other competent authority or
     agency of the United Kingdom or any foreign country outstanding against
     Dialog or any person for whose for whose acts Dialog is vicariously liable
     which may have a material adverse effect upon the assets or business of
     Dialog.

3.2  Breach of statutory provisions

     Neither Dialog, nor, so far as it is aware, any of its officers, agents or
     employees (during the course of their duties in relation to Dialog) have
     committed, or omitted to do, any act or thing the commission or omission
     of which is in contravention of any Act, Order, Regulation, or the like in
     the United Kingdom or elsewhere which is punishable by fine or other
     penalty and no notice or communication has been received with respect to
     any alleged, actual or potential violation of or failure to comply with,
     any of the same.

3.3  Litigation

     Dialog is not engaged in and has not been threatened in writing with any
     litigation or arbitration or administrative or criminal proceedings which
     materially adversely affect the financial position of Dialog and so far as
     Dialog is aware there are no facts or circumstances likely to give rise to
     any such litigation or arbitration or administrative or criminal
     proceedings.

3.4  Licenses etc

     (A)   All licenses, consents, permits, approvals and authorisations (public
           and private) which are material to the ability of Dialog to carry on
           effectively any aspect of its business in the places and in the
           manner in which such business is now carried on have been obtained by
           Dialog and all such licences, consents, permits, approvals and
           authorisations are in full force and effect.

     (B)   The utilisation of any of the assets of Dialog or the carrying on of
           any aspect of Dialog's business is not in breach of any of the terms
           and conditions of any of such licences, consents, permits, approvals
           and authorisations.

4.   Dialog's solvency
     -----------------

4.1  Winding-up

     No order has been made, petition presented or resolution passed for the
     winding up of Dialog or any subsidiary of Dialog and no meeting has been
     convened for the purpose of winding up Dialog or any subsidiaries of
     Dialog.

4.2  Administration and receivership

     No steps have been taken for the appointment of an administrator or
     receiver (including an administrative receiver) of all or any part of
     Dialog's assets.

                                       7
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4.3   Compositions

      Neither Dialog nor any subsidiary of Dialog has made or proposed any
      arrangement or composition with its creditors or any class of its
      creditors.

4.4   Insolvency

      Neither Dialog nor any subsidiary of Dialog is or is deemed for the
      purposes of s.123 Insolvency Act 1986 unable to pay its debts as they fall
      due and neither Dialog nor any subsidiary of Dialog has stopped paying its
      debts as they fall due.

4.5   Unsatisfied judgments

      No distress, execution or other process been levied against Dialog or any
      subsidiary of Dialog or action taken to repossess goods in Dialog's or any
      subsidiary or Dialog's possession which has not been satisfied in full. No
      unsatisfied judgment is outstanding against Dialog or any subsidiary of
      Dialog.

4.6   Floating charges

      No floating charge created by Dialog or any subsidiary of Dialog has
      crystallised and there are no circumstances likely to cause such a
      floating charge to crystallise.

5.    Dialog's accounts
      -----------------

5.1   Accounts

      The audited consolidated balance sheet and profit and loss account of
      Dialog and its subsidiary undertakings (the "Group") for the year ended 31
      December 1998 (the "Accounts"):

      (A)  were prepared in accordance with the requirements of all relevant
           statutes and generally accepted accounting principles; and

      (B)  show a true and fair view of the state of affairs of the undertakings
           included in the consolidation as at 31 December 1998 (the "Balance
           Sheet Date") and of their aggregate profit or loss for the accounting
           period ending on the Balance Sheet Date.

5.2   Interim Accounts

      The interim statement for the six months ended 30 June 1999 has been
      properly compiled with all due care and attention and gives a true and
      fair view of the results of the Group for the six month period ended 30
      June 1999.

6.    Dialog's business
      ------------------

6.1   Business since the Balance Sheet Date

      Since the Balance Sheet Date (and save as referred to in the Interim
      Statement):

      (A)  Dialog has in all material respects carried on its business in the
           ordinary and usual course save for the conclusion of any one or more
           agreements for the purpose of implementing the disposal described in
           clause 3.1 or concerning the subscription of new ordinary shares in
           Dialog by Thomson;

<PAGE>

        (B)     Dialog has not borrowed or raised any money or taken any form of
                financial facility;

        (C)     no share or loan capital has been issued or agreed to be issued
                by Dialog other than in the circumstances described in clause
                12;

        (D)     no distribution of capital or income has been declared, made or
                paid in respect of any share capital of Dialog and (excluding
                fluctuations in overdrawn current accounts with bankers) no loan
                or share capital of Dialog has been repaid in whole or part or
                has become liable to be repaid in whole or part;

        (E)     no member of the Group has acquired or disposed of or agreed to
                acquire or to dispose of any business or asset which is material
                for disclosure other than as referred to in sub-paragraph
                6.1(A); and

        (F)     no member of the Group has incurred any material liability for
                taxation of whatsoever nature otherwise than in the ordinary
                course of business save for a possible taxation liability of up
                to $1.5 million in connection with the transfer of certain
                intellectual property rights within the Group.

7.      Contracts
        ---------

7.1     Material Contracts

        (A)     Dialog is not a party to any agreement, commitment,
                understanding or arrangement which cannot be fulfilled or
                performed by it on time and without exceptional expenditure of
                money or other resource of Dialog (including without limitation)
                human resource.

        (B)     No written notice avoiding, rescinding or terminating, or
                purporting to avoid, rescind or terminate any material contract
                has been received or given by Dialog nor, so far as Dialog is
                aware, has any party to any material contract threatened in
                writing an intention to give any such notice.

7.2     Business otherwise than at arm's length

        Since the Balance Sheet Date, Dialog has not been and is not now a party
        of any agreement or arrangement which is not entirely of an arm's length
        nature.

8.      Future business of Dialog
        -------------------------

        Following the disposal of the Information Services Division, Dialog's
        business will comprise its four main operating divisions (K-Working,
        InfoSort, Muscat and Sparza) together with the proposed internet/e-
        commerce incubator fund).

9.      Intellectual Property Rights
        ----------------------------

        Dialog is the sole legal beneficial owner (free from any encumbrances
        other than those already granted in respect of its senior secured loan
        facilities which are to be repaid at Completion) of all intellectual
        property and other rights relating to the following:

        K-Working, WebTop, InfoSort, Muscat, Office Shopper and Sparza (the
        "Technology Assets").

        No person has been authorised to make any use whatsoever of any of the
Technology Assets save for licences granted to customers in the ordinary course
of business and on arm's length terms. No person has any rights in relation to
the Technology Assets which affect the ability of Dialog to exploit the
Technology Assets as it sees fit. None of the Technology Assets is being
used, claimed, applied for, opposed or attached by any person. Dialog has not
infringed the intellectual

                                       9
<PAGE>

        property rights of any other person and is not aware of any infringement
        of its intellectual property rights.

10.     Compliance with Listing Rules
        -----------------------------

10.1    Dialog has complied in all material respects with the listing rules of
        the Exchange (the "Listing Rules").

10.2    Without limitation to paragraph 10.1, the documents issued to
        shareholders by Dialog in connection with the disposal referred to in
        clause 3.1 (the "ISD Sale") and the issue of New Shares (the "Public
        Documents") will comply with the Listing Rules and all relevant legal
        requirements.

10.3    The following warranties relate to the agreements to be entered into for
        or in connection with the ISD Sale as referred to in the Public
        Documents (the "ISD Documents"):-

        (A)     the ISD Documents will be valid and binding obligations of the
                parties in accordance with their terms;

        (B)     the ISD Documents will provide for payment of the full amount of
                the consideration payable for the ISD Division in cash at
                completion of the sale ("ISD Completion");

        (C)     there are no conditions to ISD Completion other than consents
                from its shareholders, its bankers and the holders of its high-
                yield bonds;

        (D)     the ISD Documents are on arm's length terms and there are no
                other material agreements, arrangements or understandings
                between any of the parties to the ISD Documents not described in
                the Public Documents;

        (E)     Dialog is not aware of any fact or circumstances which will or
                are likely to give rise to any breach of the ISD Documents or to
                any obligation by Dialog to make any payments to Thomson under
                the ISD Documents; and

        (F)     no provision of the ISD Documents will prevent the Group from
                carrying on and developing its business as it sees fit subject
                only to any restriction on the Group competing with the business
                of the Information Services Division as carried on at or before
                ISD Completion.

                                      10<PAGE>

                                                                     EXHIBIT 4.5

[LOGO OF HOARE GOVETT]                              Hoare Govett Limited
                                                    250 Bishopsgate
                                                    London EC2M 4AA
                                                    Telephone +44(0)20 7678 8000
                                                    Facsimile +44(0)20 7678 1587

23 May 2001

The Directors
Bright Station plc
Communications Building
48 Leicester Square
London
WC2H 7DB

Dear Sirs

Proposed Placing and Open Offer ("Placing") by Bright Station plc ("the
-----------------------------------------------------------------------
Company")
---------

We are writing to confirm the basis on which Hoare Govett Limited ("Hoare
Govett") will act as broker to the Company in connection with the Placing ("the
Engagement").

1    The Nature of the Engagement
     ----------------------------

We will provide the following advice and services as broker to the Company:

a)   Provide advice as to the likely stock market reaction to the Placing;

b)   Provide advice as to the market acceptability of the price of the Placing;

c)   Monitor institutional activity in the shares of the Company and provide
     regular reports thereof to the Company and its sponsors;

d)   Shape and communicate the merits of the Company's arguments to its
     institutional shareholders and to the market at large;

e)   Assess and monitor the attitudes of the institutional shareholders of the
     Company prior to the Placing, in particular organising and collating the
     pre-marketing exercise;

f)   Participate as appropriate and as requested by the Company in meetings to
     be arranged with the Company's institutional shareholders and potential
     investors to solicit support for the Placing;

g)   Assist in the drafting of any circulars to be sent to shareholders in
     respect of the Placing as well as assisting in the drafting of press
     releases relating to the Placing and the related analyst and shareholder
     presentations;

h)   Consider with the Company and its other advisers the impact of press
     comment;

i)   Liaise (as appropriate) with the UK Listing Authority ("UKLA") and the
     London Stock Exchange ("LSE") in respect of the Placing, including the
     negotiation of any technical matters pertaining to the Engagement; and

j)   Carry out other duties as appropriate and as agreed with the Company in
     respect of the Engagement.

We shall not be obliged to provide any other advice or services whatsoever
unless we expressly agree to do so. All advice rendered by us shall be used and
relied on only by the Company and only for the purpose of the Engagement and for
no other purpose without our written consent.

<PAGE>

[LOGO OF HOARE GOVETT]

                                       2

For the avoidance of doubt we will not act as financial adviser to the Company
in connection with the Engagement, nor as sponsor to any listing of the
Company's shares for the purposes of the Listing Rules of the UKLA, which
responsibilities will be undertaken by PricewaterhouseCoopers Corporate Finance
Limited ("PwC"). We will however, if requested, discharge on behalf of PwC the
responsibilities of PwC set out in paragraph 2.16 of the Listing Rules which
relate to communications with the UKLA, the lodging of documents with the UKLA
and the seeking of the UKLA's approval of any circular or other documents
requiring such approval. We have no responsibility in connection with
verification of any circular or any other documents issued in connection with
the Engagement, or any other due diligence in connection with the Engagement,
all of which are the responsibility of the Company and of PwC, nor unless
specifically agreed by us will we authorise the contents of any circular.

We will not be responsible for advising you on compliance with the City Code on
Take-overs and Mergers or for liaising with the Panel on Take-overs and Mergers
("the Panel").

2    Fees, Commissions and Expenses
     ------------------------------

In consideration of Hoare Govett accepting the Engagement you will pay to us
forthwith after the issue of our invoice the following fees, together with any
Value Added Tax thereon:

(i)    Subject to completion of the Placing, 7% of gross funds raised made up of
       a mixture of cash and equity with the equity portion being 1 ordinary
       share less than 3% of the issued share capital of the enlarged group and
       the balance, if any, in cash.

(ii)   In the event that Placing Commitments are secured from institutional
       investors and announced, but the Placing does not complete, you will pay
       to us forthwith a fee of (pound)300,000 in cash.

(iii)  In the event that the status of the Placing changes, we retain the right
       to further negotiate our fees.

You also agree to pay all costs, charges and expenses incidental to, or incurred
in connection with, the Engagement, whether or not the transaction is completed,
including all out of pocket expenses incurred by us, stamp duty and stamp duty
reserve tax (and any penalties or interest in relation thereto), fees and
expenses payable to any Stock Exchange or other regulatory body, fees and
expenses of all legal, accountancy and other professional advisers, printing,
posting and advertising expenses and the fees and expenses of the Receiving
Bankers and Registrars. You shall immediately reimburse us on our request for
any such costs, charges and expenses which we incur and you hereby authorise us
to deduct from any amounts received or held by us on your behalf the amount of
any fees, commissions, costs, charges and expenses.

<PAGE>

[LOGO OF HOARE GOVETT]

                                       3

3    Provision of information
     ------------------------

You agree that you will provide all information concerning the business and
affairs of the Company, its holding company (if any) and any subsidiary or
associated company of the Company or any such holding company from time to time
("the Group") ("Group Information") which is relevant to us for the provision of
the services hereunder and to provide all such other Group Information as we may
reasonably request. You undertake that all Group Information so provided shall
be true and accurate in all material respects, will not be misleading, and will
not contain any material omissions, and every statement of opinion or intention
therein will be honestly held and fairly based. If any incorrect information is
provided or if anything occurs to render any statement of opinion or intention
untrue, unfair or misleading you will notify us of this immediately and take all
reasonable steps as we may require in connection therewith. You hereby agree
that we will not be responsible for the verification of any such information and
shall accept no responsibility for its accuracy.

You will ensure that any advertisement or any other document which we agree to
approve on your behalf for the purposes of the Financial Services Act 1986 or
any other law or regulation of the United Kingdom is true and not misleading and
contains all information required by and otherwise complies with all applicable
laws and regulations. You accept that we are entitled to withhold our approval
to, or refuse to issue, any such advertisement or document in our absolute
discretion.

4    Confidentiality
     ---------------

Subject as set out below each of us hereby undertakes to keep confidential the
terms of this letter and any information concerning the business, affairs,
directors or employees of the other one of us which comes into our or your
possession respectively during the Engagement. You hereby authorise each HG
Associate (and in this letter "HG Associate" shall mean Hoare Govett Limited,
its holding company and all subsidiaries and associated companies of such
holding company from time to time and their respective officers and employees)
to disclose any information to any government or regulatory agencies and
authorities (including the Panel). All correspondence or documentation written
by or contributed to by any HG Associate in relation to the Engagement and in
our custody or control shall remain our sole property.

You accept that we may be prohibited or that it may be inappropriate for us to
disclose information to you by reason of law or duties of confidentiality owed
to other persons.

5    Approval of documents
     ---------------------

You agree to procure that each member of the Group (and their respective
officers, employees and agents from time to time) will not issue or permit or
procure the issuance of any public document, statement or communication in
connection with or relating to the Engagement without our prior consent.
<PAGE>

[LOGO OF HOARE GOVETT]

                                       4

6    Powers of Hoare Govett
     ----------------------

Our appointment hereunder confers on us all powers, authorities and discretions
on your behalf which are necessary for, reasonably incidental to, or customary
in the provision of the services to be provided pursuant to the Engagement. You
hereby agree to ratify and confirm everything which we lawfully and reasonably
do in the exercise of such powers, authorities and discretion.

7    Indemnity
     ---------

In consideration of the services to be provided by us hereunder you hereby
irrevocably agree with us for ourselves and as trustee for each other HG
Associate and each director, officer, employee or agent of an HG Associate
(together "Indemnified Persons") to indemnify and to hold each Indemnified
Person harmless from and against all or any losses, charges, expenses, claims,
actions, liabilities, demands or proceedings whatsoever brought or established
against any Indemnified Person by any person, governmental agency or regulatory
body whatsoever and against all losses, costs, charges, expenses or taxes which
any Indemnified Person may suffer or incur (whether in disputing any claim or in
establishing its right to be indemnified hereunder or in seeking advice as to
any claim or otherwise) and which in any such case arises, directly or
indirectly, out of or in connection with the Engagement and which does not arise
from the negligence or willful default of any Indemnified Person concerned or
breach by us of our express obligations hereunder or a contravention by any
Indemnified Person of the Rules of the Securities and Futures Authority.

All sums payable to any Indemnified Person hereunder shall be paid free and
clear of all deductions or withholdings unless the deduction or withholding is
required by law, in which event you shall pay such additional amount as shall
be required to ensure that the net amount received by the Indemnified Person
will equal the full amount which would have been received by it had no such
deduction or withholding been made. If the Inland Revenue or any other taxing
authority brings into charge to tax any sum payable to any Indemnified Person by
way of reimbursement under the terms hereof then the amount so payable shall be
grossed up by such amount as will ensure that after deduction of the tax so
chargeable there shall be left a sum equal to the amount that would otherwise be
payable hereunder as a result of such reimbursement or indemnity.

No claim shall be made against any Indemnified Person to recover any loss or
damage which you may suffer or incur by reason of the carrying out by us of our
obligations hereunder provided that such loss or damage does not arise from the
negligence or wilful default of any Indemnified Person concerned or breach by us
of our express obligations hereunder or a contravention by any Indemnified
Person of the Rules of the Securities and Futures Authority.

8    Conduct of the Engagement
     -------------------------

You agree that you will inform us in advance of any significant steps which you
or any of your agents, advisers or sponsors propose to take during the course of
the Engagement and will ensure that we are fully informed of all material
developments in connection with the Company which arise during the course of the
Engagement.
<PAGE>

[LOGO OF HOARE GOVETT]

                                       5

9    Advice
     ------

You undertake to obtain and consider appropriate advice in respect of all laws
and regulations which may be applicable to the Company in the UK or any other
jurisdiction in connection with the Engagement and to communicate such advice to
us if it is or may be relevant to the carrying out by us of our services to the
Company. You hereby agree that insofar as it may be relevant or necessary we
shall be entitled to rely upon advice rendered to the Company by any other
professional adviser involved in the transaction contemplated by the Engagement
without ourselves or our advisers having to verify the accuracy of such advice.

10   Termination
     -----------

Either of us may terminate the Engagement by giving written notice to the other
which will be effective upon receipt of the notice. Termination will not affect
any accrued legal rights or obligations which may have already accrued nor will
it affect the provisions of paragraphs 2, 4 and 7 of this Letter which will
remain in full force except where in relation to paragraphs 2 and 7 of this
letter, the reason for termination relates to your negligence or wilful default
or a breach by you of your express obligations hereunder or a contravention by
you of the Rules of the Securities and Futures Authority.

11   US Regulations
     --------------

We agree, insofar as we aware, to make all offers and sales of New Ordinary
Shares during the "distribution compliance period" (as such term is defined
under Regulation S of the United States Securities Act of 1933 (as amended))
only in accordance with Regulation S or an exemption under the United States
Securities Act of 1933 (as amended) or pursuant to an effective registration
statement under said act. In addition, and to the extent that such method of
distribution is utilised, each distributor selling New Ordinary Shares to a
distributor, dealer or a person receiving a selling concession shall confirm to
the purchaser that the purchase is subject to the same restrictions on offers
and sales that apply to such distributor.

12   General
     -------

You will be treated by us as a non-private customer (as defined by the Rules of
the Securities and Futures Authority) in respect of the Engagement.

This Letter sets out the entire agreement between us in connection with the
Engagement. This Letter does not affect any other agreement which we have
entered into in respect of any other transaction or matter, nor any other
agreement which we may enter into in connection with the Engagement.

In the event of any failure, interruption or delay in the performance of our
obligations hereunder resulting from acts, events or circumstances not
reasonably in our control, we shall not be liable or have any responsibility of
any kind for any loss or damage incurred or suffered by any member of the Group
or their respective officers, employees or agents as a result thereof.

This Letter shall be governed and construed in accordance with English law and
the Company hereby submits to the non-exclusive jurisdiction of the English
courts.
<PAGE>

[LOGO OF HOARE GOVETT]

                                       6

This Letter does not oblige us to sell, acquire, place, underwrite or
sub-underwrite any investments, or to lend monies, unless and until it is
expressly agreed otherwise in writing.

By entering into or performing our obligations under this Letter we are not
representing that it is or will be possible or advisable for the Placing to
proceed. The conclusions which we may reach in respect of the Engagement may
change. Our obligation in this respect is to advise you as we see fit, in what
we perceive to be your best interests, in the light of our awareness of the
circumstances prevailing at the time at which such advice is given.

Please sign and return the attached copy of this Letter to indicate your
agreement to its terms.

                                                Yours faithfully,
                                           for Hoare Govett Limited

                                            /s/ Andrew C. Chapman
                                         ------------------------------
                                                Andrew C. Chapman
                                           Director of Corporate Finance

We hereby agree to the terms of the above:

Signed:    [ILLEGIBLE SIGNATURE]
------    -------------------------

Name:      DAVID MATTIG
----      -------------------------

Position:  Director/Secretary
--------

duly authorised for and on behalf of
Bright Station plc

Date:      23/5/01
----      --------------------------

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