Document:

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                                                                   Exhibit 10.18

                              BELL & HOWELL COMPANY

                            NONQUALIFIED STOCK OPTION

                THIS NONQUALIFIED STOCK OPTION is granted as of this 31st day of
December, 2000 (the "Date of Grant"), by BELL & HOWELL COMPANY (the "Company"),
to JAMES ROEMER (the "Employee") pursuant to the Company's 1995 Stock Option
Plan, as amended (the "Plan").

                WHEREAS, the Company believes it to be in the best interests of
the Company, its subsidiaries and its stockholders for its officers and other
key employees to obtain or increase their stock ownership interest in the
Company in order that they will thus have a greater incentive to work for and
manage the Company's affairs in such a way that its shares may become more
valuable; and

                WHEREAS, the Employee is employed by the Company or one of its
subsidiaries as an officer or key employee;

                NOW, THEREFORE, in consideration of the premises and of the
services to be performed by the Employee, the Company hereby grants this stock
option to the Employee on the terms and conditions hereinafter expressed.

                1.      OPTION GRANT

                The Company hereby grants to the Employee an option to purchase
a total of 406,250 shares of Common Stock of the Company at an option exercise
price of $16.50 per share, being the closing price of a share of the Company's
Common Stock on the Date of Grant. This option is not intended to qualify as an
"incentive stock option" within the

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meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code"), and this option does not entitle Employee to any reload options.

                2.      VESTING OF OPTIONS

                This option shall vest and become exercisable only at the time
or times and to the extent specifically provided in this Section 2. Any shares
that may be purchased hereunder shall be subject to the transfer restrictions
set forth in Section 3. This option may not be exercised, whether or not then
exercisable or vested, and shall forever lapse, at the time or times provided in
Section 4 hereof.

                (a)     Continuous Employment through December 31, 2003. Except
as otherwise provided in Sections 2(c), 2(d) or 2(e) below, this option may not
be exercised to any extent prior to December 31, 2003. If Employee remains in
the continuous employment of the Company at all times from the Date of Grant
through and including December 31, 2003, this option shall vest and become
exercisable from and after January 1, 2004, through the date of lapse of this
option under Section 4, to the extent of the product of (i) the total shares
awarded hereunder, multiplied by (ii) the Performance Percentage. For purposes
of this option, the "Performance Percentage" shall be the percentage calculated
in accordance with the following table based on the highest Stock Price Target
(as determined below) achieved with respect to the Company's Common Stock at any
time during the period beginning on January 1, 2001, and ending December 31,
2003:

                  Stock Price             Performance
                    Target                 Percentage
                  -----------------------------------
                  Less than  $21.30             0%
                  $21.30 to $24.329            20%
                  $24.33 to $27.649            40%
                  $27.65 to $31.249            60%

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                 $31.25 to $35.149            80%
                 $35.15 or higher            100%

For purposes of this option, a "Stock Price Target" will be deemed to have been
achieved at a particular level only if the closing price per share of the
Company's Common Stock, in consolidated reporting for securities listed on the
New York Stock Exchange, is within the price range specified in the table above
for such level for not less than 60 trading days during any period of 90
consecutive trading days, as reported in the Wall Street Journal.

                (b)     Voluntary Resignation or Termination by Company for
Cause prior to January 1, 2004. In the event of Employee's termination of
employment with the Company or any subsidiary at any time after the Date of
Grant and prior to January 1, 2004, by reason of Employee's voluntary
resignation or a termination of Employee's employment by the Company for Cause
(as defined in Section 4(d) below), this option shall immediately become
cancelled and forfeited upon the effective date of such termination.

                (c)     Termination of Employment due to Death or Permanent
Total Disability prior to January 1, 2004. In the event of Employee's
termination of employment with the Company or any subsidiary at any time after
the Date of Grant and prior to January 1, 2004, by reason of Employee's death or
permanent total disability (as defined in Section 4(d) below), this option shall
vest and become exercisable as of the date of such termination through the date
of lapse of this option under Section 4(a)(ii) hereof, to the extent of the
product of (i) the total shares awarded hereunder, multiplied by (ii) the
Performance Percentage, except that for purposes of this Section 2(c), the
Performance Percentage shall be determined based on the highest Stock Price
Target achieved with

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respect to the Company's Common Stock at any time during the period beginning on
January 1, 2001, and ending on the effective date of Employee's termination of
employment due to death or permanent total disability.

                (d)     Termination of Employment by the Company without Cause
prior to January 1, 2004. In the event of Employee's termination of employment
with the Company or any subsidiary at any time after the Date of Grant and prior
to January 1, 2002, by reason of a termination by the Company without Cause,
this option shall immediately become cancelled and forfeited upon the effective
date of such termination. In the event of Employee's termination of employment
with the Company or any subsidiary at any time after December 31, 2001, and
prior to January 1, 2004, by reason of a termination by the Company without
Cause, this option shall vest and become exercisable as of the date of such
termination through the date of lapse of this option under Section 4(a)(ii)
hereof to the extent of the product of (i) the total shares awarded hereunder
multiplied by (ii) the Performance Percentage, except that for purposes of this
Section 2(d), the Performance Percentage shall be determined based on the
highest Stock Price Target achieved with respect to the Company's Common Stock
at any time during the period beginning on January 1, 2001, and ending on the
effective date of Employee's termination by the Company without Cause.

                (e)     Change of Control prior to January 1, 2004. In the event
of a Change of Control of the Company (as defined below) at any time after the
Date of Grant and prior to January 1, 2004, provided Employee remains in the
continuous employment of the Company from the Date of Grant through and
including the effective date of such Change of Control, this option shall vest
and become exercisable as of the effective date of

                                       -4-

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such Change of Control through the date of lapse of this option under Section 4,
to the extent of the product of (i) the total shares awarded hereunder
multiplied by (ii) the Performance Percentage, except that for purposes of this
Section 2(e), the Performance Percentage shall be the higher of (x) the
Performance Percentage determined based on the highest Stock Price Target
achieved with respect to the Company's Common Stock at any time during the
period beginning on January 1, 2001, and ending on the effective date of the
Change of Control, or (y) the Performance Percentage determined as if the Stock
Price Target was deemed to have been reached at an amount equal to the fair
market value of the aggregate consideration paid with respect to a share of the
Company's Common Stock in connection with such Change of Control. For purposes
of this option, "Change of Control" shall mean a Change of Control as defined in
Section 8 of the Plan, except that in the event the Company is combined (by
merger, share exchange, consolidation, or otherwise) with another corporation as
described in Section 8(c) of the Plan, no such transaction shall be considered a
Change of Control for purposes of this option in the event (1) Employee is
appointed or identified as the Chief Executive Officer of the combined or
resulting corporation, or any related corporation (collectively, the "Resulting
Entity") at or prior to the closing date of such transaction, and (2) Employee
has agreed, in writing or otherwise, to be or become the Chief Executive Officer
of the Resulting Entity. In the event of a Change of Control of the Company
prior to January 1, 2004, this Section 2(e) shall be the exclusive provision
under this option for determining the number of shares with respect to which
this option shall vest and become exercisable, it being understood that
following such Change of Control, no additional shares shall vest or become
exercisable under any of the remaining provisions of this Section 2 regardless
of whether and to what extent

                                       -5-

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Employee remains in the employment of the Company or of any continuing or
surviving entity.

                (f)     Continuous Employment through December 31, 2007. To the
extent Employee remains in the continuous employment of the Company at all times
from the Date of Grant through and including December 31, 2007, this option
shall vest and become exercisable as to that portion of the total shares awarded
hereunder that did not previously vest and become exercisable in accordance with
Section 2(a) hereof, from and after December 31, 2007, through the date of lapse
of this option under Section 4.

                (g)     No Vesting following Termination of Employment.
Following a termination of Employee's employment with the Company or a
subsidiary for any reason, any shares that shall not have become vested and
exercisable under this Section 2 on or prior to the effective date of Employee's
termination of employment shall be cancelled and forfeited from and after
effective time of such termination.

                (h)     Employment. For purposes of this option, "employment"
shall mean the performance of services for the Company or a subsidiary as an
employee for federal income tax purposes. Employee's employment shall be deemed
to have terminated upon an actual termination of service with the Company or one
of its subsidiaries. Employee's employment with the Company or one of its
subsidiaries shall not be deemed to have terminated if the Employee takes any
military leave, sick leave, or other bona fide leave of absence approved by the
Company.

                3.      LIMITATIONS ON TRANSFERS OF SHARES

                (a)     Notwithstanding anything to the contrary herein whether
express or implied, Employee (and any transferee of this option under Section 6)
agrees not to,

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directly or indirectly, by operation of law or otherwise, voluntarily or
involuntarily, anticipate, alienate, attach, sell, assign, pledge, encumber,
charge or otherwise transfer (collectively, a "Transfer"), other than to a
Permitted Transferee as described in Section 3(b) below, any of the shares of
Common Stock that may be purchased hereunder prior to December 31, 2003. After
December 31, 2003, Employee and the Company agree that Employee (or any
transferee of this option under Section 6), may Transfer any shares purchased
hereunder, subject to compliance with all applicable requirements of federal,
state and foreign law with respect to such securities, subject to the following
limits: (1) Employee may not Transfer more than 50% of the total shares which
shall have vested and become exercisable under Section 2 hereof after December
31, 2003 but prior to December 31, 2004; (2) Employee may not Transfer more than
75% of the total shares which shall have vested and become exercisable under
Section 2 hereof on or after December 31, 2004 but prior to December 31, 2005;
and (3) after December 31, 2005, Employee may Transfer 100% of the total shares
which shall have vested and become exercisable under Section 2 hereof. The
Company and Employee expressly agree and acknowledge that the limitations set
forth in this Section 3 shall not apply to a Transfer pursuant to or following a
Change of Control of the Company.

                (b)     Employee shall be allowed to Transfer any of the shares
of Common Stock that may be purchased hereunder without regard to the
limitations set forth in Section 3(a) hereof to the extent such Transfer is to a
Permitted Transferee, but only to the extent the Permitted Transferee shall have
agreed in writing to be bound by the limitations on Transfers set out in Section
3(a) hereof. For purposes of this option, a "Permitted

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Transferee" means members of the Employee's immediate family or trusts or family
partnerships for the benefit of such persons.

                4.      LAPSE OF OPTION

                (a)     This option may not be exercised, whether or not then
vested and exercisable, and shall forever lapse as follows:

                (i)     in the event of a termination of Employee's employment
        with the Company or a subsidiary at any time after the Date of Grant and
        prior to January 1, 2004, by reason of Employee's voluntary resignation
        or a termination by the Company for Cause, this option shall become
        cancelled and forfeited in its entirety immediately upon the effective
        time of such termination of employment.

                (ii)    in the event of a termination of Employee's employment
        with the Company or a subsidiary at any time after the Date of Grant and
        prior to January 1, 2004, by reason of Employee's death, permanent total
        disability, a termination by the Company without Cause, or for any other
        reason (other than by reason of Employee's voluntary resignation or a
        termination by the Company for Cause), this option shall remain
        exercisable (but only to the extent of the number of shares that become
        vested and exercisable under Sections 2(c) or (d) hereof), during the
        period beginning on the effective date of such termination and ending as
        follows: (1) this option shall lapse as to 50% of the total shares with
        respect to which this option shall have vested and become exercisable
        under Section 2 hereof on June 30, 2004 (or, if earlier, six months
        after the first date on which such shares may be subject to a Transfer
        under Section 3 hereof); (2) this option shall lapse as to an additional
        25% of the total shares with respect to which this option shall have
        vested and

                                       -8-

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        become exercisable under Section 2 hereof on June 30, 2005 (or, if
        earlier, six months after the first date on which such shares may be
        subject to a Transfer under Section 3 hereof); and (3) this option shall
        lapse as to all of the remaining shares with respect to which this
        option shall have vested and become exercisable under Section 2 hereof
        on June 30, 2006 (or, if earlier, six months after the first date on
        which such shares may be subject to a Transfer under Section 3 hereof);

                (iii)   in the event of a termination of Employee's employment
        with the Company or a subsidiary for any reason after December 31, 2003,
        this option shall remain exercisable (but only to the extent of the
        number of shares that become vested and exercisable as of Employee's
        termination of employment under Section 2 hereof) during the period
        beginning on the effective date of such termination and ending on the
        earlier of (A) the expiration of the three (3) year "retirement" period
        beginning on the effective date of such termination of the Employee's
        employment or (B) on December 29, 2010; or

                (iv)    in the event of a Change of Control of the Company, this
        option shall lapse upon the effective date of the transaction giving
        rise to such Change of Control if this option is not assumed or
        substituted for by the successor to the Company; provided however that
        in the event of a lapse of this option under this Section 4(a)(iv), the
        Company further agrees to provide Employee, not later than ten (10)
        business days following the effective date of such Change of Control,
        with a cash payment (less applicable withholding taxes) in cancellation
        of this option in an amount equal to the excess, if any, of (A) the fair
        market value of a share of the Company's Common Stock (or the fair
        market value of the acquisition

                                       -9-

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        consideration payable with respect to a share of the Company's Common
        Stock in connection with such Change of Control) on the effective date
        of the Change of Control, over (B) the exercise price per share as
        provided in Section 1 hereof, multiplied by the number of vested shares
        remaining available for exercise hereunder (determining after taking
        into account any acceleration of vesting as a result of such Change of
        Control pursuant to Section 2(e) hereof).

                (b)     Subject to earlier termination under Section 4(a)
hereof, this option may not be exercised under any circumstances (whether or not
then vested or exercisable) later than 5:00pm Central Standard Time on December
29, 2010.

                (c)     It is expressly agreed and understood that no additional
vesting of shares shall occur from and after the effective date of a termination
of Employee's employment with the Company or a subsidiary for any reason, it
being understood that the number of shares that may be purchased during any
post-termination exercise period under Sections 4(a)(ii) or (iii) shall be
limited to that number of shares that shall have become vested and exercisable
on or prior to the effective time of Employee's termination of employment as
provided in Section 2 hereof.

                (d)     For purposes of this option, Employee's "permanent total
disability" shall be determined in accordance with the established policies of
the Company applicable to officers and other key employees. For purposes of this
option, "Cause" shall mean the termination of Employee's employment with the
Company or one of its subsidiaries by reason of (1) an act of fraud,
embezzlement or theft in connection with the Employee's duties or in the course
of the Employee's employment; (2) unreasonable neglect or refusal by the
Employee to perform his duties (other than as a result of illness, accident or
other

                                      -10-

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physical or mental incapacity), provided that (A) a demand for performance of
services has been delivered to the Employee by the Board of Directors of the
Company at least 60 days prior to such termination identifying the manner in
which such Board of Directors believes that the Employee has failed to perform
and (B) the Employee has thereafter failed to remedy such failure to perform;
(3) the engaging by the Employee in willful, reckless, or grossly negligent
misconduct which is or may be materially injurious to the Company or its
affiliates; or (4) the Employee's conviction of or plea of guilty or nolo
contendere to a felony.

                5.      METHOD OF EXERCISE

                (a)     The vested and exercisable portion of this option may be
exercised (to the extent not previously exercised) in whole or in part, at any
time and from time to time prior to the expiration of the term of this option,
by delivery of appropriate notice in writing to the Secretary of the Company and
accompanied by:

                (i)     a check payable to the order of the Company for the full
        purchase price of the shares purchased, and (ii) such other documents or
        representations as the Company may reasonably request in order to comply
        with securities, tax or other laws then applicable to the exercise of
        the option.

                (b)     Payment of the purchase price may be made in whole or in
part by the delivery of shares of Common Stock owned by the Employee (or by
certification of the Employee's ownership of such shares), valued at fair market
value (as determined under Section 10 of the Plan) on the date of exercise.
Shares may not be used for this purpose until the shares have been held by the
Employee for six months; provided that this holding

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period shall not apply if such shares were not acquired either directly or
indirectly from the Company. In addition, in the event shares of Common Stock of
the Company are registered under the Securities Exchange Act of 1934, and
subject to Section 3 hereof, payment of the option exercise price hereunder may,
in the sole discretion of the Company, also be made by delivering a properly
executed exercise notice to the Company together with a copy of irrevocable
instructions to an authorized broker to promptly deliver to the Company the
amount of sale or loan proceeds to pay the exercise price. To facilitate the
foregoing, the Company may enter into agreements for coordinated procedures with
one or more brokerage firms. No such exercise shall be permitted hereunder to
the extent involving any brokerage firm other than a brokerage firm so
designated by the Company in its sole discretion.

                (c)     The exercise of this option is conditioned upon, and the
Company shall have no obligation to issue or deliver any shares hereunder prior
to, the Employee making arrangements satisfactory to the Company relating to any
required federal, state, local and foreign withholding taxes attributable to
such exercise. Further, the Company and its subsidiaries shall, to the extent
permitted by law, have the right, but not the obligation, to deduct any such
taxes from any payment of any kind, whether or not under the Plan, otherwise due
to Employee, and/or deduct from the shares issuable upon the exercise of this
option, or receive from the Employee shares having a fair market value
(determined at the time of such withholding) in an amount equal to all or any
part of the federal, state, local and/or foreign withholding taxes then due. The
fair market value of any shares withheld or tendered to satisfy any such tax
withholding obligation shall not

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exceed the amount due as determined by the applicable minimum statutory
withholding rates.

                6.      NON-TRANSFERABILITY; DEATH

                (a)     Except as otherwise provided in Section 6(b), this
option is not transferable by the Employee otherwise than by will or the laws of
descent and distribution and is exercisable during the Employee's lifetime only
by the Employee. If the Employee dies during the option period, this option may
be exercised in whole or in part and from time to time, in the manner described
in Section 5 hereof, by the Employee's estate or the person to whom the option
passes by will or the laws of descent and distribution, but only within the
period specified in Section 4 hereof. Any shares of Common Stock so acquired
following Employee's death will be subject to all of the terms and conditions
hereunder, including but not limited to the restrictions on Transfers set out in
Section 3 hereof.

                (b)     This option may be transferred, in whole or in part, at
any time during its term, to a Permitted Transferee, subject to all of the terms
and conditions set forth in this option, including but not limited to the
restrictions on Transfers of shares that may be acquired hereunder under Section
3.

                7.      SECURITIES COMPLIANCE.

                The issuance of shares upon exercise of this option shall be
subject to compliance with all applicable requirements of federal, state and
foreign law with respect to such securities. As a condition to the exercise of
this option, the Company may require the Employee to satisfy any qualifications
that may be necessary or appropriate, to evidence compliance with any applicable
law or regulation and to make any

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representation or warranty with respect thereto as may be requested by the
Company. Any shares issued in connection with an exercise of this option may be
inscribed with such legends as may be required to comply with the Securities Act
of 1933, as amended and applicable state securities or other laws, as well as a
legend referencing the transfer restrictions set forth in Section 3 hereof. The
Employee shall have no interest in shares covered by this option until
certificates for the shares are issued.

                8.      MISCELLANEOUS PROVISIONS

                (a)     Incorporation of Plan Provisions. This option is made
pursuant to the Plan and is subject to all the terms and provisions of the Plan
as if the same were fully set forth herein. Notwithstanding anything in this
agreement to the contrary, to the extent of any conflict between the terms of
the Plan and this option, the terms of this option shall control. Terms not
otherwise defined in this option shall have the meanings set forth for such
terms in the Plan.

                (b)     Integrated Agreement. This option and the Plan
constitute the entire understanding and agreement between the Employee and the
Company with respect to the subject matter contained herein and supersedes any
prior agreements, understandings, restrictions, representations, or warranties
between the Employee and the Company with respect to such subject matter other
than those as set forth or provided for herein. To the extent contemplated
herein, the provisions of this agreement shall survive any exercise of this
option and shall remain in full force and effect.

                (c)     Governing Law. This option shall be governed by and
construed in accordance with the laws of the State of Illinois without regard to
conflict of law principles.

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                (d)     Headings. The headings are intended only for convenience
in finding the subject matter and do not constitute part of the text of this
agreement and shall not be considered in the interpretation of this option.

                (e)     Saving Clause. If any provision(s) of this agreement
shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof.

                (f)     Notices. All notices, requests, consents and other
communications shall be in writing and be deemed given when delivered
personally, by e-mail or facsimile transmission or when received if mailed by
first class registered or certified mail, postage prepaid. Notices to the
Company or the Employee shall be addressed to such address or addresses as may
have been furnished by such party in writing to the other.

                (g)     Benefit and Binding Effect. This agreement shall be
binding upon and shall inure to the benefit of the parties hereto, their
respective successors, permitted assigns, and legal representatives. The Company
has the right to assign this agreement, and such assignee shall become entitled
to all the rights of the Company hereunder to the extent of such assignment.

                                      * * *

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                IN WITNESS WHEREOF, the Company has caused the execution hereof
by its duly authorized officer and Employee has agreed to the terms and
conditions of this option, all as of the date first above written.

                                        BELL & HOWELL COMPANY

                                        By
                                          --------------------------------------
                                                William Oberndorf
                                                Chairman, Compensation Committee
                                                Board of Directors
                                                Bell & Howell Company

                                        By
                                          --------------------------------------
                                                Linda Longo-Kazanova
                                                Vice President, Human Resources

                                        EMPLOYEE

                                        -----------------------------------
                                                James Roemer

                                      -16-<PAGE>
                                                                   Exhibit 10.19

                                PROQUEST COMPANY

                             FINANCE CODE OF ETHICS

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                             FINANCE CODE OF ETHICS

        Our Shared Beliefs and Values

        CULTURE

                .   Customer Focus      .   Innovation

                .   Teamwork            .   Agility

                .   Openness

        PERFORMANCE

                .   Quality             .   Speed

                .   Excellence          .   Profitability

                .   Responsibility

                                        2

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                  <C>
I.       General Principles and Applicability................         1

II.      Dealing with Government Officials...................         1
         1.  Political Contributions.........................         1
         2.  Payments or Loans...............................         2

III.     Conflict of Interest Issues.........................         2
         1.  Relationships with Suppliers, Publishers,
             Customers and Other Business Partners...........         2
         2.  Outside Activities..............................         4
         3.  Share Ownership.................................         5
         4.  Representing ProQuest Company...................         5

IV.      Internal Control....................................         5
         1.  Protection of Assets and Information............         5
         2.  Internal Control Systems/Reports/Records........         6
         3.  Confidentiality of Undisclosed Information......         6

V.       Quality.............................................         7

VI.      Respect for Associates and Business Partners........         7

VII.     Protection of the Environment.......................         7

VIII.    Relationships with Competitors and Business Partners         7

IX.      Dealing with Foreign Trade Governments and
         Customers - International Trade Laws................         8

X.       Comply with the Code................................         9
         1.  Questions about the Code........................         9
         2.  Sanctions   ....................................        10
</TABLE>

                                        3

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I.      General Principles and Applicability

        YOUR RESPONSIBILITY

        Each Finance associate has a responsibility to be familiar with and
        comply with the detail and spirit of the Finance Code of Ethics and
        other Company policies and guidelines. Also, where applicable,
        compliance is required with employment contracts, work place rules and
        standards of conduct.

        Protecting ProQuest Company's reputation means abiding by the Code of
        Ethics around the clock. Even off the job, you are perceived by others
        as a representative of ProQuest Company.

        It is also important that you encourage other associates to uphold this
        Code of Ethics and cooperate with the Company in enforcing its
        provisions. The reputation and viability of ProQuest Company may be at
        stake.

        SCOPE OF APPLICATION

        The nature of some of the Company's objectives may require standards of
        conduct more specific than those set forth in this Code of Ethics. In
        those cases, supplemental standards for certain business units, regions
        or individual operations may be developed in cooperation with Human
        Resources.

        COMPLY WITH THE LAW

        The basic policy underlying this Code of Ethics is the Company's
        commitment to conduct its business in full compliance with applicable
        law. Associates are responsible for understanding and conforming their
        conduct to the legal requirements relevant to their jobs and
        communicating this standard to those they supervise.

II.     DEALING WITH GOVERNMENT OFFICIALS

        1.      POLITICAL CONTRIBUTIONS

        Payments, gifts, loans, or services provided by ProQuest Company or its
        subsidiaries to any political party or committee or a candidate for, or
        a holder of, a political office are permitted

<PAGE>

        only if in compliance with applicable law, local policy and approved in
        advance by ProQuest Company Board of Directors in the annual budget as
        part of the operating plan.

        2.      PAYMENTS OR LOANS

        Payments or loans of corporate, subsidiary or personal funds or
        transfers of anything else of value to a government official or
        associate for the purpose of obtaining, retaining or directing business
        to ProQuest Company or any of its subsidiaries or affiliates or other
        persons are prohibited.

III.    CONFLICT OF INTEREST ISSUES

        1.      RELATIONSHIP WITH SUPPLIERS, PUBLISHERS, CUSTOMERS AND OTHER
                BUSINESS PARTNERS

        Associates must avoid personal interests or financial activities that
        conflict, or appear to conflict, with ProQuest Company's interests or
        that influence, or appear to influence, their judgment or actions in
        performing their duties as associates. In particular, associates must
        comply with the following guidelines dealing with gifts, meals,
        entertainment, and other benefits from business partners:

                a)      ProQuest Company associates should never request or
                        solicit offers for entertainment, meals, gifts or other
                        gratuities, or personal services or favors from business
                        partners.

                b)      Business meals as the guest of a business partner may be
                        accepted if they are offered voluntarily, have a
                        legitimate business purpose and are an integral part of
                        the work agenda (e.g., lunch during a seminar or
                        meeting, cocktail reception following meetings or dinner
                        incorporated into a continuing work period). Associates
                        have a responsibility to review with their supervisors
                        on an ongoing basis about the frequency and nature of
                        meals and entertainment paid for by business partners.

                                        2

<PAGE>

                c)      Travel and overnight accommodations paid for by a
                        business partner are not allowed. Exceptions are
                        permitted for business travel in a business partner's
                        plane with the prior approval of an immediate supervisor
                        and at least a vice president. If a business partner
                        pays for accommodations or provides "in-house"
                        accommodations, you should determine the fair value,
                        make appropriate payment to the business partner, and
                        arrange for reimbursement via your expense report.

                d)      Attendance at sports events and activities, shows or
                        other appropriate entertainment or social activities as
                        the guest of the same business partner is not allowed
                        more than three times a year. A representative of the
                        hosting company must be present.

                e)      If associates use ProQuest Company suppliers, publishers
                        or customers to provide goods or perform services of a
                        personal nature, fair-market value must be paid for the
                        goods or services, and the payment must be documented.

                f)      Solicitation or acceptance of personal finance
                        assistance of any kind from a supplier, publisher or
                        customer, other than a financial institution in the
                        ordinary course of its business, is prohibited.

                g)      Sponsorship by a supplier, publisher or other customer
                        of ProQuest Company events, of birthday, retirement or
                        other company parties is not allowed. Similarly, neither
                        an associate nor an associate on behalf of the company
                        should solicit or accept supplier participation in
                        associate- or company-sponsored charitable or
                        quasi-charitable endeavors. Such participation could
                        introduce variables other than cost, quality and
                        delivery into the supplier-selection process.

                h)      Associates may take advantage of discounts and other
                        promotions offered by ProQuest Company suppliers,
                        publishers or customers, provided such discounts are
                        available to all ProQuest Company associate. Discounts
                        that have been solicited or

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                        bargained for in connection with obtaining or providing
                        goods or services on behalf of ProQuest Company or that
                        are only offered to a limited group of associates are
                        prohibited.

                i)      Associates and their families should never solicit gifts
                        or accept other personal benefits from ProQuest Company
                        suppliers, publishers or other customers. Promotional
                        material and other items of value up to U. S. $50 or
                        less may be accepted if made voluntarily and there is no
                        reasonable likelihood the gifts will influence your
                        judgment or actions performing your duties. Benefits
                        received in the normal course of suppliers discount
                        programs, i.e., GM Supplier discounts, airline mileage
                        awards, are excluded from this provision. Gifts above
                        this value should not be accepted and the giver should
                        be advised of ProQuest Company policy.

        If you have questions (e.g., in an international setting where rejection
        of the gift would be considered culturally discourteous) you should
        review the matter with your supervisor, the contact referred to in
        Section X.

        2.      OUTSIDE ACTIVITIES

        Associates may not serve on boards of directors of companies operated
        for profit without ProQuest Company's approval.

        Associates may not engage in recurring private business activities that
        interfere with their ProQuest Company duties and may not, without prior
        approval, work or otherwise perform services for hire for business
        partners or competitors.

        In their personal capacities, associates may participate in community,
        government, educational and civic organizations and may serve on the
        boards of directors of private clubs, educational institutions,
        charities and hospitals, provided that such participation or service
        does not interfere with their duties as ProQuest Company associates.

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        3.      SHARE OWNERSHIP

        ProQuest Company associates and their immediate family members may not
        hold directly or indirectly, any undisclosed share ownership interest in
        excess of 1% in their business partners or other concerns having current
        or proposed business relationships with ProQuest Company.

        4.      REPRESENTING PROQUEST COMPANY

        Associates who participate in or serve on the boards of community,
        government, educational, civic or other non-profit organizations as
        representatives of the Company must obtain prior approval from the
        authority level established by the business unit.

        Members of the ProQuest Company management are periodically asked by
        outside concerns to participate in interviews, give speeches or write
        articles expressing the views of the company or discussing its
        activities. You should ensure that both the occasion and content of any
        interview, speech or article have been approved by your manager, are
        consistent with the Company's interests and programs, and have received
        the concurrence of Investor Relations, similar to the process used for
        issuing a Press Release. Any honorariums, fees, expense reimbursements
        or other remuneration associated with these activities are to be paid or
        made payable to ProQuest Company. Any exceptions require prior approval
        by director level or above.

IV.     INTERNAL CONTROL

        1.      PROTECTION OF ASSETS AND INFORMATION

        Associates have a responsibility to protect ProQuest Company property
        against loss, theft, abuse and unauthorized use, access or disposal.
        Associates may use Company assets only for purposes related to their
        ProQuest Company job responsibilities.

        Confidential information (nonpublic information about the Company or its
        products) is to be held in strict confidence during, as well as after,
        an associate's term of employment.

                                        5

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        Associates must follow the Company's use, access and security guidelines
        for software and information technology, e-mail, inter-/intra-/extra-net
        and voice mail systems. Moreover, personal data protection rights, where
        applicable, must be strictly observed.

        2.      INTERNAL CONTROL SYSTEMS/REPORTS/RECORDS

        ProQuest Company's policy is to maintain effective internal control
        systems to ensure compliance with laws and corporate policies, protect
        and prevent misuse of Company assets, and assure appropriate
        authorization for Company transactions and other corporate activities.

        The Company prepares external reports that fulfill all relevant
        international business and legal requirements, including financial
        statements that fairly present the Company's financial position.

        To achieve this standard, associates are expected to maintain accurate
        and complete internal records of all company business activities and
        arrange for appropriate authorization and documentation of transactions
        and commitments with business partners. In particular, associates are
        required to report business expenses in an accurate and timely manner.

        Company records are the sole property of ProQuest and should be created
        and maintained in a manner consistent with applicable policies.

        3.      CONFIDENTIALITY OF UNDISCLOSED INFORMATION

        The Company's policy is to disclose important information about its
        business in accordance with applicable securities laws and stock
        exchange guidelines, with the objective of promoting an orderly market
        for its publicly traded securities.

        This policy depends on maintaining the confidentiality of undisclosed
        information about the Company that might be considered material, inside
        information - information that could reasonably be expected to affect
        the price of such securities - before its public dissemination. It is a
        violation of applicable securities laws, and of the Company's policy, to
        buy or sell the Company's publicly traded securities or those of its
        business

                                        6

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        partners while in possession of material, inside information or to
        disclose such information to others.

V.      QUALITY

        ProQuest Company's commitment to quality and quality-improvement
        processes is essential to its growth and prosperity. You should strive
        to exceed customer expectations, both internal and external, and
        continuously improve the quality of our products and services.

VI.     RESPECT FOR ASSOCIATES AND BUSINESS PARTNERS

        ProQuest Company expects all of its associates (and associates of its
        suppliers, publishers and other business partners) to be treated with
        dignity, their rights respected and their privacy maintained. This
        applies to all associates regardless of age, disability, national
        origin, race, religion, sex or sexual orientation. The Company does not
        tolerate discrimination, harassment of, or retaliation against, any
        person in the workplace, and is committed to maintaining safe and
        healthy working conditions for its associates.

VII.    PROTECTION OF THE ENVIRONMENT

        ProQuest Company is responsible for and dedicated to protecting and
        maintaining the environment for current and future generations and to
        complying with all applicable environmental laws and regulations. The
        Company expects and encourages the active support and participation of
        its associates in pursuing new product and manufacturing technologies
        that promote resource conservation, facilitate recycling, eliminate
        pollution, and preserve the natural environment.

VIII.   RELATIONSHIPS WITH COMPETITORS AND BUSINESS PARTNERS

        ProQuest Company is committed to complying fully with all applicable
        antitrust trade laws and related laws pertaining to fair pricing, fair
        competition and consumer protection. These laws regulate ProQuest
        Company's relations with its competitors,

                                        7

<PAGE>

        suppliers and publishers, distributors and retail customers. They
        generally prohibit agreements and other activities that fix or
        coordinate prices or price formulas, divide sales territories or
        customers, or unreasonably restrict free and open competition. They also
        restrict the Company's ability to share proprietary or competitively
        sensitive information and to deal exclusively with suppliers or other
        business partners. These laws establish requirements for consumer
        disclosures and the resolution of customer issues.

        Antitrust and trade laws are complex and affect all aspects of ProQuest
        Company's domestic and international business activities. The penalties
        for noncompliance can be severe. If you have questions about how these
        laws relate to your job responsibilities, you should contact Kevin
        Gregory, Senior Vice President and Chief Financial Officer.

        In collecting information about its business partners and competitors,
        ProQuest Company utilizes all legitimate sources, but avoids any actions
        that are illegal or could cause liability to the Company.

IX.     DEALING WITH FOREIGN GOVERNMENTS AND CUSTOMERS - INTERNATIONAL TRADE
        LAWS

        ProQuest Company is committed to complying fully with anti-bribery,
        export control, customs and anti-boycott laws. These international trade
        laws affect all aspects of ProQuest Company's global enterprise and its
        associates.

        Anti-bribery laws prohibit providing, directly or indirectly, anything
        of value not only to domestic, but also to foreign governmental,
        political or military officials or representatives of international
        organizations (such as the United Nations and the World Bank) to obtain
        or retain business or to gain an unfair advantage. These laws also
        impose record keeping and internal accounting and control requirements
        that, like ProQuest Company's own accounting and internal control
        policies, are designed to ensure ethics and accuracy in the recording
        and reporting of all business transactions.

        Export control and customs laws regulate where and how ProQuest Company
        may sell goods, technology or exchange information. In some cases, these
        laws may prohibit doing

                                        8

<PAGE>

        business with certain countries, or impose requirements for licenses
        before goods or technology may be exported or exchanged. Customs laws
        require accurate documentation and proper reporting and valuation of
        goods.

        Anti-boycott laws may prohibit participation in foreign boycotts and
        limit disclosure of information about business activities and personnel,
        and may require the reporting of certain types of requests for
        information or participation of boycotts.

        International trade laws are complex. The penalties for non-compliance
        can be severe and could include personal liability and imprisonment. In
        addition, compliance with various ProQuest Company internal regulations
        and procedures on international trade is also essential to maintaining
        ProQuest Company's worldwide reputation.

        If you have questions about how these laws and directives relate to your
        job responsibilities, you should contact Kevin Gregory, Senior Vice
        President and Chief Financial Officer.

X.      COMPLY WITH THE CODE

        1.      QUESTIONS ABOUT THE CODE

        Questions about the ProQuest Company Code of Ethics or other business
        ethics situations may arise from time to time. If you are unsure about
        the right thing to do, discuss it with your supervisor. Your question
        may also be answered by referring to [the Code of Ethics intranet site]
        or by contacting your local Human Resources representative. If these
        alternatives do not work well, you may contact (on a confidential basis
        if you prefer):

                Kevin Gregory, Sr. VP & CFO

                Phone:      734-997-4925
                Fax:        734-997-4356
                E-mail:     Kevin.gregory@proquest.com

                                        9

<PAGE>

        2.      SANCTIONS

        Violations of this Code of Ethics or any other ProQuest Company policy,
        guideline or procedure may result in disciplinary action, up to and
        including discharge, and legal proceedings.

        Supervisors in various finance organizations of the ProQuest Company
        have the responsibility to make sure that all associates are familiar
        with the contents of the Code of Ethics and that they comply with the
        rules. Failure to fulfill these responsibilities may also subject a
        supervisor to disciplinary action and legal consequences.

                                       10

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