DOR Doriemus

    23rd May, 2005

                TEP Exchange Group Plc ("TEP" or "the Company")                

                              Additional Listing                               

               Issue of ordinary shares to Surrenda-link Limited               

In December 2002, the Company entered into an agreement, which was approved by
shareholders on 13 January 2003, with Surrenda-link Limited ("Surrenda-link"),
which is a leading market maker in traded endowment policies and manages other
related investments, which resulted in Surrenda-link taking over the
operational management of the TEP Exchange for an initial two year period
("Outsourcing Agreement").

The directors of TEP who are independent of Surrenda-link have now resolved to
make the final payment due under the Outsourcing Agreement, to be satisfied by
the issue of 32,978,700 new TEP ordinary shares. As a result, Surrenda-link
will hold 100,671,279 new TEP ordinary shares, equivalent to 44.79 per cent. of
the enlarged issued share capital of the Company. Surrenda-link, and parties
acting in concert with it, will hold 108,371,279 new TEP ordinary shares,
equivalent to 48.22 per cent. of the enlarged issued share capital of the
Company.

A new outsourcing agreement with Surrenda-link, for an initial period of three
years, was announced on 16 December 2004 and sums due under that agreement will
be payable in cash, as set out in that announcement.

Application has been made for the new ordinary shares to be admitted to AIM and
it is expected that dealings will commence on 27 May, 2005.

Enquiries;

TEP Exchange Group Plc                                           
George Kynoch                                                     07860 743425            
                                                                               
Surrenda-link Limited                                              
Paul Sands                                                        01244 319520
                                                                               
John East & Partners Limited                                      020 7628 2200
John East                                                                      
Simon Clements                                                                 



END

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