Institutional Investor Research Group and Reuters publish inaugural Global Equities Report

The 2002 Global Research Team. Credit Suisse First Boston ("CSFB") tied
with Morgan Stanley for first place in Institutional Investor magazine's
Global Research Team rankings, based on the number of top-ranked positions.
And CSFB edged past Morgan Stanley based on a percentage of the weighted
vote (page 6).

The Global vs. Regional Divide. Sixty percent of the buy-side voters for
the Global Research Team say their firms have global industry sector
allocations. Half of Global Research Team voters sit in global investment
divisions. While voters in the other polls worldwide still embrace a
regional structure, they by and large anticipate gravitating toward a more
global structure within the next two years (page 9).

The Differing Importance of Recommendations. Across all markets, sell-side
industry and country knowledge are what the buy side values most. While
stock selection and earnings estimates generally are not highly rated in the
U.S. and Europe, these attributes attract top-five ratings in Asia (page

The 2002 Global Product Sales Rankings. UBS Warburg dominates the
competition in the Best Global Product Sales Ranking. Its nearest
competitor, Citigroup/Salomon Smith Barney, finished a distant second and
was closely trailed by Deutsche Bank. The global sales function may still
be in an embryonic stage, but demand for this service is on the rise as the
asset management industry positions itself to service the rising number of
global mandates (page 24).

Worldwide Overview of Trading & Execution. Morgan Stanley ranks No. 1 in
both the U.S. and Europe, while taking third place for Asia and Latin
America. UBS Warburg tops the list for Asia, while securing second place
for both Europe and Latin America. Across all markets, voters value the
importance of a global trading network, and the sales trading function rates
as a top three attribute (page 35).

The Top-Ranked Buy-Side Firms Worldwide. Capital Group garnered first place
in three of the five major regions, with Fidelity rating first in Europe
and a close second in most other markets. J.P. Morgan finished first in
Japan (page 41).

Buy Side Structure for Global Research. In-house global sector research is
key to the buy side's capability to service global investment mandates.
Determining which sectors are truly global is the first step to getting this
service right; developing the optimal mix of regional and global analysis is
another must (page 40).

Investor Relations for a Diversified Shareholder Base. In their efforts to
attract new institutional investment, companies worldwide are increasingly
cultivating investors outside their domestic market. One challenge for
corporate IR functions is bridging the gap between their preference for
group presentations and the buy- and sell-side demand for one-on-one
meetings with the CEO or CFO (page 47).

Investment Banking Amidst a Paucity of Deals. Goldman Sachs dominates the
2002 investment banking rankings, placing in the top three in every market
worldwide (page 52). As 75 percent of companies look to debt for most new
financing, consolidation of investment banks' equities and debt capital
market practices seems set to continue.

The Main Rankings

The 59-page report includes a profile of Institutional Investor magazine's
Global Research Team and survey-based rankings and analysis covering
worldwide sales and trading, investor relations and investment banking.

Institutional Investor Magazine Rankings: 1st Place Winner (tie)

2002 Global Research Team: Credit Suisse First Boston and Morgan Stanley

Reuters Institutional Investor Global Equities Reports: 1st Place Winner

Overall buy-side rankings:

Sell-side sales: UBS Warburg

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