Morgan Stanley's European Equity Research Team has been ranked #2 in the 2000 Institutional Investor All-Europe Research Team Poll and #1 for Pan-Europe Sector Research.

The Institutional Investor results include 15 #1 sector team positions and the following chart clearly shows how Morgan Stanley has continued to consolidate its positioning:

1999	2000	Overall Rankings	2000 Team Positions	1999 Team Positions
1	1	Merrill Lynch	47	52
3	2	Morgan Stanley	41	37
2	3	Warburg Dillon Read	36	45
6	4	Credit Suisse First Boston	26	16
8	5	Deutsche Bank	23	9
4	6	Goldman Sachs International	22	25