Institutional Investor (II) magazine announced the results of its All-Europe Research Poll on February 13. On a weighted basis Morgan Stanley was 5th (first place votes receive four point, second place votes three points, etc.). Morgan Stanley placed 6th overall with 28 positions.

The overall rankings were as follows:

Rank			Total Team positions		First Team		Second Team		Third team		Runners-up
2002	2003	Firm	2003	2002	2003	2002	2003	2002	2003	2002	2003	2002
1	1	UBS Warburg	36	46	4	11	9	12	14	9	9	14
4	2	Citigroup	34	31	6	4	13	12	4	4	11	11
3	3	Deutsche Bank	33	35	10	9	5	9	6	5	12	12
2	4	CSFB	31	38	9	12	5	5	4	10	13	11
5	5	Merrill Lynch	29	30	5	7	6	4	5	9	13	10
6	6	Morgan Stanley	28	24	8	7	6	4	6	1	8	12
8	7	Lehman	12	10	2	1	0	0	1	3	9	6
9	8	JP Morgan	9	8	1	0	1	0	0	1	7	7
7	9	Goldman	8	18	1	0	2	3	1	3	4	12
11	10	DKW	7	4	0	0	0	1	1	0	6	3

Two points are worth noting on the overall result:

1. The difference between the first place team and our 6th position has narrowed from 22 positions last year to 8 positions in this survey.

2. Of the top 6 firms, only two showed an improvement in total positions year over year with MS being the greatest at +4.

For the first time this year, II has provided a separate leaders table that counts team positions earned in industry and macro categories, but excludes country sectors. The Firm tied 4th on this basis and 2nd on a weighted basis.

Rank	Firm	Total Team Positions	First Team	Second Team	Third Team	Runners-up
1	CSFB	29	9	5	4	11
2	Citigroup	28	4	10	4	10
2	UBS Warburg	28	2	6	11	9
4	Merrill Lynch	27	4	5	5	13
4	Morgan Stanley	27	8	5	6	8
6	Deutsche Bank	25	7	4	4	10
7	Lehman Brothers	12	2	0	1	9
8	Goldman Sachs	8	1	2	1	4
9	JP Morgan	8	1	1	0	6
10	DKW	6	0	0	1	5

Please note the Firm's results in new survey categories given the merging of the II and Reuters surveys:

• Pan European Sales — #2 (vs. #5)

• EMEA Sales — #5 (#10)

• Trading and Execution — #1 (#1)

• Investment Banking and Equity Capital Markets — Equity Transactions #1

• Debt Transactions #5

• The full team results follow: