global settlement

Securities and Exchange Commission Chairman Harvey L. Pitt, New York Attorney General Eliot Spitzer, North American Securities Administrators Association President Christine Bruenn, NASD Chairman and CEO Robert Glauber, New York Stock Exchange Chairman Dick Grasso, and state securities regulators announced an historic settlement with the nation's top investment firms to resolve issues of conflict of interest at brokerage firms. The settlement decision was published on December 20, 2002. The total fine was $1.435 billion.

Settlement payments

Name Of Firm	Retrospective Relief ($ millions)	Independent Research ($ millions)	Investor Education ($ millions)
Bear Stearns & CO. LLC	align="center" \| 50	align="center" \| 25	align="center" \| 5
Credit Suisse First Boston Corp.	align="center" \| 150	align="center" \| 50	align="center" \| 0
Deutsche Bank	align="center" \| 50	align="center" \| 25	align="center" \| 5
Goldman Sachs	align="center" \| 50	align="center" \| 50	align="center" \| 10
J.P. Morgan Chase & CO.	align="center" \| 50	align="center" \| 25	align="center" \| 5
Lehman Brothers, Inc.	align="center" \| 50	align="center" \| 25	align="center" \| 5
Merrill Lynch & CO., Inc.	align="center" \| 100*	align="center" \| 75	align="center" \| 25
Morgan Stanley	align="center" \| 50	align="center" \| 75	align="center" \| 0
Salomon Smith Barney, Inc.	align="center" \| 300	align="center" \| 75	align="center" \| 25
UBS Warburg LLC	align="center" \| 50	align="center" \| 25	align="center" \| 5
Total:	align="center" \| 900	align="center" \| 450	align="center" \| 85

* Payment made in prior settlement of Research Analyst conflicts.

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