How Goldman is doing since its IPO in 1999

Goldman's stock is outpacing rivals'...

...And the bank dominates the M&A and IPO business...

GLOBAL ANNOUNCED M&A

GOLDMAN 34% MERRILL LYNCH 27 MORGAN STANLEY 26 CSFB 23 J.P. MORGAN CHASE 22

GLOBAL IPOS GOLDMAN 17% MORGAN STANLEY 15 CITIGROUP/SSB 9 CSFB 9 MERRILL LYNCH 6

Data: Thomson Financial/First Call

...But Goldman's assets are relatively small ...

ASSETS

CITIGROUP $1,050 UBS PAINEWEBBER 701 J.P. MORGAN CHASE 694 CSFB 623* MORGAN STANLEY 484 GOLDMAN 312

BILLIONS, End of fourth quarter

* End of third quarter

...Net profit margins are worsening...

NET PROFIT MARGINS 2002* 14% 2001 15 2000 19 1999 19

* Estimate

Data: Salomon Smith Barney

...And analysts expect earnings to fall more than competitors'

1ST QTR YEAR/YEAR GOLDMAN -28% MORGAN STANLEY -22 MERRILL LYNCH -27 J.P. MORGAN CHASE -14 CITIGROUP +11

Data: Thomson Financial/First Call

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