BENCHMARKS REPORT

Industry Measure: Business Segment Data
| SIC: | 6211 |
| INDUSTRY: | SECURITY BROKERS AND DEALERS |
| BENCHMARKS FOR THE INDUSTRY |
| NO. OF SEGMENTS REPORTING IN THE INDUSTRY: 62 |
|
1997 SALES FOR THE INDUSTRY: $ 153012 (Total Sales in $Millions) |
|
OPERATING MARGIN: 43.6 (Allocated Operating Profits (divided by) Segment Sales) |
|
ASSET INTENSITY: 1070.1 (Allocated Assets (divided by) Segment Sales) |
|
SALES GROWTH: 19.8 (Compound 3-Year Growth Rate in Sales for the Median Participant in the Industry) |
| BENCHMARKS FOR THE TOP FOUR COMPETITORS |
| ROA: Allocated Operating Profits (divided by) Allocated Operating Assets |
| Competitor/Rank by Sales |
Market Share (% Ind. Sales) |
ROA |
| #1: MERRILL LYNCH & CO |
20.7 | 6.5 |
| #2: CITIGROUP INC |
14.1 | 0.7 |
| #3: MORGAN STANLEY DEAN WITTER |
14.1 | 1.3 |
| #4: SALOMON SMITH BARNEY HLDGS |
14.0 | 4.8 |
| Total of #1-4: | 62.9 | 4.1 |