Standard & Poor’s Ratings Market Share

U.S. Structured Finance

Europe Structured Finance

Global Corporates & Governments

82% 85% 93%

57% 73% 77%

96% 95% 94%

2000 2001 1Q 2002

Percent of $ Volume Rated by S&P

• Revenue has grown every year for more than two decades

• Market leadership continues

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