PERCENTAGE OF SHARES HELD BY INSTITUTIONAL INVESTORS*

Number of Companies - 7,158

                   Institutional   Private
                     Investors    Investors
                      (Mean)        (Mean)

MEAN                  29.54%       70.46%
MEDIAN                18.92%       81.08%

Percent of             Cumulative Percentages
Companies                 of Shares Held**

10                            0.24%
20                            1.53%
30                            4.57%
40                           10.02%
50                           18.92%
60                           30.91%
70                           44.46%
80                           60.18%
90                           76.10%

*This table reports the mean and median percentages 
of outstanding shares held by institutions as of
January 2003 (S&P data item IOTSHR0), as well as
the mean and median percentages held by private
investors as of January 2003. 
<font color=BLUE>
****The percentiles report the cumulative
percentages of shares held institutionally. 

For example, the 50th percentile shows that
50 percent of the firms in the sample have 
less than 18.92 percent of their shares held 
by institutions. 

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