S&P Equity Adds Autozone to S&P Top Ten Portfolio, Removes IDEC Pharmaceuticals

NEW YORK, April 10 -- Standard & Poor's has added AutoZone, Inc. to the S&P Top Ten Portfolio, replacing IDEC Pharmaceuticals . AutoZone is currently ranked five-STARS "Buy" at $73.82 per share, and carries a B+ Quality Ranking. A leading provider of independent research, indices and ratings, Standard & Poor's made this announcement through Standard & Poor's MarketScope, its real-time market intelligence service.

Standard & Poor's is adding automotive parts and accessories retail leader AutoZone to the S&P Top Ten Portfolio to replace IDEC Pharmaceuticals, which was downgraded today to 4-STARS "Accumulate" from 5-STARS "Buy," to reflect a modest reduction in confidence in IDEC's growth profile. AutoZone was chosen because the company is experiencing strong same-store sales growth, has high quality earnings, and has an active EPS-enhancing share buyback program. These decisions were made by Standard & Poor's Senior Portfolio Group, a subcommittee of Standard & Poor's Investment Policy Committee

The S&P Top Ten Portfolio consists of those stocks believed by Standard and Poor's Equity Research Group to be poised best for capital gains over the coming six to 12 months. All of the stocks within the model portfolio are currently ranked 5-STARS ("Buy") by Standard & Poor's equity analysts, Standard & Poor's highest investment ranking. A dynamic model portfolio concept, the S&P Top Ten Portfolio was launched on December 31, 2001(1).

Standard & Poor's 5-STARS Stock Selections(2) increased in value by 885% from STARS' inception on December 31, 1986 through December 31, 2002, compared with growth of 263% for the S&P 500 during the same period, excluding dividends. In addition, stocks ranked as 4- and 5-STARS have, as a group, outperformed the S&P 500 Index during the past 1, 3, 5, 10, and 15-year periods. Stocks ranked as 1-STARS and 2-STARS have, as a group, significantly under-performed the S&P 500 over the past 10 and 15 years.

Standard & Poor's analytic services are performed as entirely separate activities in order to preserve the independence of each analytic process. In this regard, STARS, which are published by Standard & Poor's Equity Research Department, operates independently from, and has no access to information obtained by Standard & Poor's Credit Market Services, which may in the course of its operations obtain access to confidential information.

Standard & Poor's has the largest U.S. equity coverage count among equity research firms that are not affiliated with a Wall Street investment bank, analyzing 1,200 U.S. stocks. Standard & Poor's, a division of The McGraw-Hill Companies , is a leader in providing widely recognized financial data, analytical research and investment and credit opinions to the global capital markets. With 5,000 employees located in 19 countries, Standard & Poor's is an integral part of the world's financial architecture. Additional information is available at www.standardandpoors.com.

   (1) Note to Editors: Year to date through March 28, 2003, it has gained
       1.05% versus a decline of 3.60% in the S&P 500.  The goal of the S&P
       Top Ten Portfolio is to outperform the S&P 500 Index on both a
       capital appreciation and total return basis. The stocks in the
       portfolio are selected by Standard & Poor's Senior Portfolio Group, a
       subcommittee of Standard & Poor's Investment Policy Committee. If a
       stock loses its 5-STARS ranking, it will be removed from the
       portfolio. In addition, the Senior Portfolio Group has the discretion
       to replace one 5-STARS stock in the portfolio with another. Turnover
       is expected to be low, with most changes occurring at the middle and
       end of the calendar year.

   (2) Note to Editors: It should not be assumed that recommendations made
       in the future will be profitable or will equal past performance. The
       above performance calculations for STARS do not take into account
       reinvestment of dividends, capital gains taxes or brokers'
       commissions and fees. A complete list of STARS recommendations made
       in the last year is available from Standard & Poor's upon request.
       STARS are published by Standard & Poor's Equity Research department,
       which operates independently from, and has no access to information
       obtained by, Standard & Poor's Credit Market Services, which may in
       the course of its operations obtain access to confidential
       information.