CLSA and Sanford Bernstein Sign Equity Research Cooperation Agreement HONG KONG, June 8 /PRNewswire/ -- Two of the world's leading equity brokerage firms, Asia's CLSA Ltd and America's Sanford C. Bernstein & Co., LLC, have agreed to cooperate on providing their award-winning research to institutional customers. CLSA is the brokerage arm in Asia of France's largest bank, Credit Agricole and is the longest operating independent brokerage house in the region. Bernstein is one of America's most prominent brokers providing equity research to institutions, independent of the conflicts associated with investment banking. The operating agreement between the firms leverages their respective strengths by allowing the research analysts of each firm to consult each other, share data, compare macro and micro views and to produce reports incorporating each other's research. Both firms have strong teams of equity research analysts but neither has a significant presence in the other's market. CLSA has 90 analysts in the Asia Pacific region, covers 12 sectors and was the No. 1 ranked equity brokerage in Asia, as well as ranked the most independent, in the latest polling of investors by Asiamoney magazine. Bernstein has 55 analysts, responsible for 50 sectors. Year after year, Bernstein's research has been rated by independent surveys of institutional investors as number one in quality, originality, creativity, willingness to challenge management, and most trusted. "With the world's economic centre of gravity shifting to Asia, it is more important than ever to have an in-depth perspective on both sides of the Pacific," said CLSA's Executive Chairman Gary Coull. "In Bernstein we have found a research partner who shares our values of independent, in-depth research that is unconflicted." Commented Sanford Bernstein Chairman & CEO Lisa Shalett: "Historically, Asia was an important manufacturing and production centre. Today, global firms ignore Asian competitors at their peril and Asian demand for raw materials, finished products, and financial services is influencing global pricing and demand trends. Coverage and data from Asia will help to strengthen and deepen our US research coverage." Both firms have a brokerage model that focuses on helping institutional investors make money in markets via in-depth research that is unconnected to investment banking activity. About CLSA Asia-Pacific Markets CLSA is an award-winning brokerage, capital markets and private equity group in the Asia-Pacific Markets. Founded in 1986 and headquartered in Hong Kong, CLSA is a unit of France's Credit Agricole, which merged in 2003 with Credit Lyonnais, to form the 2nd largest bank in the world by Tier One capital and the 4th largest bank in the world by assets. CLSA is 35% owned by CLSA management and staff. CLSA has over 800 dedicated professionals spread across all Asian and international financial centres. Recognised as one of the top research, sales and execution houses in Asia, CLSA is known for its innovative and independent research. In 2003, CLSA expanded its brand to Japan, offering Japanese equity research and sales services to international investors. CLSA was voted the No.1 Asian Equity Brokerage House and the Most Independent Research Brokerage House in Asia by Asiamoney's Brokers Poll 2004. In 2005 and 2004, CLSA was ranked No.2 in Asia by Institutional Investor. Additional information is available at http://www.clsa.com/. About Sanford C. Bernstein & Co, LLC Sanford C. Bernstein is a member of the New York Stock Exchange and provides award-winning institutional equity research, sales and self-clearing brokerage services in United States markets. Sanford C. Bernstein, which has its principal offices in New York, is a wholly owned subsidiary of Alliance Capital Management L.P., which is ultimately owned by AXA, the holding company for an international group of insurance and related financial services companies. Sanford C. Bernstein & Co, LLC is the successor to Sanford C. Bernstein Inc., which was founded in 1967. Additional information is available at http://www.bernsteinresearch.com/. DATASOURCE: Alliance Capital CONTACT: Grace Hung, Hong Kong, CLSA Asia-Pacific Markets, +852-2600-8318, or Fax, +852-2530-0827, ; John Meyers, New York, Sanford C. Bernstein & Co., LLC, +1-212-969-2301, or Fax, +1-212-969-6708, Web site: http://www.clsa.com/ http://www.bernsteinresearch.com/

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