【正文】 Lehman Brothers European Investment Banking Conference Amelia C. Fawcett Chief Administrative Officer (Europe) February 8, 2002 1 This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The present ation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for informational purposes and is neither an offer to sell nor the solicitation of an offer to buy any security or instrument and has not been updated since it was originally presented on February 8, 2002. Notice This presentation by Morgan Stanley is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for informational purposes and is neither an offer to sell nor the solicitation of an offer to buy any security or instrument and has not been updated since it was originally presented on February 8, 2002. 2 This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The present ation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for informational purposes and is neither an offer to sell nor the solicitation of an offer to buy any security or instrument and has not been updated since it was originally presented on February 8, 2002. Agenda ? Morgan Stanley in Europe ? Secular Trends and Firm Strategy ? Culture as a Competitive Differentiator 3 This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The present ation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for informational purposes and is neither an offer to sell nor the solicitation of an offer to buy any security or instrument and has not been updated since it was originally presented on February 8, 2002. Our Business in Europe Full Line of Financial Services Morgan Stanley International PWM Investment Banking Fixed Ine Investment Management Private Equity Group Institutional Securities Individual Investor Group Investment Management Consumer Banking Group Consumer Banking Group International Equity 4 This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The present ation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for informational purposes and is neither an offer to sell nor the solicitation of an offer to buy any security or instrument and has not been updated since it was originally presented on February 8, 2002. European Presence UK (1977) France (1990) Germany (1987) Ireland (1998) Italy (1989) Luxembourg (1989) Netherlands (1997) Portugal (2000) Russia (1994) Spain (1993/1999) Sweden (1999) Switzerland (1986) Israel (2001) South Africa (1994) 5 This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The present ation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for informational purposes and is neither an offer to sell nor the solicitation of an offer to buy any security or instrument and has not been updated since it was originally presented on February 8, 2002. Revenues and PBT for Morgan Stanley Europe Revenues and PBT (US$ MM) Source Morgan Stanley 10K Filings and Morgan Stanley 1 , 4 2 93281 , 7 5 73992 , 8 6 71 , 1 4 63 , 8 4 81 , 3 6 45 , 0 5 41 , 6 4 63 , 9 8 61 , 1 4 601 , 0 0 02 , 0 0 03 , 0 0 04 , 0 0 05 , 0 0 06 , 0 0 01996 1997 1998 1999 2000 2001R e v e n u e s PBT6 This slide is part of a presentation by M