【正文】 Acquisitions Announced Transactions US$ Bn Source Thomson Financial Securities Data and Morgan Stanley ’92’01 15% CAGR 153 1411412773805378181 , 5 2 11 , 0 1 25491992 1993 1994 1995 1996 1997 1998 1999 2000 2001Friendl y N eutral H ostile20 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. Delivering the Firm for Corporate Clients ? France Tele ? Orange IPO and Exchangeable ? Bond ? Convertible ? Vivendi Universal ? Acquisition of USA Networks ? BT ? Wireless Demerger (mmO2) ? Bond ? Arbed and Aceralia ? Merger with Usinor ? General Healthcare Securitisation 21 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. Innovation: Prime Brokerage Business Morgan Stanley Prime Brokerage Net Revenues Indexed, Global Net Revenues Source Morgan Stanley 01 0 02 0 03 0 04 0 05 0 01 9 9 5 1996 1997 1998 1 9 9 9 2 0 0 0 2 0 0 122 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. Innovation: Credit Derivatives Business Morgan Stanley Credit Derivatives Revenues Indexed, Global Source Morgan Stanley 100%2 5 4 %2 0 0 0 200123 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 Market Conditions 46% 52% 25% 56% Source Thomson Financial Securities Data Market Conditions 2001 vs. 2000 Announced Mamp。A), Thomson Financial/IFR (Equity), Dealogic/Bondware (Bonds), Euroweek and Morgan Stanley (Securitization) 11. 68. 68. 38. 17. 6C i t i MS DB J P M ML9 . 79 . 27 . 15 . 1 4 . 9C i t i C S F B B N P MS DB2 4 . 32 2 . 22 1 . 01 8 . 81 6 . 1GS MS ML U B S W J P M1 2 . 71 2 . 11 1 . 69 . 28 . 6ML MS U B S W DB GS9 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. The Competitive Landscape Europe 1997 2001 Market Share European Securitization International Bonds Source Thomson Financial (Mamp。s London office” “…what keeps them here is a team culture, a sense that this is a meritocracy…” Fortune, Best Compani