【文章內(nèi)容簡介】 nally presented on February 8, 2002. Global Secular Trends and Firm Strategy Institutional Investors ? Low cost positions in modity products ? Highest quality in plex products ? Innovation of new products/services ? Leading intermediary across geography and products Morgan Stanley Strategy ? Higher peration of financial markets in merce ? Continued growth in global trading in financial markets ? Pressure on margins Secular Trends 11 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. Global Secular Trends and Firm Strategy Corporate Clients ? Unique global work of information/contacts for our clients ? Most experienced professionals to help solve plex problems and create opportunities for clients ? Culture and incentive system which dedicates the entire firm to client objectives Morgan Stanley Strategy Secular Trends ? Globalization of industry sectors ? Restructuring of selected economic areas ? Disintermediation of banks 12 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. Growth in European Securities Trading Average Combined Daily Volume of Major European Stock Exchanges US$ Bn Source Morgan Stanley and Stock Exchanges ’95’01 22% CAGR 101318212839331995 1996 1997 1998 1999 2000 2001UK G E R F R A I T L CH NL ESP S W E13 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. Growth in European Equity Markets New Equity Issuance Volumes US$ Bn Source Thomson Financial Securities Data ’92’01 27% CAGR 841524662981021 2 71 4 5701992 1 9 9 3 1994 1 9 9 5 1996 1 9 9 7 1998 1 9 9 9 2000 2 0 0 1UK G e rm a n y F ra n c e I t a l y Sp a i n14 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. Market Capitalization Market Capitalization as a Percentage of GDP 2001 Source Thomson Financial Securities Data, OECD/FactSet 12373895651US E U 1 5 UK F r a n c e I t a l y G e r m a n y16115 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.