【正文】 A Volume Debt Underwriting Equity Underwriting % Change in US$ Volume 24 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 Secular Trends Secular Fundamentals Remain ? Equification ? “Debtification” ? Restructuring ? Pension Reform ? Fiscal Reform Europe is one of our great global opportunities 25 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. Requirements for Success “By general consensus in the investment banking munity, there is something special about Morgan Stanley39。A), Thomson Financial/IFR (Equity), Dealogic/Bondware (Bonds), Euroweek and Morgan Stanley (Securitization) % of US$ Volume Announced European Mamp。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 prese