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Annual Meeting with Shareholders. Philip J. Purcell Chairman & CEO March 19, 2002. Report on the Company. Robert G. Scott President & COO March 19, 2002. 45%. 20%. 40%. 3.3%. 19%. 20%. 8%. 43%. 20%. 18%. 27%. 90%. 32%. 21%. 60%. 13%. 32%. 50%.

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Annual Meeting with Shareholders

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Annual meeting with shareholders l.jpg

Annual Meeting with Shareholders

Philip J. Purcell

Chairman & CEO

March 19, 2002


Report on the company l.jpg

Report on the Company

Robert G. Scott

President & COO

March 19, 2002


Market conditions 2001 vs 2000 l.jpg

45%

20%

40%

3.3%

19%

20%

8%

43%

20%

18%

27%

90%

32%

21%

60%

13%

32%

50%

Market Conditions – 2001 vs. 2000

Retail Investors

InstitutionalInvestors

CorporateMarket

Credit

Cards

  • Volume:

    • NYSE

    • NASDAQ

  • Volatility:

    • NASDAQ

    • Amex QQQ

    • Crude Oil (WTI)

  • M&A Announced

  • Equity Underwriting

  • IPO's

  • Fixed Income Issuance

  • Margin Debits

  • Fund Flows:

    • Total Long-Term Fund Flows*

    • Equity Fund Flows

  • Market Performance:

    S&P

    Nasdaq

  • Unemployment rate

  • Bankruptcy filings

  • Interest Rates:

    • 2-Year Treasury

  • Retail Sales

Sources: NYSE, NASDAQ, SIA, Thomson Financial Securities Data, Investment Company Institute, Bloomberg *Fund flows include debt and equity funds.


Fiscal 2001 operating results l.jpg

Fiscal 2001 Operating Results

Net Revenues

Net Income, EPS and Dividends

Net Income

($MM)

EPS

($)

$4.73

$4.10

$3.19

$2.76

$2.08

$0.92

$0.80

$0.48

$0.40

$0.28


Fiscal 2001 operating results5 l.jpg

Fiscal 2001 Operating Results

Return on Equity (%)


Growth in morgan stanley book value l.jpg

Growth in Morgan Stanley Book Value

Book Value per Share

CAGR: 14%


Morgan stanley market position l.jpg

1999

2000

2001

4.88%

3.14%

4.03%

5

NA

1

22

5.41%

3.88%

5.76%

5

7

1

20

6.26%

5.25%

6.50%

5

8

3

18

Up/Flat

Off

Down

Morgan Stanley Market Position

Institutional Clients(1)

Listed Equities

OTC

Europe Equities

Fixed Income Trading (Rank)

High Yield Trading (Rank)

Research

Rank

# of Positions

Note:(1)Sources: Listed and OTC: Autex; Europe Equities: Local Exchanges; Fiscal year basis. Research Ranking: Institutional Investor.


Morgan stanley market position8 l.jpg

1999

2000

2001

19.0%

15.9%

6.6%

9.2%

34.5%

2

17.3%

14.4%

6.8%

10.1%

34.1%

2

18.5%

14.5%

5.6%

7.7%

28.7%

3

Up/Flat

Off

Down

Morgan Stanley Market Position

Corporate Clients(1)

Equity Issuance

IPOs

Total Fixed Income Issuance

High Yield Issuance

M&A Announced

Rank

Note:(1)Source: Thomson Financial Securities, Calendar year basis.


Morgan stanley market position9 l.jpg

1999

2000

2001

Up/Flat

Off

Down

Morgan Stanley Market Position

Retail Clients(1)

FA Market Share

Total Client Assets ($Bn)

Mutual Fund Flows

Equity Fund Flows

21.2%

595

3.2%

3.1%

21.6%

662

3.8%

6.0%

21.4%

595

0.8%

0.7%

Credit Cards(2)

Receivables Share

Network Volume Share

7.7%

6.4%

8.3%

7.2%

8.6%

6.9%

Notes:(1)Sources: FA Market Share: Company Reports and SIA Yearbook (2001 share data is as of 3Q); Long-term and Equity Fund Flows: Strategic Insight (2001 data is year-to-date through November).

(2)Sources: Nilson, Faulkner and Gray. 2001 data is as of end of June.


Mwd stock performance l.jpg

$63.38

$55.50

$55.32

MWD Stock Performance

MWD Stock Performance

11/30/01

3/13/02


Mwd relative stock performance l.jpg

MWD

S&P Financials

S&P 500

MWD Relative Stock Performance

Relative Stock Performance (Indexed)

Source: Bloomberg


First choice l.jpg

First Choice

  • Culture the key differentiator

  • Significant strides in 2001

    • Incentives

    • Compensation

    • Measures

  • Impact

    • Market share

    • Client wallet share


Market conditions 1q02 vs 4q01 l.jpg

1%

2%

97%

23%

9%

85%

23%

12%

33%

32%

13%

15%

3%

4%

1%

5%

3%

Market Conditions – 1Q02 vs. 4Q01

Retail Investors

InstitutionalInvestors

CorporateMarket

Credit

Cards

  • Volume:

    • NYSE

    • NASDAQ

  • Volatility:

    • Nasdaq

    • Amex QQQ

    • Crude Oil (WTI)

  • M&A Announced

  • Equity Underwriting

  • IPO's

  • Fixed Income Issuance

  • Margin Debits

  • Fund Flows:

    • Total Long-Term Fund Flows*

    • Equity Fund Flows

  • Market Performance:

    S&P

    Nasdaq

  • Unemployment rate

  • Interest Rates:

    • 2-Year Treasury

  • Retail Sales

Sources: NYSE, NASDAQ, SIA, Thomson Financial Securities Data, Investment Company Institute, Bloomberg *Dec01-Jan02 vs. Oct01-Nov01; includes debt and equity funds.


Report on the company14 l.jpg

Report on the Company

Robert G. Scott

President & COO

March 19, 2002


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