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Annual Meeting Report: Morgan Stanley Financial Performance & Market Analysis (2002)

This report encapsulates the key discussions from the Morgan Stanley Annual Meeting held on March 19, 2002, led by Chairman & CEO Philip J. Purcell and President & COO Robert G. Scott. It highlights fiscal 2001's operating results, including net revenues, income, and market conditions across various investment sectors. The report discusses the performance of retail and institutional investors, market volatility, credit cards, and trends in equity and fixed-income issuances, providing an in-depth analysis of Morgan Stanley's market position amidst prevailing economic conditions.

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Annual Meeting Report: Morgan Stanley Financial Performance & Market Analysis (2002)

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  1. Annual Meeting with Shareholders Philip J. Purcell Chairman & CEO March 19, 2002

  2. Report on the Company Robert G. Scott President & COO March 19, 2002

  3. 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.

  4. 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

  5. Fiscal 2001 Operating Results Return on Equity (%)

  6. Growth in Morgan Stanley Book Value Book Value per Share CAGR: 14%

  7. 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.

  8. 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.

  9. 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.

  10. $63.38 $55.50 $55.32 MWD Stock Performance MWD Stock Performance 11/30/01 3/13/02

  11. MWD S&P Financials S&P 500 MWD Relative Stock Performance Relative Stock Performance (Indexed) Source: Bloomberg

  12. First Choice • Culture the key differentiator • Significant strides in 2001 • Incentives • Compensation • Measures • Impact • Market share • Client wallet share

  13. 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.

  14. Report on the Company Robert G. Scott President & COO March 19, 2002

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