In the 2003 International Financing Review, FinanceAsia and Nikkei deal awards, Morgan Stanley won a number of accolades for its role in Japan's most important capital markets transactions completed during the last year.

MTFG Global Offering
Mitsubishi Tokyo Financial Group’s JPY306.2bn follow-on common stock offering received IFR's "Asia-Pacific Equity Issue of the Year," FinanceAsia's "Best Secondary Offering" and the Nikkei's "Third Best Equity Finance Deal."

The transaction was a landmark offering for the Japanese equity market and banking sector in many ways. It represented the largest common stock offering by a Japanese company in over two years and the first common stock offering by a Japanese bank in over 13 years. The success of the offering, which the Firm completed in a difficult market environment, sent a very strong signal to the global markets that Japanese banks could recapitalize themselves with their own equity.

Morgan Stanley was joint global coordinator on the offering and joint book runner (international and U.S. tranches), together with Nomura Securities.

NEC Electronics IPO
NEC Electronics Corporation's JPY155bn Initial Public Offering received FinanceAsia's "Best IPO" and the Nikkei's "Second Best Equity Finance Deal" awards. The offering was the largest Japanese IPO and the third-largest IPO completed globally in 2003 when it priced on July 14. The transaction represented one of the most institutionally driven IPOs ever completed in Japan, with 70% of the offering placed with domestic and international institutional investors. It also had a positive impact on its parent company, NEC, with NEC's share price increasing approximately 44% between the launch and the pricing of the IPO -- validating the strategic rationale underlying the transaction.

Morgan Stanley was joint global coordinator and global joint book runner (domestic and international tranches) together with Daiwa Securities SMBC.

Seiko Epson IPO
Seiko Epson Corporation's JPY132bn initial public offering received the Nikkei's "Best Equity Finance Deal." The offering was the second-largest Japanese IPO in 2003. Reflecting the significant improvement of the Japanese equity market, the offering was priced at JPY2,600 per share, at the top end of the revised bookbuilding range, which had been increased from JPY2,150 - JPY2,450 per share to JPY2,150 - JPY2,600 per share on June 9. Investor participation was both broad and deep, with the offering enthusiastically received.

Morgan Stanley was joint international book runner, together with Nikko Citigroup.

GE Japan Funding Corporate Bond Offering
GE Japan Funding's inaugural issuance of Japanese domestic bonds guaranteed by GE Capital Corporation received the Nikkei's "Second Best Domestic Corporate Bond Deal." The JPY85bn offering was the first of its kind issued by a Japanese subsidiary of an international company with a guarantee from its parent company. This landmark deal paved the way for non-Japanese entities such as GECC to access a broader Japanese investor base and provided new fundraising alternatives.

Morgan Stanley was joint book runner, together with Mitsubishi Securities and Nomura Securities.

"These awards clearly underscore the outstanding performance of our bankers, capital markets, and sales & trading teams to win and execute these mandates so successfully," said Jason Milazzo, Head of Investment Banking in Japan. "We are pleased that our pipeline for 2004 continues to be very strong with our ongoing involvement in a number of landmark transactions in Japan."