Extel is a leading supplier of international market data to the global asset management community. Extel surveyed the investment managers of institutions worldwide on their perceptions of investment analysts in 99 sectors. Extel compiled a Top Ten Analysts list for each of the examined sectors both unweighted and weighted by the size of the funds under management of the investors. Among the many top ten lists Morgan Stanley made, it received the following rankings:

• #3 Emerging Markets Equity Market Strategy (Unweighted)
• #2 Pan-European Equity Market Strategy (Weighted and Unweighted)
• #3 Pan-European Economics (Unweighted)
• #2 Pan-European Economics (Weighted)
• #3 Global Market Strategy (Weighted)
• #3 Global Economics (Unweighted)
• #1 Assessment of Execution
• #1 Indian Sub-Continent (India, Pakistan, Sri Lanka) (Unweighted)
• #2 Indian Sub-Continent (India, Pakistan, Sri Lanka) (Weighted)
• #3 Hong Kong (Unweighted)
• #2 Hong Kong (Weighted)
• #2 Japan (Unweighted)
• #1 Japan (Weighted)
• #3 United States (Weighted)
• #3 European Banks (Weighted)
• #3 European Breweries/Distilleries (Unweighted and Weighted)
• #2 European Electricals/Electronics/Technology (Unweighted and Weighted)
• #2 European Engineering (Unweighted and Weighted)
• #2 European Food Products (Unweighted and Weighted)
• #1 European Forestry, Paper & Packaging (Unweighted)
• #3 European Media/Leisure (Unweighted and Weighted)
• #1 European Retailing (Unweighted and Weighted)