The first half of 2002 has seen the Firm's debt capital market franchise dominate G3 currency bond issuance out of Asia Pacific. According to Capital Data Bondware, the Firm was the region's leading bookrunner with a market share of 25% (for non-Japan Asia, including Australia — proportional credit), ahead of Salomon Smith Barney with 17%.

The broad array of debt offerings for a wide range of issuers shows Morgan Stanley's ability to execute across the credit spectrum.

The Asia Pacific 2002 YTD deal list includes:

• Republic of the Philippines (ROP) — US$750mn due 2017
• Hysan Development — US$200mn due 2012
• Asian Development Bank (ADB) — US$2bn due 2007*
• ANZ — Euro500mn due 2007
• Federation of Malaysia — US$750mn due 2011 (re-opening)
• CLP Power — US$300mn due 2012
• PLDT — US$350mn due December 2007
• PETRONAS — US$2.72bn equivalent due December 2009