Chad Gifford
Chairman & Chief Operating Officer,
FleetBoston Financial

a long-term advisor
Morgan Stanley's relationship with FleetBoston dates back to 1995, when we advised Shawmut and Baybanks on their respective mergers with Fleet Financial and Bank of Boston; in 1999, we advised BankBoston on its merger with Fleet Financial to create FleetBoston Financial. In 2003, Morgan Stanley acted as sole financial advisor to FleetBoston in its merger with Bank of America. This $47 billion transaction — by far the largest bank deal of the year — created a financial services giant with some 33 million consumer relationships coast to coast.

Laurence Fink
Chairman & Chief Executive Officer,
BlackRock Inc.

expanding our role
As one of Morgan Stanley's key clients, BlackRock has been a focus of our relationship management efforts, both within the fixed income division and elsewhere across the firm. BlackRock is one of the world's largest asset managers, and Morgan Stanley generates trading ideas and provides liquidity to help BlackRock seize opportunities as they occur. Increasingly, the firm also provides strategic ideas to help BlackRock build its position as a leader in the investment business.