1、ANNUAL REPORT 2001To Our Shareholders:In a year that challenged our company,our industryand our world,the people of Morgan Stanley displayedgreat discipline and resolve.We believe our companyhas emerged even stronger and better prepared forthe future.The long-term growth trends that shapeour strateg
2、y are intact.And more than ever,we arefocused on the working relationships with clientsthat will drive our future growth.To Our Shareholders:In a year that challenged our company,our industryand our world,the people of Morgan Stanley displayedgreat discipline and resolve.We believe our companyhas em
3、erged even stronger and better prepared forthe future.The long-term growth trends that shapeour strategy are intact.And more than ever,we arefocused on the working relationships with clientsthat will drive our future growth.MSC001_annual_from_printe2.qxd 2/15/02 2:17 PM Page 1For a more complete dis
4、cussion of our 2001 results,please refer to our Annual Report on Form 10-K and visit us online at .MSC001_annual_from_printe2.qxd 2/15/02 2:17 PM Page 2MORGAN STANLEY ANNUAL REPORT 2001 1But we also take pride in the way our company respondedin the immediate aftermath of the attacks and the weekstha
5、t followed.Through resolve,discipline and some indi-vidual acts of heroism,nearly all our employees evacuatedthe South Tower immediately after the North Tower was hit,executing planned and frequently practiced safety proce-dures.Many of our people immediately went to backup sitesto begin to take car
6、e of customers and to protect the firm.We believe it was a defining moment for us a summationof what we stand for and how we respond when tested byextreme circumstances.We believe the response of ourpeople should give shareholders great confidence.Few,if any,events will ever have the impact of Septe