Presentation to the Automotive News World Congress
Stephen J. GirskyJanuary 2004
The following analysts hereby certify that their views about panies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or pensation in exchange for expressing specific mendations or views in this report: Stephen J. Girsky.
Important US Regulartory Disclosures on panies
The information and opinions in this report were prepared by Morgan Stanley & Co. Incorporated (“Morgan Stanley”).
As of November 28, 2003, Morgan Stanley beneficially owned 1% or more of a class mon equity securities of the panies covered in this report: Delphi, General Motors, Goodyear Tire & Rubber, Johnson Controls, Magna Intl Inc., TBC and Tower Automotive.
Within the last 12 months, Morgan Stanley managed or co-managed a public offering of securities of DaimlerChrysler AG, Delphi, Ford, General Motors, Standard Motor Products and Tenneco.
Within the last 12 months, Morgan Stanley, Morgan Stanley or an affiliate has pensation for investment banking services from Aftermarket Technology, American Axle and Mfg., BorgWarner Inc., DaimlerChrysler AG, Delphi, Ford, General Motors, Standard Motor Products, Superior Industries, Tenneco, Tower Automotive and Visteon Corporation.
In the next 3 months, Morgan Stanley expects to receive or intends to pensation for investment banking services from Aftermarket Technology, American Axle and Mfg., ArvinMeritor, AutoNation, Borg Warner Inc., DaimlerChrysler AG, Dana Corp., Delphi, Ford, General Motors, Genuine Parts Co., Goodyear Tire & Rubber, Johnson Controls, Lear Corp., Lithia Motors, Magna Intl Inc., Standard Motor Products, Superior Industries, Tenneco, Tower Automotive, United Auto Group and Visteon Corporation.
The research analysts, strategist, or research associates principally responsible for the preparation of the research report have pensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and investment banking revenues.
Morgan Stanley & Co. Incorporated makes a market in the securities of Aftermarket Technology, Delphi, Dura Automotive, Ford, General Motors, Magna Intl., TBC and Tower Automotive.
Global Stock Ratings Distribution
(as of December 31, 2003)
Data mon stock and ADRs currently assigned ratings. For disclosure purposes (in accordance with NASD and NYSE requirements), we note that Overweight, our most positive stock rating, most closely corresponds to a buy mendation; Equal-weight and Underweight most closely correspond to neutral and sell mendations, respectively. However, Overweight, Equal-weight, and Underweight are not the equivalent of buy, neutral, and sell but represent mended relative weightings (see definitions bel