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1、,Presentation to the Automotive News World Congress,Stephen J. Girsky January 2004,Disclosures,Analyst Certification Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they h
2、ave not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Stephen J. Girsky. Important US Regulartory Disclosures on Subject Companies The information and opinions in this report were prepared by Morgan Stanley
3、& Co. Incorporated (“Morgan Stanley”). As of November 28, 2003, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in this report: Delphi, General Motors, Goodyear Tire & Rubber, Johnson Controls, Magna Intl Inc., TBC and Tower Auto
4、motive. 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 received compensation for in
5、vestment 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 o
6、r intends to seek compensation 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., Lithi
7、a 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 received compensation based
8、 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 Moto
9、rs, Magna Intl., TBC and Tower Automotive. Global Stock Ratings Distribution (as of December 31, 2003) (Continued),Disclosures,Data include common stock and ADRs currently assigned ratings. For disclosure purposes (in accordance with NASD and NYSE requirements), we note that Overweight, our most pos
10、itive stock rating, most closely corresponds to a buy recommendation; Equal-weight and Underweight most closely correspond to neutral and sell recommendations, respectively. However, Overweight, Equal-weight, and Underweight are not the equivalent of buy, neutral, and sell but represent recommended
11、relative weightings (see definitions below). An investors decision to buy or sell a stock should depend on individual circumstances (such as the investors existing holdings) and other considerations. Investment Banking Clients are companies from whom Morgan Stanley or an affiliate received investmen
12、t banking compensation in the last 12 months. Analyst Stock Ratings Overweight (O or Over) - The stocks total return is expected to exceed the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis over the next 12-18 months. Equal-weight (E or
13、Equal) - The stocks total return is expected to be in line with the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis over the next 12-18 months. Underweight (U or Under) - The stocks total return is expected to be below the average total r
14、eturn of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis, over the next 12-18 months. More volatile (V) - We estimate that this stock has more than a 25% chance of a price move (up or down) of more than 25% in a month, based on a quantitative assessment of histo
15、rical data, or in the analysts view, it is likely to become materially more volatile over the next 1-12 months compared with the past three years. Stocks with less than one year of trading history are automatically rated as more volatile (unless otherwise noted). We note that securities that we do n
16、ot currently consider “more volatile“ can still perform in that manner. Unless otherwise specified, the time frame for price targets included in this report is 12 to 18 months. Ratings prior to March 18, 2002: SB=Strong Buy; OP=Outperform; N=Neutral; UP=Underperform. For definitions, please go to Analyst Industry Views Attractive (A). The analyst expects the performance of his or her industry coverage universe to be attractive vs. the r
