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MORGAN STANLEY GROUP REPORTS RESULTS

 MORGAN STANLEY GROUP REPORTS RESULTS
 NEW YORK, Jan. 24 /PRNewswire/ -- Morgan Stanley Group Inc.


(NYSE: MS) today announced net income of $475.1 million for the year ended Dec. 31, 1991, compared with $270.4 million in 1990.
 Net revenues (gross revenues less interest expense) for 1991 were $2,860.6 million vs. 1990 net revenues of $2,158.6 million. Primary earnings per common share for 1991 were $5.93 vs. $3.37 for 1990. Earnings per common share on a fully diluted basis were $5.61 and $3.33 in 1991 and 1990, respectively.
 The company also announced the declaration by its board of directors of an increase in the regular quarterly dividend to 23.5 cents per common share. The dividend is payable Feb. 20, 1992, to holders of record on Feb. 3, 1992.
 Net income for the fourth quarter of 1991 was $132.3 million, resulting in earnings per common share of $1.61 on a primary basis and $1.54 on a fully diluted basis. Net revenues for the last quarter of 1991 were $716.6 million. Comparable 1990 fourth quarter results were net income of $58.3 million, primary and fully diluted earnings per common share of $0.71 and $0.68, respectively, and net revenues of $488.2 million.
 Richard B. Fisher, chairman, and Robert F. Greenhill, president, said in a joint statement:
 "We are pleased with the earnings and revenue growth achieved by Morgan Stanley in 1991. In a year of volatile and challenging markets, the firm's sales and trading activities benefited from our strong global market position resulting in record fixed income, equity, foreign exchange and commodities revenues.
 Investment banking revenues improved in 1991 with active equity and debt underwriting volumes in the United States and internationally, which more than offset the continued weakness in the mergers and acquisitions and real estate advisory markets.
 Important contributions were also made by the firm's asset management and clearing and custody businesses."
 Total capital (stockholders' equity and long-term debt) at Dec. 31, 1991, was $5.42 billion, including $2.99 billion of common and preferred stockholders' equity. Book value per common share was $30.77, based on quarter-end shares and share equivalents of 77,869,118. During the fourth quarter, the company strengthened its capital base with the issuance of $701 million of senior notes and $195 million of 8.88 percent cumulative preferred stock.
 Morgan Stanley Group Inc. is a global financial services firm with offices in New York, London, Tokyo, and other principal financial centers.
 MORGAN STANLEY GROUP INC.
 Consolidated Statement of Income
 (Unaudited; in thousands, except share data)
 Periods ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 Revenues:
 Investment banking $252,351 $146,336 $823,511 $652,300
 Principal transactions:
 Trading 246,310 176,784 1,319,625 901,764
 Investments 14,319 -- 19,379 1,486
 Commissions 73,902 72,758 271,153 275,075
 Interest & divs. 1,152,407 1,044,412 4,180,721 3,894,352
 Asset management and
 administration 45,450 33,824 159,640 131,464
 Other 2,711 2,901 11,113 13,185
 Total revenues 1,787,450 1,477,015 6,785,142 5,869,626
 Interest expense 1,070,856 988,832 3,924,504 3,711,019
 Net revenues 716,594 488,183 2,860,638 2,158,607
 Expenses excluding
 interest:
 Compensation &
 benefits 326,814 223,137 1,395,985 1,057,001
 Occupancy & equipment 58,892 51,302 217,599 199,055
 Brokerage, clearing &
 exchange fees 30,029 30,400 125,249 111,636
 Communications 22,168 19,240 88,770 83,228
 Business development 24,887 24,785 94,926 93,819
 Professional services 25,268 22,356 83,968 76,710
 Other 22,574 15,628 81,666 66,948
 Total expenses
 excluding interest 510,632 386,848 2,088,163 1,688,397
 Income bef. inc. taxes 205,962 101,335 772,475 470,210
 Provision for

 income taxes 73,631 43,067 297,404 199,847
 Net income 132,331 58,268 475,071 270,363
 Earnings applicable to
 common shares(A) 122,778 51,720 446,838 250,511
 Average common & common
 equivalent shares
 outstanding(A)(B) 76,074,817 73,200,964 75,397,381 74,228,752
 Primary earnings per
 share(B) $1.61 $0.71 $5.93 $3.37
 Fully diluted earnings
 per share(B) 1.54 0.68 5.61 3.33
 (A) -- For primary earnings per share.
 (B) -- Retroactively adjusted to give effect to a two-for-one common stock split effected in the form of a 100 percent stock dividend, which became effective Aug. 27, 1991.
 -0- 1/24/92
 /CONTACT: Jeanne Donovan Andrews, 212-703-4058, or Charles B. Hintz (investors), 212-703-7178, both for Morgan Stanley/
 (MS) CO: Morgan Stanley Group Inc. ST: New York IN: FIN SU: ERN


CK -- NY025 -- 3187 01/24/92 10:22 EST
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