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MORGAN STANLEY GROUP REPORTS RESULTS

 NEW YORK, Aug. 23 /PRNewswire/ -- Morgan Stanley Group Inc. (NYSE: MS) today announced net income of $224.2 million, or $2.77 per common share on a primary basis, for the quarter ended July 31, 1993. The second quarter performance compares to net income of $119.0 million, or $1.36 per share on a primary basis, for the quarter ended July 31, 1992.
 Net revenues (gross revenues less interest expense) for the second quarter of 1993 were $1,146.7 million vs. $764.1 million for second quarter 1992. Fully diluted earnings per common share were $2.65 and $1.31 in the second quarter of 1993 and 1992, respectively.
 Net income for the six months ended July 31, 1993 was $423.1 million, or $5.17 per share on a primary basis and $4.94 per share on a fully diluted basis. Net revenues for the period were $2,197.3 million. First half results for the period ending July 31, 1992 were net income of $258.1 million, earnings per share (on a primary basis) of $2.98, earnings per share (on a fully diluted basis) of $2.86, and net revenues of $1,572.5 million.
 The company announced the declaration by its board of directors of a quarterly dividend of 27 cents per common share. The dividend is payable Sept. 23, 1993 to holders of record on Sept. 3, 1993.
 Richard B. Fisher, chairman, and John J. Mack, president, said in a joint statement:
 "We are pleased with Morgan Stanley's second quarter results
 which reflect the strength of the firm's global business
 franchise as well as favorable market conditions. Investment
 banking revenues increased during the period based on growth in
 financial advisory services and high-yield and structured debt
 underwriting. Sales and trading revenues increased reflecting
 growth in all trading areas. Our fixed income businesses were
 especially strong, and revenues in equities, foreign exchange and
 commodities also increased in the second quarter of 1993 over the
 second quarter of 1992. The firm also realized merchant banking
 investment gains during the quarter, principally from the sale of
 Mountain Gas Resources, Inc. to Western Gas Resources, Inc.
 Morgan Stanley's asset management and custody and clearing
 businesses also achieved strong performances this quarter."
 Total capital (stockholders' equity and long-term debt) at July 31, 1993, was $6.7 billion, including $3.6 billion of common and preferred stockholders' equity. Book value per common share was $40.27, based on quarter-end shares and share-equivalents of 75,853,867.
 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
 (In thousands, except share data - Unaudited)
 Periods ended Three Months Six Months
 July 31 1993 1992 1993
 1992
 Revenues:
 Investment banking $ 318,208 $ 284,212 $ 697,053 $ 554,633
 Principal transactions:
 Trading 517,842 204,305 887,622 496,185
 Investments 17,944 20,614 28,475 51,843
 Commissions 90,743 77,404 182,229 153,629
 Interest and
 dividends 1,478,208 1,455,493 2,759,339 2,594,292
 Asset management and
 administration 63,591 52,957 116,415 100,574
 Other 2,648 3,862 4,635 6,466
 Total revenues 2,489,184 2,098,847 4,675,768 3,957,622
 Interest expense 1,342,517 1,334,756 2,478,504 2,385,149
 Net revenues 1,146,667 764,091 2,197,264 1,572,473
 Expenses excluding interest:
 Compensation and
 benefits 572,235 371,606 1,096,434 770,647
 Occupancy and equipment 61,762 57,343 120,268 114,449
 Brokerage, clearing and
 exchange fees 44,418 43,507 92,294 81,724
 Communications 23,936 23,032 47,540 44,974
 Business development 32,286 26,266 61,769 50,214
 Professional services 29,609 25,118 55,487 45,977
 Other 23,547 22,047 46,522 41,439
 Total expenses excluding
 interest 787,793 568,919 1,520,314 1,149,424
 Income before
 income taxes 358,874 195,172 676,950 423,049
 Provision for
 income taxes 134,626 76,159 253,855 164,972
 Net income $ 224,248 $ 119,013 $ 423,095 $ 258,077
 Earnings applicable to
 common shares(A) $ 211,962 $ 106,472 $ 398,519 $ 233,171
 Average common and common
 equivalent shares
 outstanding(A) 76,474,964 78,106,848 77,137,406 78,184,323
 Primary earnings
 per share $ 2.77 $ 1.36 $ 5.17 $ 2.98
 Fully diluted earnings
 per share $ 2.65 $ 1.31 $ 4.94 $ 2.86
 (A) Amounts shown are used to calculate primary earnings per share.
 -0- 8/23/93
 /CONTACT: Charles B. Hintz, investor relations, 212-703-7178, or Jeanne Donovan Andrews, media relations, 212-703-4058, both of Morgan Stanley/
 (MS)


CO: Morgan Stanley Group Inc. ST: New York IN: FIN SU: ERN

SM -- NY014 -- 4963 08/23/93 09:58 EDT
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Date:Aug 23, 1993
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