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EXHIBIT 99.3
CONSENT OF MORGAN STANLEY & CO. INCORPORATED
Board of Directors
Circle International, Inc.
260 Townsend Street
San Francisco, CA 94107-1719
Members of the Board:
We hereby consent to the use in the Registration Statement of EGL, Inc.
on Form S-4 and in the Joint Proxy Statement/Prospectus of EGL, Inc. and Circle
International Group, Inc., which is part of the Registration Statement, of our
opinion dated July 2, 2000 appearing as Annex F to such Joint Proxy
Statement/Prospectus, and to the description of such opinion and to the
references to our name contained therein under the heading "Summary", "The
Merger -- Background of the Merger", "The Merger -- Circle's Reasons for the
Merger" and "The Merger -- Opinion of Circle's Financial Advisor". In giving the
foregoing consent, we do not admit that we come within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as
amended (the "Securities Act"), or the rules and regulations promulgated
thereunder, nor do we admit that we are experts with respect to any part of such
Registration Statement within the meaning of the term "experts" as used in the
Securities Act or the rules and regulations promulgated thereunder.
MORGAN STANLEY & CO. INCORPORATED
By: /s/ Mark D. Eichorn
-------------------------------------
Mark D. Eichorn
Managing Director
New York, NY
July 26, 2000
