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EXHIBIT 99.3
CONSENT OF MORGAN STANLEY & CO. INCORPORATED
Board of Directors
Circle International Group, Inc.
260 Townsend Street
San Francisco, CA 94107-1719
Members of the Board:
We hereby consent to the use in Amendment No. 1 to the Registration
Statement of EGL, Inc. on Form S-4 (the "Registration Statement") 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
August 8, 2000
