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OMB APPROVAL
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OMB Number 3235-0104
Expires: April 30, 1997
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Dean Witter, Discover & Co.
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(Last) (First) (Middle)
Two World Trade Center
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(Street)
New York, NY 10048
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
02/04/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
36-3145972
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4. Issuer Name and Ticker or Trading Symbol
Morgan Stanley Group Inc. (MS)
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5 Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ x ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
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3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Option (see below) (see below) (see below) Common Stock 31,506,582 $62.906 D
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Explanation of Responses:
In connection with an Agreement and Plan of Merger (the "Merger Agreement") dated as of February 4, 1997, between Dean
Witter, Discover & Co. (the "Reporting Person") and Morgan Stanley Group Inc. (the "Issuer"), the Reporting Person and the
Issuer entered into a Stock Option Agreement dated as of February 4, 1997, providing for the option described above. The
option is exercisable only upon the occurrence of certain events described in the Stock Option Agreement and expires upon,
or following a certain period after, the occurrence of certain events described in the Stock Option Agreement. The number of
shares of common stock of the Issuer purchasable by the Reporting Person under the option will be adjusted if necessary so
that the number of shares purchasable by the Reporting Person upon exercise of the option at the time of such exercise will
equal 19.9% of the ourstanding shares of Common Stock of the Issuer at such time. Prior to such exercise, the Reporting
Person expressly disclaims beneficial ownership of the shares of Common Stock of the Issuer which are purchasable by the
Reporting Person upon Exercise of such option.
</TABLE>
/s/ Ronald T. Carman February 14, 1997
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**Signature of Reporting Person Date
By Ronald T. Carman
Title: Senior Vice President and
Associate General Counsel
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.
