Steven C. Pelayo

STEVEN C. PELAYO is a Vice President who joined Morgan Stanley in 1996
and covers the semiconductor capital equipment industry. Mr. Pelayo
started at the firm as a Research Associate and in 1999 was named a
Senior Analyst focusing on a subsection of the semiconductor capital
equipment group called back-end test, assembly, and packaging. Prior to
joining Morgan Stanley, Mr. Pelayo was a member of the Equity Research
Department of Prudential Securities. He was ranked second in the 2003
Greenwich Associate’s weighted research survey for semiconductor capital
equipment, runnerup in the 2002 Institutional Investor’s survey, first
in stock-picking ability in The Wall Street Journal’s 2003 Best on the
Street survey, and first in stock picking and earnings estimate accuracy
in StarMine’s 2002 ranking. Mr. Pelayo received a BS in Finance from San
Diego State University. He is a Chartered Financial Analyst.