In the recently released Institutional Investor All-America Poll, Morgan Stanley earned first place on a weighted average basis* with a score of 137 points, outdistancing Merrill Lynch (127), Salomon Smith Barney (116) and Goldman Sachs (109) respectively.

Morgan Stanley ranked second place overall (tied with Goldman Sachs) with 50 total team positions, placing behind Merrill (57 positions) and ahead of Salomon Smith Barney (46) and Donaldson Lufkin & Jenrette (38).

Morgan Stanley attained 19 first-team positions, the most ever received by one firm and an increase of five from 1997's total. In addition, Morgan Stanley earned 12 second-team (the most of any firm), six third-team, and 13 runner-up positions.

This year's poll is based on the opinions of approximately 1,800 individuals, comprising approximately 90% of the top 100 accounts in the II300 (Institutional Investor's listing of the largest institutions and key money management firms in the U.S.) and about 65% of the complete II300.

The attached is a listing of all the ranked Morgan Stanley Dean Witter analysts. Please join Equity Research in congratulating them and all members of Research and Sales who made this performance possible.

For further information regarding this year's poll, please visit http://www.iimagazine.com.

*First teamers were assigned a score of four, second teamers a score of three, two points went to third teamers and one point to runners-up.

1998 All-America Positions

Analyst Position 1998 Category Bilotti, Rich 1st team Broadcasting/Cable Blumstein, Michael 1st team Insurance/Life Bodenchak, Frank 1st team Broadcasting/Radio & TV Brooke, Paul 1st team Pharmaceuticals Conway, Andrew 1st team Beverages Fleck, Shelby 1st team Electronic Manufacturing Services Girsky, Steve 1st team Autos Girsky, Steve 1st team Auto Parts Iyer, Anand and team 1st team Convertibles Meeker, Mary 1st team The Internet & New Media Murphy, Jennifer 1st team Electrical Equipment (Consumer & Industrial) Murphy, Kevin 1st team Airfreight (including freight forwarding & logistics) Pearson, Sharon 1st team Retailing/Softlines Penney, Howard 1st team Restaurants Phillips, Chuck 1st team Server & Enterprise Software Reicin, Glenn 1st team Health Care/Medical Supplies & Technology Togut, David 1st team Business Services Togut, David 1st team Computer Services Valentine, James 1st team Railroads Atwell, Wayne 2nd team Nonferrous metals Chao, Pierre 2nd team Aerospace & Defense Electronics Deahna, Jay 2nd team Electronics/Semiconductor Capital Equipment Edelstone, Mark 2nd team Electronics/Semiconductors Esquivel, Josephine 2nd team Textiles, Apparel & Footwear Kelly, George 2nd team Data Networking Konolige, Kit 2nd team Electric Utilities Lovoi, John 2nd team Oil Services & Equipment Rossi, Marie 2nd team Health Care/Information Technology Terreson, Douglas 2nd team Oil/Domestic Valentine, James 2nd team Trucking Terreson, Douglas 2nd team (tie) Oil/International Fleck, Shelby 3rd team Electronics/Connectors & Other Components Levin, Debra 3rd team Retailing/Food & Drug Chains Meeker, Mary 3rd team PC Software Mezrich, Joseph and team 3rd team Equity Derivatives Murphy, Jennifer 3rd team Multi-Industry Runkle, Rebecca 3rd team Photography & Electronic Imaging Adelman, David Runner-up Tobacco Arthur, Douglas Runner-up Publishing Berler, Matthew Runner-up Paper & Forest Products Comfort, Stephanie Runner-up Wireline Telecom Services Gulley, Mark Runner-up Chemicals/Specialty Jones, Andrew Runner-up REITS/Retail Missett, Bruce Runner-up Retailing/Broadlines Murphy, Kevin Runner-up Airlines Ravitz, Leslie Runner-up Chemicals/Major Richter, Todd Runner-up Health Care/Managed Care Waldo, Adam Runner-up Business Services Whyte, Gregory Runner-up REITS/Commercial Zimmerman, Alan Runner-up Insurance/NonLife