Morgan Stanley Dean Witter managed $338 billion for institutional and individual investors at year-end 1997 to rank #2 worldwide among domestic full-service securities firms. This business generated $531 million in net income in 1997, and we believe it is destined for significant growth in the next 5-10 years driven by increasing global demand for asset management products and services.

MORGAN
STANLEY
ASSET
MANAGEMENT
MILLER
ANDERSON
& SHERRERD, LLP
VAN
KAMPEN
AMERICAN
CAPITAL
DEAN WITTER
INTERCAPITAL