Morgan Stanley

Morgan Stanley Dean Witter has the resources, the commitment, the people and the technology to provide virtually any client in almost any country the combination of products, services and advice to find the best solution for that client's financial needs. Our future growth is linked to this basic value proposition.

There are countless examples of how this past year Morgan Stanley Dean Witter brought the firm's broad resources to bear to meet the particular needs of our clients. One notable example, with far-reaching implications, was the launch in October of ichoice for individual investors.

ichoice is a new service and technology platform of great range, scale and flexibility. It combines the expertise of our more than 12,000 full-service financial advisors, the proven technology of our award-winning online business and our firm's unmatched depth in product offerings and research. ichoice provides every Morgan Stanley individual investor client the choice of self-directed investing online; a traditional full-service relationship through a financial advisor; or some combination of both. It also provides a range of different pricing options that include fee-based pricing with a virtually unlimited number of online trades.

The firm has always said it "measures success one investor at a time," and we know that investors have different needs, goals and preferences in the way they invest. Therefore, our new platform is designed to meet the needs of every investor. We believe that no one in our industry can offer investors the same combination of advice, technology, research and originated product as Morgan Stanley Dean Witter.

In our institutional securities business, the counterpart of the advanced ichoice Internet platform is ClientLink, a robust global platform that provides customers with real-time price information on a wide range of securities, advanced analytics and views of market activities around the globe. Institutions also can use ClientLink to purchase new issues. Through our private, secure Internet platform, more than 40,000 registered clients have access to over 50 financial applications and to our top-rated global equity research team, which includes 20 economists, 24 strategists and more than 250 analysts who cover over 2,400 companies worldwide. Our research group secured the top spot in Institutional Investor's Global Research Team in 1999, and Morgan Stanley was recognized as the "most read brokerage firm worldwide" by First Call Corp.

Another example of our ability to marshal the firm's broad capabilities to meet not only the funding goals of a major issuer but also the investment needs of institutional and individual investors was the initial public offering of United Parcel Service (UPS). The UPS offering raised $5.5 billion and was the largest IPO in U.S. history. More than 10,000 financial advisors at our branch offices were involved in distributing UPS shares to more than 90,000 of our individual investor clients. There are many examples of Morgan Stanley's ability to serve a wide range of clients in other parts of the world. In emerging markets, we were the number one underwriter in sovereign bonds, lead-managing offerings for eight of the top 10 borrowers, including issues that brought both Brazil and Argentina back into the international capital markets. With a resurgence of investor confidence in Asian economies, we were the global coordinator for the $2.5 billion equity offering of Korea Telecom and a lead-manager for the 120 billion yen bond issue for Nippon Telegraph and Telephone.

In asset management, a key measure of providing value for clients is the performance of our mutual funds. As of November 1999, 51 of our mutual funds were ranked 4 or 5 stars by Morningstar, which makes Morgan Stanley second in the industry in number of top-ranked funds. Two of our highly rated funds -- the Van Kampen Emerging Growth Fund and the Morgan Stanley American Opportunities Fund -- have been named "Funds of the Decade" by Mutual Funds magazine.