ManagingMultiple Products & Multiple Platforms

Mitchell M. MerinPresident & Chief Operating Officer

Morgan Stanley Investment Management

Forces Of Change

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

AssetManagement

Industry

ForcesForces

TechnologyTechnology

Forces Of Change

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

AssetManagement

Industry

TechnologyTechnology

ChangingChangingCustomersCustomers

Forces Of Change

ForcesForces

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

AssetManagement

Industry

TechnologyTechnology

ChangingChangingCustomersCustomers

Forces Of Change

U.S. MarketU.S. MarketMaturationMaturation

ForcesForces

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

AssetManagement

Industry

TechnologyTechnology

ChangingChangingCustomersCustomers

IncreasedIncreasedCompetitionCompetition

Forces Of Change

U.S. MarketU.S. MarketMaturationMaturation

ForcesForces

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

AssetManagement

Industry

ChangesChanges

Power Shifting to DistributorsPower Shifting to Distributors

Losing Control of the CustomerLosing Control of the Customer

Greater Mobility of AssetsGreater Mobility of Assets

Ubiquity of Products & ServicesUbiquity of Products & Services

Performance TransparencyPerformance Transparency

Price TransparencyPrice Transparency

Commodization of the Mutual FundCommodization of the Mutual Fund

Slower Organic GrowthSlower Organic Growth

Increased Pressure On MarginsIncreased Pressure On Margins

Forces Of Change

TechnologyTechnology

ChangingChangingCustomersCustomers

IncreasedIncreasedCompetitionCompetition

U.S. MarketU.S. MarketMaturationMaturation

ForcesForces

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Critical Success Attributes

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Critical Success Attributes

Customer Focus / SegmentationCustomer Focus / Segmentation

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Customer Focus / SegmentationCustomer Focus / Segmentation

Quality Investment Manufacturing / Superior PerformanceQuality Investment Manufacturing / Superior Performance

Critical Success Attributes

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Customer Focus / SegmentationCustomer Focus / Segmentation

Quality Investment Manufacturing / Superior PerformanceQuality Investment Manufacturing / Superior Performance

Multi-Tiered DistributionMulti-Tiered Distribution

Critical Success Attributes

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Customer Focus / SegmentationCustomer Focus / Segmentation

Quality Investment Manufacturing / Superior PerformanceQuality Investment Manufacturing / Superior Performance

Multi-Tiered DistributionMulti-Tiered Distribution

Strong Brand IdentityStrong Brand Identity

Critical Success Attributes

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Customer Focus / SegmentationCustomer Focus / Segmentation

Quality Investment Manufacturing / Superior PerformanceQuality Investment Manufacturing / Superior Performance

Multi-Tiered DistributionMulti-Tiered Distribution

Strong Brand IdentityStrong Brand Identity

Economies of ScaleEconomies of Scale

Critical Success Attributes

TTHE HE CCOMPETITIVE OMPETITIVE LLANDSCAPEANDSCAPE

Small Boutiques

Mid-Tier Firms

Large Institutions

Today’s Asset Management IndustryThree Tiers Of Competitors

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

R I P ?R I P ?

TTHE HE CCOMPETITIVE OMPETITIVE LLANDSCAPEANDSCAPE

Small Boutiques

Mid-Tier Firms

Large Institutions

Tomorrow’s Asset Management IndustryMore And More Bifurcated

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Our Business Model

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

A Quick History

Morgan Stanley acquires Van Kampen (1996)Morgan Stanley acquires Van Kampen (1996)

Dean Witter acquires InterCapital (1977)Dean Witter acquires InterCapital (1977)

Morgan Stanley Asset Management founded (1975)Morgan Stanley Asset Management founded (1975)

Morgan Stanley acquires MAS (1996)Morgan Stanley acquires MAS (1996)

Morgan Stanley merges with Dean Witter (1997)Morgan Stanley merges with Dean Witter (1997)

MSDW Asset Management formed (1999)MSDW Asset Management formed (1999)

MSIM formed (2000)MSIM formed (2000)

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

MORGAN STANLEY DEAN WITTER ASSET MANAGEMENTMORGAN STANLEY DEAN WITTER ASSET MANAGEMENT

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

MASMILLERANDERSON& SHERRERD, LLP

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

Our Old Organization

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Proprietary Retail

Proprietary Institutional

Non-Proprietary Retail

Non-Proprietary Institutional

Non-U.S.

MSDW Advisors

MSDW Investment Mgmt.Miller Anderson & Sherrerd

Van Kampen Investments

MSDW Investment Mgmt.Miller Anderson & SherrerdVan Kampen Mgmt.

MSDW Investment Mgmt.

MSDW Family of Funds

MSDW Institutional FundsMAS Funds

Van Kampen Funds

Universal FundsMAS FundsVan Kampen Institutional

Morgan StanleyDean Witter

Client Segment Organization Brand

Our Old Branding Strategy

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Our Old Distribution Approach

MORGAN STANLEY DEAN WITTER ASSET MANAGEMENTMORGAN STANLEY DEAN WITTER ASSET MANAGEMENT

MASMILLERANDERSON& SHERRERD, LLP

High Net High Net WorthWorth

Full-ServiceFull-Service

Self-ServiceSelf-Service

Proprietary Retail

BanksBanks

Non-Proprietary Retail

Broker-DealersBroker-Dealers ConsultantsConsultants

Public PlansPublic Plans

CorporationsCorporations

Institutional

InvestmentInvestmentAdvisorsAdvisors

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

SERVICE

CallCenters

TraditionalBroker

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HighNet Worth

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Morgan S

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IIS

IAS

PWMCOST

We Were Not Harnessing Our Collective PowerWe Were Not Harnessing Our Collective PowerTo Meet The Divergent Needs Of Our CustomersTo Meet The Divergent Needs Of Our Customers

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

MORGAN STANLEY DEAN WITTER ASSET MANAGEMENTMORGAN STANLEY DEAN WITTER ASSET MANAGEMENT

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

MASMILLERANDERSON& SHERRERD, LLP

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

Our Old Organization

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

We Functionally Realigned

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NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

Our New Organization

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Our New Organization = The Keys To Success

The Critical Success AttributesThe Critical Success AttributesThe Critical Success AttributesThe Critical Success Attributes

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

Customer Focus / SegmentationCustomer Focus / Segmentation

Quality Investment Manufacturing /Quality Investment Manufacturing / Superior PerformanceSuperior Performance

Multi-Tiered DistributionMulti-Tiered Distribution

Strong Brand IdentityStrong Brand Identity

Economies of ScaleEconomies of Scale

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

The Power of All Products & Services Under One Roof The Power of All Products & Services Under One Roof

TraditionalTraditionalInvestmentInvestmentProductsProducts

Mutual FundsMutual Funds

Separately Separately Managed Managed AccountsAccounts

Non-U.S. FundsNon-U.S. Funds

Mutual Fund Mutual Fund Wrap ProgramsWrap Programs

Variable Variable AnnuitiesAnnuities

Unit Investment Unit Investment TrustsTrusts

AlternativeAlternativeInvestmentsInvestments

Hedge FundsHedge Funds

Fund-of-Funds Fund-of-Funds

ConsultingConsulting

Private EquityPrivate Equity

Managed Managed FuturesFutures

Real EstateReal Estate

RetirementRetirementServicesServices

Defined Defined ContributionContribution

Defined BenefitDefined Benefit

AdviceAdvice

Financial Financial PlanningPlanning

Asset Allocation Asset Allocation ServicesServices

Trust ServicesTrust Services

Estate PlanningEstate Planning

OtherOther

Transfer AgencyTransfer Agency

Section 529 Section 529 PlansPlans

Donor-Advised Donor-Advised FundFund

Life InsuranceLife Insurance

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Morgan Stanley Funds

Morgan StanleyInstitutional Funds

Van Kampen Investments

TBD

Morgan Stanley

Client Segment Organization Brand

Proprietary Retail

Proprietary Institutional

Non-Proprietary Retail

Non-Proprietary Institutional

Non-U.S.

Our New Branding Strategy

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

High Net High Net WorthWorth

Full-ServiceFull-Service

Self-ServiceSelf-Service

Proprietary Retail Broker-DealersBroker-Dealers

BanksBanks

InvestmentInvestmentAdvisorsAdvisors

Non-Proprietary Retail

ConsultantsConsultants

Public PlansPublic Plans

CorporationsCorporations

Institutional

Our New Distribution Approach

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

High Net High Net WorthWorth

Full-ServiceFull-Service

Self-ServiceSelf-Service

Proprietary Retail Broker-DealersBroker-Dealers

BanksBanks

InvestmentInvestmentAdvisorsAdvisors

Non-Proprietary Retail

ConsultantsConsultants

Public PlansPublic Plans

CorporationsCorporations

Institutional

Our New Distribution Approach

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Our New Organization = The Keys To Success

The Critical Success AttributesThe Critical Success AttributesThe Critical Success AttributesThe Critical Success Attributes

InvestmentsInvestments

Sales & MarketingSales & Marketing

OperationsOperations

TechnologyTechnology

Customer Focus / SegmentationCustomer Focus / Segmentation

Quality Investment Manufacturing /Quality Investment Manufacturing / Superior PerformanceSuperior Performance

Multi-Tiered DistributionMulti-Tiered Distribution

Strong Brand IdentityStrong Brand Identity

Economies of ScaleEconomies of Scale

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Superior PerformanceSuperior Performance

65 Funds Rated 4- or 5 - Stars by Morningstar

Source: Morningstar Principia, May 2001

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

19 Locations & 4,000 Employees World-Wide

West Conshohocken

Chicago

New York London

TokyoMumbai

Singapore

Hong Kong

Sydney

Melbourne

Amsterdam

Milan

Jersey City

Boston

San Francisco

Houston

Cedar Rapids

Oakbrook Terrace

Kansas City

Strong Global ReachStrong Global Reach

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Strong Brand Identity Strong Brand Identity

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Strong Brand Identity Strong Brand Identity

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Economies of Scale Economies of Scale

Rationalizing Expenses Across The BusinessRationalizing Expenses Across The Business

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Economies of Scale Economies of Scale

Rationalizing Expenses Across The BusinessRationalizing Expenses Across The Business

Driving-Home Our #4 Commission RankingDriving-Home Our #4 Commission Ranking

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Economies of Scale Economies of Scale

Rationalizing Expenses Across The BusinessRationalizing Expenses Across The Business

Driving-Home Our #4 Commission RankingDriving-Home Our #4 Commission Ranking

Vendor RelationshipsVendor Relationships

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

Rationalizing Expenses Across The BusinessRationalizing Expenses Across The Business

Driving-Home Our #4 Commission RankingDriving-Home Our #4 Commission Ranking

Vendor RelationshipsVendor Relationships

TechnologyTechnology

Economies of Scale Economies of Scale

NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

ManagingMultiple Products & Multiple Platforms

Mitchell M. MerinPresident & Chief Operating Officer

Morgan Stanley Investment Management