1. Managing Multiple Products & Multiple Platforms
Mitchell M. Merin
President & Chief Operating Officer
Morgan Stanley Investment Management

2. 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.

3. Forces Of Change Forces Asset Management Industry Technology
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.

4. Forces Of Change Forces Asset Management Industry Technology Changing
Customers
Asset
Management
Industry
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.

5. Forces Of Change Forces Asset Management Industry Technology Changing
Customers
Asset
Management
Industry
U.S. Market
Maturation
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.

6. Forces Of Change Forces Asset Management Industry Technology Changing
Customers
Asset
Management
Industry
U.S. Market
Maturation
Increased
Competition
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.

7. Forces Of Change Forces Changes Asset Management Industry
Power Shifting to Distributors
Losing Control of the Customer
Greater Mobility of Assets
Ubiquity of Products & Services
Performance Transparency
Price Transparency
Commodization of the Mutual Fund
Slower Organic Growth
Increased Pressure On Margins
Technology
Changing
Customers
Asset
Management
Industry
U.S. Market
Maturation
Increased
Competition
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.

8. 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.

9. Critical Success Attributes
Customer Focus / Segmentation

10. Critical Success Attributes
Customer Focus / Segmentation
Quality Investment Manufacturing / Superior Performance

11. Critical Success Attributes
Customer Focus / Segmentation
Quality Investment Manufacturing / Superior Performance
Multi-Tiered Distribution

12. Critical Success Attributes
Customer Focus / Segmentation
Quality Investment Manufacturing / Superior Performance
Multi-Tiered Distribution
Strong Brand Identity

13. Critical Success Attributes
Customer Focus / Segmentation
Quality Investment Manufacturing / Superior Performance
Multi-Tiered Distribution
Strong Brand Identity
Economies of Scale

14. Today’s Asset Management Industry Three Tiers Of Competitors
Large Institutions
Mid-Tier Firms
Small Boutiques
THE COMPETITIVE LANDSCAPE
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.

15. Tomorrow’s Asset Management Industry More And More Bifurcated
Large Institutions
Mid-Tier Firms
Small Boutiques
R I P ?
THE COMPETITIVE LANDSCAPE
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.

16. 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.

17. A Quick History Morgan Stanley Asset Management founded (1975)
Dean Witter acquires InterCapital (1977)
Morgan Stanley acquires MAS (1996)
Morgan Stanley acquires Van Kampen (1996)
Morgan Stanley merges with Dean Witter (1997)
MSDW Asset Management formed (1999)
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.

18. MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
Our Old Organization
MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
Investments
Sales & Marketing
Operations
Technology
MAS
MILLER
ANDERSON
& SHERRERD, LLP
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. Our Old Branding Strategy
Client Segment
Organization
Brand
Proprietary Retail
Proprietary Institutional
Non-Proprietary Retail
Non-Proprietary Institutional
Non-U.S.
MSDW Advisors
MSDW Investment Mgmt.
Miller Anderson & Sherrerd
Van Kampen Investments
Van Kampen Mgmt.
MSDW Family of Funds
MSDW Institutional Funds
MAS Funds
Van Kampen Funds
Universal Funds
Van Kampen Institutional
Morgan Stanley
Dean Witter
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.

20. Our Old Distribution Approach
MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
MAS
MILLER
ANDERSON
& SHERRERD, LLP
High Net Worth
Full-Service
Self-Service
Proprietary Retail
Banks
Non-Proprietary Retail
Broker-Dealers
Consultants
Public Plans
Corporations
Institutional
Investment
Advisors
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.

21. We Were Not Harnessing Our Collective Power
To Meet The Divergent Needs Of Our Customers
Morgan Stanley Individual Investor Group
IIS
IAS
PWM C O S T
High
Net Worth
Traditional
Broker
Call
Centers
eAdvice
SERVICE
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.

22. MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
Our Old Organization
MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
Investments
Sales & Marketing
Operations
Technology
MAS
MILLER
ANDERSON
& SHERRERD, LLP
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.

23. We Functionally Realigned MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
MAS
& SHERRERD, LLP
ANDERSON
MILLER
Investments
Sales & Marketing
Operations
Technology
Investments
Sales & Marketing
Operations
Technology
MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT
Investments
Sales & Marketing
Operations
Technology
Investments
Sales & Marketing
Operations
Technology
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.

24. Our New Organization Investments Sales & Marketing Operations
Technology
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.

25. Our New Organization = The Keys To Success
The Critical Success Attributes
Customer Focus / Segmentation
Quality Investment Manufacturing /
Superior Performance
Multi-Tiered Distribution
Strong Brand Identity
Economies of Scale
Investments
Sales & Marketing
Operations
Technology
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.

26. The Power of All Products & Services Under One Roof
Traditional
Investment
Products
Alternative
Investments
Retirement
Services
Advice
Other
Mutual Funds
Separately
Managed Accounts
Non-U.S. Funds
Mutual Fund Wrap Programs
Variable
Annuities
Unit Investment Trusts
Hedge Funds
Fund-of-Funds
Consulting
Private Equity
Managed Futures
Real Estate
Defined Contribution
Defined Benefit
Financial Planning
Asset Allocation Services
Trust Services
Estate Planning
Transfer Agency
Section 529 Plans
Donor-Advised Fund
Life 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.

27. Our New Branding Strategy
Client Segment
Organization
Brand
Proprietary Retail
Proprietary Institutional
Non-Proprietary Retail
Non-Proprietary Institutional
Non-U.S.
Morgan Stanley Funds
Morgan Stanley
Institutional Funds
Van Kampen Investments
TBD
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.

28. Our New Distribution Approach Non-Proprietary Retail
Broker-Dealers
Proprietary Retail
Institutional
High Net Worth
Consultants
Investment
Advisors
Full-Service
Corporations
Banks
Self-Service
Public Plans
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.

29. Our New Distribution Approach Non-Proprietary Retail
Broker-Dealers
Proprietary Retail
Institutional
High Net Worth
Consultants
Investment
Advisors
Full-Service
Corporations
Banks
Self-Service
Public Plans
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.

30. Our New Organization = The Keys To Success
The Critical Success Attributes
Customer Focus / Segmentation
Quality Investment Manufacturing /
Superior Performance
Multi-Tiered Distribution
Strong Brand Identity
Economies of Scale
Investments
Sales & Marketing
Operations
Technology
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.

31. 65 Funds Rated 4- or 5 - Stars by Morningstar
Superior 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.

32. 19 Locations & 4,000 Employees World-Wide
Strong Global Reach
19 Locations & 4,000 Employees World-Wide
West Conshohocken
Chicago
New York
London
Tokyo
Mumbai
Singapore
Hong Kong
Sydney
Melbourne
Amsterdam
Milan
Jersey City
Boston
San Francisco
Houston
Cedar Rapids
Oakbrook Terrace
Kansas City
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.

33. 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.

34. 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.

35. Economies of Scale Rationalizing 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.

36. Economies of Scale Rationalizing Expenses Across The Business
Driving-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.

37. Economies of Scale Rationalizing Expenses Across The Business
Driving-Home Our #4 Commission Ranking
Vendor 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.

38. Economies of Scale Rationalizing Expenses Across The Business
Driving-Home Our #4 Commission Ranking
Vendor Relationships
Technology
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.

39. Managing Multiple Products & Multiple Platforms
Mitchell M. Merin
President & Chief Operating Officer
Morgan Stanley Investment Management