Security

Important disclosure information about Morgan Stanley

Check out a listing of the numerous companies that have engaged Morgan Stanley to manage or comanage a public offering over the previous three years.


The information and opinions in this report were prepared by Morgan Stanley & Co. Incorporated (“Morgan Stanley Dean Witter”). Morgan Stanley Dean Witter does not undertake to advise you of changes in its opinion or information. Morgan Stanley Dean Witter and others associated with it may make markets or specialize in, have positions in and effect transactions in securities of companies mentioned and may also perform or seek to perform investment banking services for those companies. This memorandum is based on information available to the public. No representation is made that it is accurate or complete. This memorandum is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned.

Within the last three years, Morgan Stanley & Co. Incorporated, Dean Witter Reynolds Inc. and/or their affiliates managed or co-managed a public offering of the securities of CSG Systems International, Convergys Corporation, Electronic Data Systems, Galileo International, KPMG Consulting, Palm Inc., Perot Systems, Texas Instruments, Viasystems Group Inc., Vignette, VeriSign, Veritas Software, webMethods, Xerox, Avanex Corp., Unigraphics Solutions, Agile Software, Ariba, Click Commerce, E.piphany, i2 Technologies, Informatica, McAfee.com, ON Semiconductor, TMP Worldwide, Tickets.com, RealNetworks, Inc., priceline.com Inc, Martha Stewart Living, Intuit, Homestore.com, WebMD, FreeMarkets Inc., Extreme Networks Inc., Expedia Inc., Exodus Communications, eBay Inc., drugstore.com Inc., DoubleClick Inc., Avenue A Inc, Aspect Communications, AsiaInfo Holdings, Inc., Ask Jeeves Inc., ARTISTdirect Inc., AOL Time Warner Inc., Amazon.com, 3Com, Broadcom Corporation, Brocade Comm. Systems, CacheFlow Inc., Inktomi Corporation, Redback Networks Inc., Silicon Laboratories, Scient Corporation, Sanmina, Power-One, Flextronics International, Celestica Inc, Alcatel Optronics, Advanced Switching, Arrow Electronics, Ciena Corporation, Copper Mountain Networks, Harris Corporation, Level 3 Communications, Lucent Technologies Inc., Motorola, Sycamore Networks Inc., Ingram Micro, Conexant, Compaq Computer Corp., DELL, Advanced Energy Industries, Agilent Technologies, ASM Lithography Hld. NV, Axcelis Technologies Inc., BE Semiconductor, Cymer, DuPont Photomasks, Kulicke & Soffa, Lattice Semiconductor, LTX Corporation, Mattson Technology Inc., PRI Automation, Transmeta Corporation, STMicroelectronics, SanDisk, Semtech Corporation, Rambus, NVIDIA Corporation, Nat'l Semiconductor, LSI Logic, International Rectifier, GlobeSpan Inc., Atmel Corp, ARM Holdings, AMDOCS, Illuminet Holdings Inc., MetaSolv Software Inc., AnswerThink, DiamondCluster Int'l, Digitas Inc., Digital Insight Corp., Mainspring Inc., Sapient, VIA NET.WORKS, Inc., PSINet Inc., Internet Initiative Japan, InterNAP Network Services, iBeam Broadcasting, Genuity Inc., Equant SA, Digex, Akamai Technologies, Inc., Aether Systems, Inc., Getty Images Inc., SilverStream Software, Marimba and GoAmerica, Inc..

Morgan Stanley & Co. Incorporated, Dean Witter Reynolds Inc. and/or their affiliates make a market in the securities of Cisco Systems, CSG Systems International, Electronic Data Systems, Fiserv, KPMG Consulting, Palm Inc., SunGard Data Systems, TeleTech, Texas Instruments, Vignette, Vitria Technology Inc., VeriSign, Veritas Software, WorldCom Inc., webMethods, Xilinx, Yahoo!, Apple Computer Inc., Autodesk, ADTRAN Inc., Adaptec, Avanex Corp., Dassault Systemes, Mentor Graphics, Parametric Technology, Structural Dynamics Res., Synopsys, BEA Systems, Click Commerce, CheckFree Corp., Documentum, Informatica, J.D. Edwards, McAfee.com, Novell, Oracle, Openwave Systems Inc., PeopleSoft, PurchasePro, Siebel Systems, TMP Worldwide, Tickets.com, RealNetworks, Inc., priceline.com Inc, Microsoft, Intuit, Homestore.com, WebMD, FreeMarkets Inc., Extreme Networks Inc., Expedia Inc., Exodus Communications, Electronic Arts, eBay Inc., drugstore.com Inc., DoubleClick Inc., CNET, Avenue A Inc, Aspect Communications, AsiaInfo Holdings, Inc., Ask Jeeves Inc., ARTISTdirect Inc., AOL Time Warner Inc., Amazon.com, 3Com, Broadcom Corporation, Brocade Comm. Systems, CacheFlow Inc., Inktomi Corporation, Juniper Networks, Redback Networks Inc., Silicon Laboratories, Scient Corporation, Sanmina, Power-One, Flextronics International, Adobe Systems, ADC Telecommunications, Advanced Fibre, Alcatel, Applied Materials, Anaren Microwave Inc., AudioCodes, Copper Mountain Networks, Ceragon Networks, Ltd., Ericsson, Glenayre Technologies, JDS Uniphase Corp., Level 3 Communications, Molex, Motorola, Polycom, Powerwave Technologies, Proxim, Inc., Tellabs, DMC Stratex Networks, Tech Data, Avid Technology, Conexant, DELL, Gateway, Read-Rite, Advanced Energy Industries, ASM Lithography Hld. NV, Axcelis Technologies Inc., BE Semiconductor, Cymer, DuPont Photomasks, KLA-Tencor, Kulicke & Soffa, Lam Research, Lattice Semiconductor, LTX Corporation, Mattson Technology Inc., PRI Automation, Silicon Valley Group, Transmeta Corporation, SanDisk, Semtech Corporation, Rambus, Qualcomm Inc., PMC - Sierra Inc., NVIDIA Corporation, Microchip Technology, Maxim Intg. Products, Linear Technology, Intel Corp, GlobeSpan Inc., Atmel Corp, Altera Corporation, ARM Holdings, Concord Communications, Comverse Technology, Illuminet Holdings Inc., Inet Technologies, MetaSolv Software Inc., Micromuse Inc., Visual Networks, AnswerThink, Cambridge Tech. Partners, DiamondCluster Int'l, Digitas Inc., Digital Insight Corp., Mainspring Inc., MarchFirst Inc., Sapient, VIA NET.WORKS, Inc., StorageNetworks, OmniSky Corporation, Internet Initiative Japan, InterNAP Network Services, Genuity Inc., EarthLink Inc., Digex, Akamai Technologies, Inc., Aether Systems, Inc., Electronics for Imaging, Getty Images Inc., TIBCO Software, SeeBeyond, SilverStream Software, Network Associates, Marimba, Compuware, BMC Software, GoAmerica, Inc. and Hyperion Solutions.

Morgan Stanley & Co. Incorporated, Dean Witter Reynolds Inc. and/or their affiliates or their employees have or may have a long or short position or holding in the securities, options on securities, or other related investments of issuers mentioned herein.

An employee or director of Morgan Stanley & Co. Incorporated, Dean Witter Reynolds Inc. and/or their affiliates is a director of Equifax Inc., Adaptec, AOL Time Warner Inc., DELL, InterNAP Network Services, Equant SA and Eastman Kodak.

The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisors as they believe necessary. Where an investment is denominated in a currency other than the investor’s currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors.

To our readers in the United Kingdom: This publication has been issued by Morgan Stanley Dean Witter and approved by Morgan Stanley & Co. International Limited, regulated by the Securities and Futures Authority Limited. Morgan Stanley & Co. International Limited and/or its affiliates may be providing or may have provided significant advice or investment services, including investment banking services, for any company mentioned in this report. Private investors should obtain the advice of their Morgan Stanley & Co. International Limited representative about the investments concerned.

This publication is disseminated in Japan by Morgan Stanley Dean Witter Japan Limited and in Singapore by Morgan Stanley Dean Witter Asia (Singapore) Pte.

To our readers in the United States: While Morgan Stanley Dean Witter has prepared this report, Morgan Stanley & Co. Incorporated and Dean Witter Reynolds Inc. are distributing the report in the US and accept responsibility for it contents. Any person receiving this report and wishing to effect transactions in any security discussed herein should do so only with a representative of Morgan Stanley & Co. Incorporated or Dean Witter Reynolds Inc.

To our readers in Spain: Morgan Stanley Dean Witter, SV, SA, a Morgan Stanley Dean Witter group company, supervised by the Spanish Securities Markets Commission (CNMV), hereby states that this document has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations.

To our readers in Australia: This publication has been issued by Morgan Stanley Dean Witter but is being distributed in Australia by Morgan Stanley Dean Witter Australia Limited A.C.N. 003 734 576, a licensed dealer, which accepts responsibility for its contents. Any person receiving this report and wishing to effect transactions in any security discussed in it may wish to do so with an authorized representative of Morgan Stanley Dean Witter Australia Limited.

To our readers in Canada: This publication has been prepared by Morgan Stanley Dean Witter and is being made available in certain provinces of Canada by Morgan Stanley Canada Limited. Morgan Stanley Canada Limited has approved of, and has agreed to take responsibility for, the contents of this information in Canada.

Additional information on recommended securities is available on request.

Copyright 2001 Morgan Stanley Dean Witter & Co.

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