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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.

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Copyright 2001 Morgan Stanley Dean Witter & Co.