BEING CLOSE TO CLIENTS, KNOWING THEIR GOALS. UTILIZING THE BEST TECHNOLOGY. ANALYZING MARKETS AND LONG-TERM ECONOMIC TRENDS. HAVING SMART, EXPERIENCED PEOPLE IN FINANCIAL MARKETS AROUND THE WORLD. UNIFIED EUROPE Companies are positioning themselves to capitalize on the Pan-European market environment by merging with or acquiring their competitors. Morgan Stanley is a leader in European M&A. PRIVATIZED PENSIONS Individual investors worldwide are gaining control of billions of dollars of pension investments -- and shifting them from fixed income to equity investments. Morgan Stanley is expanding its asset management business globally. TECHNOLOGY IPOs Morgan Stanley was the market leader in 1999, raising $6 billion in technology IPOs for clients. ©1999 Morgan Stanley Dean Witter & Co. All Rights Reserved. Additional copyright information also applies.