Morgan Stanley 1999 Annual Report Download - page 21

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page 19 |99 AR
repurchases as a means of managing our capital base. In December, our Board of Directors
authorized the repurchase of an additional $1 billion of common stock.
Further confirmation of our financial strength is the fact that during the past year, four rating
agencies upgraded our credit rating, all in the double-A category. Because of our solid capital
base, we were able to strongly encourage our clients to turn to us for assistance in meeting
their liquidity needs, both during the year and over the millennial year-end.
In April, Dan Burke and Allen Murray will be leaving our Board of Directors. We would like
to thank them for their important contributions to the success of our firm. Both Dan and
Allen can be described as being “wiser than a tree full of owls,”and we will miss their counsel.
In closing, we would like to thank our employees for their hard work and dedication to our
clients. We also thank you, our fellow shareholders, for your support of our great enterprise.
As we look to the future with the clear purpose of further expanding our business and pursuing
opportunities for growth, we obviously are in a very strong position. We will continue to strive
to create shareholder value and to manage the business for your benefit. We are confident that
Morgan Stanley Dean Witter will continue to prosper and grow.
PHILIP J. PURCELL
Chairman & Chief Executive Officer
JOHN J. MACK
President & Chief Operating Officer
February 5, 2000