Morgan Stanley 1998 Annual Report Download

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MORGAN STANLEY DEAN WITTER *1998 ANNUAL REPORT
*FOUR *
Dear Shareholders,
1998 was a turbulent year in the world’s financial markets,but Morgan Stanley Dean
Witter performed exceptionally well.We were there for our clients, and our share-
holders were rewarded with strong financial results:
*Morgan Stanley Dean Witter earned a record $3.3 billion in 1998,an increase of $690 million,or 27
percent over 1997. Diluted earnings per share were $5.33 — up 28 percent from $4.16 in 1997.
*Return on equity was 24.5 percent, which compares favorably with our goal of an average of
18 percent to 20 percent over the course of the business cycle.
*In January 1999, our Board of Directors increased the quarterly cash dividend per common share by
20 percent to $0.24.
1998 was a year in which we set ourselves apart from our competitors. Many firms
in our industry suffered large trading losses, announced layoffs and began to scale
back on their global commitments. Our disciplined approach to trading and risk
management kept us on an even keel; we continued to expand the number of
financial advisors serving individual investors;and we achieved record results in our
individual securities, individual asset management and credit services businesses.We
increased our commitment to global markets with a 20 percent staff increase in
Europe and 10 percent in Asia.
There are countless examples of how we have served our clients and customers
during difficult times this past year. Perhaps the most dramatic example was our
role as lead-manager in raising $4.4 billion in the first step of DuPont’s spin-off of
Conoco, which was the largest U.S. initial public offering in history.The timing of
the deal was particularly significant since it was launched in late September when
market turmoil had virtually frozen the new issues business.We believe it is an
example of our firm’s leadership and our ability to execute superbly in even the
most difficult market conditions.
A deal such as Conoco brings together the skills and talent of literally thousands of
Morgan Stanley Dean Witter professionals.We believe our firm’s combined origi-

Table of contents

  • Page 1
    ... STANLEY DEAN WITTER * 1998 ANNUAL REPORT Dear Shareholders, 1998 was a turbulent year in the world's financial markets, but Morgan Stanley Dean Witter performed exceptionally well.We were there for our clients, and our shareholders were rewarded with strong financial results: * Morgan Stanley...

  • Page 2
    THE WISDOM OF OUR LONG-TERM STRATEGY IS INCREASINGLY APPARENT PHILIP J. PURCELL Chairman & Chief Executive Officer JOHN J. MACK President & Chief Operating Officer

  • Page 3
    ... opportunity for individual investors. Through their Morgan Stanley Dean Witter financial advisors, our clients purchased an unprecedented 20 million shares, or $460 million, in more than 40,000 client accounts. In last year's Annual Report, we said we had put the merger behind us.That is true. But...

  • Page 4
    TODAY'S CHALLENGE IS MANAGING VOLATILITY

  • Page 5
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT We clearly had an excellent year in 1998, but we are not going to pretend that it was easy. Like many in our industry, our firm was severely tested, and we are proud to look back and say that we passed the test. But what of the future? It is clear ...

  • Page 6
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT services, including 45 mutual funds ranked 4- or 5-Star by Morningstar. This past year, we brought our diverse asset management activities under a single organizational roof to create an even stronger presence in the marketplace. There also is great ...

  • Page 7
    GLOBALIZATION CREATES OPPORTUNITIES AND RISKS

  • Page 8
    CLIENTS MUST DEAL WITH INCREASED COMPLEXITY

  • Page 9
    ... market leadership on both the Tokyo and Hong Kong Stock Exchanges.We grew our equity business in Australia and Taiwan, provided advisory services in restructuring two national banks in Korea and coordinated the $1.1 billion secondary offering of Bangkok Bank - the largest ever equity offering...

  • Page 10
    ...of online services for our 2 million individual investor clients and the successful launch of Discover Card's high-speed transaction report system for its merchant network. Last year we noted that in bringing together Morgan Stanley and Dean Witter in mid-1997, we had anticipated a trend. Our merger...

  • Page 11
    MARKET FORCES ARE DRIVING CONSOLIDATION

  • Page 12
    IN UNCERTAIN TIMES, CLIENTS LOOK FOR FINANCIAL STRENGTH

  • Page 13
    ... late 1998, we founded a new business unit to pursue global opportunities in retail securities and asset management, and we expect significant strides in 1999. We believe that Morgan Stanley Dean Witter clearly has demonstrated its ability to adapt, prosper and grow in a rapidly changing and often...

  • Page 14
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT streams and our ability to manage risk make us less subject to market volatility. Our global commitment and expertise position us to take full advantage of the continuing trend of globalization. Our capacity for innovation enables us to serve our ...

  • Page 15
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT 1998 was a great year for Morgan Stanley Dean Witter. But it was by no means an easy year. So we would like to thank each of our 45,000 employees for their strong spirit and hard work, in often tough circumstances, on behalf of our clients, our ...

  • Page 16
    ...,000 merchant locations during 1998. * General purpose credit card transaction volume continued to grow, reaching $58 billion in 1998. * Discover Brokerage Direct continued to expand the range of services it offers to its growing client list, including online equity research and 24-hour trading in...

  • Page 17
    MORGAN STANLEY DEAN WITTER AT-A-GLANCE INCOME AFTER TAXES (in millions of U.S. dollars) INVESTMENT BANKING REVENUES (in millions of U.S. dollars) INDIVIDUAL CLIENT ASSETS (in billions of U.S. dollars) 98 97 96 2,052 1,650 1,269 98 97 96 3,340 2,694 2,190 98 97 96 438 378 254 INCOME AFTER ...

  • Page 18
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT S E L E C T E D F I N A N C I A L D ATA fiscal year (1) (dollars in millions, except share data) 1998 1997 1996 1995 1994 I N C O M E S TAT E M E N T D ATA : Revenues: Investment banking Principal transactions: Trading Investments Commissions...

  • Page 19
    ... tax-free exchange. On March 24, 1998, MSDWD changed its corporate name to Morgan Stanley Dean Witter & Co. (the "Company"). The Company is a pre-eminent global financial services firm that maintains leading market positions in each of its businesses - Securities and Asset Management, and Credit and...

  • Page 20
    ... the flow of investment dollars into mutual funds and the size, number and timing of transactions or client assignments (including the realization of returns from the Company's private equity investments). In the Company's Credit and Transaction Services business, changes in economic variables may...

  • Page 21
    ... both equity and bond prices rebounded. Conditions in European financial markets were generally favorable in fiscal 1998. Many European stock exchanges reached record levels during the year as the result of strong corporate earnings, merger and consolidation activity, and stable economic conditions...

  • Page 22
    ... to the accounting for offering costs paid by investment advisors of closed-end mutual funds, where such costs are not specifically reimbursed through separate advisory contracts (see Note 2 to the consolidated financial statements). Excluding the net gain from the sale of the businesses noted above...

  • Page 23
    ... advisors provided investment services to more than 3.9 million client accounts with assets of $438 billion. The SECURITIES AND ASSET MANAGEMENT STATEMENTS OF INCOME FISCAL 1998 fiscal 1997 fiscal 1996 (dollars in millions) Company had the second largest financial advisor sales organization in...

  • Page 24
    ... of securities offerings and fees from advisory services. Investment banking revenues were as follows: FISCAL 1998 fiscal 1997 fiscal 1996 (dollars in millions) of fiscal 1998, the primary market for equity issuances benefited from a high volume of cash inflows into equity mutual funds, as...

  • Page 25
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT Principal Transactions Principal transactions include revenues from customers' purchases and sales of securities in which the Company acts as principal and gains and losses on securities held for resale. Principal transaction trading revenues were as...

  • Page 26
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT quarter. Certain European currencies also experienced periods of volatility, resulting from expectations of interest rate fluctuations in anticipation of EMU and the collapse of the Russian ruble. Difficult political and economic conditions in ...

  • Page 27
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT rienced some of the highest trading volume in its history. The strong returns posted by many global equity markets encouraged an increased investor demand for equity securities and resulted in high levels of cash inflows into mutual funds. Commission...

  • Page 28
    ... costs in New York and Hong Kong, as well as incremental rent attributable to the opening of 27 securities branch locations. Brokerage, clearing and exchange fees increased 20%, primarily reflecting increased expenses related to higher levels of trading volume in the global securities markets...

  • Page 29
    ... general CREDIT AND TRANSACTION SERVICES STATEMENTS OF INCOME FISCAL 1998 fiscal 1997 fiscal 1996 (dollars in millions) purpose credit card transaction volume, partially offset by increased consumer credit losses and higher non-interest expenses. The sale of Prime Option, the operations of SPS...

  • Page 30
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT The lower level of consumer loans at November 30, 1998 reflects the Company's sale of Prime Option, the operations of SPS and certain BRAVO receivables during fiscal 1998. excess net cash flows paid to the Company are reported as servicing fees in ...

  • Page 31
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT Asset Management, Distribution and Administration Fees Asset management, distribution and administration fees include revenues from asset management services, including fund management fees which are received by DBD for promoting and distributing ...

  • Page 32
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT RATE / VOLUME ANALYSIS INCREASE/(DECREASE) DUE TO CHANGES IN: 1998 vs. 1997 RATE 1997 vs. 1996 TOTAL (dollars in millions) VOLUME Volume Rate Total INTEREST REVENUE General purpose credit card loans Other consumer loans Investment securities ...

  • Page 33
    ...with the sale of Prime Option and SPS receivables, partially offset by a small increase in the net charge-off rate of the Discover Card portfolio. The provision for loan losses also was positively impacted by a decline in the loan loss allowance in connection with securitization transactions entered...

  • Page 34
    ... sale of Prime Option and the operations of SPS. The increase in fiscal 1997 was due to an increased number of employees and employment costs associated with processing increased credit card transaction volume and servicing additional Discover/NOVUS Network merchants and active credit card accounts...

  • Page 35
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT The increase in fiscal 1997 was primarily attributable to higher cardmember rewards expense and marketing and promotional costs. Higher marketing and promotional costs were associated with the growth of new and existing credit card brands. Cardmember...

  • Page 36
    ... characteristics of the loans financed. The Company uses derivative products (primarily interest rate, currency and equity swaps) to assist in asset and liability management, reduce borrowing costs and hedge interest rate risk (see Note 6 to the consolidated financial statements). The Company...

  • Page 37
    ... for the Company's Credit and Transaction Services business include the Company's capital, including equity and long-term debt, asset securitizations, commercial paper, deposits, asset-backed commercial paper, Federal Funds and short-term bank notes. The Company sells consumer loans through asset...

  • Page 38
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT $2.6 billion at November 30, 1998. RFC has never borrowed from its senior bank credit facility. The Company anticipates that it will utilize the MSDW Facility, the MS&Co. Facility or the MSIL Facility for shortterm funding from time to time (see Note...

  • Page 39
    ... economic conditions. In addition, the market for non-investment grade securities and emerging market loans and securitized instruments has been, and may in the future be, characterized by periods of volatility and illiquidity. The Company has in place credit and other risk policies and procedures...

  • Page 40
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT including software, hardware and the nature of the industry in which a company operates. Additionally, companies must coordinate with other entities with which they electronically interact. The Company has established a firm-wide initiative to ...

  • Page 41
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT balances; the inability to reconcile trading positions and balances with counterparties; and inaccurate information to manage the Company's exposure to trading risks and disruptions of funding requirements. In addition, even if the Company ...

  • Page 42
    ...trading activities (see Note 9 to the consolidated financial statements). In addition, as a dealer in certain derivative products, most notably interest rate and currency swaps, the Company enters into derivative contracts to meet a variety of risk management and other financial needs of its clients...

  • Page 43
    ... (see Note 9 to the consolidated financial statements). The Company also uses derivative products (primarily interest rate, currency and equity swaps) to assist in asset and liability management, reduce borrowing costs and hedge interest rate risk (see Note 6 to the consolidated financial statements...

  • Page 44
    ... investments in non-U.S. dollar functional currency subsidiaries, see Note 11 to the consolidated financial statements. TRADING AND RELATED ACTIVITIES The Firm Risk Management Department independently reviews the Company's trading portfolios on a regular basis from a market risk perspective...

  • Page 45
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT measures, such as rate sensitivity, convexity, volatility and time decay measurements, to estimate market risk and to assess the sensitivity of positions to changes in market conditions. Stress testing, which measures the impact on the value of ...

  • Page 46
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT porating substantially all financial instruments generating market risk (including funding liabilities related to hedging trading positions, retail trading activities and certain private equity positions that are not reported separately because the ...

  • Page 47
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT CONSUMER LENDING AND RELATED ACTIVITIES are rate-sensitive. The latter category includes certain credit card loans which may be offered at below-market rates for an introductory period, such as for balance transfers and special promotional programs,...

  • Page 48
    ... to conduct, ethics and business practices are followed globally. In connection with its business, the Company has various procedures addressing issues, such as regulatory capital requirements, sales and trading practices, new products, use and safekeeping of customer funds and securities, credit...

  • Page 49
    ... conformity with generally accepted accounting principles. As discussed in Note 2 to the consolidated financial statements, in fiscal 1998, Morgan Stanley Dean Witter & Co. changed its method of accounting for certain offering costs of closed-end funds. New York, New York January 22, 1999 * FIFTY...

  • Page 50
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT C O N S O L I D AT E D S TAT E M E N T S O F F I N A N C I A L C O N D I T I O N (dollars in millions, except share data) NOVEMBER 30, 1998 NOVEMBER 30, 1997 ASSETS Cash and cash equivalents Cash and securities deposited with clearing ...

  • Page 51
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT (dollars in millions, except share data) NOVEMBER 30, 1998 NOVEMBER 30, 1997 LIABILITIES AND SHAREHOLDERS' EQUITY Commercial paper and other short-term borrowings Deposits Financial instruments sold, not yet purchased: U.S. government and agency ...

  • Page 52
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT C O N S O L I D AT E D S TAT E M E N T S O F I N C O M E fiscal year (dollars in millions, except share and per share data) 1998 1997 1996 Revenues: Investment banking Principal transactions: Trading Investments Commissions Fees: Asset ...

  • Page 53
    ... effect of accounting change Gain on sale of businesses Deferred income taxes Compensation payable in common or preferred stock Depreciation and amortization Provision for consumer loan losses Changes in assets and liabilities: Cash and securities deposited with clearing organizations or segregated...

  • Page 54
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT C O N S O L I D AT E D S TAT E M E N T S O F C H A N G E S I N S H A R E H O L D E R S ' E Q U I T Y (dollars in millions) Preferred Stock Common Stock Paid-in Capital Retained Earnings Employee Stock Trust Cumulative Translation Adjustments ...

  • Page 55
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT (dollars in millions) Preferred Common Stock Stock Paid-in Capital Retained Earnings Employee Stock Trust Cumulative Translation Adjustments Note Receivable Related to Sale of Preferred Stock to ESOP Common Stock Held in Treasury at Cost ...

  • Page 56
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT N O T E S T O C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 1 INTRODUCTION AND BASIS OF PRESENTATION network of merchant and cash access locations, and direct-marketed activities such as the online securities services offered by ...

  • Page 57
    ... on the amount of credit enhancement provided. CONSOLIDATED STATEMENTS OF CASH FLOWS For purposes of these statements, cash and cash equivalents consist of cash and highly liquid investments not held for resale with maturities, when purchased, of three months or less. In connection with the fiscal...

  • Page 58
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT FINANCIAL INSTRUMENTS USED FOR TRADING AND INVESTMENT estimates prepared by the Company of discounted future cash flows of the underlying real estate assets or other indicators of fair value. Loans made in connection with private equity and ...

  • Page 59
    ... give effect to preferred stock dividend requirements. All per share and share amounts reflect stock splits effected by Dean Witter Discover and Morgan Stanley prior to the Merger, as well as the additional shares issued to Morgan Stanley shareholders pursuant to the Exchange Ratio. As of December...

  • Page 60
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT STOCK - BASED COMPENSATION 98-5"), with respect to the accounting for offering costs paid by investment advisors of closed-end funds where such costs are not specifically reimbursed through separate advisory contracts. In accordance with SOP 98-5 ...

  • Page 61
    ... to the rabbi trusts are recorded in common stock issued to employee trust. Both employee stock trust and common stock issued to employee trust are components of shareholders' equity. The adoption of EITF 97-14 did not result in any change to the Company's consolidated statement of income, total...

  • Page 62
    ... bank loans, Federal Funds and bank notes. The Company maintains a senior revolving credit agreement with a group of banks to support general liquidity needs, including the issuance of commercial paper (the "MSDW Facility"). Demand, passbook and money market accounts Consumer certificate accounts...

  • Page 63
    ... non-U.S. dollar interest rates. contractual floating rate borrowings bear interest based on a variety of money market indices, including London Interbank Offered Rates ("LIBOR") and Federal Funds rates. Non-U.S. dollar contractual floating rate borrowings bear interest based on Euro floating rates...

  • Page 64
    ... of stocks or a specific equity security. To minimize the exposure resulting from movements in the underlying equity position or index, the Company has entered into various equity swap contracts and purchased options which effectively convert the borrowing costs into floating rates based upon LIBOR...

  • Page 65
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT The table below summarizes the notional or contract amounts of these swaps by maturity and weighted average interest rates to be received and paid at fiscal year-end 1998. Swaps utilized to hedge the Company's structured borrowings are presented at ...

  • Page 66
    ... yet purchased may exceed the amounts recognized in the consolidated statements of financial condition. The Company also has commitments to fund certain fixed assets and other less liquid investments, including at November 30, 1998 approximately $181 million in connection with its private equity and...

  • Page 67
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT 8 EARNINGS PER SHARE 9 TRADING ACTIVITIES Earnings per share was calculated as follows (in millions, except for per share data): FISCAL 1998 TRADING REVENUES The Company's trading activities include providing securities brokerage, derivatives ...

  • Page 68
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT EQUITIES rities, mortgage and other asset-backed securities, preferred stock and tax-exempt securities. In addition, the Company is a dealer in interest rate and currency swaps and other related derivative products, OTC options on U.S. and non-U.S. ...

  • Page 69
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT role as a dealer in mortgage-backed securities and facilitates customer trades by taking positions in the TBA market. Typically, these positions are hedged by offsetting TBA contracts or underlying cash positions. The Company profits by earning the ...

  • Page 70
    ... other market factors, such as liquidity, will result in losses for a specified position or portfolio. The Company manages the market risk associated with its trading activities on a Company-wide basis, on a trading division level worldwide and on an individual product basis. Market risk limits have...

  • Page 71
    ... credit risk. The Company may have to purchase or sell financial instruments at prevailing market prices in the event of the failure of a customer to settle a trade on its original terms or in the event cash and securities in customer margin accounts are not sufficient to fully cover customer losses...

  • Page 72
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT changes in interest rates, foreign currency exchange rates or the fair values of the financial instruments, commodities or indices underlying these contracts may ultimately result in cash settlements exceeding fair value amounts recognized in the ...

  • Page 73
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT The remaining maturities of the Company's swaps and other derivative products at November 30, 1998 and 1997 are sum- marized in the following table, showing notional values by year of expected maturity: (dollars in billions) Less than 1 Year 1 to...

  • Page 74
    ...'s Credit Department: Collateralized NonInvestment BBB Grade Other NonInvestment Grade (dollars in millions) AAA AA A TOTAL AT NOVEMBER 30, 1998 Interest rate and currency swaps and options (including caps, floors and swap options) and other fixed income securities contracts Foreign exchange...

  • Page 75
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT 10 PREFERRED STOCK, CAPITAL UNITS AND PREFERRED SECURITIES ISSUED BY SUBSIDIARIES Preferred stock of the Company is composed of the following issues: Shares Outstanding at November 30 1997 (dollars in millions) 1998 1998 Balance at November 30 ...

  • Page 76
    ... on an after-tax basis. The Company attempts to protect its net book value from the effects of fluctuations in currency exchange rates on its net monetary investments in non-U.S. dollar subsidiaries by selling the appropriate non-U.S. dollar currency in the forward market. However, under some...

  • Page 77
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT based compensation plans. At November 30, 1998, approximately 150 million shares were available for future grant under these plans. provided for the granting of stock options having an exercise price not less than the fair value of the Company's ...

  • Page 78
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT 85% of the fair value on the date of purchase. Employees of the Company purchased 0.6 million shares of common stock in fiscal 1998, 0.5 million shares in fiscal 1997 and 0.7 million shares in fiscal 1996. The discount to fair value was $6 million ...

  • Page 79
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT from the ESOP trust is reflected as a reduction in the Company's shareholders' equity. Shares allocated to employees generally may not be withdrawn until the employee's death, disability, retirement or termination. Upon withdrawal, each share of ESOP...

  • Page 80
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT The following tables present information for the Company's pension plans on an aggregate basis. Pension expense includes the following components: The following table sets forth the funded status of the U.S. Plans: NOVEMBER 30, 1998 ACCUMULATED ...

  • Page 81
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT POSTRETIREMENT BENEFITS The following table reconciles the provision to the U.S. federal statutory income tax rate: FISCAL 1998 The Company has unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees, ...

  • Page 82
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT 15 GEOGRAPHIC AREA DATA Total revenues, net revenues, income before taxes and identifiable assets of the Company's operations by geographic area are as follows: TOTAL REVENUES FISCAL 1998 NET REVENUES fiscal 1997 fiscal 1996 (dollars in millions...

  • Page 83
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT 16 SEGMENT INFORMATION 17 BUSINESS DISPOSITIONS The Company is in the business of providing financial services, and operates in two business segments - Securities and Asset Management and Credit and Transaction Services. Securities and Asset ...

  • Page 84
    ...quarters' earnings per common share may not equal the annual amounts due to the averaging effect of the number of shares and share equivalents throughout the year. (4) Prices represent the range of sales per share on the New York Stock Exchange for the periods indicated.The number of stockholders of...

  • Page 85
    ... Banking JOHN H. SCHAEFER Dean, Walter A. Haas School of Business University of California at Berkeley Chief Strategic & Administrative Officer THOMAS C. SCHNEIDER Direct Business Group RO B E RT G . S C OT T Chief Financial Officer S I R DAV I D A . WA L K E R Morgan Stanley International...

  • Page 86
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT I N T E R N AT I O N A L L O C AT I O N S WORLDWIDE HEADQUARTERS-NEW YORK 1585 Broadway New York, NY 10036 Telephone: (212) 761-4000 Fax: (212) 761-0086 AMSTERDAM Rembrandt Tower, 11th Floor Amstelplein 1 1096 HA Amsterdam The Netherlands Telephone:...

  • Page 87
    MORGAN STANLEY DEAN WITTER * 1998 ANNUAL REPORT MONTREAL 1501 McGill College Avenue, Suite 2310 Montreal, Quebec, Canada H3A 3M8 Telephone: (514) 847-7400 Fax: (514) 847-7429 MOSCOW Ducat Plaza II, 7 Gasheka Street Moscow 123056, Russia Telephone: (7 501) 785-2200 Fax: (7 501) 785-2229 MUMBAI 4th ...

  • Page 88
    ... and the Transfer Agent for the Company's common stock. For more information about the plan or assistance with address changes, lost stock certificates and share ownership, contact: Morgan Stanley Dean Witter Trust FSB Harborside Financial Center, Plaza Two Jersey City, NJ 07311-3977 800-622-2393...