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    <TD height=330><FONT face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular 
      color=#1d60a2 size=2><B>Morgan Stanley Choice<SUP>sm</SUP> Account is the 
      commission-free way to invest with Morgan Stanley.<BR></B></FONT><BR><FONT 
      face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2>Now you can 
      invest with a Morgan Stanley Financial Advisor, plus be able to trade 
      online, and have personal access to the world&#8217;s #1 research.* All without 
      ever paying a single commission &#8211; just a fee based on the assets in your 
      account. The Morgan Stanley Choice account. One more way you&#8217;re well 
      connected.<BR><BR><B>Limited-time offer:</B> If you open a Morgan Stanley 
      Choice<SUP>SM</SUP> account before November 30, 2001, you can receive a 
      comprehensive Morgan Stanley Financial Outlook<SUP>SM</SUP> financial plan 
      and a Morgan Stanley debit Platinum MasterCard? card at no additional 
      cost!<BR><BR>Want to stop paying commissions? Move your money. Visit<A 
      href="http://ad.doubleclick.net/clk;3420443;6475574;j?http://www.msdwadvice.com/choice"> 
      </A><A 
      href="http://ad.doubleclick.net/clk;3420443;6475535;g?http://www.msdwadvice.com/choice">morganstanley.com/choice</A> 
      or call 1-8MORGAN-NOW and see if a Morgan Stanley Choice account is right 
      for you.<BR></FONT></TD>
    <TD vAlign=top align=right width=120 height=330><FONT color=#8ba7cf><A 
      href="http://ad.doubleclick.net/clk;3420443;6475535;g?http://www.msdwadvice.com/choice"><IMG height=330 alt=xxxx src="http://www.businessweek.com/sponsors/morganstanley/emailChoice.gif" width=120 border=0></A></FONT></TD></TR>
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    <TD colSpan=2><FONT face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular 
      size=1>*Ranked #1 Global Research Team for 2000 by Institutional Investor 
      magazine, December 2000.<BR><BR>The Morgan Stanley Choice brokerage 
      account is an alternative way to pay for transactions. Any investment 
      advice is solely incidental to Morgan Stanley&#8217;s business as a 
      broker-dealer. Morgan Stanley Choice is not for day trading or other 
      extreme trading activity, including excessive options trading or trading 
      in mutual funds based on market timing. Morgan Stanley Choice carries a 
      minimum $1,000 annual fee and closing fees may apply. Morgan Stanley, 
      Morgan Stanley Choice, Morgan Stanley Financial Outlook and Well Connected 
      are service marks of Morgan Stanley Dean Witter & Co. Services are 
      offered through Morgan Stanley DW Inc., member SIPC. MasterCard is a 
      registered trademark of MasterCard International Inc. ?2001 Morgan Stanley 
      DW Inc.<BR><BR></FONT></TD></TR></TBODY></TABLE>

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