Morgan Stanley Dean Witter Presents Key B2B E-commerce Findings in Landmark Industry Report.

Business Editors/High-Tech Writers

NEW YORK--(BUSINESS WIRE)--April 7, 2000

Morgan Stanley Dean Witter announced today the release of an extensive business-to-business industry report by Chuck Phillips, Managing Director and Internet Software/B2B analyst, titled "The B2B Internet Report: Collaborative Commerce."

The report, co-authored by Mary Meeker, Managing Director and Internet/New Media analyst, includes vertical industry expertise from multiple MSDW analysts and bankers, and profiles more than 160 emerging B2B companies in 80 industries.

"Moving business commerce online can make significant progress toward solving the three problems facing most companies: geography fragmentation, inefficient labor and information interactions, and supply chains bloated with excess inventory," said Phillips. "Though we expect that market efficiency resulting from B2B e-commerce will provide buyers and sellers with unprecedented levels of market transparency via online exchanges, we also want to address the many potential pitfalls in this highly competitive sector."

In the report, Phillips and Meeker outline several key themes regarding the B2B landscape, including:

--  the timing is now -- infrastructure is in place and company
    managements feel an urgency to act post-Y2K;

--  many B2B business models look suspect and most probably will fail;

--  equity sharing with customers (i.e., win-win partnerships) and M&A
    activity will play a critical role early in attracting transaction
    volume; and

--  partnering and specialization will be defining elements of the new
    economy and e-hubs will facilitate the transformation.

Morgan Stanley Dean Witter & Co. is a global financial services firm and a market leader in securities, asset management, and credit services. The company has offices in New York, London, Tokyo, Hong Kong and other principal financial centers around the world and has over 480 securities branch offices throughout the United States.

Note: Individuals wishing to download the B2B Internet Report can do so at www.msdw.com/mrchuck.