Morgan Stanley Dean Witter Technology Group Announces First Quarter Highlights.

Business Editors

MENLO PARK, Calif.--(BUSINESS WIRE)--April 24, 2000

Record Volume, Internet and B2B Initiatives Confirm No. 1 Ranking

in Technology M&A, Equity Capital Raising and Research

Morgan Stanley Dean Witter's Technology Group today released its first quarter 2000 transaction highlights, further illustrating its leadership position in technology investment banking and continuing its tradition of advising on industry defining transactions. During the first quarter of 2000, Morgan Stanley Dean Witter acted as advisor or lead manager on more than 70 transactions totaling over $366 billion in value.

In the first quarter, Morgan Stanley Dean Witter strengthened its leading role in the Internet marketplace via the formation of industry-sponsored B2B exchanges, the release of a comprehensive report titled The B2B Internet Report: Collaborative Commerce, and the hosting of an interactive Webcast on the trends and future of the Internet. In addition, the firm introduced the Morgan Stanley Internet Index (AMEX:MOX), a leading industry index of high market capitalization Internet stocks.

"Our first quarter results confirm again that Morgan Stanley Dean Witter is the preeminent thought leader and trusted advisor for the finest technology and Internet companies worldwide," said Dhiren Shah, Managing Director of Morgan Stanley Dean Witter. "The extraordinary experience and industry insight of our banking and research team sets the standard for delivering unparalleled investment solutions and critical advice to our clients."

For technology advisory and capital raising, Morgan Stanley Dean Witter once again ranked No. 1 in announced and completed transactions for the first quarter of 2000:

---------------------------------------------------
M&A League Table                      Volume ($Bn)
---------------------------------------------------

Morgan Stanley Dean Witter                   353.7
Salomon Smith Barney                         187.5
CSFB                                         101.1
Goldman Sachs                                 82.8
Lehman Brothers                               33.3

-------------------------------------------------
Equity League Table                 Volume ($Bn)
-------------------------------------------------

Morgan Stanley Dean Witter                  12.1
Goldman Sachs                               11.5
CSFB                                         8.4
Merrill Lynch                                4.6
Deutsche Banc. Alex Brown                    3.5

Additional highlights for the first quarter of 2000 include:

INTERNET AND B2B INITIATIVES

Morgan Stanley Dean Witter continued its clear leadership position in the Internet and emerging B2B sectors and enhanced its thought-leadership platform with the addition of several new products and services.

MOX. On March 24, Morgan Stanley Dean Witter announced the launch of the Morgan Stanley Internet Index (AMEX: MOX), an index comprised of 28 actively traded, high market capitalization Internet stocks including Cisco, AOL, and Oracle. The AMEX listed options tied to the MOX on April 10. Through these options, investors can gain exposure to the Internet sector while managing the risks associated with such investments. The MOX distinguishes itself from the widely followed Morgan Stanley High-Tech Index (MSH) by including only those select U.S. public companies currently involved in Internet businesses--including B2B e-commerce companies. The MOX is calculated and maintained by the AMEX.

The B2B Internet Report. Morgan Stanley Dean Witter released the highly anticipated B2B Internet Report, co-authored by Chuck Phillips, Managing Director and Internet Software/B2B analyst, and Mary Meeker, Managing Director and Internet/New Media analyst. The report outlines several key themes regarding the B2B landscape and includes key vertical industry expertise and profiles of more than 160 emerging B2B companies in 80 industries.

Inaugural Webcast. In the first quarter, Morgan Stanley Dean Witter also initiated a series of Webcasts designed to educate individual and institutional investors alike. The first in the series of Webcasts titled "The Internet: Where We've Been, Where We're Going," premiered on March 22. The interactive Webcast featured technology and Internet research team members Jeff Camp, Mary Meeker and Chuck Phillips, and included a discussion of those areas experiencing the Internet's greatest impact and emerging trends in the sector. A replay of the Webcast is available through May 22 via the Morgan Stanley Dean Witter Web site, www.MSDW.com or at www.MSDWOnline.com.

B2B Exchanges. Morgan Stanley Dean Witter served as a partner and advisor in the formation of seven industry-sponsored B2B exchanges, including those for the automotive, energy and petrochemical, paper and forest products, and aerospace and defense industries.

MERGERS & ACQUISITIONS

Morgan Stanley Dean Witter maintained its No. 1 ranked position in technology mergers and acquisitions worldwide. During the first quarter of 2000, the Technology Group announced or completed 37 M&A transactions worth more than $353 billion--with 19 transactions valued over $1 billion and five valued over $10 billion. Among the largest transactions announced during the first quarter were Time Warner's merger with AOL, VeriSign's acquisition of Network Solutions, and Seagate's sale to Veritas and an investor group led by Silver Lake Partners.

Morgan Stanley Dean Witter represented the following clients in these transactions announced or completed in 2000:

Internet (total: $249.6 billion)
--------------------------------

      --  Time Warner in its $181.9 billion pending sale to America
        Online (No. 1 Technology M&A Deal to Date)

      --  Telecom Italia in its $29.5 billion pending merger of Tin.it
        and Seat Pagine Gialle

      --  VeriSign in its $21 billion pending acquisition of Network
        Solutions (No. 1 Internet-to-Internet M&A Deal to Date)

      --  Sabre Holdings in its $5.1 billion spin-off from AMR

      --  Healtheon/WebMD in its $2.5 billion pending acquisition of
        Envoy

      --  Akamai Technologies in its $2.4 billion pending acquisition of
        InterVU

      --  Ariba in its $1.9 billion acquisition of Tradex Technologies

      --  Healtheon/WebMD in its $1.8 billion pending acquisition of
        CareInsite

      --  TransPoint in its $1.2 billion pending sale to CheckFree
        Holdings

      --  Voyager.net in its $525 million pending sale to CoreComm

      --  Ariba in its $400 million acquisition of TradingDynamics

      --  FreeMarkets in its $340 million acquisition of iMark.com

      --  Chemdex (Ventro) in its $306 million acquisition of
        Promedix.com

      --  Healtheon/WebMD in its $300 million acquisition of Kinetra

      --  Breakaway Solutions in its $259 million acquisition of Eggrock
        Partners

      --  Chemdex (Ventro) in its $116 million acquisition of
        Specialtymd.com

      --  FreeMarkets in its $18 million pending acquisition of Surplus
        Record and SR Auction

      --  InsurQuote Systems in its sale to ChannelPoint Communications
        Equipment (total: $61.2 billion)


Communications Equipment (total: $61.2 billion)
-----------------------------------------------

      --  BCE (Bell Canada Enterprises) in its $54 billion pending
        spin-off of Nortel Networks shares

      --  Lucent Technologies in the spin-off of its PBX business

      --  Newbridge Networks in its $6.5 billion pending sale to Alcatel

      --  Covad Communications in its $388 million pending acquisition
        of LaserLink.net

      --  Lucent Technologies in its $113 million sale of its Consumer
        Telephone Assets to Vtech Holdings

      --  Raychem Access Network in its $90 million pending sale to
        Terayon Communications Systems

      --  Copper Mountain Networks in its $75 million acquisition of
        OnPrem Networks


Hardware (total: $21.4 billion)
-------------------------------

      --  Seagate Technology in its $20.5 billion pending combined sale
        of its disk drive business to an investor group led by Silver
        Lake Partners and sale of Veritas Software shares back to
        Veritas Software

      --  Xerox in its $925 million acquisition of Tektronix's Color
        Printing Business


Software (total: $12.5 billion)
-------------------------------

      --  Computer Associates in its $3.4 billion pending acquisition of
        Sterling Software

      --  Octane Software in its $3.2 billion pending sale to E.piphany

      --  Clarify in its $1.8 billion sale to Nortel Networks

      --  Visio in its $1.3 billion sale to Microsoft

      --  Solect Technology Group in its $1.0 billion sale to Amdocs

      --  Riverbed Technologies in its $800 million sale to Aether
        Systems

      --  CyBerCorp in its $488 million pending sale to Charles Schwab

      --  Digital Insight in its $444 million acquisition of nFront


Semiconductors (total: $1.9 billion)
------------------------------------

      --  Applied Materials in its $1.9 billion acquisition of Etec
        Systems


Consulting (total: $7.2 billion)
--------------------------------

      --  USWeb/CKS in its $7.2 billion sale to Whittman-Hart


IPOs

      To date in 2000, Morgan Stanley Dean Witter has successfully
completed 13 lead-managed IPOs, raising $3.0 billion for the following
market leaders:

              Lead-Managed Technology IPOs

Client              Offering Size           Business
-----------------------------------------------------------------

Viasystems
 Group              $924 million  Manufactures printed circuit board
                                  and backpanel assemblies,
                                  wire harnesses and cable assemblies

HomeGrocer.com      $264 million  Provides home delivery of grocery
                                  products (dairy, meat,
                                  packaged foods, produce) and other
                                  items (alcohol, books,
                                  flowers, office supplies) via its
                                  Web site

Avanex              $248 million  Manufactures photonic processors to
                                  help increase the speed
                                  and capacity of fiber-optic networks

Crayfish            $229 million  Provides e-mail service, e-commerce,
                                  Internet access, Web hosting and
                                  unified messaging for mid-sized
                                  businesses

Digitas             $223 million  Helps clients promote products
                                  through Web site development,
                                  database development, marketing
                                  strategy development, media
                                  planning and buying and
                                  e-commerce services

StepStone           $214 million  Offers employers and recruitment
                                  agencies a flexible and cost
                                  effective medium (the Internet) to
                                  manage their recruiting processes

lastminute.com      $198 million  Provides premium travel packages,
                                  restaurant reservations, concert
                                  tickets and auction services aimed
                                  primarily at last minute planners

webMethods          $165 million  Provides XML-based B2B software
                                  which improves supply chain
                                  management by linking together the
                                  procurement, order processing,
                                  inventory management, shipping and
                                  fulfillment and enterprise resource
                                  planning of business affiliates

AsiaInfo            $138 million  Provides Net infrastructure systems,
                                  software and related
                                  services to Chinese telecom and
                                  Internet providers

Avenue A            $126 million  Provides Internet advertising
                                  services such as online media
                                  buying and planning, ad serving and
                                  ad campaign analysis

Silicon
 Laboratories       $114 million  Develops analog-intensive, mixed
                                  signal integrated circuits
                                  for communications products

Quantum Effect
 Devices            $68 million   Manufactures embedded
                                  microprocessors for computers,
                                  peripherals, consumer electronics,
                                  routers and other communications and
                                  networking infrastructure equipment

ARTISTdirect        $60 million   Operates and maintains Web sites for
                                  more than 80 popular musical artists


FINANCINGS

      Throughout the first quarter of 2000, Morgan Stanley Dean Witter
maintained its No. 1 position as lead manager in equity and
convertible debt for technology companies, raising more than $12
billion in transactions. Lead managed financings include:

           Lead-Managed Technology Common Equity Financings

----------------------------------------------------------------------
     Client                    Offering Size
----------------------------------------------------------------------
Sycamore Networks              $1.5 billion
Electronics Data Systems       $1.0 billion
Homestore.com                  $913 million
Celestica                      $913 million
E.piphany                      $735 million
Atmel                          $639 million
TMP Worldwide                  $619 million
Sanmina                        $531 million
Diamond Technology Partners    $302 million
SilverStream Software          $288 million
BE Semiconductor Industries    $277 million
Scient                         $272 million
Mattson Technology             $131 million
Drugstore.com                  $108 million


Lead-Managed Technology Convertible Debt Financings(a)
----------------------------------------------------------------------
     Client                      Offering Size
----------------------------------------------------------------------
Amazon                             $690 million
Conexant                           $650 million
Semtech                            $400 million
Burr-Brown                         $250 million
Ventro                             $250 million
Getty Images                       $200 million

"The Morgan Stanley Dean Witter technology team consists of more than 200 of the industry's finest bankers and research professionals across all sectors of technology. The team dominated Institutional Investor's All-America Research Survey, with more rankings than any other firm, and has completed more than 1,150 technology transactions worth an aggregate of more than $1 trillion," said Shah. "In today's turbulent marketplace, the breadth and depth of Morgan Stanley Dean Witter's expertise ensures that we are the strategic advisor of choice for not only leading technology companies, but those traditional companies embracing technology to change the way they do business."

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

(a) Certain of these securities were offered pursuant to Rule 144A under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.