Business: Morgan Stanley Dean Witter & Co., now Morgan Stanley, Pharmaceutical Basket Opportunity eXchangeablE Securities (BOXES), due 10/31/2031, price to the public $16.1093, exchangeable for a cash amount based on the closing prices of the underlying stocks of the AMEX Equal Weighted Pharmaceutical Index (DGE). The BOXES are senior unsecured debt securities of Morgan Stanley Dean Witter & Co. The BOXES pay a quarterly base coupon rate equal to the cash distributions of the underlying stocks of the Index plus an annual supplement (see prospectus fo details). The BOXES are exchangeable at the holder's option on or after 12/26/2001 for cash based on the closing prices of the underlying stocks for the Index. On or after 11/26/2008, the issuer may required holders to exchange the BOXES for cash based on the closing prices of the underlying stocks of the Index. The BOXES are senior unsecured debt securities issued by Morgan Stanley and will rank equally with all of their other unsecured and unsubordinated debt. See the IPO prospectus for further information on the BOXES by using the ‘Link to IPO Prospectus’ provided below.