Message from Morgan Stanley Chairman Philip Purcell:

We are all saddened and outraged by the attack on America today, and extend our deepest sympathies and prayers to all the people affected.

As you have seen in media reports, two towers of the World Trade Center have collapsed after a series of explosions.

We have limited information about the Trade Center disaster beyond what has been reported in the news. Our key focus and concern are for the well-being and safety of Morgan Stanley employees. Some 3,500 people working for Morgan Stanley's individual investor businesses were based in the World Trade Center complex. We are working diligently with local authorities, and we will keep you apprised of developments. A call center has been established for employee-related safety concerns at 888-883-4391.

We want our clients to know today that in spite of this tragedy, all of our businesses are functioning and will continue to function. We are committed to resume full operations as exchanges and markets reopen. All our clients should rest assured that their assets are safe and our Financial Advisors will soon be in contact with our individual investors to answer questions and address their concerns.

Morgan Stanley Dean Witter & Co.