<Page>
                       FOREIGN CUSTODY MANAGER AGREEMENT

    AGREEMENT made as of June 15, 2001, between The Bank of New York ("BNY") and
each Morgan Stanley Dean Witter Fund having a Custody Agreement with BNY and
listed on Exhibit A hereto (each a "Fund").

                              W I T N E S S E T H:

    WHEREAS, the Fund desires to appoint BNY as a Foreign Custody Manager on the
terms and conditions contained herein;

    WHEREAS, BNY desires to serve as a Foreign Custody Manager and perform the
duties set forth herein on the terms and conditions contained herein;

    NOW THEREFORE, in consideration of the mutual promises hereinafter contained
in this Agreement, the Fund and BNY hereby agree as follows:

                                   ARTICLE I.
                                  DEFINITIONS

    Whenever used in this Agreement, the following words and phrases, unless the
context otherwise requires, shall have the following meanings:

     1. "BOARD" shall mean the board of directors or board of trustees, as the
case may be, of the Fund.

     2. "ELIGIBLE FOREIGN CUSTODIAN" shall have the meaning provided in the
Rule.

     3. "FOREIGN ASSETS" shall have the meaning provided in the Rule.

     4. "MONITORING SYSTEM" shall mean a system established by BNY to fulfill
the Responsibilities specified in clauses 1(d) and 1(e) of Article III of this
Agreement, which system shall comply with paragraph (c)(3) of the Rule.

     5. "RESPONSIBILITIES" shall mean the responsibilities delegated to BNY as a
Foreign Custody Manager with respect to each Specified Country and each Eligible
Foreign Custodian selected by BNY, as such responsibilities are more fully
described in Article III of this Agreement.

     6. "RULE" shall mean Rule 17f-5 under the Investment Company Act of 1940,
as amended on June 12, 2000.

     7. "SPECIFIED COUNTRY" shall mean each country listed on Schedule I
attached hereto, as amended from time to time by BNY, and each country, other
than the United States, constituting the primary market for a security with
respect to which the Fund has given settlement instructions to The Bank of New
York as custodian (the "Custodian") under its Custody Agreement with the Fund.

                                  ARTICLE II.
                        BNY AS A FOREIGN CUSTODY MANAGER

     1. The Fund on behalf of its Board hereby delegates to BNY with respect to
each Specified Country the Responsibilities.

     2. BNY accepts the Board's delegation of Responsibilities with respect to
each Specified Country and agrees in performing the Responsibilities as a
Foreign Custody Manager to exercise reasonable care, prudence and diligence such
as a person having responsibility for the safekeeping of the Fund's Foreign
Assets would exercise.

     3. BNY shall provide to the Board and to the Fund's investment adviser at
such times as the Board deems reasonable and appropriate based on the
circumstances of the Fund's foreign custody arrangements written reports
notifying the Board and the Fund's investment adviser of the placement of assets
of the Fund
<Page>
with a particular Eligible Foreign Custodian within a Specified Country and of
any material change in the arrangements (including the contract governing such
arrangements) with respect to assets of the Fund with any such Eligible Foreign
Custodian.

                                  ARTICLE III.
                                RESPONSIBILITIES

     1. Subject to the provisions of this Agreement, BNY shall with respect to
each Specified Country select an Eligible Foreign Custodian. In connection
therewith, BNY shall: (a) determine that Foreign Assets of the Fund held by such
Eligible Foreign Custodian will be subject to reasonable care, based on the
standards applicable to custodians in the relevant market in which such Eligible
Foreign Custodian operates, after considering all factors relevant to the
safekeeping of such assets, including, without limitation, those contained in
paragraph (c)(1) of the Rule; (b) determine that the Fund's foreign custody
arrangements with each Eligible Foreign Custodian are governed by a written
contract with the Custodian which will provide reasonable care for the Fund's
assets based on the standards specified in paragraph (c)(1) of the Rule;
(c) determine that each contract with an Eligible Foreign Custodian shall
include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the
Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F)
provisions, such other provisions as BNY determines will provide, in their
entirety, the same or a greater level of care and protection for Foreign Assets
of the Fund as such specified provisions in their entirety; (d) monitor pursuant
to the Monitoring System the appropriateness of maintaining Foreign Assets of
the Fund with a particular Eligible Foreign Custodian pursuant to paragraph
(c)(1) of the Rule and the performance of the contract governing such
arrangement; and (e) advise the Fund and its investment adviser whenever BNY
determines under the Monitoring System that an arrangement (including, any
material change in the contract governing such arrangement) described in
preceding clause (d) no longer meets the requirements of the Rule, or that an
Eligible Foreign Custodian would no longer treat assets of the Fund it holds
with reasonable care based on the standards applicable to custodians in the
relevant market. In the event BNY shall have made either determination described
in the preceding sentence, BNY shall promptly select another Eligible Foreign
Custodian in the Specified Country and shall arrange for transfer of the Fund's
assets to that custodian as soon as practicable; it being understood, however,
that in the event BNY shall have determined that no other Eligible Foreign
Custodian in the Specified Country would afford reasonable care based on the
applicable standards in the relevant marketplace, BNY shall promptly so advise
the Fund and shall act in accordance with the instructions of the Fund with
respect to the disposition of any Fund assets held by that custodian.

     2. For purposes of clause (d) of preceding Section 1 of this Article, BNY's
determination of appropriateness shall not include, nor be deemed to include,
any evaluation of Country Risks associated with investment in a particular
country. For purposes hereof, "Country Risks" shall mean systemic risks of
holding assets in a particular country including but not limited to (a) an
Eligible Foreign Custodian's use of any depositories that act as or operate a
system or a transnational system for the central handling of securities or any
equivalent book-entries; (b) such country's, but not any selected Eligible
Foreign Custodian's, financial infrastructure; (c) such country's prevailing
custody and settlement practices; (d) nationalization, expropriation or other
governmental actions; (e) regulation of the banking or securities industry;
(f) currency controls, restrictions, devaluations or fluctuations; and
(g) market conditions which affect the orderly execution of securities
transactions or affect the value of securities.

                                  ARTICLE IV.
                                REPRESENTATIONS

     1. The Fund hereby represents that: (a) this Agreement has been duly
authorized, executed and delivered by the Fund, constitutes a valid and legally
binding obligation of the Fund enforceable in accordance with its terms, and no
statute, regulation, rule, order, judgment or contract binding on the Fund
prohibits the Fund's execution or performance of this Agreement; and (b) this
Agreement has been approved and ratified by the Board at a meeting duly called
and at which a quorum was at all times present.

                                       2
<Page>
     2. BNY hereby represents that: (a) BNY is duly organized and existing under
the laws of the State of New York, with full power to carry on its businesses as
now conducted, and to enter into this Agreement and to perform its obligations
hereunder; (b) BNY is a U.S. Bank as defined in Section (a)(7) of the Rule;
(c) this Agreement has been duly authorized, executed and delivered by BNY,
constitutes a valid and legally binding obligation of BNY enforceable in
accordance with its terms, and no statute, regulation, rule, order, judgment or
contract binding on BNY prohibits BNY's execution or performance of this
Agreement; and (d) BNY has established the Monitoring System.

                                   ARTICLE V.
                                 CONCERNING BNY

     1. BNY shall not be liable for any costs, expenses, damages, liabilities or
claims, including attorneys' and accountants' fees, sustained or incurred by, or
asserted against, the Fund except to the extent the same arises out of the
failure of BNY to exercise the care, prudence and diligence required by Section
2 of Article II hereof. In no event shall BNY be liable to the Fund, the Board,
or any third party for special, indirect or consequential damages, or for lost
profits or loss of business, arising in connection with this Agreement.

     2. The Fund shall indemnify BNY and hold it harmless from and against any
and all costs, expenses, damages, liabilities or claims, including reasonable
attorneys' and accountants' fees, sustained or incurred by, or asserted against,
BNY by reason or as a result of any action or inaction, or arising out of BNY's
performance hereunder, provided that the Fund shall not indemnify BNY to the
extent any such costs, expenses, damages, liabilities or claims arises out of
BNY's failure to exercise the reasonable care, prudence and diligence required
by Section 2 of Article II hereof.

     3. For its services hereunder, the Fund agrees to pay to BNY such
compensation and out-of-pocket expenses as shall be mutually agreed.

     4. BNY shall have only such duties as are expressly set forth herein. In no
event shall BNY be liable for any Country Risks associated with investments in a
particular country.

                                  ARTICLE VI.
                                 MISCELLANEOUS

     1. This Agreement constitutes the entire agreement between the Fund and BNY
as a foreign custody manager, and no provision in the Custody Agreement between
the Fund and the Custodian shall be construed so as to affect the duties and
obligations of BNY hereunder or conflict with the terms of this Agreement, nor
shall any provision in this Agreement affect the duties or obligations of the
Custodian under the Custody Agreement.

     2. Any notice or other instrument in writing, authorized or required by
this Agreement to be given to BNY, shall be sufficiently given if received by it
at its offices at 100 Church Street, 10th Floor, New York, New York 10286, or at
such other place as BNY may from time to time designate in writing.

     3. Any notice or other instrument in writing, authorized or required by
this Agreement to be given to the Fund shall be sufficiently given if received
by it at         or at such other place as the Fund may from time to time
designate in writing.

     4. In case any provision in or obligation under this Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
thereby. This Agreement may not be amended or modified in any manner except by a
written agreement executed by both parties. This Agreement shall extend to and
shall be binding upon the parties hereto, and their respective successors and
assigns; provided however, that this Agreement shall not be assignable by either
party without the written consent of the other.

                                       3
<Page>
     5. This Agreement shall be construed in accordance with the substantive
laws of the State of New York, without regard to conflicts of laws principles
thereof. The Fund and BNY hereby consent to the exclusive jurisdiction of a
state or federal court situated in New York City, New York in connection with
any dispute arising hereunder. The Fund hereby irrevocably waives, to the
fullest extent permitted by applicable law, any objection which it may now or
hereafter have to the laying of venue of any such proceeding brought in such a
court and any claim that such proceeding brought in such a court has been
brought in an inconvenient forum. The Fund and BNY each hereby irrevocably
waives any and all rights to trial by jury in any legal proceeding arising out
of or relating to this Agreement.

     6. The parties hereto agree that in performing hereunder, BNY is acting
solely on behalf of the Fund and no contractual or service relationship shall be
deemed to be established hereby between BNY and any other person by reason of
this Agreement.

     7. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, but such counterparts shall, together,
constitute only one instrument.

     8. This Agreement shall terminate simultaneously with the termination of
the Custody Agreement between the Fund and the Custodian, and may otherwise be
terminated by either party giving to the other party a notice in writing
specifying the date of such termination, which shall be not less than ninety
(90) days after the date of such notice.

    IN WITNESS WHEREOF, the Fund and BNY have caused this Agreement to be
executed by their respective officers, thereunto duly authorized, as of the date
first above written.

<Table>
<S>                                             <C>
                                                EACH MORGAN STANLEY DEAN WITTER FUND LISTED ON
                                                 EXHIBIT A HERETO

                                                By:              /s/ BARRY FINK
                                                ..............................................

                                                Barry Fink
                                                Title: Vice President

                                                THE BANK OF NEW YORK

                                                By:          /s/ EDWARD G. MCGANN
                                                ..............................................

                                                Edward G. McGann
                                                Title: Vice President
</Table>

                                       4
<Page>
                                   SCHEDULE 1
                              SPECIFIED COUNTRIES

<Table>
<Caption>
COUNTRY /
MARKET                          SUBCUSTODIAN(S)
<S>                     <C>
ARGENTINA               Banco Rio de la Plata
AUSTRALIA               National Australia Bank Ltd.
AUSTRIA                 Bank Austria AG
BAHRAIN                 HSBC Bank Middle East
BANGLADESH              Standard Chartered Bank
BELGIUM                 Banque Bruxelles Lambert
BENIN                   Societe Generale de Banques en
                        Cote d'Ivoire
BERMUDA                 Bank of Bermuda Limited
BOLIVIA                 Citibank, N.A.
BOTSWANA                Barclays Bank of Botswana Ltd.
BRAZIL                  BankBoston, N.A.
BULGARIA                ING Bank
BURKINA FASO            Societe Generale de Banques en
                        Cote d'Ivoire
CANADA                  Royal Bank of Canada
CHILE                   BankBoston, N.A.
CHINA                   Standard Chartered Bank
COLOMBIA                Cititrust Colombia S.A.
COSTA RICA              Banco BCT
CROATIA                 Privredna Banka Zagreb d.d.
CYPRUS                  Bank of Cyprus
CZECH REPUBLIC          Ceskoslovenska Obchodni Banka
                        A.S.
DENMARK                 Den Danske Bank
EASDAQ                  Banque Bruxelles Lambert
ECUADOR                 Citibank, N.A.
EGYPT                   Citibank, N.A.
ESTONIA                 Hansabank Limited
EUROMARKET              Clearstream
EUROMARKET              Euroclear
FINLAND                 Merita Bank plc
FRANCE                  BNP Paribas / Credit Agricole
                        Indosuez
GERMANY                 Dresdner Bank AG
GHANA                   Barclays Bank of Ghana Ltd.
GREECE                  BNP Paribas
GUINEA BISSAU           Societe Generale de Banques en
                        Cote d'Ivoire
HONG KONG               HSBC
HUNGARY                 Citibank Budapest Rt.
ICELAND                 Landsbanki Islands
INDIA                   HSBC / Deutsche Bank AG
INDONESIA               HSBC
IRELAND                 Allied Irish Banks, plc
ISRAEL                  Bank Leumi LE - Israel B.M.
ITALY                   Banca Commerciale Italiana / BNP
                        Paribas
IVORY COAST             Societe Generale - Abidjan
JAMAICA                 CIBC Trust & Merchant Bank
                        Jamaica Ltd.
JAPAN                   The Bank of Tokyo-Mitsubishi
                        Limited / The Fuji Bank, Limited
JORDAN                  HSBC Bank Middle East
KAZAKHSTAN              ABN / AMRO
KENYA                   Barclays Bank of Kenya Ltd.
LATVIA                  Hansabanka Limited
LEBANON                 HSBC Bank Middle East
LITHUANIA               Vilniaus Bankas
LUXEMBOURG              Banque et Caisse d'Epargne de
                        l'Etat
MALAYSIA                HongKong Bank Malaysia Berhad
MALI                    Societe Generale de Banques en
                        Cote d'Ivoire
MALTA                   HSBC Bank Malta p.l.c
MAURITIUS               HSBC
<Caption>
COUNTRY /
MARKET                          SUBCUSTODIAN(S)
<S>                     <C>

MEXICO                  Banco Nacional de Mexico
MOROCCO                 Banque Commerciale du Maroc
NAMIBIA                 Stanbic Bank Namibia Limited
NETHERLANDS             Fortis Bank (Nederland) N.V.
NEW ZEALAND             National Australia Bank Ltd.
                        (National Nominees Ltd.)
NIGER                   Societe Generale de Banques en
                        Cote d'Ivoire
NIGERIA                 Stanbic Merchant Bank Nigeria
                        Limited
NORWAY                  Den norske Bank ASA
OMAN                    HSBC Bank Middle East
PAKISTAN                Standard Chartered Bank
PALESTINIAN             HSBC Bank Middle East
AUTONOMOUS AREA
PANAMA                  BankBoston, N.A.
PERU                    Citibank, N.A.
PHILIPPINES             HSBC
POLAND                  Bank Handlowy W Warszawie S.A.
PORTUGAL                Banco Comercial Portugues
QATAR                   HSBC Bank Middle East
ROMANIA                 ING Bank
RUSSIA                  Vneshtorgbank (Min Fin Bonds
                        only) / Credit Suisse First
                        Boston AO
SENEGAL                 Societe Generale de Banques en
                        Cote d'Ivoire
SINGAPORE               United Overseas Bank Limited /
                        The Development Bank of
                        Singapore Ltd.
SLOVAK REPUBLIC         Ceskoslovenska Obchodni Banka,
                        a.s.
SLOVENIA                Bank Austria Creditanstalt d.d.
                        Ljubljana
SOUTH AFRICA            Societe Generale, Johannesburg /
                        The Standard Bank of South
                        Africa Limited
SOUTH KOREA             Standard Chartered Bank
SPAIN                   Banco Bilbao Vizcaya Argentaria
                        S.A. (BBVA) / Banco Santander
                        Central Hispano (BSCH)
SRI LANKA               Standard Chartered Bank
SWAZILAND               Standard Bank Swaziland Limited
SWEDEN                  Skandinaviska Enskilda Banken
SWITZERLAND             Credit Suisse First Boston
TAIWAN                  HSBC
THAILAND                Standard Chartered Bank /
                        Bangkok Bank Public Company
                        Limited
TOGO                    Societe Generale de Banques en
                        Cote d'Ivoire
TRINIDAD & TOBAGO       Republic Bank Limited
TUNISIA                 Banque Internationale Arabe de
                        Tunisie
TURKEY                  Osmanli Bankasi A.S. (Ottoman
                        Bank)
UNITED ARAB EMIRATES    HSBC Bank Middle East, Dubai
UKRAINE                 ING Bank
UNITED KINGDOM          The Bank of New York / The
                        Depository & Clearing Centre
                        (DCC)
UNITED STATES           The Bank of New York
URUGUAY                 BankBoston, N.A.
VENEZUELA               Citibank, N.A.
ZAMBIA                  Barclays Bank of Zambia Ltd.
ZIMBABWE                Barclays Bank of Zimbabwe Ltd.
</Table>

<Page>
                                   EXHIBIT A

<Table>
<C>  <S>
 1.  Active Assets California Tax-Free Trust
 2.  Active Asset Government Securities Trust
 3.  Active Assets Institutional Money Trust
 4.  Active Assets Money Trust
 5.  Active Assets Premier Money Trust
 6.  Active Assets Tax-Free Trust
 7.  Morgan Stanley 21st Century Trend Fund
 8.  Morgan Stanley Aggressive Equity Fund
 9.  Morgan Stanley All Star Growth Fund
10.  Morgan Stanley American Opportunities Fund
11.  Morgan Stanley Balanced Growth Fund
12.  Morgan Stanley Balanced Income Fund
13.  Morgan Stanley Dean Witter California Insured Municipal
      Income Trust
14.  Morgan Stanley Dean Witter California Quality Municipal
      Securities
15.  Morgan Stanley California Tax-Free Daily Income Trust
16.  Morgan Stanley California Tax-Free Income Fund
17.  Morgan Stanley Capital Growth Securities
18.  Morgan Stanley Competitive Edge Fund
19.  Morgan Stanley Convertible Securities Trust
20.  Morgan Stanley Developing Growth Securities Trust
21.  Morgan Stanley Diversified Income Trust
22.  Morgan Stanley Dividend Growth Securities Inc.
23.  Morgan Stanley Equity Fund
24.  Morgan Stanley Federal Securities Trust
25.  Morgan Stanley Financial Services Trust
26.  Morgan Stanley Fund of Funds:
        Domestic Portfolio
        International Portfolio
27.  Morgan Stanley Global Utilities Fund
28.  Morgan Stanley Dean Witter Government Income Trust
29.  Morgan Stanley Growth Fund
30.  Morgan Stanley Hawaii Municipal Trust
31.  Morgan Stanley Health Sciences Trust
32.  Morgan Stanley Dean Witter High Income Advantage Trust
33.  Morgan Stanley Dean Witter High Income Advantage Trust II
34.  Morgan Stanley Dean Witter High Income Advantage Trust III
35.  Morgan Stanley High Yield Securities Inc.
36.  Morgan Stanley Income Builder Fund
37.  Morgan Stanley Income Securities Inc.
38.  Morgan Stanley Dean Witter Insured California Municipal
      Securities
39.  Morgan Stanley Dean Witter Insured Municipal Bond Trust
40.  Morgan Stanley Dean Witter Insured Municipal Income Trust
41.  Morgan Stanley Dean Witter Insured Municipal Securities
42.  Morgan Stanley Dean Witter Insured Municipal Trust
43.  Morgan Stanley Intermediate Income Securities Inc.
44.  Morgan Stanley KLD Social Index Fund
45.  Morgan Stanley Limited Term Municipal Trust
46.  Morgan Stanley Liquid Asset Fund Inc.
47.  Morgan Stanley Market Leader Trust
48.  Morgan Stanley Mid-Cap Equity Trust
49.  Morgan Stanley Mid-Cap Value Fund
</Table>

<Page>
<Table>
<C>  <S>
50.  Morgan Stanley Multi-State Municipal Series Trust:
        The Arizona Series
        The Florida Series
        The New Jersey Series
        The Pennsylvania Series
51.  Morgan Stanley Dean Witter Municipal Income Opportunities
      Trust
52.  Morgan Stanley Dean Witter Municipal Income Opportunities
      Trust II
53.  Morgan Stanley Dean Witter Municipal Income Opportunities
      Trust III
54.  Morgan Stanley Dean Witter Municipal Premium Income Trust
55.  Morgan Stanley NASDAQ-100 Index Fund
56.  Morgan Stanley Natural Resource Development Securities Inc.
57.  Morgan Stanley New Discoveries Fund
58.  Morgan Stanley New York Municipal Money Market Trust
59.  Morgan Stanley Dean Witter New York Quality Municipal
      Securities
60.  Morgan Stanley New York Tax-Free Income Fund
61.  Morgan Stanley Next Generation Trust
62.  Morgan Stanley North American Government Income Trust
63.  Morgan Stanley Prime Income Trust
64.  Morgan Stanley Dean Witter Quality Municipal Income Trust
65.  Morgan Stanley Dean Witter Quality Municipal Investment
      Trust
66.  Morgan Stanley Dean Witter Quality Municipal Securities
67.  Morgan Stanley Real Estate Fund
68.  Morgan Stanley S&P 500 Index Fund
69.  Morgan Stanley S&P 500 Select Fund
70.  Morgan Stanley Select Dimensions Investment Series:
        The American Opportunities Portfolio
        The Balanced Growth Portfolio
        The Developing Growth Portfolio
        The Diversified Income Portfolio
        The Dividend Growth Portfolio
        The Global Equity Portfolio
        The Growth Portfolio
        The Mid-Cap Equity Portfolio
        The Money Market Portfolio
        The North American Government Portfolio
        The Utilities Portfolio
        The Value-Added Portfolio
71.  Morgan Stanley Select Municipal Reinvestment Fund
72.  Morgan Stanley Short-Term Bond Fund
73.  Morgan Stanley Short-Term U.S. Treasury Trust
74.  Morgan Stanley Small Cap Growth Fund
75.  Morgan Stanley Special Value Fund
76.  Morgan Stanley Strategist Fund
77.  Morgan Stanley Tax-Exempt Securities Trust
78.  Morgan Stanley Tax-Free Daily Income Trust
79.  Morgan Stanley Tax-Managed Growth Fund
80.  Morgan Stanley Technology Fund
81.  Morgan Stanley Total Market Index Fund
82.  Morgan Stanley Total Return Bond Fund
83.  Morgan Stanley Total Return Trust
84.  Morgan Stanley U.S. Government Money Market Trust
85.  Morgan Stanley U.S. Government Securities Trust
86.  Morgan Stanley Utilities Fund
87.  Morgan Stanley Value Fund
88.  Morgan Stanley Value-Added Market Series
</Table>

<Page>
<Table>
<C>  <S>
89.  Morgan Stanley Variable Investment Series:
        The Aggressive Equity Portfolio
        The Capital Growth Portfolio
        The Competitive Edge Portfolio
        The Dividend Growth Portfolio
        The Equity Portfolio
        The High Yield Portfolio
        The Income Builder Portfolio
        The Money Market Portfolio
        The Quality Income Plus Portfolio
        The S&P 500 Index Portfolio
        The Short-Term Bond Portfolio
        The Strategist Portfolio
        The Utilities Portfolio
90.  TCW/DW Term Trust 2002
91.  TCW/DW Term Trust 2003
</Table>