Document:

EXHIBIT 4-s

                           [FORM OF FACE OF SECURITY]

                 TEMPORARY GLOBAL FIXED RATE SENIOR BEARER NOTE

BEARER                                                     BEARER
No. TGFXR

     ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO
LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE, AS
AMENDED.

     UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR AN INTEREST IN A
PERMANENT GLOBAL BEARER NOTE, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

     THIS NOTE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES
AND EXCHANGE LAW OF JAPAN. THIS NOTE MAY NOT BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (WHICH
TERM AS USED HEREIN MEANS ANY PERSON RESIDENT IN JAPAN INCLUDING ANY
CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR
THE RE-OFFERING OR RE-SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO A RESIDENT
OF JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF,
AND OTHERWISE IN COMPLIANCE WITH, THE SECURITIES AND EXCHANGE LAW OF JAPAN AND
OTHER RELEVANT LAWS AND REGULATIONS OF JAPAN.(1)

--------
     (1) If this Note is offered in Japan or denominated in Japanese Yen,
appropriate legends need to be added.

<PAGE>

                        MORGAN STANLEY DEAN WITTER & CO.
                     GLOBAL MEDIUM-TERM NOTE, SERIES [D/E]
                 Temporary Global Fixed Rate Senior Bearer Note

<TABLE>
---------------------------------------------------------------------------------------------------------------
<S>                           <C>                          <C>                          <C>
ORIGINAL ISSUE DATE:          INITIAL REDEMPTION           INTEREST RATE:               MATURITY DATE:
                                DATE:
---------------------------------------------------------------------------------------------------------------
INTEREST ACCRUAL              INITIAL REDEMPTION           INTEREST PAYMENT             OPTIONAL REPAY
  DATE:                         PERCENTAGE:                  DATE(S):                     MENT DATE(S):
---------------------------------------------------------------------------------------------------------------
SPECIFIED CURRENCY:           ANNUAL REDEMPTION            EUROCLEAR NO.:               MINIMUM DENOMINA-
                                PERCENTAGE                                                TIONS:
                                REDUCTION:
---------------------------------------------------------------------------------------------------------------
EXCHANGE RATE                 REDEMPTION NOTICE            CLEARSTREAM NO.:            APPLICABILITY OF
  AGENT:                        PERIOD:(2)                                                MODIFIED PAYMENT
                                                                                          UPON
                                                                                          ACCELERATION OR
                                                                                          REDEMPTION:
---------------------------------------------------------------------------------------------------------------
INITIAL OFFERING              EXCHANGE FOR                 COMMON CODE:                If yes, state Issue Price:
  DATE:                         REGISTERED NOTES:
                                [NO](3)
---------------------------------------------------------------------------------------------------------------
OTHER PROVISIONS:                                          ISIN:                       ORIGINAL YIELD TO
                                                                                         MATURITY:
---------------------------------------------------------------------------------------------------------------
</TABLE>

     Morgan Stanley Dean Witter & Co., a Delaware corporation (together with
its successors and assigns, the "Issuer"), for value received, hereby promises
to pay to bearer, upon surrender hereof, the principal amount specified in
Schedule A hereto, on the Maturity Date specified above (except to the extent
previously redeemed or repaid) and to pay interest thereon at the Interest Rate
per annum specified above from and including the Interest Accrual Date
specified above until but excluding the date the principal amount is paid or
duly made available for payment (except as provided below), weekly, monthly,
quarterly, semi-annually or annually in arrears on the Interest Payment Dates
specified above in each year commencing on the Interest Payment Date next
succeeding the Interest Accrual Date specified above, and at maturity (or on
any redemption or repayment date); provided, however, that if the Interest
Accrual Date occurs fifteen calendar days or less prior to the first Interest
Payment Date occurring after the Interest Accrual Date, interest payments will
commence on the second Interest Payment Date succeeding the Interest Accrual
Date.

     Interest on this Note will accrue from and including the most recent
Interest Payment Date to which interest has been paid or duly provided for, or,
if no interest has been paid or duly provided

--------
     (2) Applicable if other than 30-60 calendar days. Consult with Euroclear
or Clearstream if a shorter redemption is requested. A minimum of 10 calendar
days may be possible.

     (3) Unless explicitly stated otherwise in term sheet, MSDW practice has
been to exclude this option.

                                       2
<PAGE>

for, from and including the Interest Accrual Date, until but excluding the date
the principal amount hereof has been paid or duly made available for payment.
Upon any payment of interest on this Note, the Principal Paying Agent (as
defined below) shall cause Schedule A of this Note to be endorsed to reflect
such payment. No payment on this Note will be made at any office or agency of
the Issuer in the United States or by check mailed to an address in the United
States (as defined below) or by wire transfer to an account maintained by the
holder of this Note with a bank in the United States except as may be permitted
under United States federal tax laws and regulations then in effect without
adverse tax consequences to the Issuer. Notwithstanding the foregoing, in the
event that payment in U.S. dollars of the full amount payable on this Note at
the offices of all Paying Agents (as defined below) would be illegal or
effectively precluded as a result of exchange controls or similar restrictions,
payment on this Note will be made by a paying agency in the United States, if
such paying agency, under applicable law and regulations, would be able to make
such payment. Notwithstanding any other provision of this Note, no payment of
principal or interest shall be made on any portion of this Note unless there
shall have been delivered to the Principal Paying Agent a certificate
substantially in the form of Exhibit A hereto with respect to the portion of
this Note with respect to which such principal or interest is to be paid. Such
certificate shall have been delivered to the Principal Paying Agent by
Euroclear Bank S.A./N.V., as operator of the Euroclear System ("Euroclear"),
and Clearstream Banking, societe anonyme ("Clearstream, Luxembourg"), and/or
any other relevant clearing system (including Euroclear France) as the case may
be, and shall be based on a certificate substantially in the form of Exhibit B
hereto provided to Euroclear, Clearstream, Luxembourg and/or any other relevant
clearing system, as the case may be, by those of its account holders who are to
receive such payment of principal or interest.

     This Note is issued in temporary global bearer form and represents all or
a portion of a duly authorized issue of Global Medium-Term Notes, Series [D/E]
(the "Notes"), issued under an Amended and Restated Senior Indenture, dated as
of May 1, 1999, between the Issuer and JPMorgan Chase Bank (formerly known as
The Chase Manhattan Bank), as Trustee (the "Trustee," which term includes any
successor trustee under the Senior Indenture) (as may be amended or
supplemented from time to time, the "Senior Indenture"), to which Senior
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and
immunities of the Issuer, the Trustee and holders of the Notes and the terms
upon which the Notes are, and are to be, authenticated and delivered. The
Issuer has appointed JPMorgan Chase Bank, London Branch, as its principal
paying agent for the Notes (the "Principal Paying Agent," which term includes
any additional or successor Principal Paying Agent appointed by the Issuer).

     Except as otherwise provided herein, this Note is governed by the terms
and conditions of the Permanent Global Fixed Rate Senior Bearer Note (the
"Permanent Global Bearer Note") to be issued in exchange for this Note, which
terms and conditions are hereby incorporated by reference herein mutatis
mutandis and shall be binding on the Issuer and the holder hereof as if fully
set forth herein. The form of the Permanent Global Bearer Note is attached
hereto.

                                       3
<PAGE>

     This Note is exchangeable in whole or from time to time in part on or
after the Exchange Date (as defined below) for an interest (equal to the
principal amount of the portion of this Note being exchanged) in a single
Permanent Global Bearer Note upon the request of Euroclear, Clearstream,
Luxembourg and/or any other relevant clearing system, acting on behalf of the
owner of a beneficial interest in this Note, to the Principal Paying Agent upon
delivery to the Principal Paying Agent of a certificate substantially in the
form of Exhibit A hereto with respect to the portion of this Note to be
exchanged. Such certificate shall have been delivered to the Principal Paying
Agent by Euroclear, Clearstream, Luxembourg and/or any other relevant clearing
system, as the case may be, and shall be based on a certificate substantially
in the form of Exhibit B hereto provided to Euroclear, Clearstream, Luxembourg
and/or any other relevant clearing system, as the case may be, by those of its
account holders having an interest in the portion hereof to be exchanged.
Notwithstanding the foregoing, if this Note is subject to a tax redemption as
described on the reverse of the Permanent Global Bearer Note attached hereto,
interests in this Note may be exchanged for interests in a Permanent Global
Bearer Note on and after such redemption date as if such redemption date had
been the Exchange Date, subject to receipt of the certificates described in the
preceding sentence. Upon exchange of any portion of this Note for an interest
in a Permanent Global Bearer Note, the Principal Paying Agent shall cause
Schedule A of this Note to be endorsed to reflect the reduction of its
principal amount by an amount equal to the aggregate principal amount being so
exchanged. Except as otherwise provided herein, until exchanged for a Permanent
Global Bearer Note, this Note shall in all respects be entitled to the same
benefits under the Senior Indenture as a duly authenticated and delivered
Permanent Global Bearer Note.

     As used herein:

          (a) the term "Exchange Date" means the date that is 40 calendar days
     after the date on which the Issuer receives the proceeds of the sale of
     this Note (the "Closing Date"), provided that if an interest represented
     by this Note is held by Morgan Stanley & Co. International Limited, or any
     other manager participating in the distribution of the tranche of Notes of
     which this Note forms a part, as part of an unsold allotment or
     subscription more than 40 calendar days after the Closing Date for this
     Note, the Exchange Date with respect to such interest shall be the day
     after the date such interest is sold by Morgan Stanley & Co. International
     Limited or such other manager, all as determined and notified to the
     Trustee by Morgan Stanley & Co. International Limited or if Morgan Stanley
     & Co. International Limited did not participate in the distribution of
     such tranche, by the Issuer.

          (b) the term "United States" means the United States of America
     (including the States and the District of Columbia); and its "possessions"
     include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake
     Island and the Northern Mariana Islands.

     All other terms used in this Note which are defined in the Senior
Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Senior Indenture.

                                       4
<PAGE>

     Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit
under the Senior Indenture, as defined on the reverse hereof, or be valid or
obligatory for any purpose.

                                       5
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

DATED:                                  MORGAN STANLEY DEAN WITTER & CO.

                                        By:__________________________________
                                           Name:
                                           Title:

TRUSTEE'S CERTIFICATE
    OF AUTHENTICATION

This is one of the Notes referred
  to in the within-mentioned
  Senior Indenture.

JPMORGAN CHASE BANK,
    as Trustee

By:_______________________________________
   Authorized Officer

                                       6
<PAGE>

                                                                     SCHEDULE A

                             SCHEDULE OF EXCHANGES

     The Initial Principal Amount of this Note is ______________. The following
payments of interest and exchanges of a part of this Note for an interest in a
single Permanent Global Bearer Note have been made:

<TABLE>
                                                   Principal Amount      Remaining Principal
                                                    Exchanged for         Amount Outstanding       Notation Made
   Date of Exchange                                   Permanent               Following          by or on Behalf of
  or Interest Payment     Payment of Interest     Global Bearer Note        Such Exchange      Principal Paying Agent
--------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                     <C>                    <C>                   <C>
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</TABLE>

<PAGE>

                                                                      EXHIBIT A

                      [FORM OF CERTIFICATE TO BE GIVEN BY
                       EUROCLEAR, CLEARSTREAM, LUXEMBOURG
                   AND/OR ANY OTHER RELEVANT CLEARING SYSTEM]

                                  CERTIFICATE

                            -----------------------

                        Morgan Stanley Dean Witter & Co.
                     Global Medium-Term Notes, Series [D/E]

      Represented by Temporary Global Fixed Rate Senior Bearer Note No. __

     This is to certify that, based solely on certifications we have received
in writing, by tested telex or by electronic transmission from member
organizations appearing in our records as persons being entitled to a portion
of the principal amount set forth below (our "Member Organizations")
substantially to the effect set forth in Appendix 2 to Exhibit B to the Euro
Distribution Agreement relating to such Notes, as of the date hereof,
__________ principal amount of the above-captioned Securities (i) is owned by
persons that are not citizens or residents of the United States, domestic
partnerships, domestic corporations, an estate the income of which is subject
to United States Federal income taxation regardless of its source or a trust if
both (a) a court within the United States is able to exercise primary
supervision over the administration of the trust and (b) one or more United
States persons have the authority to control all substantial decisions of the
trust ("United States persons"), (ii) is owned by United States persons that
are (a) foreign branches of United States financial institutions (as defined in
the applicable U.S. Treasury Regulations) ("financial institutions") purchasing
for their own account or for resale, or (b) United States persons who acquired
the Securities through foreign branches of United States financial institutions
and who hold the Securities through such United States financial institutions
on the date hereof (and in either case (a) or (b), each such United States
financial institution has agreed, on its own behalf or through its agent, that
we may advise the Issuer or the Issuer's agent that it will comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the U.S. Internal Revenue
Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by
United States or foreign financial institutions for purposes of resale during
the restricted period (as defined in the applicable U.S. Treasury Regulations),
and such United States or foreign financial institutions described in clause
(iii) above (whether or not also described in clause (i) or (ii)) have
certified that they have not acquired the Securities for purposes of resale
directly or indirectly to a United States person or to a person within the
United States or its possessions. Any such certification by electronic
transmission satisfies the requirements set forth in United States Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(3)(ii). We will retain all
certifications from our Member Organizations for the period specified in United
States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(i).

<PAGE>

     As used herein, "United States" means the United States of America
(including the States and the District of Columbia); and its "possessions"
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

     We further certify (i) that we are not making available herewith for
exchange (or, if relevant, seeking to collect principal or interest with
respect to) any portion of the temporary global Security representing the
above-captioned Securities excepted in the above-referenced certificates of
Member Organizations and (ii) that as of the date hereof we have not received
any notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any portion of the
part submitted herewith (or, if relevant, with respect to which principal or
interest is being requested) are no longer true and cannot be relied upon as of
the date hereof.

     We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you to produce this certification to any
interested party in such proceedings.

                                       2
<PAGE>

Dated: _______________, 20__
[To be dated no earlier than
[insert date of Interest Payment Date prior to Exchange Date]
[insert date of Redemption Date prior to Exchange Date]
[insert Exchange Date]]

                                    [EUROCLEAR BANK S.A./N.V., as Operator of
                                    the Euroclear System]

                                    [CLEARSTREAM BANKING, SOCIETE ANONYME]

                                    [OTHER]

                                    By:________________________________________
                                       Name:
                                       Title:

                                       3
<PAGE>

                                                                      EXHIBIT B

                 [FORM OF CERTIFICATE TO BE GIVEN BY AN ACCOUNT
                  HOLDER OF EUROCLEAR, CLEARSTREAM, LUXEMBOURG
                   AND/OR ANY OTHER RELEVANT CLEARING SYSTEM]

                                  CERTIFICATE

                            -----------------------

                        Morgan Stanley Dean Witter & Co.
                     Global Medium-Term Notes, Series [D/E]

      Represented by Temporary Global Fixed Rate Senior Bearer Note No. __

     This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i) are owned
by person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations, an estate the income of which is subject
to United States Federal income taxation regardless of its source, or a trust
if both (a) a court within the United States is able to exercise primary
supervision over the administration of the trust and (b) one or more United
States persons have the authority to control all substantial decisions of the
trust ("United States person(s)"), (ii) are owned by United States person(s)
that are (a) foreign branches of United States financial institutions (as
defined in the applicable U.S. Treasury Regulations) ("financial institutions")
purchasing for their own account or for resale, or (b) United States person(s)
who acquired the Securities through foreign branches of United States financial
institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution hereby agrees, on its own behalf or through
its agent, that you may advise the Issuer or the Issuer's agent that it will
comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the U.S.
Internal Revenue Code of 1986, as amended, and the regulations thereunder), or
(iii) are owned by United States or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in the applicable
U.S. Treasury Regulations), and in addition if the owner of the Securities is a
United States or foreign financial institution described in clause (iii) above
(whether or not also described in clause (i) or (ii)) such financial
institution has not acquired the Securities for purposes of resale directly or
indirectly to a United States person or to a person within the United States or
its possessions.

     As used herein, "United States" means the United States of America
(including the States and the District of Columbia); and its "possessions"
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

     We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
Securities held by you for our account in accordance with your

<PAGE>

Operating Procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.

     This certification excepts and does not relate to [U.S. $]___________ of
such interest in the above-captioned Securities in respect of which we are not
able to certify and as to which we understand exchange for and delivery of
definitive Securities (or, if relevant, exercise of any rights or collection of
any principal or interest) cannot be made until we do so certify.

     We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you to produce this certification to any
interested party in such proceedings.

                                       2
<PAGE>

Dated:  _______________, 20__
[To be dated no earlier than the 10th day before
[insert date of Interest Payment Date prior to Exchange Date]
[insert date of Redemption Date prior to Exchange Date]
[insert Exchange Date]]

                                              [NAME OF ACCOUNT HOLDER]

                                              By:_______________________________
                                                 (Authorized Signatory)
                                                 Name:
                                                 Title:

                                       3EXHIBIT 4-t

                           [FORM OF FACE OF SECURITY]

                 PERMANENT GLOBAL FIXED RATE SENIOR BEARER NOTE

BEARER                                                    BEARER
No. PGFXR

     ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO
LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE, AS
AMENDED.

     UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE FOR DEFINITIVE BEARER NOTES OR
IN WHOLE OR IN PART FOR REGISTERED NOTES, THIS GLOBAL NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

     THIS NOTE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES
AND EXCHANGE LAW OF JAPAN. THIS NOTE MAY NOT BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (WHICH
TERM AS USED HEREIN MEANS ANY PERSON RESIDENT IN JAPAN INCLUDING ANY
CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR
THE RE-OFFERING OR RE-SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO A RESIDENT
OF JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF,
AND OTHERWISE IN COMPLIANCE WITH, THE SECURITIES AND EXCHANGE LAW OF JAPAN AND
OTHER RELEVANT LAWS AND REGULATIONS OF JAPAN.(1)

--------
     (1) If this Note is offered in Japan or denominated in Japanese Yen,
appropriate legends need to be added.

<PAGE>

                        MORGAN STANLEY DEAN WITTER & CO.
                     GLOBAL MEDIUM-TERM NOTE, SERIES [D/E]
                 Permanent Global Fixed Rate Senior Bearer Note

<TABLE>
-----------------------------------------------------------------------------------------------------------
<S>                           <C>                         <C>                   <C>
ORIGINAL ISSUE DATE:          INITIAL REDEMPTION          INTEREST RATE:        MATURITY DATE:
                                DATE:
-----------------------------------------------------------------------------------------------------------
INTEREST ACCRUAL              INITIAL REDEMPTION          INTEREST PAYMENT      OPTIONAL REPAY-
  DATE:                         PERCENTAGE:                 DATE(S):              MENT DATE(S):
-----------------------------------------------------------------------------------------------------------
SPECIFIED CURRENCY:           ANNUAL REDEMPTION           EUROCLEAR NO.:        MINIMUM DENOMINA-
                                PERCENTAGE                                        TIONS:
                                REDUCTION:
-----------------------------------------------------------------------------------------------------------
EXCHANGE RATE                 REDEMPTION NOTICE           CLEARSTREAM NO.:      APPLICABILITY OF
  AGENT:                        PERIOD:(2)                                        MODIFIED PAYMENT
                                                                                  UPON ACCELERA-
                                                                                  TION OR
                                                                                  REDEMPTION:
-----------------------------------------------------------------------------------------------------------
INITIAL OFFERING              EXCHANGE FOR                COMMON CODE:          If yes, state Issue Price:
  DATE:                         REGISTERED NOTES:
                                [NO](3)
-----------------------------------------------------------------------------------------------------------
OTHER PROVISIONS:                                         ISIN:                 ORIGINAL YIELD TO
                                                                                  MATURITY:
-----------------------------------------------------------------------------------------------------------
</TABLE>

     Morgan Stanley Dean Witter & Co., a Delaware corporation (together with
its successors and assigns, the "Issuer"), for value received, hereby promises
to pay to bearer, upon surrender hereof, the principal amount specified in
[Schedule A hereto](4) [Schedule A-1 hereto](5), on the Maturity Date specified
above (except to the extent previously redeemed or repaid) and to pay interest
thereon at the Interest Rate per annum specified above from and including the
Interest Accrual Date specified above until but excluding the date the
principal amount is paid or duly made available for payment (except as provided
below) weekly, monthly, quarterly, semi-annually or annually in arrears on the
Interest Payment Dates specified above in each year commencing on the Interest
Payment Date next succeeding the Interest Accrual Date specified above, and at
maturity (or on any redemption or repayment date); provided, however, that if
the Interest Accrual Date occurs fifteen calendar days or less prior to the
first Interest Payment Date occurring after the Interest Accrual Date, interest
payments will commence on the second Interest Payment Date succeeding the
Interest Accrual Date.

--------
     (2) Applicable if other than 30-60 calendar days. Consult with Euroclear
or Clearstream if a shorter redemption is requested. A minimum of 10 calendar
days may be possible.

     (3) Unless explicitly stated otherwise in term sheet, MSDW practice has
been to exclude this option.

     (4) Applies if this Note is not issued as part of, or in relation to, a
Unit.

     (5) Applies if this Note is issued as part of, or in relation to, a Unit.

                                       2
<PAGE>

     Interest on this Note will accrue from and including the most recent
Interest Payment Date to which interest has been paid or duly provided for, or,
if no interest has been paid or duly provided for, from and including the
Interest Accrual Date, until but excluding the date the principal hereof has
been paid or duly made available for payment (except as provided below). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, subject to certain exceptions described herein, be paid to
the holder of this Note at the office or agency of the Principal Paying Agent
(this and certain other capitalized terms used herein are defined on the
reverse of this Note) or at the office or agency of such other paying agents
outside the United States as the Issuer may determine for that purpose (each, a
"Paying Agent," which term shall include the Principal Paying Agent).

     Payment of the principal of this Note, any premium and the interest due at
maturity (or on any redemption or repayment date) will be made upon
presentation and surrender of this Note at the office or agency of the
Principal Paying Agent or at the office of any Paying Agent.

     Payment of the principal of and premium, if any, and interest on this Note
will be made in the Specified Currency indicated above, except as provided on
the reverse hereof. If this Note is denominated in U.S. dollars, any payment of
the principal of and premium, if any, and interest on this Note will be made in
such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts. Such payments on this Note will
be made either by a check mailed to an address outside the United States
furnished by the payee or, at the option of the payee and subject to applicable
laws and regulations and the procedures of the Paying Agent, by wire transfer
of immediately available funds to an account maintained by the payee with a
bank located outside the United States if appropriate wire transfer
instructions have been received by the Paying Agent not less than 15 calendar
days prior to the applicable payment date. Notwithstanding the foregoing, in
the event that payment in U.S. dollars of the full amount payable on this Note
at the offices of all Paying Agents would be illegal or effectively precluded
as a result of exchange controls or similar restrictions, payment on this Note
will be made by a paying agency in the United States, if such paying agency,
under applicable law and regulations, would be able to make such payment. If
this Note is denominated in a Specified Currency other than U.S. dollars, then,
except as provided on the reverse hereof, payment of the principal of and
premium, if any, and interest on this Note will be made in such Specified
Currency either by a check drawn on a bank outside the United States or, at the
option of the payee and subject to applicable laws and regulations and the
procedures of the Paying Agent, by wire transfer of immediately available funds
to an account maintained by the payee with a bank located outside the United
States.

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Senior Indenture, as defined on the
reverse hereof, or be valid or obligatory for any purpose.

                                       3
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

DATED:                                        MORGAN STANLEY DEAN WITTER & CO.

                                              By:______________________________
                                                 Name:
                                                 Title:

TRUSTEE'S CERTIFICATE
    OF AUTHENTICATION

This is one of the Notes referred
  to in the within-mentioned
  Senior Indenture.

JPMORGAN CHASE BANK,
    as Trustee

By:_________________________________
   Authorized Officer

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                         [FORM OF REVERSE OF SECURITY]

     This Note is one of a duly authorized issue of Global Medium-Term Notes,
Series [D/E], having maturities more than nine months from the date of issue
(the "Notes"), of the Issuer. The Notes are issuable under an Amended and
Restated Senior Indenture, dated as of May 1, 1999, between the Issuer and
JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee
(the "Trustee," which term includes any successor trustee under the Senior
Indenture) (as may be amended or supplemented from time to time, the "Senior
Indenture"), to which Senior Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities of the Issuer, the Trustee and holders of the
Notes and the terms upon which the Notes are, and are to be, authenticated and
delivered. The Issuer has appointed JPMorgan Chase Bank, London Branch, as its
principal paying agent for the Notes (the "Principal Paying Agent," which term
includes any additional or successor Principal Paying Agent appointed by the
Issuer). The terms of individual Notes may vary with respect to interest rates,
interest rate formulas, issue dates, maturity dates, or otherwise, all as
provided in the Senior Indenture. To the extent not inconsistent herewith, the
terms of the Senior Indenture are hereby incorporated by reference herein.

     Unless otherwise indicated on the face hereof, this Note will not be
subject to any sinking fund and, unless otherwise indicated on the face hereof
in accordance with the provisions of the following two paragraphs and except as
set forth below, will not be redeemable or subject to repayment at the option
of the holder prior to maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or
in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof,
together with interest accrued and unpaid hereon to the date of redemption
(except as indicated below). If this Note is subject to "Annual Redemption
Percentage Reduction," the Initial Redemption Percentage indicated on the face
hereof will be reduced on each anniversary of the Initial Redemption Date by
the Annual Redemption Percentage Reduction specified on the face hereof until
the redemption price of this Note is 100% of the principal amount hereof,
together with interest accrued and unpaid hereon to the date of redemption
(except as provided below). Notice of redemption shall be mailed to the holders
of the Notes designated for redemption who have filed their names and addresses
with the Principal Paying Agent, not less than 30 nor more than 60 days prior
to the date fixed for redemption or within the Redemption Notice Period
specified on the face hereof, subject to all the conditions and provisions of
the Senior Indenture. Notice of redemption to all other holders of Notes shall
be given in the manner set forth in "Notices" as defined below and, if by
publication, shall be given once in each of three successive calendar weeks,
the first publication to be not less than 30 nor more than 60 calendar days
prior to the date set for redemption or within the Redemption Notice Period
specified on the face hereof. In the event of redemption of this Note in part
only, the Principal Paying Agent shall cause Schedule [A][A-1] of this Note to
be endorsed to reflect the reduction of its principal amount by an amount equal
to the aggregate principal amount of this Note so redeemed, whereupon the
principal amount hereof shall be reduced for all purposes by the amount so
redeemed and noted.

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<PAGE>

     If the face hereof indicates that this Note is subject to "Modified
Payment upon Acceleration or Redemption," then (i) if the principal hereof is
declared to be due and payable as described in the preceding paragraph, the
amount of principal due and payable with respect to this Note shall be limited
to the aggregate principal amount hereof multiplied by the sum of the Issue
Price specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of declaration, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of declaration), (ii) for the
purpose of any vote of securityholders taken pursuant to the Senior Indenture
prior to the acceleration of payment of this Note, the principal amount hereof
shall equal the amount that would be due and payable hereon, calculated as set
forth in clause (i) above, if this Note were declared to be due and payable on
the date of any such vote and (iii) for the purpose of any vote of
securityholders taken pursuant to the Senior Indenture following the
acceleration of payment of this Note, the principal amount hereof shall equal
the amount of principal due and payable with respect to this Note, calculated
as set forth in clause (i) above.

     If so indicated on the face of this Note, this Note will be subject to
repayment at the option of the holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments
of $1,000 or, if this Note is denominated in a Specified Currency other than
U.S. dollars, in increments of 1,000 units of such Specified Currency (provided
that any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of the holder hereof at a price
equal to 100% of the principal amount to be repaid, together with interest
accrued and unpaid hereon to the date of repayment (except as provided below).
For this Note to be repaid at the option of the holder hereof, the Principal
Paying Agent must receive at its office in London, at least 15 but not more
than 30 calendar days prior to the date of repayment, this Note with the form
entitled "Option to Elect Repayment" below duly completed, or a telegram,
telex, facsimile transmission or a letter from a member of a national
securities exchange, or the National Association of Securities Dealers, Inc. or
a commercial bank or trust company in the United States, Western Europe or
Japan setting forth the principal amount of the Note, the principal amount of
the Note to be repaid, the certificate number or a description of the tenor and
terms of this Note, a statement that the Option to Elect Repayment is being
exercised and a guarantee that this Note to be repaid, together with the duly
completed form entitled Option to Elect Repayment, will be received by the
principal paying agent not later than the fifth Business Day (as defined below)
after the date of that telegram, telex, facsimile transmission or letter.
However, the telegram, telex, facsimile transmission or letter shall only be
effective if this Note and an Option to Elect Repayment form duly completed are
received by the Paying Agent by the fifth Business Day after the date of such
telegram, telex, facsimile transmission or letter. Exercise of such repayment
option by the holder hereof shall be irrevocable. In the event of repayment of
this Note in part only, the Principal Paying Agent shall cause Schedule [A]
[A-1] of this Note to be endorsed to reflect the reduction of its principal
amount by an amount equal to the aggregate principal amount of this Note so
repaid, whereupon the principal amount hereof shall be reduced for all purposes
by the amount so repaid and noted.

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<PAGE>

     Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be. Unless otherwise specified
on the face hereof, interest payments for this Note will be computed and paid
on the basis of a 360-day year of twelve 30-day months.

     In the case where the Interest Payment Date or the Maturity Date (or any
redemption or repayment date) does not fall on a Business Day, payment of
interest, premium, if any, or principal otherwise payable on such date need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or on the
Maturity Date (or any redemption or repayment date), and no interest on such
payment shall accrue for the period from and after the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) to such next succeeding
Business Day.

     This Note and all the obligations of the Issuer hereunder are direct,
unsecured obligations of the Issuer and rank without preference or priority
among themselves and pari passu with all other existing and future unsecured
and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency.

     This Note is issued in permanent global bearer form without interest
coupons attached (a "Global Bearer Note"). The beneficial owner of all or a
portion of this Note may exchange its interest in this Note upon not less than
30 calendar days' written notice to the Principal Paying Agent through the
relevant clearing system, in whole, for Notes in bearer form with interest
coupons, if any, attached (the "Definitive Bearer Notes," and, together with
the Global Bearer Notes, the "Bearer Notes") or, if so indicated on the face of
this Note, at the beneficial owner's option, in whole or from time to time in
part, for Notes in fully registered form without coupons (the "Registered
Notes"), in each case, in the minimum denominations set forth on the face
hereof or any amount in excess thereof which is an integral multiple of 1,000
units of the Specified Currency set forth on the face hereof. Interests in this
Note shall also be exchanged by the Issuer in whole, but not in part, for
Definitive Bearer Notes, which shall be serially numbered, with coupons, if
any, attached (or, if indicated on the face of this Note, at the beneficial
owner's option, for Registered Notes), of any authorized denominations if (i)
this Note is accelerated following an Event of Default or (ii) either Euroclear
Bank S.A./N.V., as operator of the Euroclear System ("Euroclear"), or
Clearstream Banking, societe anonyme ("Clearstream, Luxembourg"), or any other
relevant clearing system (including Euroclear France) is closed for business
for a continuous period of fourteen calendar days (other than by reason of
public holidays) or announces an intention to cease business permanently or in
fact does so. The Issuer shall give notice to the Principal Paying Agent
promptly following any such acceleration or upon learning of any such closure.
Any exchanges referred to above shall be made at the office of the Principal
Paying Agent, or, in the case of Registered Notes, at the office of the
transfer agent for the Registered Notes in London, which transfer agent will
initially be JPMorgan Chase Bank, London Branch, upon compliance with any
procedures set forth in, or established pursuant to, the Senior Indenture;
provided, however, that the Issuer shall not be required (i) to exchange this
Note for a period of fifteen calendar days preceding the first publication or
other transmission, if applicable, of a Notice of redemption of all or any
portion hereof or (ii) to exchange

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<PAGE>

any portion of this Note selected for redemption or surrendered for optional
repayment, except that such portion of this Note may be exchanged for a
Registered Note of like tenor; provided that such Registered Note shall be
simultaneously surrendered for redemption or repayment, as the case may be; and
provided, further, that if a Registered Note is issued in exchange for any
portion of this Note after the close of business at the office of the Principal
Paying Agent on any record date (whether or not a Business Day) for the payment
of interest on such Registered Note and before the opening of business at such
office on the relevant Interest Payment Date, any interest will not be payable
on such Interest Payment Date in respect of such Registered Note, but will be
payable on such Interest Payment Date only to the holder of this Note. Upon
exchange of this Note in whole for a Definitive Bearer Note or Definitive
Bearer Notes, or in whole or in part for a Registered Note or Registered Notes,
the Principal Paying Agent shall cause Schedule [A] [A-1] of this Note to be
endorsed to reflect the reduction of the principal amount hereof by an amount
equal to the aggregate principal amount of such Definitive Bearer Note or
Definitive Bearer Notes, or such Registered Note or Registered Notes, whereupon
the principal amount hereof shall be reduced for all purposes by the amount so
exchanged and noted. All such exchanges of Notes will be free of service
charge, but the Issuer may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith. The date of any
Note delivered upon any exchange of this Note shall be such that no gain or
loss of interest results from such exchange.

     All (and not less than all) interests in this Note will be exchanged for
Definitive Bearer Notes in accordance with the procedures set forth in the
following two sentences as soon as practicable after (i) the first beneficial
owner of an interest in this Note exchanges its interest for a Definitive
Bearer Note, (ii) the Issuer gives notice to the Principal Paying Agent of an
acceleration of the Note or (iii) either Euroclear or Clearstream, Luxembourg
or any other relevant clearing system is closed for business for a continuous
period of fourteen calendar days (other than by reason of public holidays) or
announces an intention to cease business permanently or in fact does so. In the
event of any exchange of interests in this Note for a Definitive Bearer Note, a
common depositary located outside the United States (the "common depositary")
holding this Note for Euroclear, Clearstream, Luxembourg and/or any other
relevant clearing system shall instruct the Principal Paying Agent regarding
the aggregate principal amount of Definitive Bearer Notes and the denominations
of such Definitive Bearer Notes that must be authenticated and delivered to
each relevant clearing system in exchange for this Note. Thereafter, the
Principal Paying Agent, acting solely in reliance on such instructions, shall,
upon surrender to it of this Note and subject to the conditions in the
preceding paragraph, authenticate and deliver Definitive Bearer Notes in
exchange for this Note in accordance with such instructions and shall cause
Schedule A of this Note to be endorsed to reflect the reduction of its
principal amount by an amount equal to the aggregate principal amount of this
Note. Nothing in this paragraph shall prevent the further exchange of
Definitive Bearer Notes into Registered Notes.

     This Note may be transferred by delivery; provided, however, that this
Note may be transferred only to a common depositary outside the United States
for Euroclear, Clearstream, Luxembourg and/or any other relevant clearing
system or to a nominee of such a depositary.

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<PAGE>

     In case this Note shall at any time become mutilated, defaced or be
destroyed, lost or stolen and this Note or evidence of the loss, theft or
destruction thereof (together with the indemnity hereinafter referred to and
such other documents or proof as may be required in the premises) shall be
delivered to the Trustee, the Issuer in its discretion may execute a new Note
of like tenor in exchange for this Note, but, in the case of any destroyed or
lost or stolen Note, only upon receipt of evidence satisfactory to the Trustee
and the Issuer that this Note was destroyed or lost or stolen and, if required,
upon receipt also of indemnity satisfactory to each of them. All expenses and
reasonable charges associated with procuring such indemnity and with the
preparation, authentication and delivery of a new Note shall be borne by the
owner of the Note mutilated, defaced, destroyed, lost or stolen.

     This Note may be redeemed, as a whole, at the option of the Issuer at any
time prior to maturity, upon the giving of a Notice of redemption as described
below, at a redemption price equal to 100% of the principal amount hereof,
together with accrued interest to the date fixed for redemption (except that if
this Note is subject to "Modified Payment upon Acceleration or Redemption,"
such redemption price would be limited to the aggregate principal amount hereof
multiplied by the sum of the Issue Price specified on the face hereof
(expressed as a percentage of the aggregate principal amount) plus the original
issue discount amortized from the Interest Accrual Date to the date of
redemption, which amortization shall be calculated using the "interest method"
(computed in accordance with generally accepted accounting principles in effect
on the date of redemption) (the "Amortized Amount")), if the Issuer determines
that, as a result of any change in or amendment to the laws (or any regulations
or rulings promulgated thereunder) of the United States or of any political
subdivision or taxing authority thereof or therein affecting taxation, or any
change in official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment becomes effective on or
after the Initial Offering Date hereof, the Issuer has or will become obligated
to pay Additional Amounts (as defined below) with respect to this Note as
described below. Prior to the giving of any Notice of redemption pursuant to
this paragraph, the Issuer shall deliver to the Trustee (i) a certificate
stating that the Issuer is entitled to effect such redemption and setting forth
a statement of facts showing that the conditions precedent to the right of the
Issuer to so redeem have occurred, and (ii) an opinion of independent counsel
satisfactory to the Trustee to such effect based on such statement of facts;
provided that no such Notice of redemption shall be given earlier than 60
calendar days prior to the earliest date on which the Issuer would be obligated
to pay such Additional Amounts if a payment in respect of this Note were then
due.

     Notice of redemption will be given not less than 30 nor more than 60
calendar days prior to the date fixed for redemption or within the Redemption
Notice Period specified on face hereof, which date and the applicable
redemption price will be specified in the Notice.

     If the Issuer shall determine that any payment made outside the United
States by the Issuer or any Paying Agent of principal, premium or interest due
in respect of this Note would, under any present or future laws or regulations
of the United States, be subject to any certification, identification or other
information reporting requirement of any kind, the effect of which is the

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disclosure to the Issuer, any Paying Agent or any governmental authority of the
nationality, residence or identity of a beneficial owner of this Note who is a
United States Alien (as defined below) (other than such a requirement (a) that
would not be applicable to a payment made by the Issuer or any Paying Agent (i)
directly to the beneficial owner or (ii) to a custodian, nominee or other agent
of the beneficial owner, or (b) that can be satisfied by such custodian,
nominee or other agent certifying to the effect that such beneficial owner is a
United States Alien; provided that in each case referred to in clauses (a)(ii)
and (b) payment by such custodian, nominee or agent to such beneficial owner is
not otherwise subject to any such requirement), the Issuer shall redeem this
Note, as a whole, at a redemption price equal to 100% of the principal amount
thereof (except that if this Note is subject to "Modified Payment upon
Acceleration or Redemption," such redemption price would be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the Amortized Amount), together with accrued interest to
the date fixed for redemption, or, at the election of the Issuer if the
conditions of the next succeeding paragraph are satisfied, pay the additional
amounts specified in such paragraph. The Issuer shall make such determination
and election as soon as practicable, shall promptly notify the Trustee thereof
and shall publish (or transmit, as applicable) prompt notice thereof (the
"Determination Notice") stating the effective date of such certification,
identification or other information reporting requirements, whether the Issuer
will redeem this Note or has elected to pay the additional amounts specified in
the next succeeding paragraph, and (if applicable) the last date by which the
redemption of this Note must take place, as provided in the next succeeding
sentence. If the Issuer redeems this Note, such redemption shall take place on
such date, not later than one year after the publication of the Determination
Notice, as the Issuer shall elect by notice to the Trustee at least 60 calendar
days prior to the date fixed for redemption or at least 30 calendar days prior
to the last day of the Redemption Notice Period specified on the face hereof.
Notice of such redemption of this Note will be given to the holder of this Note
not more than 60 nor less than 30 calendar days prior to the date fixed for
redemption or within the Redemption Notice Period specified on the face hereof.
Such redemption notice shall include a statement as to the last date by which
this Note to be redeemed may be exchanged for Registered Notes. Notwithstanding
the foregoing, the Issuer shall not so redeem this Note if the Issuer shall
subsequently determine, not less than 30 calendar days prior to the date fixed
for redemption or prior to the last day of the Redemption Notice Period
specified on the face hereof, that subsequent payments would not be subject to
any such certification, identification or other information reporting
requirement, in which case the Issuer shall publish (or transmit, as
applicable) prompt notice of such determination and any earlier redemption
notice shall be revoked and of no further effect. The right of the holder of
this Note to exchange this Note for Registered Notes pursuant to the provisions
of this paragraph will terminate at the close of business of the Principal
Paying Agent on the fifteenth day prior to the date fixed for redemption, and
no further exchanges of this Note for Registered Notes shall be permitted.

     If and so long as the certification, identification or other information
reporting requirements referred to in the preceding paragraph would be fully
satisfied by payment of a backup withholding tax or similar charge, the Issuer
may elect by notice to the Trustee to pay as additional amounts such amounts as
may be necessary so that every net payment made outside the United States
following the effective date of such requirements by the Issuer or any Paying
Agent of principal, premium or

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interest due in respect of this Note of which the beneficial owner is a United
States Alien (but without any requirement that the nationality, residence or
identity of such beneficial owner be disclosed to the Issuer, any Paying Agent
or any governmental authority, with respect to the payment of such additional
amounts), after deduction or withholding for or on account of such backup
withholding tax or similar charge (other than a backup withholding tax or
similar charge that (i) would not be applicable in the circumstances referred
to in the second parenthetical clause of the first sentence of the preceding
paragraph, or (ii) is imposed as a result of presentation of this Note for
payment more than 15 calendar days after the date on which such payment becomes
due and payable or on which payment thereof is duly provided for, whichever
occurs later), will not be less than the amount provided for in this Note to be
then due and payable. In the event the Issuer elects to pay any additional
amounts pursuant to this paragraph, the Issuer shall have the right to redeem
this Note as a whole at any time pursuant to the applicable provisions of the
immediately preceding paragraph and the redemption price of this Note will not
be reduced for applicable withholding taxes. If the Issuer elects to pay
additional amounts pursuant to this paragraph and the condition specified in
the first sentence of this paragraph should no longer be satisfied, then the
Issuer will redeem this Note as a whole, pursuant to the applicable provisions
of the immediately preceding paragraph.

     The Issuer will, subject to certain exceptions and limitations set forth
below, pay such additional amounts (the "Additional Amounts") to the holder of
this Note who is a United States Alien as may be necessary in order that every
net payment of the principal of and interest on this Note and any other amounts
payable on this Note, after withholding for or on account of any present or
future tax, assessment or governmental charge imposed upon or as a result of
such payment by the United States (or any political subdivision or taxing
authority thereof or therein), will not be less than the amount provided for in
this Note to be then due and payable. The Issuer will not, however, be required
to make any payment of Additional Amounts to any such holder for or on account
of:

          (a) any such tax, assessment or other governmental charge that would
     not have been so imposed but for (i) the existence of any present or
     former connection between such holder (or between a fiduciary, settlor,
     beneficiary, member or shareholder of such holder, if such holder is an
     estate, a trust, a partnership or a corporation) and the United States and
     its possessions, including, without limitation, such holder (or such
     fiduciary, settlor, beneficiary, member or shareholder) being or having
     been a citizen or resident thereof or being or having been engaged in a
     trade or business or present therein or having, or having had, a permanent
     establishment therein or (ii) the presentation by the holder of this Note
     for payment on a date more than 15 calendar days after the date on which
     such payment became due and payable or the date on which payment thereof
     is duly provided for, whichever occurs later;

          (b) any estate, inheritance, gift, sales, transfer or personal
     property tax or any similar tax, assessment or governmental charge;

          (c) any tax, assessment or other governmental charge imposed by
     reason of such holder's past or present status as a personal holding
     company or foreign personal holding

                                       11
<PAGE>

     company or controlled foreign corporation or passive foreign investment
     company with respect to the United States or as a corporation which
     accumulates earnings to avoid United States federal income tax or as a
     private foundation or other tax-exempt organization;

          (d) any tax, assessment or other governmental charge that is payable
     otherwise than by withholding from payments on or in respect of this Note;

          (e) any tax, assessment or other governmental charge required to be
     withheld by any Paying Agent from any payment of principal of, or interest
     on, this Note, if such payment can be made without such withholding by any
     other Paying Agent in a city in Western Europe;

          (f) any tax, assessment or other governmental charge that would not
     have been imposed but for the failure to comply with certification,
     information or other reporting requirements concerning the nationality,
     residence or identity of the holder or beneficial owner of this Note, if
     such compliance is required by statute or by regulation of the United
     States or of any political subdivision or taxing authority thereof or
     therein as a precondition to relief or exemption from such tax, assessment
     or other governmental charge;

          (g) any tax, assessment or other governmental charge imposed by
     reason of such holder's past or present status as the actual or
     constructive owner of 10% or more of the total combined voting power of
     all classes of stock entitled to vote of the Issuer or as a direct or
     indirect subsidiary of the Issuer; or

          (h) any combination of items (a), (b), (c), (d), (e), (f) or (g).

In addition, the Issuer shall not be required to make any payment of Additional
Amounts (i) to any such holder where such withholding or deduction is imposed
on a payment to an individual and is required to be made pursuant to any
European Union Directive on the taxation of savings implementing the agreement
reached in the ECOFIN Council meeting of 13 December 2001 or any law
implementing or complying with, or introduced in order to conform to, such
Directive; or (ii) by or on behalf of a holder who would have been able to
avoid such withholding or deduction by presenting this Note or the relevant
coupon to another Paying Agent in a member state of the European Union. Nor
shall Additional Amounts be paid with respect to any payment on this Note to a
United States Alien who is a fiduciary or partnership or other than the sole
beneficial owner of such payment to the extent such payment would be required
by the laws of the United States (or any political subdivision thereof) to be
included in the income, for tax purposes, of a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to the Additional Amounts had such
beneficiary, settlor, member or beneficial owner been the holder of this Note.

     The Senior Indenture provides that (a) if an Event of Default (as defined
in the Senior Indenture) due to the default in payment of principal of or
premium, if any, or interest on any series

                                       12
<PAGE>

of debt securities issued under the Senior Indenture, including the series of
Global Medium-Term Notes of which this Note forms a part, or due to the default
in the performance or breach of any other covenant or warranty of the Issuer
applicable to the debt securities of such series but not applicable to all
outstanding debt securities issued under the Senior Indenture, shall have
occurred and be continuing, either the Trustee or the holders of not less than
25% in principal amount of the debt securities of each affected series (voting
as a single class) may then declare the principal of all debt securities of all
such series and interest accrued thereon to be due and payable immediately and
(b) if an Event of Default due to a default in the performance of any other of
the covenants or agreements in the Senior Indenture applicable to all
outstanding debt securities issued thereunder, including this Note, or due to
certain events of bankruptcy or insolvency of the Issuer, shall have occurred
and be continuing, either the Trustee or the holders of not less than 25% in
principal amount of all debt securities issued under the Senior Indenture then
outstanding (treated as one class) may declare the principal of all such debt
securities and interest accrued thereon to be due and payable immediately, but
upon certain conditions such declarations may be annulled and past defaults may
be waived (except a continuing default in payment of principal of or premium,
if any, or interest on such debt securities) by the holders of a majority in
principal amount of the debt securities of all affected series then
outstanding.

     The Senior Indenture permits the Issuer and the Trustee, with the consent
of the holders of not less than a majority in aggregate principal amount of the
debt securities of all series issued under the Senior Indenture then
outstanding and affected (voting as one class), to execute supplemental
indentures adding any provisions to or changing in any manner the rights of the
holders of each series so affected; provided that the Issuer and the Trustee
may not, without the consent of the holder of each outstanding debt security
affected thereby, (a) extend the final maturity of any such debt security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption or
repayment thereof, or change the currency of payment thereof, or modify or
amend the provisions for conversion of any currency into any other currency, or
modify or amend the provisions for conversion or exchange of the debt security
for securities of the Issuer or other entities (other than as provided in the
antidilution provisions or other similar adjustment provisions of the debt
securities or otherwise in accordance with the terms thereof), or impair or
affect the rights of any holder to institute suit for the payment thereof
without the consent of the holder of each debt security so affected; or (b)
reduce the aforesaid percentage in principal amount of debt securities the
consent of the holders of which is required for any such supplemental
indenture.

     Except as set forth below, if the principal of or premium, if any, or
interest on this Note is payable in a Specified Currency other than U.S.
dollars and such Specified Currency is not available to the Issuer for making
payments hereon due to the imposition of exchange controls or other
circumstances beyond the control of the Issuer or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions within the international banking community,
then the Issuer will be entitled to satisfy its obligations to the holder of
this Note by making such payments in U.S. dollars on the basis of the Market
Exchange Rate (as defined below) on the date of such payment or, if the Market
Exchange Rate is not available

                                       13
<PAGE>

on such date, as of the most recent practicable date; provided, however, that
if the euro has been substituted for such Specified Currency, the Issuer may at
its option (or shall, if so required by applicable law) without the consent of
the holder of this Note effect the payment of principal of or premium, if any,
or interest on any Note denominated in such Specified Currency in euro in lieu
of such Specified Currency in conformity with legally applicable measures taken
pursuant to, or by virtue of, the treaty establishing the European Community,
as amended. Any payment made under such circumstances in U.S. dollars or euro
where the required payment is in an unavailable Specified Currency will not
constitute an Event of Default. If such Market Exchange Rate is not then
available to the Issuer or is not published for a particular Specified
Currency, the Market Exchange Rate will be based on the highest bid quotation
in The City of New York received by the Exchange Rate Agent (as defined below)
at approximately 11:00 a.m., New York City time, on the second Business Day
preceding the date of such payment from three recognized foreign exchange
dealers (the "Exchange Dealers") for the purchase by the quoting Exchange
Dealer of the Specified Currency for U.S. dollars for settlement on the payment
date, in the aggregate amount of the Specified Currency payable to those
holders or beneficial owners of Notes and at which the applicable Exchange
Dealer commits to execute a contract. One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer. If those bid quotations are not available, the
Exchange Rate Agent shall determine the market exchange rate at its sole
discretion.

     The "Exchange Rate Agent" shall be Morgan Stanley & Co. International
Limited, unless otherwise indicated on the face hereof.

     All determinations referred to above made by, or on behalf of, the Issuer
or by, or on behalf of, the Exchange Rate Agent shall be at such entity's sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and binding on holders of Notes.

     So long as this Note shall be outstanding, the Issuer will cause to be
maintained an office or agency for the payment of the principal of and premium,
if any, and interest on this Note as herein provided. If this Note is listed on
the London Stock Exchange plc and such exchange so requires, the Issuer shall
maintain a Paying Agent in London. If any European Union Directive on the
taxation of savings implementing the agreement reached in the ECOFIN Council
meeting of 13 December 2001 or any law implementing or complying with, or
introduced in order to conform to, such Directive is introduced, the Issuer
will maintain a Paying Agent in a member state of the European Union that will
not be obligated to withhold or deduct tax pursuant to any such Directive or
law. The Issuer may designate other agencies for the payment of said principal,
premium and interest at such place or places outside the United States (subject
to applicable laws and regulations) as the Issuer may decide. So long as there
shall be such an agency, the Issuer shall keep the Trustee advised of the names
and locations of such agencies, if any are so designated.

     With respect to moneys paid by the Issuer and held by the Trustee or any
Paying Agent for payment of the principal of or interest or premium, if any, on
any Notes that remain unclaimed at the end of two years after such principal,
interest or premium shall have become due and payable

                                       14
<PAGE>

(whether at maturity or upon call for redemption or otherwise), (i) the Trustee
or such Paying Agent shall notify the holders of such Notes that such moneys
shall be repaid to the Issuer and any person claiming such moneys shall
thereafter look only to the Issuer for payment thereof and (ii) such moneys
shall be so repaid to the Issuer. Upon such repayment all liability of the
Trustee or such Paying Agent with respect to such moneys shall thereupon cease,
without, however, limiting in any way any obligation that the Issuer may have
to pay the principal of or interest or premium, if any, on this Note as the
same shall become due.

     No provision of this Note or of the Senior Indenture shall alter or impair
the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Note at the time, place
and rate, and in the coin or currency, herein prescribed unless otherwise
agreed between the Issuer and the holder of this Note.

     The Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the holder of this Note as the owner hereof for all purposes, whether or
not this Note be overdue, and none of the Issuer, the Trustee or any such agent
shall be affected by notice to the contrary.

     No recourse shall be had for the payment of the principal of or premium,
if any, or interest on this Note for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Senior Indenture or any
indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Issuer or of any
successor corporation, either directly or through the Issuer or any successor
corporation, whether by virtue of any constitution, statute or rule of law or
by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

     This Note shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

     As used herein:

          (a) the term "Business Day" means any day, other than a Saturday or
     Sunday, (i) that is neither a legal holiday nor a day on which banking
     institutions are authorized or required by law or regulation to close (x)
     in The City of New York or in London or (y) if this Note is denominated in
     a Specified Currency other than U.S. dollars, euro or Australian dollars,
     in the principal financial center of the country of the Specified
     Currency, or (z) if this Note is denominated in Australian dollars, in
     Sydney and (ii) if this Note is denominated in euro, that is also a day on
     which the Trans-European Automated Real-time Gross Settlement Express
     Transfer System ("TARGET") is operating (a "TARGET Settlement Day");

          (b) the term "Market Exchange Rate" means the noon U.S. dollar buying
     rate in The City of New York for cable transfers of the Specified Currency
     indicated on the face hereof published by the Federal Reserve Bank of New
     York;

                                       15
<PAGE>

          (c) the term "Notices" refers to notices to the holders of the Notes
     to be given by publication in an authorized newspaper in the English
     language and of general circulation in the Borough of Manhattan, The City
     of New York, and London or, if publication in London is not practical, in
     an English language newspaper with general circulation in Western Europe;
     provided that notice may be made, at the option of the Issuer, through the
     customary notice provisions of the clearing system or systems through
     which beneficial interests in this Note are owned. Such Notices will be
     deemed to have been given on the date of such publication (or other
     transmission, as applicable) or, if published in such newspapers on
     different dates, on the date of the first such publication;

          (d) the term "United States" means the United States of America
     (including the States and the District of Columbia), its territories, its
     possessions and other areas subject to its jurisdiction; and

          (e) the term "United States Alien" means any person who, for United
     States federal income tax purposes, is a foreign corporation, a
     non-resident alien individual, a non-resident alien fiduciary of a foreign
     estate or trust, or a foreign partnership one or more of the members of
     which is a foreign corporation, a non-resident alien individual or a
     non-resident alien fiduciary of a foreign estate or trust.

     All other terms used in this Note which are defined in the Senior
Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Senior Indenture.

                                       16
<PAGE>

                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably requests and instructs the Issuer to
repay the within Note (or portion thereof specified below) pursuant to its
terms at a price equal to the principal amount thereof, together with interest
to the Optional Repayment Date, to the undersigned at

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________
        (Please print or typewrite name and address of the undersigned)

     If less than the entire principal amount of the within Note is to be
repaid, specify the portion thereof which the holder elects to have repaid:
________; and specify the denomination or denominations (which shall not be
less than the minimum authorized denomination) of the Notes to be issued to the
holder for the portion of the within Note not being repaid (in the absence of
any such specification, one such Note will be issued for the portion not being
repaid): __________.

Dated:____________________________    __________________________________________

                                       17
<PAGE>

                                                                [SCHEDULE A](6)

              EXCHANGES FOR DEFINITIVE BEARER NOTES OR DEFINITIVE
            REGISTERED NOTES AND FROM TEMPORARY GLOBAL BEARER NOTE,
                           REDEMPTIONS AND REPAYMENTS

     The initial principal amount of this Note is __________. The following (A)
exchanges of (i) portions of this Note for Definitive Bearer Notes or
Registered Notes and (ii) portions of a Temporary Global Bearer Note for an
interest in this Note or (B) (x) redemptions at the option of the Issuer or (y)
repayments at the option of the holder have been made:

                        Principal Amount  Principal Amount  Principal Amount
     Date of Exchange,      Exchanged       Exchanged For     Exchanged for
       Redemption or     From Temporary      Definitive        Definitive
          Payment         Global Notes      Bearer Notes    Registered Notes
-------------------------------------------------------------------------------
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(Table -- continued)

                                    Remaining Principal
                                    Amount Outstanding
Principal Amount  Principal Amount    Following Such
 Redeemed at the    Repaid at the        Exchange,      Notation Made by or
  Option of the     Option of the      Redemption or       on Behalf of
     Issuer            Holder            Repayment         Paying Agent
-------------------------------------------------------------------------------
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---------
     (6) Applies if this Note is not issued as part of, or in relation to, a
Unit.

<PAGE>

                                                              [SCHEDULE A-1](7)

                          PERMANENT GLOBAL BEARER NOTE
                             SCHEDULE OF EXCHANGES

     The initial principal amount of this Note is $__________. The following
(A) exchanges of the principal amount of Notes indicated below for the same
principal amount of Notes to be represented by (i) Definitive Bearer Notes or
(ii) Definitive Registered Notes or [(iii) a Global Bearer Note that has been
separated from a Unit (a "Separated Note")]8, (B) exchanges of the principal
amount of Notes that had been represented by (i) a Temporary Global Bearer Note
[or (ii) a Global Bearer Note that is part of a Unit (an "Attached Unit
Note")]9 for an interest in this Note and (C) reductions of the principal
amount of this Note as a result of (i) cancellation upon the application of
such amount to the settlement of Purchase Contracts or the exercise of
Universal Warrants, (ii) redemption at the option of the Issuer or (iii)
repayments at the option of the Holder have been made:

                  Principal                            Principal  Principal
      Date of       Amount   [Principal   [Principal    Amount      Amount
     Exchange,    Exchanged    Amount       Amount     Exchanged  Exchanged
    Cancellation     From     Exchanged   Exchanged       For        For
    Redemption,   Temporary    From an       For      Definitive  Definitive
         or         Global    Attached    Separated     Bearer    Registered
     Repayment      Notes    Unit Note](9)  Note](8)     Notes      Notes
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(Table -- continued)

                                        Remaining
                                        Principal
                                         Amount
  Principal    Principal               Outstanding    Notation
    Amount      Amount               Following such   Made by
   Redeemed     Repaid                  Exchange,      or on
    at the      at the    Principal   Cancellation   Behalf of
  Option of    Option of    Amount    Redemption or    Paying
  the Issuer  the Holder  Cancelled     Repayment      Agent
-------------------------------------------------------------------------------
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-------------------------------------------------------------------------------
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--------
     (7) This Schedule A-1 needed only if this Note is issued as part of, or in
relation to, a Unit.

     (8) Applies only if this Note is attached to a Unit.

     (9) Applies only if this Note has been separated from a Unit.

                                       2

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