BPS Quantization of the Five-Brane

We give a unified description of all BPS states of M-theory compactified on $T^5$ in terms of the five-brane. We compute the mass spectrum and degeneracies and find that the $SO(5,5,Z)$ U-duality symmetry naturally arises as a T-duality by assuming that the world-volume theory of the five-brane itself is described by a string theory. We also consider the compactification on $S^1/Z_2 \times T^4$, and give a new explanation for its correspondence with heterotic string theory by exhibiting its dual equivalence to M-theory on $K3\times S^1$.