New York, March 16, 2006 — Zoe Cruz, Co-President, and David H. Sidwell, Executive Vice President and Chief Financial Officer, of Morgan Stanley (NYSE:MS) will discuss the global financial services industry at the 2006 Morgan Stanley European Banks Conference in London on Thursday, March 23, 2006 at 2:00 pm GMT (9:00am EST). Both live and on-demand versions of the webcast will be available.

The ondemand webcast will be available 24 hours after the presentation for a period of 30 days. To access the webcast, please go to the Investor Relations section at www.morganstanley.com . Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.