Stephen S. Crawford and David W. Nelms of Morgan Stanley to speak at the Credit Suisse First Boston 2005 Financial Services Conference

New York, February 3, 2005 — Stephen S. Crawford, Executive Vice President and Chief Administrative Officer, and David W. Nelms, Chairman and Chief Executive Officer of Discover Financial Services of Morgan Stanley (NYSE:MWD) will discuss the global financial services industry at the 2005 Credit Suisse First Boston Financial Services Conference in Orlando, Florida on Wednesday, February 9th at 2:00 pm Eastern Time. Both live and on-demand versions of the webcast will be available. The on-demand 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 Presentations 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.

To access the webcast and presentation, please click here.