Morgan Stanley to Webcast Conference Call 

Date: March 23, 2006 

Time: 2:00 PM GMT (9:00 AM ET) 

IMPORTANT INFORMATION 

This presentation by Morgan Stanley is copyrighted and proprietary, and all rights are reserved. Any recording, rebroadcast or other use of this presentation, in whole or in part, without the prior written consent of Morgan Stanley is prohibited. 

This presentation is based on information generally available to the public and does not contain any material, nonpublic information. No representation is made that it is accurate or complete. The presentation has been prepared solely for information purposes, it is not a solicitation of any offer to buy or sell any security or instrument, and has not been updated since it was originally presented. 

This presentation may contain forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management's current estimates, projections, expectations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of additional risks and uncertainties that may affect the future results of the Company, please see "Forward-Looking Statements" immediately preceding Part I, Item 1, "Competition" and "Regulation" in Part I, Item 1, "Risk Factors" in Part 1, Item 1A and "Certain Factors Affecting Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2005 and other items throughout the Form 10-K, Forms 10-Q and the Company's 2006 Current Reports on Form 8-K. 

The presentation may also include certain non-GAAP financial measures. The reconciliation of such measures to the comparable GAAP figures are included in our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on 8-K, which are available on our Web site www.morganstanley.com

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