Morgan Stanley Announces First Quarter Results

New York, March 18, 2004 — Morgan Stanley (NYSE: MWD) will hold its first quarter investor conference call, hosted by Chief Financial Officer Stephen S. Crawford, on Thursday, March 18, 2004 at 11:00 am Eastern time. The call will be available via the worldwide web at www.morganstanley.com or by dialing 1-877-810-2623 (passcode 49575847) in the United States. International callers dial 1-617-786-1488 (passcode 49575847). A playback of the call will be available through April 16, 2004 and a replay of the webcast will be available through March 18, 2005. To listen to the playback, dial: 1-888-286-8010 (passcode 27850866) within the United States, or 1-617-801-6888 (passcode 27850866) internationally.

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, please click here.

To access the press release, please click here.