Morgan Stanley to Pursue Spin-off of Discover Financial Services 

Date: Monday, April 4, 2005 

Time: 6:00 PM ET 

IMPORTANT INFORMATION 

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This presentation may contain forward-looking statements. These statements, which reflect management's beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect the Company's future results, please see "Forward-Looking Statements" immediately preceding Part I, Item 1, "Certain Factors Affecting Results of Operations" under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7, and "Competition" and "Regulation" in Part I, Item 1 of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2004 and other items throughout the 2004 Annual Report on Form 10-K. 

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