Philip J. Purcell and Stephen S. Crawford to speak at the Morgan Stanley Financial Services Conference

Philip J. Purcell, Chairman and Chief Executive Officer, and Stephen S. Crawford, Chief Financial Officer of Morgan Stanley (NYSE:MWD), will discuss the financial services industry at the 2003 Morgan Stanley Financial Services Conference in New York on Thursday, May 15th at 8:15 am Eastern Time. The discussion will be webcast live. In addition, a replay will be available 2 hours after the live webcast for a period of 14 days.

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. The presentation has been prepared solely for informational 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 on May 15, 2003.

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 "Certain Factors Affecting Results of Operations" under "Management's Discussion and Analysis of Financial Condition and 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, 2002 and "Competition" and "Regulation" under "Business" in Part I, Item 1 of the Form 10-K, and "Certain Factors Affecting Results of Operations" under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-Q for the quarter ended February 28, 2003.

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