Morgan Stanley to Webcast 2Q05 Earnings Conference Call 

Date: June 22, 2005
Time: 11:00AM - 12:00PM 

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. These statements, which reflect management's beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and 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. In particular, the Company's ability to effect the proposed separation of the Company's Credit Services business and the capitalization of the Credit Services business following the proposed separation may differ materially from the forward-looking statements. For a discussion of additional risks and uncertainties that may affect the future results of the Company, including the Credit Services business, please see "Forward-Looking Statements" immediately preceding Part I, Item 1, "Competition" and "Regulation" in Part I, Item 1 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, 2004 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Quarterly Report on Form 10-Q for the quarterly period ended February 28, 2005 and other items throughout the 2004 10-K and First Quarter 2005 10-Q. 

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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