Morgan Stanley Announces Second Quarter Results

New York, June 18, 2003 — Morgan Stanley (NYSE: MWD) will hold its second quarter investor conference call, hosted by Chief Financial Officer Stephen S. Crawford, on Wednesday, June 18, 2003 at 11:00 am. The call will be available via the worldwide web at www.morganstanley.com or by dialing 1-877-810-2623 (passcode 95354057) in the United States. International callers dial 1-617-786-1488 (passcode 95354057). A playback of the call, as well as a replay of the webcast, will be available through July 1, 2003. To listen to the playback, dial: 1-888-286-8010 (passcode 37934465) within the United States, or 1-617-801-6888 (passcode 37934465) internationally.

Morgan Stanley (NYSE:MWD) is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 27 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

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