Morgan Stanley Announces Second Quarter Earnings

New York, June 22, 2004 — Morgan Stanley (NYSE: MWD) will hold its second quarter investor conference call, hosted by Chief Administrative Officer Stephen S. Crawford and Chief Financial Officer David H. Sidwell, on Tuesday, June 22, 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 40310549) in the United States. International callers dial 1-617-786-1488 (passcode 40310549). A playback of the call will be available through July 22, 2004 and a replay of the webcast will be available through June 22, 2005. To listen to the playback, dial: 1-888-286-8010 (passcode 16654888) within the United States, or 1-617-801-6888 (passcode 16654888) 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 27 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.