Morgan Stanley Announces Fourth Quarter Results

New York, December 18, 2003 — Morgan Stanley (NYSE: MWD) will hold its fourth quarter investor conference call, hosted by Chief Financial Officer Stephen S. Crawford, on Thursday, December 18, 2003 at 10:00 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 will be available through January 19, 2004 and a replay of the webcast will be available through December 18, 2004. To listen to the playback, dial: 1-888-286-8010 (passcode 27850866) within the United States, or 1-617-801-6888 (passcode 27850866) 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 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

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