Morgan Stanley Announces Fourth Quarter Results

New York, December 21, 2004 — Morgan Stanley (NYSE: MWD) will hold its fourth quarter investor conference call, hosted by Chief Financial Officer David H. Sidwell, on Tuesday, December 21, 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 January 21, 2005 and a replay of the webcast will be available through December 21, 2005. To listen to the playback, dial: 1-888-286-8010 (passcode 68739035) within the United States, or 1-617-801-6888 (passcode 68739035) 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.

To access the webcast, please click here.

To access the press release, please click here