Morgan Stanley Announces Third Quarter Results

New York —

Morgan Stanley (NYSE: MS) will hold its third quarter investor conference call, hosted by David H. Sidwell, Executive Vice President and Chief Financial Officer, on Wednesday, September 20, 2006 at 11:00 am Eastern time. The call will be available at www.morganstanley.com or by dialing 1-888-481-3045 (passcode 62304581) within the United States. International callers dial 1-617-786-1988 (passcode 62304581). A replay of the call and webcast will be available through October 20, 2006. To listen to the playback dial: 1-888-286-8010 (passcode 21942115) within the United States, or 1-617-801-6888 (passcode 21942115) 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 30 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

To access the press release and webcast, please click here.