Morgan Stanley Schedules Quarterly Investor Conference Call

New York —

Morgan Stanley (NYSE: MWD) will hold its fourth quarter investor conference call, hosted by David H. Sidwell, Executive Vice President and Chief Financial Officer on Tuesday, December 20, 2005 at 11:00 am Eastern time. The call will be available at www.morganstanley.com or by dialing 1-888-481-3045 (passcode 96772218) in the United States. International callers dial 1-617-786-1988 (passcode 96772218). A replay of the call and webcast will be available through January 20, 2006. To listen to the playback dial: 1-888-286-8010 (passcode 67418072) within the United States, or 1-617-801-6888 (passcode 67418072) 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 and presentation, please click here.