February 20, 2003

Discover® Card Teams With Fraud Expert Frank Abagnale

RIVERWOODS, Ill., February 20, 2003…Discover Financial Services, a business unit of Morgan Stanley (NYSE:MWD), today announced that it has retained Frank Abagnale as an advisor/consultant to the company on fraud prevention. Abagnale is one of the world's most respected and sought after fraud prevention experts and the best selling author of “Catch Me If You Can.”

Abagnale is scheduled to appear at various national retail and merchant association conferences on behalf of Discover Card where he will discuss his life experiences, provide fraud prevention workshops and seminars, and sign copies of his books.

“At Discover Card, fraud prevention is a high priority due to the damaging impact it can have on merchants and their businesses,” said Tom Dailey, senior vice president, Discover Business Services, Discover Financial Services, Inc. “Through Mr. Abagnale's fraud prevention expertise, we are educating and providing our merchants with more of the tools they need to prevent and reduce fraud and the losses associated with it”

“The punishment for fraud and recovery of stolen funds are so rare, prevention is the only viable course of action,” said Frank Abagnale, fraud expert and author. “I'm very excited to team up with Discover Card and share my first-hand knowledge and experience with this growing company and their business partners in combatting credit card fraud.”

Discover Financial Services, a business unit of Morgan Stanley, operates the Discover Card brands and the Discover Business Services network for its more than 50 million Cardmembers. Discover Business Services is the largest proprietary credit card network in the United States with more than 4 million merchant and cash access locations.