May 05, 2004

Discover Bank Partners With Chase To Provide Mortgage Loans

Discover Bank – Greenwood, Delaware, May 5, 2004…. Discover Bank, the issuer of the Discover® Card, today announced that it has partnered with Chase Home Finance to provide competitive mortgage loan products for Delaware residents in Kent and Sussex counties.

This partnership allows Discover Bank, the hometown community bank, to provide additional experienced loan originators to help residents with their home purchases and refinance needs. The added resources derived from this partnership will extend our product portfolio and increase loan origination services for residents. For home buyers in Kent and Sussex counties, that means:
· Community Home Loans below market rates
·Minimal down payment requirements
·Mortgage insurance not required for some products

“It's a special feeling when a home buyer's mortgage is approved and the house of their dreams becomes a reality,” said Kathy Roberts, president of Discover Bank. “By combining the strength of Discover Bank and Chase, two of the largest financial services companies in the community, these mortgages will now be one of the most competitive lending products offered in the Delaware market.”

About Discover Financial Services, Inc.
Discover Financial Services, Inc., a business unit of Morgan Stanley (NYSE:MWD), operates the Discover Card brands and the Discover Business Services network for its more than 50 million Cardmembers. Discover Business Services is the largest independent credit card network in the United States with approximately 4 million merchant and cash access locations.

About Chase Home Finance
Chase Home Finance is a subsidiary of J.P Morgan Chase & Co. (NYSE:JPM). J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $771 billion and operations in more than 50 countries.
The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, investment management, private banking and private equity. A component of the Dow Jones Industrial Average, J.P. Morgan Chase & Co. is headquartered in New York and serves more than 30 million consumers nationwide, and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at