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Federated Department Stores To Accept Discover® Network Cards

April 21, 2005
RIVERWOODS, Illinois – April 21, 2005 – Discover Financial Services, a business unit of Morgan Stanley (NYSE:MWD), today announced that Federated Department Stores, Inc. began accepting Discover Network Cards on April 1, 2005. Now, shoppers at Federated's 450 Macy's and Bloomingdale's stores can pay with Discover Network Cards.

“Federated is one of the nation's leading department store retailers and we are thrilled that they are joining the more than 4 million merchants on the Discover Network,” said David W. Nelms, chairman and chief executive officer, Discover Financial Services, Inc. “This marks an important milestone for us because it means that another major U.S. retailer now accepts the Discover Card and more Cardmembers will get the chance to earn cash rewards from America's #1 credit card rewards company,” added Nelms.

The agreement with Federated is the latest in a series of significant announcements for Discover Financial Services. Others include the company's recent acquisition of PULSE® EFT Association, a fast-growing ATM/debit network, and the partnership with GE Consumer Finance in offering two new credit cards.

Discover's ability to provide merchants with a strong, loyal customer base of more than 50 million Discover Cardmembers as well as new issuers and products like stored value are driving new merchant signings. The company signed more than one million new merchant locations in 2004.

About Discover Financial Services
Discover Financial Services, a business unit of Morgan Stanley (NYSE:MWD), operates the Discover Card with more than 50 million Cardmembers, the Discover Network with more than 4 million merchant and cash access locations and the PULSE ATM/Debit network currently serving over 4,000 banks, credit unions and savings institutions. For more information, visit www.discovercard.com, www.discovernetwork.com or www.pulse-eft.com.

About Federated Department Stores, Inc.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with fiscal 2004 sales of more than $15.6 billion. Federated operates more than 450 stores in 34 states, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com and Bloomingdale's By Mail.

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Contact:
Jennifer Kang
Discover Financial Services, Inc.
(224) 405-2347