Jun. 1, 2006

Discover® Card Wins Brand Keys Customer Loyalty Award For Ninth Consecutive Year

Riverwoods, IL, June 1, 2006 – Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE: MS), today announced that the Discover Card has been awarded top honors for the ninth consecutive year in the 2006 Brandweek Customer Loyalty Awards. Discover Card was recognized with a Gold Award in the credit card category based on rankings in the tenth annual Brand Keys Customer Loyalty Index® from Brand Keys, Inc., the New York-based research consultancy that conducts a yearly survey on the brands that have generated the greatest customer loyalty.

“It's a tremendous honor when our commitment to putting our Cardmembers first earns this kind of industry recognition and loyalty from consumers,” said Carlos Minetti, Executive Vice President of Cardmember Services at Discover Financial Services. “By consistently anticipating and caring for our Cardmembers' needs, Discover Card has become a leading innovator in customer service. We will continue to build upon this track record by providing the most responsive and customized services available.”

“In a category that is increasingly becoming commoditized, and where brands are having difficulty differentiating themselves from one another, Discover Card has consistently managed to meet -- and even exceed -- customer expectations,” said Robert Passikoff, President of Brand Keys, Inc. “It is this kind of brand management and communication that guarantees increased levels of engagement, share-of-wallet, and profitability.”

Some of the key features of Discover Card's customer service offerings that help deliver the quickest and most efficient fulfillment of its Cardmembers' needs include:
  • Highly Skilled Agents: Discover Card's customer service agents, all based in the U.S., have among the longest tenure in the industry. Agents are measured not by how fast they get off the phone, but by how effectively they resolve customer needs.

  • Fast and Easy: Nearly every inquiry to Discover Card customer service is resolved in a single phone call. Cardmembers can speak with a customer representative in less than a minute, or start using the automated voice-response system even faster.

  • The Extra Mile: Discover Card customer service agents routinely go “above and beyond” to help Cardmembers in any situation, from routine credit line extensions to overnight delivery of a replacement card to a vacationer's hotel.

  • Discovercard.com: For Cardmembers who prefer online self-service, Discover Card provides the easiest self-service options that put them in complete control of their Accounts – making payments, redeeming rewards, setting up e-mail alerts and more.

  • Customization: Cardmembers can personalize their experience by selecting card designs and signing up for helpful and timely e-mail reminders that help them avoid fees, manage their budgets and use their credit wisely.

The 2006 Brandweek Customer Loyalty Award builds upon the other best-in-class distinctions that Discover Card has recently received, including “Best in Class” for fraud information and protection services from the January 2006 Credit Card Monitor Report, as well as the number one ranking in online customer experience in a March 2006 study performed by Keynote Systems, The Internet Performance Authority®.

About the Brand Keys Customer Loyalty Index
Brand Keys Customer Loyalty Index, the basis of the 2006 Brandweek Customer Loyalty Awards powered by Brand Keys, determines (95 percent confidence level) which products and services people will buy in the coming 18 to 24 months. Brandweek magazine published the complete winners list in its May 22 edition. Please visit http://www.brandkeys.com/awards for a complete list of the 2006 winners.

About Discover Financial Services LLC
Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE: MS), operates the Discover Card with more than 50 million Cardmembers, and the Discover Network, which is the largest proprietary credit card network in the U.S. with more than 4 million merchant and cash access locations. Discover Financial Services also operates the PULSE ATM/debit network, which serves over 4,200 financial institutions and includes almost 250,000 ATMs and approximately 3.4 million POS terminals. For more information, visit www.discovercard.com, www.discovernetwork.com or www.pulse-eft.com.

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Mai-Lee Ua
Public Relations
(224) 405-3082

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