June 15, 2004--Morgan Stanley has announced that it will redeem on July 15, 2004 all of its 7.25% Senior Fixed Rate Notes due June 17, 2029 (CUSIP 61744Y116). The notes will be redeemed at a redemption price per security equal to the $25 principal amount plus accumulated but unpaid distributions to but excluding the redemption date. JPMorgan Chase Bank, as trustee, will facilitate the redemption of the notes. The notes are listed on the New York Stock Exchange under the symbol MWN. Distributions on the notes of $0.453125 per security will be paid on June 17, 2004 to holders of record on June 2, 2004.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Morgan Stanley Dean Witter & Co., now Morgan Stanley, Medium-Term Notes, Series C, 7.25% Senior Fixed Rate Notes due 6/17/2029, issued in $25 denominations, redeemable at the issuer's option on or after 6/17/2004 at $25 per share plus accrued and unpaid interest, maturing 6/17/2029, distributions of 7.25% per annum are paid quarterly on 3/17, 6/17, 9/17 & 12/17. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	7.25% $1.8125	$25.00 $25.00	Called for 7/15/2004 6/17/2029	Aa3 A+ 2/12/2004	3/17, 6/17, 9/17 & 12/17 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Address:   1585 Broadway, New York, NY 10036
Main Phone Number	212-761-4000
Fax Number	212-761-0086
Investor Contact   William Pike	212-761-0008
Toll Free Phone Number	800-733-2307

- John J. Mack

CFO - David H. Sidwell