[Fisher's name and address]

September 12, 2002


Phillip J. Purcell, chairman of the board and chief executive officer
Morgan Stanley
1585 Braodway
New York, New York 10036-8200

The questions of my August 22nd letter to Ivy Spence, Discover Financial Services (phone 302-328-3300, extension 2571) remain unanswered. I first wrote to Discover about the issue in October.

Review my correspondence with Spence and answer the questions.

Sincerely,
[Fisher's signature]
[Fisher's name]

Robert G. Scott, president and chief operating officer
Morgan Stanley
1585 Broadway
New York, New York 10036-8200

Michael A. Miles, director, Morgan Stanley
and partner, Forstmann Little & Company
767 5th Avenue, 44th Floor
New York, New York 10153-0023

Miles L. Marsh, director
Morgan Stanley
1585 Brodaway
New York, New York 10036-8200

John W. Madigan, director, Morgan Stanley,
and president and chief executive officer, Tribune Company
435 N. Michigan Avenue
Chicago, Illinois 60611-4066

Charles F. Knight, director
Morgan Stanley
1585 Broadway
New York, New York 10036-8200

Robert P. Bauman, director
Morgan Stanley
1585 Broadway
New York, New York 10036-8200

Edward A. Brennan, director
Morgan Stanley
1585 Broadway
New York, New York 10036-8200

John E. Jacob, director, Morgan Stanley,
and executive vice president & chief communications officer, Anheuser-busch Companies, Inc.
1 Busch Place
St. Louis, Missouri 63118-1849

C. Robert Kidder, director, Morgan Stanley
and chairman of the board and chief executive officer, Borden, Inc.
180 E. Broad Street
Columbus, Ohio 43215-3707

Laura D'Andrea Tyson, director, Morgan Stanley,
and dean, Walter A. Haas School of Business, University of California at Berkeley
545 Student Services #1900
University of California at Berkeley
Berkeley, California 94720-1900