DISCOVER^®
FINANCIAL SERVICES
September 26, 2002

[Fisher's name and address]

Dear [Fisher]:

Thank you for your recent inquiry to Robert G. Scott, President and chief operating officer Morgan Stanley. In order to ensure your concerns are addressed as efficiently as possible, your letter has been referred to my attention to investigate and respond.

Included with this correspondence are the previous responses to your concerns. We regret to hear of your dissatisfation with our response; however, our position remains the same.

If you have any further questions or concerns, please feel free to contact me directly at (302) 328-3300 ext. 2571, Monday through Thursday, from 10:30 a.m. to 9:00 p.m., EST.

Sincerely,

[signature]

Ivy Spence
Executive Inquiry Specialist
Cardmember Services

Enclosures: Letters dated August 29, 2002 and July 16, 2002

Discover Financial Services, Inc.
P.O. Box 17019 Wilmington, DE 19850-7019
A Morgan Stanley Company