Discover Financial Services - Investor Relations

Discover® Card Launches Program To Assist America’s Relief Efforts

RIVERWOODS, Ill. September 27, 2001 Discover Financial Services, a business unit of Morgan Stanley (NYSE:MWD), today announced that it has established a program for its Cardmembers to participate in the disaster relief efforts for the recent national tragedy. Starting September 29, 2001, Discover^® Card will make a donation to the relief efforts for every transaction Discover Cardmembers make until the goal of $5 million is achieved.

"Many Discover Cardmembers want to help the people directly affected by this national tragedy in any way that they can," said David Nelms, president and chief operating officer, Discover Financial Services, Inc. "This program will enable Cardmembers to be part of the relief efforts by doing what they do everyday use their Discover Cards. Each month, we will select one or more charitable organizations to receive a donation in an effort to provide continuous support for the victims and their families."

Television and print advertisements announcing the launch of this program will roll out this weekend. All Discover Cards are part of this program including the Discover American Flag Card, launched in 1999, which has artwork of the American Flag on the face of the card.

In addition, Discover Cardmembers will be able to donate their annual Cashback Bonus^® awards to the relief efforts. The Cashback Bonus award, a Cardmember benefit since Discover Card's inception in 1986, is a distinctive feature of the Discover Card. It pays Discover Cardmembers up to 1% of their annual level of purchases, and is awarded soon after the Cardmember's anniversary date.

Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co., operates the Discover Card brands and the Discover Business Services network for its Cardmembers. Discover Business Services is the largest independent credit card network in the United States with approximately 4 million merchant and cash access locations. For more information visit discovercard.com or call
1-800-DISCOVER.

CONTACTS:
Catherine R. Edwards
Discover Financial Services, Inc.