00:00:00 - 27 April 2004

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ARMONK, N.Y. -- April 27, 2004 -- Extending a previous IT services agreement, Morgan Stanley selected IBM to implement a technology infrastructure that automatically draws computing power as needed from a shared pool of data center resources, the companies announced today. The approximately $575 million contract will facilitate Morgan Stanley's drive toward realizing an on demand computing infrastructure for its Individual Investor Group and Discover Financial Services.

Once Morgan Stanley moves to the new infrastructure, it will only pay for the back-end computing power it uses, allowing it to potentially realize millions of dollars in savings.

IBM will also provide help desk and desk side support as a managed service to approximately 20,000 users in Morgan Stanley's Individual Investor Group.

On Demand Services
The migration of Morgan Stanley's Individual Investor Group's mainframe processing to a shared infrastructure at an IBM on demand data center is a significant event in the evolution of IBM's on demand strategy. IBM's Universal Management Infrastructure will provide Morgan Stanley with significant benefits including:

Resources on demand - processing power, storage capacity and networking bandwidth will be supplied automatically, dialed up and down as needs dictate.

Variable pricing - via a sophisticated metering system that allows Morgan Stanley to pay only for the computing power it uses.

"Technology lies at the heart of modern business, and that's why it's so important for Morgan Stanley to have a hand-in-glove working relationship with a technology provider that intimately understands how our business works," said John Schaefer, president of Morgan Stanley's Individual Investor Group. "IBM's technology and services leadership, business-savvy and worldwide reach have made for a long, strong, and positive relationship with us."

"During our long relationship with Morgan Stanley, IBM has watched at close range the company's relentless focus on using technology to better serve its customers," said Doug Elix, senior vice president and group executive, IBM Global Services. "Going forward, we are committed to providing Morgan Stanley with the kind of IT infrastructure that increases performance, resilience and flexibility while freeing up resources that can be deployed to obtain greater business advantage."

About Morgan Stanley
Morgan Stanley (NYSE: MWD - News) is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 27 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

About IBM Global Services
IBM Global Services is the world's largest information technology services and consulting provider, generating record revenue and signings in 2003 of $42.6 billion and $55.5 billion, respectively. Some 180,000 professionals in more than 160 countries help clients integrate information technology with business value -- from the business transformation and industry expertise of IBM Business Consulting Services to hosting, infrastructure, technology design and training services. Leveraging IBM's unequalled scope and scale, IBM Global Services delivers integrated, flexible and resilient processes -- across companies and through business partners -- that enable clients to benefit from the on demand business model by saving money and transforming their businesses to be more competitive. For more information, visit www.ibm.com/services.

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