March 19, 2008 Dear Fellow Shareholder: According to our latest records, we have not yet received your proxy for Morgan Stanley's important annual shareholders meeting to be held on April 8, 2008. Our Board of Directors recommends that shareholders vote FOR all Director nominees in Item 1, FOR Items 2 and 3, and AGAINST Items 4 and 5. Please help your company avoid the expense of further solicitation by voting today by telephone, via the Internet, or by signing and returning the enclosed proxy card in the envelope provided. Thank you for your continued support. Very truly yours, Thomas R. Nides Chief Administrative Officer and Secretary IMPORTANT NOTE Please follow the easy instructions on the enclosed proxy card to vote by telephone or via the Internet. If you have questions, or need assistance in voting your shares, please call our proxy solicitors: TOLL-FREE: (877) 750-5837 or (800) 628-8532 Or Collect: (212) 269-5550