Discover Financial Services Launches Discover eReport; E-mail Delivery of Activity Reports to Discover Merchants.

Business Editors

RIVERWOODS, Ill.--(BUSINESS WIRE)--Aug. 21, 2001

Discover Financial Services, a business unit of Morgan Stanley (NYSE:MWD), recently announced the launch of Discover(SM) eReport(SM), a report delivery option for Discover(R) Merchants who wish to receive their Activity reports via e-mail. Discover eReport will be offered to thousands of merchants who are part of the Discover Business Services network.

The reports provide Discover Merchants with information on credits, debits, submitted deposits and chargebacks on their account. Three reports are currently being offered: Daily Activity Report, Daily Exception Advice and the Monthly Activity Report. Merchants need an e-mail account as well as access to Adobe(R)Acrobat(R)Reader(TM) in order to view their reports. Specific requirements are detailed on the Discover Merchant Web site, www.discoverbiz.com.

"Discover eReport is a convenient way for our merchants to access their activity information in a very timely and efficient manner," said Tom Dailey, senior vice president, Discover Business Services, Discover Financial Services, Inc. "We respect the security of our Cardmember and merchant data, which is why the sensitive information contained in the reports is concealed, such as the bank account number and merchant account number. It is part of our continued effort to provide excellent products and services to our merchants."

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 more than 50 million Cardmembers. Discover Business Services is the largest independent credit card network in the United States with approximately 4 million merchant and cash access locations.