Discover Financial Services Names Christina Favilla President of Discover Bank

RIVERWOODS, Ill.--(BUSINESS WIRE)--April 3, 2006--Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), today announced that Christina Favilla has been named President of Discover Bank. In this position, she will focus on marketing and new product initiatives for Discover Bank. She will report directly to Carlos Minetti, executive vice president, Cardmember Services for Discover Financial Services.

"Christina's wealth of experience and impressive track record in banking and marketing will make her an invaluable leader of our ongoing efforts to expand Discover Bank's product and service offerings," said Minetti. "We are delighted that she is joining us and look forward to a long and successful partnership together."

Ms. Favilla said, "Discover's long history of innovation, customer service and security has made it a formidable player in banking and financial services. As President of Discover Bank, I look forward to building upon this strong foundation to take advantage of new and emerging opportunities in the industry."

Favilla joins Discover Bank from T.D. Waterhouse, where she has served as First Vice President, Banking and Cash Management, Product Development since 2001. In this role, she created synergies between their banking and brokerage products and services by introducing and developing new deposit product strategies, bank lending products and marketing strategies. Prior to this, Favilla was Vice President and National Cross Sell Director of Citigroup/Citibank's Consumer Asset Division, where she successfully spearheaded Citigroup's key cross-sell initiatives and was responsible for growing the home equity business.

Favilla also served as the Vice President, Business Analyst for Retail Banking and as the Vice President, New Business Development Manager of Home Equity Services for Chase Manhattan Bank. Before that, she was with Citibank NA, where she graduated from the company's rigorous Management Associate Program, and served as a product-training specialist and Chief of Staff to the Area Director for the company.

Favilla holds a Masters of Business Administration in Information Systems from Fordham University and a B.A. in International Studies from Marymount College.

About Discover Financial Services LLC

Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), operates the Discover(R) Card with more than 50 million Cardmembers, and the Discover Network, which is the largest proprietary credit card network in the U.S. with more than 4 million merchant and cash access locations. Discover Financial Services also operates the PULSE(R) ATM/debit network, which serves over 4,200 financial institutions and includes almost 250,000 ATMs and approximately 3.4 million POS terminals. For more information, visit www.discovercard.com, www.discovernetwork.com or www.pulse-eft.com.

Contacts
Discover Financial Services LLC
Mai Lee Ua, 224-405-3082
maileeua@discoverfinancial.com