Morgan Stanley Implements Electronic Payment System

PORTLAND, ME and NEW YORK, NY — March 25 , 2002 — Morgan Stanley has implemented PayMode®, the business-to-business payment solution, and is using it to initiate and send payments, along with detailed remittance information, to vendors and suppliers.

Morgan Stanley’s accounts payable workflow and its GEAC accounts payable system have already been integrated with PayMode, allowing the company to generate, approve and transmit electronic payments with remittance to its vendors, while continuing to work within its current accounts payable environment. The Accelerated Enrollment Program has been implemented to quickly and easily enable Morgan Stanley’s vendors and suppliers to receive payments and remittance using PayMode. Once a vendor or supplier has agreed to use PayMode, enrollment takes only minutes and is accomplished online.

Contact: Ann McCormick , 207-771-3769, ann_f_mccormick@fleet.com