Morgan Stanley Dean Witter Announces Plans for UK Credit Card

Business Wire, August 25, 1999

RIVERWOODS, Ill.--(BUSINESS WIRE)--Aug. 25, 1999--

Morgan Stanley Dean Witter & Co. (NYSE:MWD) today announced plans for the introduction of the Morgan Stanley Dean Witter Card in the UK -- a new credit card featuring a Cashback Bonus award, attractive pricing and no annual fee.

The Morgan Stanley Dean Witter Card will be issued by Morgan Stanley Dean Witter Bank Limited on the Europay/MasterCard Network. The new credit card will be offered in the UK through a major marketing initiative that includes a new advertising campaign as well as direct mail and press inserts.

"The Morgan Stanley Dean Witter Card represents our first credit card issued outside the U.S. and will help build the global Morgan Stanley Dean Witter brand," said David W. Nelms, President, Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co. "The success of Discover Card in the very competitive U.S. market demonstrates our ability to present innovative and desirable credit card products that meet the needs of consumers," added Nelms.

"By partnering with an established European network like Europay/MasterCard, we are well-positioned for this rapid and cost effective expansion into the UK. We remain committed to expanding and leveraging our proprietary Discover/Novus Network in North America," said Will O'Hara, Managing Director of Morgan Stanley Dean Witter Card Services.

Supporting the introduction of the Morgan Stanley Dean Witter Card is a new advertising campaign in the UK that focuses on the unique combination of features of the Card. The planned advertising includes print, broadcast and outdoor media. A major direct mail program is scheduled to start in September.

About Morgan Stanley Dean Witter

Morgan Stanley Dean Witter & Co. is a global financial services firm and a market leader in securities, asset management, and credit services. The Company has offices in New York, London, Tokyo, Hong Kong and other principal financial centers around the world and has 456 securities branch offices throughout the United States.

About Discover Card

The Discover Card, issued in the U.S. by Discover Financial Services, is a credit card that charges no annual fee and offers the Cashback Bonus award program.

About Discover Financial Services

Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co., operates the Discover Card brand, as well as other credit card brands, with more than 47 million U.S. Cardmembers. Discover Financial Services also operates the Discover/Novus Network, the largest independent credit card network in the United States with more than 3 million merchant and cash access locations.

About Europay/MasterCard:

Europay International, headquartered in Waterloo, Belgium, is the European bank's leading provider of personal payment and related services. At present, 217.6 million cards (MasterCard, Maestro and Cirrus) provide European and global debit and credit services, and offer cash access to Europe's largest network of nearly 212,000 ATMs in 40 countries. Through its alliance with MasterCard International, Europay offers banks products accepted at almost 462,000 ATMs and close to 16 million locations worldwide. Europay's Web site at http://www.europay.com provides much more information about Europay.