The distribution of all of the outstanding Discover common stock was made on June 30, 2007 to Morgan Stanley stockholders of record as of the close of business on June 18, 2007 (the "record date"). Morgan Stanley stockholders received one share of Discover common stock for every two shares of Morgan Stanley common stock held as of the record date. Morgan Stanley stockholders will receive cash in lieu of fractional shares of Discover, after deductions for taxes and other fees. Following the distribution of these shares there are approximately 477 million shares of Discover stock outstanding and Discover's capital base is approximately $5.5 billion.

As a result of the distribution, Discover is now an independent company.