Morgan Stanley Japan Securities Co., Ltd. won first place in the annual survey conducted by the Great Place to Work Institute Japan, the local arm of the global organization that measures workplace satisfaction.

The Institute's survey for 2009 found the employees of Morgan Stanley Japan to be more content with their jobs than the employees at any of the other 76 companies surveyed. This was the third consecutive year that the Firm won praise for the way it treated its employees, winning second place in 2007 and third in 2008.

Morgan Stanley, in winning first place for 2009, surpassed former first-place winners Recruit Agent and Microsoft, both of which also participated in the 2009 survey.

The annual survey is the most comprehensive and thorough of its kind. This year's survey asked 500 employees - chosen randomly - to assess the Firm in five key areas, including respect, fairness, pride, camaraderie and the credibility of management. Approximately two thirds of the final score is based on employee responses to questions, while the remaining measures information provided by the company about its workplace culture and employment policies.

The survey found that 86 percent of Morgan Stanley's employees in Japan felt they see themselves working at the Firm over the long term, compared with an average of 64 percent who gave a similar answer at the top-25 scoring companies. It also found 78 percent of the Firm's employees in Japan saw their work as being "meaningful," compared with an average of 59 percent at the other 25 high-scoring companies.

The survey included a variety of anonymous comments from Morgan Stanley employees making observations such as:

• The people who work here are talented and fascinating
• Morgan Stanley gives its employees a high degree of responsibility and authority
• Firm Management exhibits strong leadership