Mercer Investment Consulting Japan recently ranked Morgan Stanley Investment Management products among the winners of its 2005 Manager Performance Analytics Japan Awards. MSIM's Global Value Equity ex-Japan and Japan Small Cap Equity funds received honors in the categories of All Global Equities ex-Japan for the five-year period and Japanese Small Cap Equities for the three-year period, respectively.

Mercer Investment Consulting Japan, a preeminent consulting firm, gives the award annually to those strategies for domestic pension sponsors which are registered in Mercer's performance universe and rank among the top three performers or in the top decile of the category group (whichever includes the greater number of funds).

Performance is based on the three- and five-year periods ending March 31, 2005, and on both total return and information ratio, except in the categories of Japanese Small Cap Equity and Japanese Fixed Income, which are based on only total return.