Corporate Governance Printer Friendly A Message from John J. Mack, Chairman and Chief Executive Officer, to Employees, Officers and Directors about the Code of Ethics and Business Conduct At Morgan Stanley, our success depends on fostering a culture where our five core values of integrity, excellence, respect for individuals and cultures, entrepreneurial spirit and teamwork are encouraged and rewarded. The financial services industry is one of the most heavily regulated in the world. Adherence to all applicable laws and regulations is absolutely critical. However, the Firm's clients, shareholders, competitors and the public have come to expect more from us than simple obedience to the letter of the law - they expect the highest degree of ethics, honesty and fairness in all our dealings. This Code of Ethics and Business Conduct, which has been approved by the Board of Directors, codifies those values. By following the Code, you reaffirm your commitment to upholding the core values that define our Firm and the way we do business. Core values are those that guide your behavior in all situations, especially when dealing with conflict or when you are at risk of losing a client, revenue or market share. As you face difficult choices and complex issues, the principles of this Code should guide your every action. In all your activities, your commitment to integrity and excellence must be unwavering. Moreover, you should strive to listen, understand, and appreciate the views of others, as well as the diversity of cultures both within and outside the Firm. You should act with initiative and the will to realize exceptional value, and you should work in a spirit of partnership with colleagues and clients. In this way, you will help build upon and contribute to Morgan Stanley's reputation as a preeminent financial services firm that strives to provide superior service to its clients in the most ethical manner. On June 19,2007, Morgan Stanley's Board of Directors amended the Code of Ethics to clarify the applicability of its provisions to directors, officers and employees, to add specific reference to the policy regarding related person transactions and to conform it to recent changes in the Code of Conduct applicable to officers and employees, including enhancing the provisions regarding gifts and entertainment and antidiscrimination. Click here for Code of Ethics and Business Conduct.