Morgan Stanley today announced that after more than six years with the Firm Alasdair Morrison will step down as Chairman of Morgan Stanley
Asia and as a member of the Global Management Committee on 4th April, 2007.

“Alasdair has been instrumental in our expansion and strong performance in Asia,” said John J.
Mack, Chairman and CEO of Morgan Stanley. “We have had three consecutive record breaking
years in the region since 2004, we have enhanced our operating platforms, invested smartly and
have a long list of successes for our clients.”

“It has been an exciting and stimulating six years,” said Alasdair Morrison. “I now look forward
to a new direction and taking on a wider range of activities both in and outside the business world.
I am proud of Morgan Stanley’s achievements in Asia and proud to be leaving with the franchise
stronger than ever.”

Hans Schuettler, Chief Executive Officer of Asia, said, “Alasdair has provided important
leadership and contributed in many ways to our success and growth in the region. We all wish
him well in his future endeavors.”

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of
investment banking, securities, investment management, wealth management and credit services.
The Firm’s employees serve clients worldwide including corporations, governments, institutions
and individuals from more than 600 offices in 30 countries. For further information about
Morgan Stanley, please visit www.morganstanley.com.

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                                      Poling Cheung (852) 9863.6365