Morgan Stanley (NYSE: MS) is pleased to announce the first recipients of the Morgan Stanley Professorships Initiative.  This new program funds the teaching and research of an elite group of business professors representing the Historically Black College and University (HBCU) network.  This year’s recipients are Dr. Cheryl Allen, Associate Professor of Accounting at Morehouse College; Dr. Kasim Alli, Professor of Finance at Morehouse College; and Dr. Philip Fanara, Professor of Finance at Howard University.

“We are delighted to launch this innovative new initiative which builds on Morgan Stanley’s longstanding commitment to minority undergraduate scholarship,” said Marilyn Booker, Global Head of Diversity at Morgan Stanley.  “The Morgan Stanley Professorships represent an ongoing commitment to the Historically Black Colleges and University network, enhancing a longstanding relationship between the HBCUs and Morgan Stanley.  This is part of an overall commitment by Morgan Stanley to diversity initiatives that is estimated to reach $30 million over the next five years in outreach to populations that are under-represented in the financial services industry.”

The objective of the Morgan Stanley Professorship Initiative is to enhance the scholars’ ability to incorporate practical experience into both academic research and classroom teaching so they can better prepare students for careers on Wall Street.  In addition to funding the professors’ salaries for the 2007-2008 academic year, Morgan Stanley hosted a six-week training program for the faculty to get “hands on” financial market experience at its headquarters in New York.  Additionally, Morgan Stanley senior executives will participate in an exchange program with Howard and Morehouse, teaching designated segments of each professor’s academic curriculum to students.

According to Professor Philip Fanara of Howard University, “My time with Morgan Stanley has provided me with an invaluable experience of the pragmatic application of sophisticated financial tools in providing creative solutions to real world problems, and has engendered a number of new ideas for both future research and teaching.”

“To be able to observe, share ideas and interact with some of the best brains in the business and at the highest level of the organization has been a unique learning experience for us,” said Professor Kasim Alli, Morehouse College.  “Our students will be the ultimate beneficiaries of this as we use this experience to enhance and keep our curriculum at the cutting edge of new developments in the industry.”

“The opportunity afforded my colleagues and me through this program is further evidence of Morgan Stanley’s continuous efforts and commitment to Morehouse,” said Professor Cheryl Allen, Morehouse College.  “During my stay at the bank’s headquarters, one thing that I have consistently observed is the tremendous talent Morgan Stanley has in the form of its people.  I have also noted the respect and camaraderie among all Morgan Stanley employees.”

Background on Morgan Stanley scholarship programs
Morgan Stanley has had a history of leadership in offering minority scholarship programs.  In 1993, Morgan Stanley launched the Richard B. Fisher Scholars program.  Fourteen years later, over 200 students have had hands-on Wall Street learning experiences through this undergraduate program, and this year’s class of twenty represents a growing commitment to the initiative.  In 1999, Morgan Stanley was one of the first investment banks to fund the entire master’s degree tuition, room, and board for M.B.A. students through the Morgan Stanley M.B.A. Fellowship program.  Both of these programs grant paid summer internships at Morgan Stanley in addition to scholarships.  Many of these internships result in offers of full-time employment following graduation, providing students with the option of pursuing a career in Financial Services.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.  The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 32 countries.  For further information about Morgan Stanley, please visit www.morganstanley.com.

Note to Editors:

HOWARD UNIVERSITY
Howard University is a private, comprehensive research university that is comprised of 12 schools and colleges.  Founded in 1867, students pursue studies in more than 120 areas leading to undergraduate, graduate and professional degrees.  Since 1998, the University has produced two Rhodes Scholars, a Truman Scholar, a Marshall Scholar, 19 Fulbright Scholars and 10 Pickering Fellows.  Howard also produces more on-campus African-American Ph.D. recipients than any other university in the United States.  For more information on Howard University, call 202-238-2330, or visit the University’s Web site, www.Howard.edu.

MOREHOUSE COLLEGE
Ranked three times as the number one college in the nation for educating African American students by Black Enterprise magazine, and recognized by The Wall Street Journal as one of the top feeder schools for the 15 most prominent graduate and professional schools in the country, Morehouse College is the nation’s largest, private liberal arts college for men.  Founded in 1867, the College enrolls approximately 3,000 students.  The College offers 26 majors in three academic divisions: Humanities and Social Sciences, Science and Mathematics, and Business and Economics.  Morehouse offers a number of programs and activities to enhance its challenging liberal arts curriculum through the Leadership Center at Morehouse College, Morehouse Research Institute and Andrew Young Center for International Affairs and the Martin Luther King Jr. International Chapel.  Morehouse is one of only two HBCUs to produce three Rhodes Scholars.

Prominent alumni include Martin Luther King Jr., Nobel Peace Prize winner and civil and human rights non-violent leader; Dr. David Satcher, former U.S. Surgeon General and director of the National Center for Primary Care at the Morehouse School of Medicine; Shelton “Spike” Lee, filmmaker and president of 40 Acres & A Mule Productions; Samuel L. Jackson, Academy Award nominated actor; Maynard H. Jackson, founder of Jackson Securities and the first African-American mayor of Atlanta; and Nima A. Warfield, the first African-American Rhodes Scholar from a HBCU.

For more information, please contact:

Morgan Stanley, Media Relations, Mary Claire Delaney, 212.762.6880
Howard University, Jennifer James-Pryor, 202.238.2338, jjames-pryor@howard.edu
Morehouse University, Elise Durham, 404.681.2800 x3340