Alasdair Morrison to Retire from Morgan Stanley

Hong Kong —

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.

Note to Editors:

Alasdair Morrison

Prior to joining Morgan Stanley in September 2000, Alasdair Morrison spent 28 years in Asia with the Jardine Matheson Group, latterly as Group Managing Director. Mr. Morrison, 58, will continue to be based in Hong Kong.

Contact:  Media Relations, Nick Footitt, (852) 2848.6847

                                      Poling Cheung (852) 9863.6365