Christopher Carter Joins Morgan Stanley as Vice Chairman of Institutional Securities

London —

Morgan Stanley announced today that Christopher Carter will join the Firm as a Managing Director and Vice Chairman of Institutional Securities, effective May 15.

Mr. Carter, who will be based in London, will draw on his more than 30 years of investment banking experience to provide high level, strategic advice to the Firm's key global clients. He will also work closely with the Firm's senior management on defining and executing strategy for its Institutional Securities Group.

Mr. Carter, 56, is joining Morgan Stanley from CQS, where he has served as Chairman since November 2005. He previously spent 19 years at Credit Suisse First Boston in a wide range of senior investment banking and executive positions including Chairman of Europe, Chairman of Global Investment Banking, and as a member of the firm's Executive Board.

Mr. Carter is widely acknowledged as a pioneer in the development of the European capital markets, as well as a leading figure across the spectrum of investment banking, fixed income and equities both in Europe and globally.

John J. Mack, Morgan Stanley's Chairman and Chief Executive Officer, and Zoe Cruz, Morgan Stanley's Co-President, said: "Chris Carter is a true relationship banker, who has built a reputation for always providing clients with the best and most comprehensive advice and solutions. With his considerable experience, integrity and diverse skill-set, Chris will play an active and important role in further developing our strong global franchise."

Jonathan Chenevix-Trench, Chairman of Morgan Stanley International, said: "I am delighted that Chris will be joining our leadership team in Europe. He is a banker of the highest caliber and I look forward to working with him."

Morgan Stanley is a global financial services firm and a market leader in securities, investment management, and credit services. With more than 600 offices in 30 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

Note to Editors:

Christopher Carter

Christopher Carter has spent more than 30 years working in senior investment banking and executive roles on the global stage. He began his investment-banking career in 1973 as an executive at Hambros Bank, first in London and then in New York. After a two-year stint as a corporate finance manager at George Weston Ltd. in Toronto, he returned to Hambros in 1977 where he held a variety of positions including Head of Syndicate and Head of the firm's Canadian office.

During the 1980s, Christopher Carter served as founding partner and head of capital markets at Enskilda Securities before joining Salomon Brothers International in 1985 as Head of Equity Capital Markets.

From 1987 to 2005, Christopher Carter held a wide range of senior banking and executive positions at Credit Suisse First Boston. In 1993 he was appointed Head of Global Equity Capital Markets, adding the title of Head of European Investment Banking in 1998. In 2002 he was appointed Chairman of Global Investment Banking and Chairman of CSFB Europe. From 2000-2005 he served on the firm's Global Executive Board and its European Executive Committee.

Christopher Carter has a BA from the University of Toronto, serves as a Governor of Ridley College and is a Vice President of the Mental Health Foundation and will become a member of CQS' International Advisory Board. He was born in Saint John, New Brunswick in 1949 and is married with five children.