Dante Roscini Joins Morgan Stanley

London —

Morgan Stanley today announced that Dante Roscini will join the Firm as a Managing Director, effective 1 July, 2005.

One of the most highly-regarded figures on the European capital markets scene, Dante will work as a senior banker with responsibility, across product areas, for further developing Morgan Stanley's relationships with key clients in the region.

Dante, aged 46, joins Morgan Stanley from Merrill Lynch where he was most recently Chairman of Global Equity Capital Markets and Chairman of Capital Markets and Financing for Europe, the Middle East and Africa. Prior to his 6 years at Merrill Lynch, he spent 10 years with Goldman Sachs where he rose to become Co-Head of European ECM.

"We are extremely pleased that Dante is joining us," said Michael Uva, head of European investment banking. "His considerable experience, strong relationships and diverse range of skills will complement our established European presence and broad range of products and capabilities. He will be a great addition to our already strong franchise."

Dante Roscini said, "I am delighted to be joining Morgan Stanley and look forward to working with so many of the talented people that have made the Firm such a consistent leader in investment banking globally."

NOTES FOR EDITORS:

Dante Roscini

An Italian national, Dante holds a Master's degree in nuclear engineering from the University of Rome and an MBA from Harvard Business School. He began his career as a nuclear engineer with IRI in Italy and Westinghouse in the US, before joining Goldman Sachs in 1988. He spent the next 10 years working for Goldman Sachs in New York and London, initially in corporate finance before moving in to equity capital markets. Dante became Chief Operating Officer for European ECM in 1995 and Head of European ECM in 1998.

Dante joined Merrill Lynch in 1999 as Co-Head of Global ECM, with responsibility for managing 175 people in offices around the world. In 2003, he was named Chairman of Global ECM and Head of Capital Markets and Financing for Europe, the Middle East and Africa. In addition to these responsibilities, Dante also acted as Country Manager for Italy.

Morgan Stanley

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 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

Morgan Stanley opened its European headquarters in London in 1977 and now employs over 7,200 people in Europe. The Firm’s other European offices are located in Amsterdam, Athens, Frankfurt, Geneva, Glasgow, Luxembourg, Madrid, Moscow, Milan, Paris, Stockholm and Zurich.