David Spector to Join Morgan Stanley

London —

Morgan Stanley today announced the appointment of David Spector as a Managing Director and Head of the Pan-European Residential Mortgage Business in the firm's Securitized Products Group, with effect from September 2006.

Mr. Spector joins Morgan Stanley after 16 years at Countrywide Financial Corporation, the United States' largest mortgage company, where most recently he was a Senior Managing Director, Capital Markets. In that role he was responsible for all capital markets activities including pricing, trading and structuring as well as mortgage-finance, operations, technology and fixed income investor relations for both originations and servicing. Mr. Spector also held a number of strategic organizational and operational committee positions at Countrywide.

In his new position, Mr. Spector will be based in London and will be responsible for building out Morgan Stanley's residential mortgage business in Europe. He will report to Ellen Brunsberg, Managing Director and Head of the European Securitized Products Group.

Commenting on the appointment, Ellen Brunsberg said: "The firm has a proven track record of building pioneering ABS businesses in Europe. The appointment of such a key industry player as David will significantly enhance our capabilities as we build a residential mortgage platform in Europe. He will be an exceptional asset to the team."

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.


NOTES FOR EDITORS:

David Spector

Qualifications: BA University of California at Los Angeles.

Career History:

• 1990-2006: Countrywide, Financial Corporation, Calabasas, California.

• 1986-1989: Credit Suisse First Boston, Mortgage Finance Group, New York and Los Angeles.


Carlos Melville

Corporate Communications

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