Domenico Siniscalco Joins Morgan Stanley

London —

Morgan Stanley today announced the appointment of Domenico Siniscalco as a Managing Director and Vice Chairman of Morgan Stanley International Limited, with effect from 24 April. Reporting to Jonathan Chenevix-Trench, Chairman of Morgan Stanley International, Domenico joins as a senior banker with responsibility for further developing Morgan Stanley's relationships with key clients across Europe and the emerging markets. Prof. Siniscalco will be based in London1.

With a career spanning over 25 years at the highest levels in European academia, business and government, Domenico is a highly respected executive who was most recently Minister of Economy and Finance for Italy. He was Professor of Economics at Turin University from 1990 to date and has served as an independent director on the boards of several large Italian listed companies and European non-profit institutions.

Commenting on the appointment, Jonathan Chenevix-Trench, Chairman of Morgan Stanley International, said: "We are delighted that Domenico has chosen to join Morgan Stanley. His experience and insights will be of great benefit to our clients as the Firm continues to expand its footprint in Europe."

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:

Domenico Siniscalco

Domenico Siniscalco developed a successful academic career at a number of universities including the University of Cambridge, the Catholic University of Louvain, The Johns Hopkins University and, most recently, Turin University, where he was a full professor of Economics from 1990 to date. He has also served on the boards of several research foundations and non-profit organizations in Italy and abroad, including the Swedish Royal Academy of Sciences (Beijer Institute). In April 2006, Domenico Siniscalco was appointed chairman of Fondazione Collegio Carlo Alberto for economic research.

From July 2001 to September 2005, he served in the Italian government, first as Director General of the Treasury, then as Economy and Finance Minister.

Prior to his appointment as Director General of the Treasury, he served as independent director on the boards of several Italian listed companies, including Telecom Italia and ENI.

Domenico Siniscalco is author of a number of academic books and more than 70 papers in industrial economics, privatisation, energy and environmental economics, published by revered publications such as the European Economic Review and the Journal of Public Economics. His latest volume, "The Challenges of Privatisation", was published by Oxford University Press in 2004. For many years he has been a front page commentator on Il Sole 24 Ore and La Stampa.

Prof. Siniscalco has a Law Degree from Turin University and a PhD in Economics from the University of Cambridge. He was born in Turin, Italy, in 1954 and is married with two sons.

1 To avoid a conflict of interest with his previous ministerial job, Domenico Siniscalco will not work with any Italian clients until October 2006.