Gavin MacDonald Named Head of European M&A

London —

Morgan Stanley today announced that Gavin MacDonald has been appointed Head of European Mergers & Acquisitions, effective immediately.

Gavin is a Vice Chairman and Managing Director who was one of the founding members of Morgan Stanley's European M&A Department, and has worked on a diverse range of significant transactions throughout his 23-year career at the Firm. In recent years, he has also been heavily involved with developing the Firm's relationships with major clients across Europe.

Commenting on the appointment, Paul J. Taubman, Global Head of Mergers & Acquisitions, said: "With his deep relationships and unrivalled knowledge of the M&A business, Gavin is uniquely placed to lead the team during this period of increased strategic activity among European companies."

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.


NOTES FOR EDITORS:

Gavin MacDonald

Age: 44

Qualifications: MA in Law, Cambridge University

Career History:

• 2004 - Present: Vice Chairman of Investment Banking, with responsibility for business development and execution in the food, beverages, consumer products, luxury goods, retail and utilities sectors.

• 1997 - 2004: Managing Director, Senior Banker in European M&A

• 1983 - 1997: European M&A banker

Selected Recent Transactions include:

• 2005: Kohlberg Kravis Roberts & Co., Bain Capital, Vornado acquisition of Toys "R" Us ($5.6 billion). Morgan Stanley advised the acquirers.

• 2004-2005: Waren Acquisition Ltd. acquisition of Warner Chilcott PLC ($2.9 billion). Morgan Stanley advised Waren.

• 2003-2004: Songbird Acquisition Ltd. acquisition of Canary Wharf Group PLC ($8.67 billion). Morgan Stanley advised Songbird.

• 2003-2004: Baroness Retail Ltd. acquisition of Debenhams PLC ($3.1 billion). Morgan Stanley advised Baroness.

• 1999: Punch Group Ltd. acquisition of Allied Domecq PLC's UK Retailing Business ($4.3 billion). Morgan Stanley advised Punch.

• 1999: Successful Defense of Gucci Group NV against Hostile Bid by LVMH Moet-Hennessy Louis Vuitton SA ($6.56 Billion). Morgan Stanley advised Gucci.

Morgan Stanley European M&A Franchise

• Key franchise transactions in 2005: Allied Domecq/Pernod ($19Bn), Wind ($16Bn), Edison ($15Bn), Electrabel/Suez ($14Bn)

• Morgan Stanley involvement in 6 out of the top 10 European M&A transactions

• 2005 was Morgan Stanley's 3rd strongest year ever (by revenues)

• Morgan Stanley European market share 25.9% in 2005, up from 23.5% in 2004.

• Market leadership in key growth sectors: Real Estate #1, Technology #1, General Industrials #3


Erik Portanger

Corporate Communications

(+44 20) 7425 8425