JM Morgan Stanley Securities Announces New Co-Heads

Mumbai, Hong Kong —

Morgan Stanley today announced the appointment of Ridham Desai and Sanjay Shah as the new joint heads of JM Morgan Stanley Securities Pvt Ltd, the Firm's institutional equity business in India.

Ridham Desai, Managing Director, joined Morgan Stanley in Mumbai in 1997 and was most recently JM Morgan Stanley's Head of India Research. Sanjay Shah, Managing Director, joined JM Financial in 1996 and was most recently Head of Sales at JM Morgan Stanley Securities. Mr Desai and Mr Shah will also join the Board of Directors of JM Morgan Stanley Securities Pvt Ltd.

"I am pleased to announce the new appointments. Ridham and Sanjay have proven leadership skills and the right credentials to drive our institutional equity business, ensure our continued focus on clients and build on the tremendous success we have had in India," said Nimesh Kampani, Chairman, JM Morgan Stanley.

"India is an extremely important market for Morgan Stanley," said Danny Hegglin, Managing Director and Hong Kong-based Head of Morgan Stanley's Institutional Equities Division for Asia. "We are proud of our track record of success in India and these appointments reinforce our commitment to providing clients with the very best advice, services and insight."

JM Morgan Stanley is a joint venture between Morgan Stanley and JM Financial, a leading domestic financial services company.

Morgan Stanley (NYSE: MS) 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.