Jonathan Chenevix-Trench Named COO of ISG; Walid Chammah Appointed Chairman of Morgan Stanley Intl.

Cordell Spencer and Paul J. Taubman named Global Co-Heads of Investment Banking

New York —

Morgan Stanley (NYSE: MS) announced today that Jonathan Chenevix-Trench has been appointed to a newly created role as Chief Operating Officer of the Institutional Securities Group (ISG).  Mr. Chenevix-Trench, 46, will work closely with Co-President Zoe Cruz on the day-to-day management of ISG, drawing on more than 20 years of experience in all aspects of the Firm’s institutional securities businesses.  Jonathan will also be responsible for Latin America.  He will continue to report to Ms. Cruz in this new role and split his time between London and New York.

Walid A. Chammah will succeed Mr. Chenevix-Trench to become Chairman and Chief Executive Officer of Morgan Stanley International.  Mr. Chammah, 53, who is the Global Head of Investment Banking, will oversee all of the Firm’s operations in Europe, the Middle East and Africa.  He will continue to report to Ms. Cruz, while relocating to London from New York.

Morgan Stanley Chairman and Chief Executive Officer John J. Mack commented, “In their new roles, Jonathan and Walid will help us build upon the growth of our institutional businesses, strengthen regional authority outside the U.S. and sharpen our focus on global clients.”

Following Mr. Chammah’s appointment, Cordell Spencer, 44, and Paul J. Taubman, 46, have been named Global Co-Heads of Investment Banking.  Mr. Spencer was previously Head of U.S. Investment Banking, while Mr. Taubman was Global Head of Mergers and Acquisitions.

“Cory and Paul are among the finest bankers in the business and have complementary skill sets that will greatly benefit the Firm and our clients,” Ms. Cruz said.  “I am confident they will be able to build on the strong momentum we have built in investment banking, which just produced record quarterly results.”

As part of the reorganization, Gavin MacDonald will become Global Head of Mergers and Acquisitions.  Mr. MacDonald will continue to be based in London.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.  The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 32 countries.  For further information about Morgan Stanley, please visit www.morganstanley.com.

Note to Editors:

Jonathan Chenevix-Trench

Jonathan Chenevix-Trench was appointed Chairman of Morgan Stanley International in December 2005.  Prior to this, he was Chairman of the Institutional Securities Group Operating Committee in Europe from 2004-2005.  From 1999 until 2004, Mr. Chenevix-Trench ran the European Fixed Income Division.  In addition, from 2000 until March 2005 he was Head of the Global Interest Rate and Foreign Exchange Group.  He joined Morgan Stanley as an Analyst in 1984, became a Vice President in 1991, a Principal in 1993 and was elected Managing Director in 1995.  He graduated with a B.A. degree in Classics from Oxford University in 1984.

Walid Chammah

Walid Chammah joined Morgan Stanley in 1993 as Head of U.S. Debt Capital Markets.  In 1996, he was promoted to worldwide Head of Debt Capital Markets Services.  In 2001, Mr. Chammah's responsibilities were extended to include Worldwide Leveraged Finance and in 2005 he was named Global Head of Investment Banking.  Before joining Morgan Stanley, he was a managing director of Credit Suisse First Boston, responsible for U.S. Taxable Fixed Income Capital Markets and Structured Finance Groups.  He had previously been a senior vice president with Blyth Eastman PaineWebber, responsible for liability management swaps.  A native of Lebanon, he graduated from the American University of Beirut and received a Masters Degree in International Management from American Graduate School of International Management.

Cordell Spencer

Prior to his appointment as Co-Head of Investment Banking, Mr. Spencer held a variety of positions within IBD management, corporate finance and M&A at Morgan Stanley.  He joined Morgan Stanley's Corporate Finance department in 1985.  After receiving an M.B.A. from Harvard Business School in 1989, he returned to the Firm's Corporate Finance department and joined the Mergers and Acquisitions department in 1991.  He was named a Managing Director in 1998.  He served as Operations Officer for the Mergers and Acquisitions department from 1994 to 1997.  He founded the East Coast Technology M&A practice in 1996.  He became Deputy Head of Investment Banking in 2002 and again in 2005.  He was named Head of U.S. Investment Banking earlier this year.

Paul J. Taubman

Mr. Taubman joined Morgan Stanley in 1982 and was elected a Vice President in 1991, a Principal in 1993 and Managing Director in 1995.  Through 1984, Mr. Taubman was in the Corporate Finance department.  After receiving his M.B.A. in 1986, he rejoined Morgan Stanley as an Associate in the Mergers & Acquisitions department.  He most recently served as Global Head of Mergers and Acquisitions, a position he assumed in 2003.  Mr. Taubman attended The Wharton School at the University of Pennsylvania and earned a Bachelor of Science in Economics in 1982.  He also earned his M.B.A. from Stanford University’s Graduate School of Business in 1986.

Gavin MacDonald

Gavin MacDonald is a Vice Chairman of Investment Banking and served as Head of Mergers and Acquisitions for Europe and Asia since 2006.  He is one of the founding members of Morgan Stanley's European Mergers and Acquisitions department.  He was promoted to Managing Director in 1997 after joining the Firm in 1983 as a financial analyst.  He graduated with a law degree from Cambridge University in 1983.

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