Morgan Stanley Appoints Gautam Bhandari to Head Morgan StanleyInfrastructure in India, Middle East and Sub-Saharan Africa

Mumbai —

Morgan Stanley today announced the appointment of Gautam Bhandari to lead the development of the investment platform for Morgan Stanley Infrastructure in India, Middle East and Sub-Saharan Africa. He and his team are based in Mumbai.

Most recently, Mr. Bhandari was based in New York with the Firm's Investment Banking Division where he advised clients globally on M&A and financings in the Engineering & Construction, Industrial Services and Alternative Energy sectors. Prior to this, Mr. Bhandari was a senior member of the Firm's Global Capital Markets group, focusing on structured financings, hedges and securitizations.

Commenting on the appointment, Sadek Wahba, Global Head of Morgan Stanley Infrastructure, said, "Gautam's sector and emerging market experience, combined with his structuring and project finance skills, will be valuable as we make infrastructure investments in India, Middle East and Sub-Saharan Africa. We are pleased to welcome him to the team."

In May of this year, Morgan Stanley announced the closing of the US$4.0 billion Morgan Stanley Infrastructure Partners Fund, which will invest across the Americas, Europe and Asia. Investors in the Fund include major pension funds, insurance companies, high net worth individuals, as well as Morgan Stanley and its employees. The Fund exceeded the Firm's initial target of US$2.5 billion.

"Despite the current economic slowdown, we see significant opportunity to invest in and work with strong, local infrastructure development companies," said Mr. Bhandari. "We believe that the infrastructure needs of India, the Middle East and Sub-Saharan Africa are immense. The demand for enhanced infrastructure is driven by long-term, secular trends including young and growing populations as well as a rapidly expanding middle class in each of these markets."

Morgan Stanley Infrastructure is a global investment platform that focuses on long-term investments associated with providing essential public goods and services to societies across the globe. With offices in North America, Europe and Asia, Morgan Stanley Infrastructure is part of the Merchant Banking Division within Morgan Stanley Investment Management. Morgan Stanley Investment Management has US$605 billion in assets under management as of May 31, 2008. For further information about Morgan Stanley Infrastructure, please visit www.morganstanley.com/infrastructure.

Morgan Stanley (NYSE:MS) 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 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

Note to Editors:

Gautam Bhandari Biography

Most recently, Mr. Bhandari oversaw the global Engineering & Construction, Industrial Services and Alternative Energy sectors in Morgan Stanley Investment Banking Division, covering emerging markets including India, China, and Latin America. He previously held responsibilities in Structured and Project Finance, with the Firm's Global Capital Markets group. Prior to joining Morgan Stanley in 2001, Mr. Bhandari worked for a semiconductor technology start-up Advanced Technology Materials, Inc. (ATMI) as Director of Business Development. He was responsible for pursuing growth opportunities in new markets, identifying targets and executing acquisitions.

Mr. Bhandari holds a MBA degree in Finance from the Stern School of Business at New York University. He also earned a Ph.D. in Chemistry from the University of Delaware. He is a published author of several scientific papers and is the named inventor on twenty patents in the semiconductor industry.

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