Morgan Stanley

Morgan Stanley Appoints New Country Head for Italy

Jul 3, 2006

Milan —

Morgan Stanley today announced that Dante Roscini will become Country Head and Chief Executive of Morgan Stanley's Italian business, reporting to Jonathan Chenevix-Trench, Chairman of Morgan Stanley International. Dante will also retain his responsibilities as Head of Investment Banking for Italy.

Galeazzo Pecori Giraldi will continue as Chairman of Morgan Stanley's Italian Business, and in this capacity will lead a new initiative directed at capturing the substantial wealth management and investment banking growth opportunities in the mid-cap corporate sector.

In addition to his responsibilities in Italy, Galeazzo will also assume the role of Chairman of Bank Morgan Stanley AG, the Firm's Swiss Private Bank.

"These changes are a clear indications of the increasing investment the Firm is making to our business in Italy," commented Jonathan Chenevix-Trench. "As Chairman of our Italian office, Galeazzo will continue to be fully involved in the development and nurture of relationships with key clients.

"In addition, we believe that the opportunities afforded by the interaction of our wealth management and investment banking franchises to be very substantial, and we are excited that Galeazzo will be focusing on this area.

"We are also very pleased to have a banker of Dante's calibre as our country head in Italy. His considerable experience and management skills will ensure that our business in Italy continues to go from strength to strength."

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.

Euart Glendinning

+44 20 7425 4942