Morgan Stanley Hires Ashok Nayyar for Leveraged and Acquisition Finance

New York —

Morgan Stanley (NYSE: MS) announced today that it has appointed Ashok Nayyar as a Managing Director and Co-Head of Leveraged and Acquisition Finance. He will take up his new position the week beginning May 1.

Nayyar, 44, previously spent 17 years at Salomon Brothers and Citigroup Inc., rising to Head of US Leverage Finance in 2001. In his new role, Nayyar will partner with Michael Hart in co-heading the global leveraged and acquisition finance business.

"Morgan Stanley continues to view leveraged and acquisition finance as a strategic growth opportunity for the firm," said Michael Petrick, Global Head of the Corporate Credit Group. "Ashok represents an important addition to the team as we continue to build out and dedicate resources to this effort." Hart and Nayyar will jointly report to Petrick and Colm Kelleher, Head of Global Capital Markets.

Morgan Stanley has arranged three of the largest acquisition financings in 2006: $10.7bn of bonds, loans, stock and convertible notes for NRG Energy Inc.; Eu10bn of bonds and loans for Ineos Group Ltd; and Eu1bn of senior notes for Fresenius AG. As a result, the firm has risen to the No. 2 arranger of high-yield bonds globally.

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.