Morgan Stanley Hires Jonathan Garner for Global Emerging Market Strategy

London —

Morgan Stanley (NYSE: MS) announced today that Jonathan Garner has joined the Firm as a Managing Director and Head of Global Emerging Market Strategy.

Mr. Garner joins Morgan Stanley from Credit Suisse where he worked since 2000, most recently holding a similar position as Head of Global Emerging Market Strategy. Between April 2002 and 2005 he was Head of East Europe, Middle-East and Africa (EMEA) equities and was also appointed as Global co-coordinator of China Research in July of 2003. In 2005, he published a 300-page book entitled The Rise of the Chinese Consumer; Theory and Evidence with John Wiley & Sons and he spoke on this topic at the World Economic Forum in Davos in January of this year. He also held senior positions in emerging market strategy at DLJ International and Robert Fleming.

Mr. Garner is based in London and reports to Catherine Gronquist, Associate Director of Research.

Commenting on the appointment, Catherine Gronquist said, "Jonathan is one of the most respected global emerging market strategists and he brings a wealth of relevant experience to our research team. The emerging markets continue to be a key area of focus for the Firm and also our clients, Jonathan's expertise and knowledge will prove invaluable to all."

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

Jonathan Garner

Education: London School of Economics, M.Sc. Economics

Oxford University, M.A Hons Politics, Philosophy & Economics

October 2000 - October 2006

Head of Global Emerging Market Strategy, Credit Suisse

April 2002 - April 2005

Head of East Europe, Middle East & Africa (EMEA) equities, Credit Suisse

March 2000 - Oct 2000

Head of International Equity Strategy, DLJ International Securities

January 1997 - March 2000

Head of Global Emerging Market Strategy & Economics, Robert Fleming Securities

March 1994 - January 1997

Debt Strategist, Henry Ansbacher & Co Limited

March 1990 - March 1994

Research Officer, London School of Economics

October 1986 - June 1989

Assistant Manager, Kleinwort Benson Limited