Morgan Stanley Hires Promontory Financial Group to Advise on Bank Holding Company Conversion

New York —

Morgan Stanley has hired Promontory Financial Group to advise on the Firm's conversion to a bank holding company. Promontory's founder and CEO, Eugene A. Ludwig, is leading the engagement.

Mr. Ludwig and his team are uniquely qualified to assist Morgan Stanley with this transformation. He served as U.S. Comptroller of the Currency, the chief regulator of national banks, from 1993 to 1998. He was Vice Chairman of Bankers Trust/Deutsche Bank from 1998 to 2000. As the premier consultant in his field, Mr. Ludwig is a trusted adviser to many of the world's leading financial services firms.

Over the next several months, Mr. Ludwig and his team will work with Morgan Stanley's leadership to create the risk management and controls demanded by the new environment in which financial services firms now operate.

Promontory Financial Group, a private company founded in 2001 and based in Washington, D.C., has offices and affiliates in New York, San Francisco, London, Milan, Paris, Singapore, Sydney and Tokyo. For further information, please visit www.promontory.com.

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 35 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.