Morgan Stanley Hires Two Managing Directors in Global Capital Markets

London —

Morgan Stanley announced today the appointment of two Managing Directors in its Global Capital Markets ("GCM") division in Europe.

Gary Cottle joins as Head of Corporates in European GCM, with responsibility for Corporate Debt and Derivatives, Enterprise Risk Management, Liability Management and Transaction Management. In this role, he will lead the Firm's efforts in advising corporate and sovereign clients on their complex risk management and financing needs. His appointment will become effective July 20.

Gary previously worked at Barclays Capital where he was Managing Director and Head of Corporate Risk Advisory in Europe, Middle East and Africa. During his career at Barclays Capital, he was instrumental in building the firm's risk management business from 20 professionals in 1994 to more than 150 in 2006.

Also joining Morgan Stanley is Robert Palache, who will play a key role in further developing the Firm's securitization origination business in Europe in areas such as infrastructure, whole business segments and new asset-securitizations. He will take up his new role in early August.

Robert also previously worked at Barclays Capital, where he had been Managing Director and Head of Real Estate, Corporate Securitization and Infrastructure Finance since 2001. Between 1998 and 2001, he was co-head of securitization for the London-based Principal Finance Group at Nomura Securities. Prior to this, Robert spent 18 years at London-based law firm Clifford Chance and was the founding partner of its Securitization Group.

John Hyman, Head of Global Capital Markets in Europe, said: "Gary and Robert are both well known and respected figures in their fields and have proven themselves to be outstanding leaders. Their appointments will further enhance Morgan Stanley's reputation as a market leader in providing risk management and innovative financing solutions to European corporates, sovereigns and other key clients."

Morgan Stanley (NYSE: MS) 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.

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Note to Editors:

Gary Cottle

Gary Cottle has 17 years of experience in risk management for Corporate and Sovereign clients in Europe. He began his career in 1989 at NP Record PLC as a director of currency risk management, before joining Chase Manhattan in 1992 where he was responsible for managing the firm's currency and options execution business and product development units.

In 1994, Gary joined Barclays Capital in London as Head of Corporate Risk Advisory in Europe, Middle East and Africa. During this time, he was instrumental in building the firm's risk-management product team from 20 professionals to more than 150.

Gary has a Bachelor of Science in Mathematics from the University of Devon and a Master of Science in Mathematical Statistics from the University of Bath.

Robert Palache

Robert Palache has almost 20 years of experience in securitization in Europe. He began his career at London-based law firm Clifford Chance in 1980 and became a Partner and founding member of the firm's securitization practice in 1988.

In 1998, Robert was appointed co-head of securitization in the Principal Finance Group at Nomura Securities. He joined Barclays Capital in 2001 as Managing Director and Head of Real Estate, Corporate Securitization and Infrastructure Finance, where he was responsible for building a team of around 50 professionals. During this time, Robert worked on numerous landmark transactions, including a 4-billion-euro financing for the Republic of Italy of a portfolio of government-occupied offices.

Robert has a Masters degree in Law from Magdalene College, Cambridge.