Morgan Stanley

Morgan Stanley Hires Wei Christianson to Lead China Strategy

Jan 31, 2006

Beijing —

Morgan Stanley (NYSE: MS) today announced the appointment of Wei Christianson as a Managing Director and Chief Executive Officer for China. Ms. Christianson will be responsible for the oversight and global coordination of all Morgan Stanley's business activities in the PRC. She will be based in Beijing.

Ms. Christianson joins Morgan Stanley from Citigroup, where she was Chairman of China for Citigroup Global Markets (Asia) Ltd. Previously she was Chairman of China and Country Manager for Credit Suisse First Boston (CSFB). She had joined CSFB from Morgan Stanley where she was an Executive Director and Beijing Chief Representative.

Wei Christianson will be a member of Morgan Stanley's Asia Pacific Executive Committee.

"We are delighted that Wei is returning to Morgan Stanley," said Alasdair Morrison, Chairman and CEO of Morgan Stanley Asia. "Her appointment reinforces our commitment to our clients and to this significant growth market, and will help the Firm build on the tremendous success we have had in China."

"Morgan Stanley has built an enviable track record in China," said Ms. Christianson. "I am very pleased to be returning to the Firm, and I look forward to working with our clients, building out our businesses and contributing to Morgan Stanley's continued growth. China represents one of the world's most promising opportunities for the financial services sector. With the combination of Morgan Stanley's strong China platform and its deep bench of talent, I'm very excited about what we have the capability to accomplish for our clients as China continues to produce businesses of world class potential, as well as many outstanding new entrepreneurs."

Ms. Christianson has advised on many landmark transactions in China, including the initial public offerings of China Life, Sinopec, SMIC, Chalco, Sinotrans and China Oilfield Services. She has also led the execution of several significant M&A transactions involving Chinese companies.

Prior to her joining Morgan Stanley in 1998, Ms. Christianson was an Associate Director of the Corporate Finance Department at the Hong Kong Securities and Finance Commission (SFC) and was instrumental in developing the regulatory framework for the public listing of Mainland Chinese securities in Hong Kong. She was previously an attorney in the New York offices of Orrick, Herrington & Sutcliffe.

Morgan Stanley is a global financial services firm and a market leader in securities, asset 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.

Notes to Editors:

Wei Christianson - additional information

Wei Christianson graduated cum laude from Amherst College, Massachusetts. In 1989 she received her J.D. degree with Honors in International Law from the Columbia University School of Law. In January 2006 Ms. Christianson was awarded the prestigious Columbia Law School 'Medal of Excellence' (the medal is awarded annually to two alumni who have distinguished themselves professionally). She is a lawyer admitted to practice in the State of New York.

Ms. Christianson is married with three children and lives in Beijing.

Morgan Stanley in China

Morgan Stanley provides a full range of services to domestic and international clients in China, spanning corporate finance and capital raising, restructuring and M&A, equity research, fixed income and foreign exchange, NPL solutions and investment management. The Firm is an active private equity and real estate investor, and was the first international investment bank with a domestic China joint venture — co-founding CICC in 1995.

Morgan Stanley has a leading investment banking franchise and has raised US$34.6 billion for Chinese clients in the international capital markets since 2000, and has advised on landmark China M&A and restructuring transactions worth US$35.1 billion during the same period.

Recent deals include China Construction Bank's US$9.2 billion IPO in October 2005, the largest ever listing by a Chinese issuer and the largest IPO globally since 2001. Morgan Stanley also advised CCB on its pre-IPO strategic stake sales to Bank of America (US$2.5 billion) and Singapore's Temasek Holdings (US$1.4 billion).

Additional Morgan Stanley-led transactions in 2005 include IPOs for Agile Property Holdings (US$460 million), China Paradise (US$152 million), Guangzhou R&F Properties (US$256 million), Samson Holding (US$281 million) and Suntech Power (US$455 million). The Firm also advised on high-yield debt offerings for Chinese Future (US$225 million), Macau's Galaxy Casino (US$600MM) and Mandra Forestry (US$195 million).

For 2005, The Asset magazine named Morgan Stanley as Best Investment Bank and Best Debt House in China. For the same period, Euromoney magazine named the Firm as China's Best M&A House and Best Debt House.