Morgan Stanley In India Receives Merchant Banking License and Announces Two Senior Appointments

Mumbai —

Morgan Stanley (NYSE: MS) today announced that its wholly owned securities company in India, Morgan Stanley India Company Private Limited, has received a merchant banking license from the Securities and Exchange Board of India (SEBI) after the formal termination of its joint venture with JM Financial Group. The license will enable the Firm to offer on-shore investment banking advisory and underwriting services.

The Firm also announced two senior appointments. Narayan Ramachandran, Head of Investment Management in India (MSIM), will serve as Chief Executive Officer and Country Head for Morgan Stanley in India. Mr. Ramachandran joined Morgan Stanley in 1996 and has held a number of senior positions for MSIM in New York, Singapore and Mumbai, including Global Head of Emerging Markets.

Aisha de Sequeira, a senior banker at Morgan Stanley in New York, will relocate to Mumbai to be Head of Investment Banking. Ms. de Sequeira, who has extensive investment banking and crossborder M&A experience across a wide range of industries, has been with Morgan Stanley’s Mergers & Acquisitions Group since 1995.

Hans Schuettler, Chief Executive Officer, Morgan Stanley Asia, said, “Working across all our businesses, Narayan’s experience, local insight and leadership will be critical as we grow existing operations and develop our platform in India. In her new role, Aisha will drive the establishment and expansion of our investment banking business.”

Cory Spencer, Global Co-Head of Investment Banking, said, “Aisha’s new responsibilities demonstrate Morgan Stanley’s willingness to leverage the expertise of our senior bankers by placing them in key positions in important growth areas worldwide. Her appointment, along with a number of additional senior hires across advisory and capital markets, significantly enhances our ability and commitment to tap into India’s dynamic and developing market.”

Morgan Stanley has been active in India since 1993. The country is a strategic priority for the Firm and an area of continued investment. Morgan Stanley is seeking to develop an integrated platform in India that encompasses the full range of businesses the Firm conducts globally.

Morgan Stanley 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 32 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

Note to Editors:

Narayan Ramachandran

Prior to his appointment in 2006 as Head of Morgan Stanley Investment Management (MSIM) in India, Narayan Ramachandran was Global Co-Head of Emerging Markets for MSIM, based in Singapore. He joined Morgan Stanley in 1996 from RogersCasey and has 20 years of investment experience. Mr. Ramachandran, a Chartered Financial Analyst, received a B.S. with Distinction from the Indian Institute of Technology in Chemical Engineering and an M.B.A. from the University of Michigan at Ann Arbor, USA.

Aisha de Sequeira

Aisha de Sequeira is a Managing Director and Head of Investment Banking, India responsible for overseeing the full spectrum of investment banking services including advisory and capital raising for Indian clients. She joined Morgan Stanley in 1995, where as a Managing Director within the Firm’s Mergers and Acquisitions Department she has executed financial advisory assignments, including cross-border engagements, across a wide range of industries. In the last several years, Ms. de Sequeira has focused on advising global consumer companies, with clients including Unilever, PepsiCo and May Department Stores. She received a B.S. in Engineering (Electronics and Telecommunications) from the University of Goa, India and an M.S. in Public and Private Management from the Yale School of Management. Ms. de Sequeira was born and raised in India.

Contact: Media Relations, Nick Footitt, 852.2848.6847