Morgan Stanley In India Receives Primary Dealership License

Mumbai —

Morgan Stanley (NYSE: MS) today announced that it has received approval for a Primary Dealership (PD) license from the Reserve Bank of India, a significant step in further building out the Firm's fixed income sales and trading platform and capabilities in India. The license, which has been awarded to the Firm's PD entity, Morgan Stanley India Primary Dealer Private Limited (MSIPD), will allow Morgan Stanley to participate in Government of India bond auctions, as well as to make markets and trade in Indian government bonds and other government liquidity instruments.

Following the granting of the license, MSIPD will commence business and undertake its first transaction on July 20.

"We are delighted to have been awarded an approval for a Primary Dealership license," said Ranodeb (Ronnie) Roy, Morgan Stanley's Head of Interest Rate, Credit and Currency (IRCC) division for Asia Pacific. "This new license, along with our established NBFC, provides us with a fully integrated onshore fixed income platform in India and enables us to offer a comprehensive suite of services and solutions to our local and global clients."

The Firm also announced the appointment of Manoj Kumar Swain as the CEO of MSIPD.

Narayan Ramachandran, Chief Executive Officer and Country Head for Morgan Stanley in India, said, "Our focus as a Firm over the last few years has been to invest and build out our whollyowned, full service capabilities in India across all our core global business areas. Today's announcement is a major part of this process. The Primary Dealership license is a significant enhancement to our Firmwide product capabilities that range across equities, investment banking, asset management and private wealth management, as well as fixed income."

Morgan Stanley's Fixed Income Division established a presence onshore in India through its Non Banking Finance Company (NBFC), Morgan Stanley India Capital Private Limited (MSICPL), which became fully operational in July 2008. Since that time, MSICPL has been active in government bond trading, credit trading and lending to Private Wealth Management clients. In September 2008, the Firm's NBFC was assigned by FITCH the highest possible credit rating for its long term and short term debt.

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 has an integrated platform in India that encompasses a full range of financial services businesses, including investment banking, equity and fixed income sales and trading, research, investment management and private wealth management.

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

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