Morgan Stanley India Equity Research Ranked #1 by Institutional Investor

Mumbai —

Morgan Stanley (NYSE: MS) today announced it has been ranked as India's top equity research house by the 2010 All-Asia Research Team in Institutional Investor magazine's 17th annual rankings.  The Firm also polled as the best research house for Asia economics. 

"We are extremely proud of our India equity research and analysis team," said Ridham Desai, Managing Director and Head of India Research for Morgan Stanley. "We were among the first to predict the strong growth enjoyed by local markets following the global financial crisis. Our ranking as India's leading research house in this prestigious poll is recognition for our expertise, experience and dedication. We are very grateful to our clients for recognizing our efforts and contributions to their investment process."

In Institutional Investor magazine's investor poll, Morgan Stanley was also number one ranked for Australia/New Zealand, Consumer, as well as Healthcare and Pharmaceuticals.

In total ranked Institutional Investor positions for the entire Asia-Pacific region, the Firm ranked fourth, moving up from eighth position in 2009. In overall research, the Firm ranked third, up from eighth in 2009. Morgan Stanley's Asia-¬Pacific research team of over 180 professionals covers over 770 companies across the Asia-Pacific region.

"Over the past year we've been bullish on Asia ex-Japan's overall growth, and our team's call, particularly for the top four economies in the region - India, China, South Korea and Indonesia - has worked well," said Chetan Ahya, Asia and India Economist, Morgan Stanley. "We turned bullish on India in May 2009, when we argued that the general election's outcome would ensure an improvement in the macro environment. Since then we have been upgrading growth estimates ahead of the Street, and India has been one of the best-¬performing markets."

The All-Asia Research team Institutional Investor's 17th annual ranking results are based on responses from more than 2,200 buy-side analysts and investment professionals at 775 institutions managing an estimated $1.5 trillion in non-Japanese Asian Equities.

For 2009, Morgan Stanley was named as the Best India Equity House by IFR Asia magazine and The Asset.  For the Asia region, the Firm was also named Best Investment Bank and Best Equity House by FinanceAsia magazine, one of the region's most respected financial and capital markets trade publications.

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 1,300 offices in 42 countries.  For further information about Morgan Stanley, please visit www.morganstanley.com.

Media Relations Contact: Noel Cheung, +852 2848-6788