Morgan Stanley

Morgan Stanley Investment Management Expands Alternatives Offering with European Senior Loans Hire

Feb 1, 2006

London —

Morgan Stanley (NYSE: MS) today announced that its asset management division, Morgan Stanley Investment Management, is expanding its alternatives offering in Europe with the hire of Alberto Avanzo as Executive Director and Head of European Senior Loans.

Reporting to Michael Green, Head of Morgan Stanley Investment Management's International Business, and Howard Tiffen, Managing Director and Head of Morgan Stanley Investment Management's Senior Loans team, Avanzo will be responsible for establishing and managing Morgan Stanley Investment Management's European Senior Loans strategy.

"Building a European senior loans investment team enhances our commitment to offer innovative alternative investments to our clients," commented Michael Green. "We have seen considerable interest from our client base in Europe for this type of product, and the combination of Alberto's extensive European knowledge in this sector with the experience of our highly successful US Senior Loans team will create a powerful investment proposition."

Avanzo was most recently an Executive Director in the Global Specialized Finance Division of WestLB in London. Prior to this he spent seven years at Sanpaolo IMI, most recently as head of Leveraged Finance and before that he was Co-Head of the Capital Markets and Debt Finance Division at San Paolo Merchant Banking. Alberto holds an MBA from Bocconi University in Milan, and a Law degree from Trieste University in Italy.

"We are delighted to have Alberto join our successful team" said Howard Tiffen. "His extensive experience in the European leveraged finance area and his in depth knowledge of the key investment drivers in the market will enable us to build a family of strong senior loan investment alternatives."

Notes to Editors:

Morgan Stanley

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

The firm's investment management division, with over 400 investment professionals around the world, manages assets in excess of $431 billion and offers wealth management services to a diverse client base which includes: governments, institutions, corporations, and individuals.

Alberto Avanzo Biography

2005-2006: West LB AG, Executive Director, Global Specialised Finance Division

1998-2005: Sanpaolo IMI, Head of Leveraged Finance

1987-1998: San Paolo Merchant Banking, Co-Head of Capital Markets and Debt Finance

1982-1987: Continental Illinois, Vice President

1982: Bocconi University, Milan, MBA

1980: Trieste University, Law Degree

US Senior Loans Strategy

• 17 year track record - strategy launched in 1989

• 28 team members with average of 18 years investment experience

• $8.5 billion in assets under management

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