Morgan Stanley Investment Management named Best Asian Real Estate House

Hong Kong —

For the second year running, Morgan Stanley Investment Management (MSIM), the asset management arm of Morgan Stanley (NYSE:MS), was named The Best Asian Real Estate House of the Year by Asia Asset Management, one of the region's leading asset management publications.

MSIM is one of the few fund managers able to demonstrate a long-term commitment to the Asian real estate markets. With the objective to provide our investors a broad and diverse exposure to the Asian real estate securities, both by country and by property type, and in a cost-effective manner comparable or superior to direct real estate investments, MSIM has consistently outperformed the market over the past 10 years.

Commenting on the award, Henry Lee, MSIM's Head of Intermediary Sales for Hong Kong, said: "Our investment team is dedicated to the real estate asset class and, with experienced investment professionals based in Singapore, is well-placed to fully understand the nuances of local real estate market trends. Being named The Best Asian Real Estate House of the Year proves that the market recognizes our expertise and our achievements."

In addition to the Asia Asset Management award, Lipper, a leading global fund research and analysis organization, has also recently awarded MSIM the Best Fund over Past Three Years -Bond Euro (Corporate) for its SICAV Euro Corporate Bond Fund and the Best Fund over Past Three Years - Equity Emerging Markets Latin America for its Latin American Equity A USDFund.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1000 investment professionals around the world and approximately US$597 billion inassets under management or supervision as of November 30, 2007. These entities offer investment management services to a diverse client base, which includes governments, institutions, corporations and individuals.

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