Morgan Stanley Mutual Fund Expands India Investment Team

Mumbai —

Morgan Stanley Investment Management today announced two senior appointments to its India investment team. Jayesh Gandhi and Navneet Munot have become Lead Portfolio Managers for the Indian multi-cap equity and Indian multi-strategyproducts respectively.

Narayan Ramachandran, CEO of Morgan Stanley India, said: "We are pleased to have Jayesh and Navneet on board as we expand our range of India-related investment strategies. Both have strong and consistent track records investing in the Indian markets, and will help fulfill our objective of becoming a leading fund management company in India."

Jayesh Gandhi has over 12 years experience in investment management and research. In his previous role with Birla Sun Life Asset Management Company Ltd., he managed equity assets inexcess of USD600 million, predominantly in the multi-cap/mid-cap area.

Prior to joining Morgan Stanley, Navneet Munot was the Chief Investment Officer of fixed income and hybrid funds at Birla Sun Life Asset Management Company Ltd., where he was responsible for managing over USD3.5 billion across money market, bond and hybrid funds.

The India Magnum Fund, an offshore fund set up in 1989, marked the entry of Morgan Stanley in the Indian market. Then in 1994, Morgan Stanley launched its first domestic fund, Morgan Stanley Growth Fund (MSGF), which was also the first such scheme in India. As of September 28, 2007, MSGF had approximately USD927 million in assets under management.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 800 investment professionals around the world and approximately $577 billion in assets under management or supervision as of August 31, 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'semployees 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.