Morgan Stanley Real Estate Investment GmbH Announces Management Appointments

Frankfurt —

Morgan Stanley today announced the appointment of Walter Klug, Klaus Kortebein and Dietmar Riemenschneider as managing directors of Morgan Stanley Real Estate Investment GmbH.

Walter Klug (56) will be in charge of corporate strategy and PR, as well as sales and marketing. Before joining Morgan Stanley, Walter Klug worked for Deutsche Bank for over 30 years in real estate financing and asset management. For over five years he was managing director of DB Real Estate Investment GmbH. He was also a member of the board of directors of the Deutsche Bank Bauspar AG. His responsibilities included selling closed-end and open-end real estate funds, as well as institutional real estate funds with a total volume of US$20 billion. In addition, he was involved in acquisitions in 15 European countries with a value of US$8 billion. Walter Klug continues to be Vice President of the "B├╝ndelungsinitiative der deutschen Immobilienwirtschaft e.V." He is a graduate of the Advanced Management Program of Harvard Business School and is a regular guest professor on real estate topics at Wharton Business School.

Klaus Kortebein (37) will head the fund management division. His responsibilities will include fund strategy, portfolio and asset management, and the acquisition and evaluation of real estate. For the last ten years Kortebein has held leading positions in the international real estate arena and has excellent knowledge of the most important real estate markets in Asia, Europe and the US. He has been involved in real estate transactions with a value of US$10 billion and was in charge of funds with a total volume of US$25 billion. Among others, he was in charge of fund management for retail funds at Deka Immobilien Investment GmbH. Before joining Deka, he built up the real estate KAG and the European acquisition activities of MEAG, the asset management arm of Munich Re Group. He has studied in Berlin, Cambridge and Los Angeles and holds a degree as Diplom-Kaufmann and Bachelor of Arts (Hons).

Dietmar Riemenschneider (53) effective April 1, 2005 will head the internal services division (fund accounting and controlling as well as law and tax). Dietmar Riemenschneider has been in the real estate business for around 24 years. Most recently, he spent five years as managing director of AXA Investment Managers Deutschland GmbH. In this position, he was in charge of the real estate activities. Before joining AXA, he spent nine years at the Deutsche Grundbesitz Investmentgesellschaft where he was head of the law department Dietmar Riemenschneider started his career in 1981 at the Fundus Gruppe. He holds a masters degree in law from Hannover University and is a fellow of the Royal Institute of Chartered Surveyors.

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Morgan Stanley Real Estate is comprised of three major global businesses: Investment and Asset Management, Banking, and Real Estate Mortgage Lending and Securitization. Since 1991, Morgan Stanley has acquired more than $52 billion of real estate assets worldwide and currently manages $29.3 billion in real estate assets on behalf of its clients. Using its own capital, Morgan Stanley also originates upwards of $7 billion in commercial mortgages annually. In addition, Morgan Stanley Real Estate provides a complete range of investment banking services including merger, acquisition and restructuring advisory and recapitalizations, as well as public and private debt and equity financing. Morgan Stanley established its real estate organization in 1969.

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.