Morgan Stanley to be Exclusive Foreign Equity Partner in Vietnam Investment Bank Venture with SCIC

Singapore —

HANOI & HONG KONG, March 19, 2007 -- Morgan Stanley (NYSE: MS) and Vietnam’s State Capital Investment Corporation (SCIC) today announced plans to establish a securities firm in Vietnam. The two partners will hold the equity in the joint venture together with staff. The venture, which will be based in Hanoi and operate under the name of SCIC Morgan Stanley Securities, will shortly apply for appropriate domestic licenses and expects to start operations in the fourth quarter of 2007.

Subject to applicable laws and licenses, the platform will conduct a broad range of securities services including investment banking products such as M&A advisory and capital markets underwriting, equity and debt sales and trading and equity and fixed income research, investment advisory, proprietary investment and custody services.

“Vietnam is important to our emerging market growth strategy,” said John J. Mack, Chairman and CEO of Morgan Stanley. “Morgan Stanley has a successful track record making long-term commitments to new markets. Working alongside SCIC, we look forward to contributing to the development of Vietnam’s capital markets and the country’s long term economic growth.”

As a strategic investment arm of the Government of Vietnam, the creation of SCIC has been widely seen as a breakthrough in the country’s SOE reform program, providing greater focus on making more efficient use of sovereign wealth. In carrying out its broad mandate, SCIC has been expanding business cooperation and partnership with leading international financial institutions including Morgan Stanley. “We acknowledge and appreciate the expertise and overwhelming strength of Morgan Stanley in the field of investment banking. We have great confidence in the success of this Joint Venture and believe that the MOU will lay solid foundations for the establishment of the first local investment bank in Vietnam,” said Dr. Le Thi Bang Tam, Chairwoman of SCIC.

“Vietnam’s pace of growth and economic development has been impressive,” said Hans Schuettler, Morgan Stanley’s Chief Executive Officer for Asia. “We are proud to be partnering with SCIC, an organisation core to Vietnam’s economic future, and together we plan to build the market leading investment bank.”

The transaction is subject to final documentation and regulatory approvals. Terms of the transaction were not disclosed.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

State Capital Investment Corporation (SCIC) is a special economic entity that was created by the Government of Vietnam to manage and invest State capital in government linked companies and undertake strategic investments in key industries. For further information about SCIC, please visit www.scic.vn.

Morgan Stanley Contact

Media Relations

Nick Footitt (852) 2848 6847

Poling Cheung (852) 2848 6501

SCIC Contact

International Cooperation Department

Hoang Ta (844) 2780 126