Morgan Stanley Voted by Clients as #1 India Equity Research House

Mumbai —

MUMBAI, May 21, 2012 – Morgan Stanley (NYSE: MS) today announced it has been ranked as India’s top equity research house by the 2012 All-India Research Team in Institutional Investor magazine’s annual rankings. The top spot is tied with CLSA.

The Firm has jumped from #5 in 2011 to the top spot this year, earning ten positions in the survey.

“We are extremely proud of our India equity research and analysis team,” said Ridham Desai, Managing Director and Head of India Research for Morgan Stanley. “We were among the first on the Street to lower growth forecasts following a downgrade of ratings on key stocks in the banking and the utilities sectors. We continue to become more client-focused and differentiate our research products by producing franchise enhancing notes that generate new debates and identify gaps in the market.”

The India Economics and Strategy teams led by Chetan Ahya, Asia Pacific and India Economist and Ridham Desai, India Strategist and Head of India Research have also achieved the top spots in the First team ranking, in two consecutive years.

“This prestigious poll is a clear recognition for our expertise, experience and dedication from our clients,” said Chetan Ahya, Asia Pacific and India Economist. “Our team had been early to warn the market about the inflation risks facing the Indian economy and more widely in Asia in 2010-2011. Looking ahead, while the near term macro environment will remain challenging, we believe that India has the best structural growth story within Asia”

The All-India Research team Institutional Investor’s annual ranking results are based on responses from approximately 540 analysts and portfolio managers at more than 300 buy-side institutions managing an estimated $150 billion in Indian Equities.

Morgan Stanley (NYSE: MS) 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 1,300 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.