Morgan Stanley

PT Lontar Papyrus & Paper Industry Case

Sep 28, 2005

Singapore —

Commenting today on the judgment in the case brought by PT Lontar Papyrus & Paper Industry, in which Morgan Stanley is one of 29 defendants, comprising numerous financial institutions and their legal advisors and representatives, Morgan Stanley (NYSE: MWD) said:

“There is no basis in Indonesian Law for this verdict and we will be appealing vigorously.”

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.

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Nick Footitt (852) 2848 6847