Morgan Stanley Enhances Regional Management Team in Asia

Beijing —

Morgan Stanley (NYSE:MS) today announced that Hans Schuettler, currently the Firm's Co-Head of European Investment Banking, will become Chief Executive Officer of Asia. The appointment builds on Morgan Stanley's success in the region, adds additional management resources and will help the Firm pursue various new business initiatives across Asia.

"We are delighted to be bringing Hans into the region," said Alasdair Morrison, Chairman of Morgan Stanley Asia. "As Asia's dynamic, high-growth markets continue to develop and offer new and growing business opportunities, we have looked to enhance our management platform. Hans will be a valuable addition to our capabilities - both for the Firm and for our clients."

Hans Schuettler will work closely with Mr. Morrison, the region's representative on the Firm's Global Management Committee, and with Kensuke Hotta, Chairman of Morgan Stanley Japan, Mike Berchtold, President of Asia Pacific, and the rest of the management team in Asia. Mr. Schuettler will be based in Hong Kong and will report jointly to Alasdair Morrison and Morgan Stanley's Co-President, Zoe Cruz.

Over the past three years, Morgan Stanley's Asian business has achieved record results and in 2004 and 2005 the Firm was named Asia Pacific's Best Investment Bank by both FinanceAsia and The Asset, two of the region's leading financial publications.

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.

Notes to Editors:

Hans Schuettler - Biography

In September 2005, Hans Schuettler was appointed as Morgan Stanley's Co-Head of Investment Banking for Europe. He has served as the Firm's Country Head for Germany since 2004.

From 1999 to 2005, Mr. Schuettler headed the Firm's Investment Banking Division in Germany and Austria. He joined Morgan Stanley in 1990 and became a Managing Director in 1997.

Hans Schuettler's investment banking clients include Commerzbank, Deutsche Post, Deutsche Telekom, Hannover Re, Infineon and Siemens.

Prior to joining Morgan Stanley, he was a Vice President at BHF Bank, where he worked for five years. He graduated from the University of Freiburg, Germany, with a Law Degree and qualified to practice law in 1985.

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