Morgan Stanley

Morgan Stanley Adds Jonathan Chenevix-Trench and Alasdair Morrison to Management Committee

May 24, 2005

New York —

Morgan Stanley (NYSE: MWD) announced today Jonathan Chenevix-Trench, chairman of its European operating committee, and Alasdair Morrison, chairman and chief executive officer of Morgan Stanley Asia, have joined the Firm's Management Committee.

"These appointments reflect the strength of our European and Asian franchises and the prospects for continued growth in these markets, as well as the considerable contributions Jonathan and Alasdair have made to our businesses," said Morgan Stanley Chairman and CEO Philip J. Purcell.

In April, the Firm named Jerker Johansson, Neal Shear, Cordell Spencer and Michael Uva to the Management Committee. Mr. Johansson, global head of equity, and Mr. Uva, co-head of global investment banking, are based in London. Mr. Shear, global head of fixed income, and Mr. Spencer, co-head of global investment banking, work from the firm's headquarters in New York.

Mr. Chenevix-Trench is chairman of the European operating committee. He joined the Firm in 1984. Mr. Morrison, who joined the Firm in 2000, is chairman and chief executive officer of Morgan Stanley Asia.

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.