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Mika Watanabe 81-3-5424-5019
Natsuo Nishio 81-3-5424-5020

For Immediate Release

Morgan Stanley to Appoint Yoshihiko Shigenari to Lead Private Equity Businessin JapanTOKYO, June 23, 2008 – Morgan Stanley (NYSE: MS) announced today that Yoshihiko
Shigenari will assume responsibility for leading Morgan Stanley Private Equity’s business inJapan, effective July 1, and will be appointed Representative Director of Morgan Stanley Capital
K.K.
Morgan Stanley Capital is a wholly-owned unit of Morgan Stanley Japan Holdings Co., Ltd., andis engaged in a range of financial advisory activities with respect to real estate, infrastructure andprivate equity investments in Japan.
Shigenari, currently a Representative Director and Co-Head of the Investment Banking Division
at Morgan Stanley Japan Securities Co., Ltd., joined the Firm in 1989 and has worked acrossinvestment banking, corporate finance and real estate in New York, London and Tokyo.
“This appointment clearly underscores our commitment to expanding our private equity
franchise,” said Stephen Trevor, Co-Head of both Morgan Stanley Private Equity and the Firm’s
Merchant Banking Division. “We are confident Yoshi’s expertise and knowledge of the local
market will lead to strong results.”“The private equity business is strategically important to Morgan Stanley in Japan, both tocontinue our local franchise growth and to support our clients’ objectives,” said Jonathan Kindred,
CEO and Representative Director of Morgan Stanley Japan Holdings Co. “Yoshi’s leadership will
be central to our achieving these goals.”
Chin Chou, CEO of Morgan Stanley Private Equity Asia (MSPE Asia), said: “Our focus ondeveloping a strong private equity business in Japan builds on Morgan Stanley’s established trackrecord in China, South Korea, and across other markets in Asia.”
Morgan Stanley also established a private equity presence in India in May of this year.
MSPE Asia is one of the leading private equity investors in Asia. The group has invested in theregion for more than 15 years, developing one of the leading investment track records during thattime. The group has made a number of investments in businesses throughout Asia, including mostrecently Belle International, Dongxiang Sports and Shanshui Cement in China, Rotem andSsangyong Corporation in South Korea, CTCI Corporation in Taiwan, and Asia CapitalReinsurance in Singapore. In addition, it previously invested in Ping An Insurance, Mengniu
Dairy, China Paradise and Hengan International in China, eAccess in Japan, HTL International inSingapore and Landmark Investment Trust Company in South Korea.
Morgan Stanley Private Equity, part of Morgan Stanley Investment Management’s MerchantBanking Division, makes private equity and equity-related investments on a global basis. MorganStanley Private Equity utilizes Morgan Stanley’s extensive resources, including the Firm’s global
franchise and relationships with leading corporates, management teams and financial sponsors, tosource attractive opportunities for its investment funds. Morgan Stanley’s roots in private equity
investing date back to 1985 with the Morgan Stanley Capital Partners private equity funds. To
date, Morgan Stanley Private Equity and its predecessor funds have invested nearly $6.5 billion ofequity across a broad spectrum of industries. For further information about Morgan Stanley
Private Equity, please visit www.morganstanley.com/privateequity.

Morgan Stanley is a leading global financial services firm providing a wide range of investmentbanking, securities, investment management and wealth management. The Firm's employees
serve clients worldwide including corporations, governments, institutions and individuals from
more than 600 offices in 33 countries. For further information about Morgan Stanley in Japan,
please visit www.morganstanley.co.jp.
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