Robert A. Kindler Joins Morgan Stanley as Vice Chairman of Investment Banking; Brings Wealth of Experience and Relationships, Having Advised on Transactions Totaling Over $200 Billion

Business Wire, April 6, 2006

NEW YORK -- Morgan Stanley (NYSE:MS) announced today that Robert A. Kindler, 52, has joined the Firm as a Vice Chairman of Investment Banking. Mr. Kindler will focus on senior client relationships and coordinate closely with senior management on new business initiatives.

Mr. Kindler comes to Morgan Stanley from JP Morgan, where he was Global Head of Mergers and Acquisitions. He previously worked for 20 years at Cravath, Swaine & Moore, where he specialized in mergers and acquisitions. Since joining JP Morgan in 2000, Mr. Kindler has advised clients on $200 billion worth of transactions, including assignments for Lucent, Nextel, DreamWorks, Cendant, Comcast and Bristol-Myers Squibb, among many others.

John J. Mack, Morgan Stanley's Chairman and Chief Executive Officer and Zoe Cruz, Morgan Stanley's Co-President said, "Rob Kindler is among the finest bankers in the business and will be a valuable addition to the deep bench of talent we have at Morgan Stanley. Rob brings a wealth of experience as a trusted adviser to many of the world's leading corporations. His strong client focus and innovative thinking are a perfect match with our priorities in investment banking. We look forward to working with him on new business."

Paul J. Taubman, Global Head of Mergers and Acquisitions said, "I am delighted that Rob has chosen to join us in further expanding our leading strategic franchise. Having known Rob for many years and worked with and across the table from him on many important transactions, I am confident that as one of the industry's leading M&A advisors, his unique skills will greatly benefit our clients."

Recent significant M&A transactions in which Mr. Kindler has been involved, include advising, among numerous others:

--Lucent in its proposed $18 billion merger with Alcatel;

--Cendant in its proposed separation into four companies;

--Nextel in its $42 billion merger with Sprint;

--Comcast in its $72 billion acquisition of AT&T Broadband;

--Dreamworks in its $4 billion spin-off of Dreamworks Animation;

--Dunkin' Brands in its sale for $2.5 billion; and

--Tommy Hilfiger in its proposed sale for $1.6 billion.

Mr. Kindler was born in New York in 1954. He received a B.A. from Colgate University in 1976 and a J.D. from New York University School of Law in 1980. He is on the Board of Trustees of Colgate University, the Board of Directors of March of Dimes (New York division) and the Board of Directors of the Knight-Bagehot Fellowship Program at Columbia University Graduate School of Journalism. He worked for JP Morgan from 2000 to 2006 and previously was a senior partner at Cravath, Swaine & Moore, where he specialized in mergers and acquisitions for more than 20 years.

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 30 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.