Shareholders and Former Senior Executives of Morgan Stanley Issue Message to Employees NEW YORK, April 4 /PRNewswire-FirstCall/ -- Today a group of Advisory Directors, all shareholders and former members of senior management of Morgan Stanley, issued a message to the employees of Morgan Stanley in the form of an ad. "April 4, 2005 A Message to All the Employees of Morgan Stanley: We understand that the events of the past seven days are disturbing to all of you; they are upsetting to us as well. To see talented, respected leaders tossed aside by the CEO for unknown reasons raises troubling questions about the leadership, governance and direction of the Firm. While the recent turmoil is, of course, regrettable, the stakes are important. The leadership problems at the Firm must be addressed and resolved. We want to see the Firm in its entirety begin again to grow and flourish. We want all of you to benefit from an environment like the one we knew: where a commitment to excellence is a core value and where healthy debate can make us all better people. The most important asset of Morgan Stanley is you, its people. As upsetting as the current situation is, we urge you to remain focused on your clients and your responsibilities. With your continued dedication to the Firm, we know that together we can recreate an environment where you can achieve your goals. We know that current management is likely to tout the "loyalty" of many employees. However, we also understand that many of you feel that there is an atmosphere of intimidation and fear at the Firm, which restricts your ability to be heard. We therefore are encouraging the Board of Directors to create a vehicle through which you can express your views directly without risk of retribution. Please do not lose hope. We pledge our energy and efforts to make Morgan Stanley a firm of which we can all be proud. In the meantime, we will continue to communicate to you and shareholders at http://www.futureofms.com/ . Committed to you all, /s/ Anson M. Beard, Jr. /s/ Lewis W. Bernard /s/ Richard A. Debs /s/ Joseph G. Fogg /s/ S. Parker Gilbert /s/ Robert G. Scott /s/ Frederick B. Whittemore /s/ John H. T. Wilson" DATASOURCE: Shareholders and Former Senior Executives of Morgan Stanley CONTACT: Andrew Merrill of Edelman, +1-212-704-4559, or Web site: http://www.futureofms.com/

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