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Press release from Business Wire

Morgan Stanley Statement on Moody's Two-Notch Downgrade

Thursday, June 21, 2012

Morgan Stanley Statement on Moody's Two-Notch Downgrade17:28 EDT Thursday, June 21, 2012 NEW YORK (Business Wire) -- While Moody's revised ratings are better than its initial guidance of up to three notches, we believe the ratings still do not fully reflect the key strategic actions we have taken in recent years. However, their acknowledgment of our long-term partnership with MUFG as well as our industry-leading capital and liquidity highlight some of the transformative steps we have taken. With our de-risked balance sheet, stable sources of funding, diverse business mix and strong leadership team, we are well positioned to deliver for clients and shareholders. Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com. Morgan StanleyMedia Relations:Jeanmarie McFadden, 212-761-2433orInvestor Relations:Celeste Mellet Brown, 212-761-3896