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February 7th, 2008
Morgan Stanley Acquires Stake In Clean Technology Venture Investor NGEN Partners, LLC

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PR – Morgan Stanley (NYSE:MS) announced today that it has agreed to acquire a
minority equity stake in NGEN Partners, LLC, a leading venture capital
firm which invests in companies that focus on clean technologies.

This investment, the first by a major Wall Street firm in a clean
technology venture firm, underscores Morgan Stanleys
commitment to finding market-based solutions to environmental issues, as
well as its belief in the business opportunities that stem from
sustainable global development.

Founded in 2001, NGEN Partners is a pioneering investor in the cleantech
sector. The firm has deep expertise and a strong portfolio of companies
in the areas of alternative energy, energy efficiency, pollution
abatement and green resources.

Our stake in NGEN represents an exciting
investment opportunity for Morgan Stanley that we believe can help
deliver attractive returns both for our shareholders and the
environment. NGENs experienced team of
investment professionals has an impressive history of identifying
companies that are developing and bringing to market innovative clean
technologies, said Jeff Holzschuh, Chairman
of the Morgan Stanley Environmental Committee. And,
we believe there will be an increasing investment focus on these
technologies in the years ahead as a result of rising energy prices,
natural resource constraints and acceptance of climate changes as a
global challenge.

Jim Butcher, Director of Morgan Stanleys
Office of the Environment, said, The
investment in NGEN builds on the actions that Morgan Stanley has taken
in recent years to promote innovative solutions to environmental
challenges, including the recent launch of the Morgan Stanley Carbon
Bank to assist clients seeking to become carbon neutral. We are
committed to considering environmental issues in all aspects of our
business and assisting our clients as they do the same, and we believe
this investment will allow us to leverage NGENs
expertise in Morgan Stanleys own advisory

Morgan Stanleys Commitment to Addressing
Environmental Challenges

Morgan Stanley believes that leading financial institutions and the
global capital markets have important roles to play in addressing the
challenges facing the environment. In addition to this most recent
investment in NGEN Partners, Morgan Stanley also has:

  • Launched the Morgan Stanley Carbon Bank to assist clients seeking to
    become carbon neutral. Offered in conjunction with Det Norske Veritas
    (DNV), a leading international provider of emissions data
    certification, it is the markets first
    broadly offered service providing integrated carbon verification and
    offsetting capabilities based on the highest recognized international
  • Committed to invest approximately $3 billion in initiatives related to
    greenhouse gas emission reductions over five years.
  • Invested in several companies in the clean energy space including
    companies in the solar and smart grid sectors.
  • Done extensive energy efficiency and greenhouse gas reductions to
    date, including committing to reduce greenhouse gas emissions by 7-10
    percent below 2006 levels by 2012 through new green buildings and
    additional energy use improvements.
  • Committed to being globally carbon neutral by 2008 by offsetting the
    greenhouse gases emitted from its worldwide offices and employee
    business travel through the purchase of carbon credits, which meet the
    standards of the Kyoto Protocol.

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