June 30, 2005

In a statement regarding John Mack’s appointment as chairman and CEO of Morgan Stanley, The Group of Eight said:

"The appointment of John Mack to the position of Chairman and CEO of Morgan Stanley is another important step in the process of restoring the Firm to its position of preeminence in the financial services industry. We applaud the Board's openness in turning to John as an action clearly in the best interests of shareholders, clients and employees.

We hope that John will be able to attract back many of the talented employees who left the Firm during this stressful period, in particular the five former members of the management committee who are so important to the Firm's franchise.

We also want to thank the dedicated and loyal employees who have continued to serve Morgan Stanley's clients during this challenging period."

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