August 22, 2012 at 16:30 PM EDT
Morgan Stanley Frontier Emerging Markets Fund, Inc. Announces Approval of Reorganization

Morgan Stanley Frontier Emerging Markets Fund, Inc. (NYSE: FFD) (the “Fund”) announced today that, at a Special Meeting of Stockholders of the Fund, its stockholders approved the reorganization (the “Reorganization”) of the Fund into the Frontier Emerging Markets Portfolio (“MSIF Frontier”). MSIF Frontier is a newly created diversified series of Morgan Stanley Institutional Fund, Inc., an open-end management investment company advised by the Fund’s investment adviser.

In connection with the Reorganization, stockholders of the Fund will receive newly issued Class I shares of MSIF Frontier with a value equal to the aggregate net asset value of their common shares of the Fund on the valuation date, which is expected to be the close of business on or about September 14, 2012. The transaction is currently expected to close on or about September 17, 2012, subject to the satisfaction of certain conditions (the “Closing Date”). Stockholders of the Fund will continue to be able to trade their common shares of the Fund on the New York Stock Exchange until the close of business on the business day preceding the Closing Date. Subsequently, the Fund will cease trading on the New York Stock Exchange and will be dissolved.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has 600 investment professionals around the world and $311 billion in assets under management or supervision as of June 30, 2012. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Morgan Stanley 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 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

Contacts:

Morgan Stanley Frontier Emerging Markets Fund, Inc.
(800) 231-2608
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