Morgan Stanley Investment Management Announces Portfolio Management Changes for Morgan Stanley Emerging Markets Fund, Inc.

Morgan Stanley Investment Management announced today portfolio management changes for Morgan Stanley Emerging Markets Fund, Inc. MSF (the "Fund"). The Fund is managed by the Emerging Markets Equity team of Morgan Stanley Investment Management Inc. (the "Adviser"). The team consists of portfolio managers and analysts.

Current members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio are Munib Madni, a Managing Director of MSIM Company, and Eric Carlson, Paul C. Psaila, Ruchir Sharma, Gaite Ali and May Yu, each a Managing Director of the Adviser. Mr. Madni has been associated with Morgan Stanley Investment Management Company ("MSIM Company" or the "Sub-Adviser") in an investment management capacity since February 2005 and began managing the Fund in May 2012. Mr. Carlson has been associated with the Adviser in an investment management capacity since September 1997 and began managing the Fund in February 2011. Mr. Psaila has been associated with the Adviser in an investment management capacity since 1994 and began managing the Fund in February 1994. Mr. Sharma has been associated with the Adviser in an investment management capacity since 1996 and began managing the Fund in February 2002. Ms. Ali has been associated with the Adviser in an investment management capacity since 2007 and began managing the Fund in April 2013. Ms. Yu has been associated with the Adviser in an investment management capacity since June 2013 and began managing the Fund in April 2018. From August 2012 to June 2013, she was associated with MSIM Company in an investment management capacity.

Effective on or about June 1, 2018, Amay Hattangadi, will become a Managing Director of MSIM Company and will serve as a portfolio manager to the Fund. Mr. Hattangadi will be associated with the Sub-Adviser in an investment management capacity at that time. Currently, Mr. Hattangadi has been associated with Morgan Stanley Investment Management Private Limited, an affiliate of the Adviser, as a portfolio advisor since 1999. Effective June 30, 2018, Munib Madni, a Managing Director of the Sub-Adviser, will no longer serve as a portfolio manager to the Fund.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 608 investment professionals around the world and $482 billion in assets under management or supervision as of December 31, 2017. Morgan Stanley Investment Management 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. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley MS is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more 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.

Investing involves risk and it is possible to lose money on any investment in the Fund.

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