Morgan Stanley Emerging Markets Fund, Inc. Announces Information Regarding Reorganization

Morgan Stanley Emerging Markets Fund, Inc. MSF (the "Fund") announced today that the net asset value per share of the Fund for purposes of calculating the number of Class I shares of common stock of Emerging Markets Portfolio ("MSIF Emerging Markets"), a series of Morgan Stanley Institutional Fund, Inc., that stockholders of the Fund will receive in exchange for the transfer of substantially all of the assets and liabilities of the Fund was $16.7706 as of the close of business on February 22, 2019 (the "Effective Date"). The net asset value per share of MSIF Emerging Markets was $24.31 as of the close of business on February 22, 2019; accordingly, each share of common stock of the Fund will be exchanged for approximately 0.68986425 shares of MSIF Emerging Markets on February 25, 2019 to those stockholders who held shares of the Fund as of the Effective Date.

The Fund is a diversified, closed-end management investment company that seeks long-term capital appreciation through investments primarily in emerging country equity securities.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 636 investment professionals around the world and $463 billion in assets under management or supervision as of December 31, 2018. 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 41 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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