First U.S. Registered Closed-End Fund Dedicated to Investing In Frontier Emerging Markets

Morgan Stanley Investment Management announced today that the Morgan Stanley Frontier Emerging Markets Fund, Inc. (the “Fund”) has issued 7,100,000 shares of common stock at a price of $20 per share resulting in gross proceeds to the Fund of approximately $142,000,000 (before deduction of the sales load and offering expenses and exclusive of the underwriters’ over-allotment option). Assuming full exercise of the underwriters’ over-allotment option, the gross proceeds to the Fund (before deduction of the sales load and offering expenses) could be increased to approximately $163,300,000. The Fund’s shares began trading on August 25, 2008 on the New York Stock Exchange under the symbol “FFD.”

The Fund’s lead underwriter is Morgan Stanley & Co. Incorporated.

The Fund is a newly organized, non-diversified closed-end fund. The Fund’s investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund’s investment objective will be achieved. The Fund will seek to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies operating in frontier emerging market countries. In selecting investments for the Fund, Morgan Stanley Investment Management will combine top-down country allocation based on relative economic, political and social fundamentals, stock valuations and investor sentiment, with bottom-up fundamental analysis seeking to identify issuers with investor friendly management, effective use of free cash flows and strong earnings growth potential.

Frontier emerging market countries in which the Fund currently intends to invest include: Bahrain, Bangladesh, Botswana, Bulgaria, Croatia, Ecuador, Estonia, Ghana, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Latvia, Lebanon, Lithuania, Macao, Mauritius, Namibia, Nigeria, Oman, Panama, Qatar, Romania, Saudi Arabia, Serbia, Slovenia, Sri Lanka, Trinidad and Tobago, Tunisia, Ukraine, United Arab Emirates and Vietnam.

The Fund's assets are managed within Morgan Stanley Investment Management's Emerging Markets Equity team. Current members of the team who are responsible for the day-to-day management of the Fund are Ruchir Sharma, a Managing Director of Morgan Stanley Investment Management, and Tim Drinkall, an Executive Director of Morgan Stanley Investment Management. Mr. Drinkall is the lead portfolio manager and Mr.