Morgan Stanley Frontier Emerging Markets Fund, Inc. Announces ShareRepurchase Program

NEW YORK--(BUSINESS WIRE)--Morgan Stanley Frontier Emerging Markets Fund, Inc. (NYSE: FFD) (the "Fund") announced today that the Fund's Board of Directors approved a share repurchase program for the purposes of enhancing stockholder value and reducing the discount to net asset value at which the shares of the Fund trade. Under this program, the Fund will purchase shares in the open market at times and prices determined by management to be in the best interests of the stockholders of the Fund.

The Fund is a non-diversified, closed-end management investment company, the shares of which are listed on the New York Stock Exchange. The Fund's investment objective is to seek long-term capital appreciation. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80 percent of its net assets in equity securities of companies operating in frontier emerging market countries. Morgan Stanley Investment Management Inc. is the Fund's investment manager.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $570 billion in assets under management or supervision as of August 31, 2008. By leveraging its global ‘community of boutiques' structure and the strength of Morgan Stanley, 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 600 offices in 35 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

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