Morgan Stanley Infrastructure Partners and Isolux Corsan Announce Commitment To Invest Up to USD 400 Million in a Joint Venture in India

AMSTERDAM and NEW DELHI, May 24, 2011 -

Morgan Stanley Infrastructure (MSI), the dedicated
infrastructure investing platform of Morgan Stanley (NYSE: MS), announced
today that Morgan Stanley Infrastructure Partners (MSIP), a USD 4 billion
global infrastructure fund, has committed to invest up to USD 200 million in
a joint venture with Isolux Corsan Concesiones in India. Grupo Isolux Corsan
has also committed to match the investment in the joint venture, bringing the
total commitment to USD 400 million, one of the largest foreign investments
in Indian transport infrastructure to date. Isolux Corsan Concesiones is a
large-scale infrastructure concessions subsidiary of Grupo Isolux Corsan, a
global company with revenues of USD 4 billion, specialising in large projects
across construction, engineering and concessions.

The joint venture is constructing three highway projects in
India under long-term concession agreements awarded through the
Build-Operate-Transfer (BOT) program of the National Highways Authority of
India (NHAI). The three projects, which total over 400 kilometers of road,
are estimated to cost over USD 1.6 billion and have already received debt
financing from leading financial institutions and substantial equity
investment from Isolux Corsan. The projects are expansions of existing roads,
and will link major cities, industrial hubs, as well as ports and tourist
attractions. In addition to these three projects, Isolux Corsan has qualified
to bid on several new NHAI projects.

"We are very pleased to have concluded an exclusive deal for
this addition to our global fund," said Sadek Wahba, Global Head of MSI and
Chief Investment Officer of MSIP. "This joint venture offers an excellent
opportunity for Morgan Stanley Infrastructure to pursue its overall strategy
of creating a stable portfolio of assets diversified by sector and geography.
This platform will leverage Isolux Corsan's strong credentials in developing
infrastructure assets for emerging markets and its proven ability to work
with local construction companies."

Antonio Portela, CEO of Grupo Isolux Corsan, said, "We look
forward to working with Morgan Stanley Infrastructure, a renowned global
infrastructure investor. This investment represents the recognition of our
strategy in India and the confidence in our expertise in the development of
large infrastructure projects in emerging markets. We believe that Isolux
Corsan Concesiones and Morgan Stanley Infrastructure will together capitalize
on the Indian roads opportunity and create a best-in-class road portfolio
company in the years to come."

The Indian road development program being undertaken by the
NHAI under a Public-Private-Partnership model is among the largest PPP
programs in the world today. NHAI's National Highway Development Program was
initiated in 1999 and is estimated to total USD 50 billion when completed.
India has witnessed double-digit growth in vehicle registrations over the
past 10 years, according to Euromonitor, and Morgan Stanley Research
identifies it as the second-fastest growing auto market in the world.

"The joint venture with Isolux Corsan Concesiones adds to our
successful presence in India's transportation sector, providing us with an
excellent road concession platform in a market that is experiencing rapid
urbanization and dramatic growth in vehicles," said Gautam Bhandari, Head of
MSI Asia. "As with our other investments in emerging markets, we target
unique assets and world-class partners to build exceptional infrastructure
companies in the region."

About Morgan Stanley Infrastructure

Morgan Stanley Infrastructure (MSI), part of Morgan Stanley
Investment Management, is an infrastructure investment and management
platform with $4 billion under management that focuses on assets providing
essential public goods and services to societies across the globe. MSI
employs a disciplined process to invest in diverse assets, with an investment
scope that covers 11 sectors in eight countries across four continents. With
offices in North America, Europe and Asia, MSI leverages a global network of
relationships to source investments in infrastructure-related sectors such as
transport, energy & utilities, and social infrastructure. For further
information, please visit www.morganstanley.com/infrastructure.

About Morgan Stanley

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 1,300 offices in 42 countries. For further information about
Morgan Stanley, please visit www.morganstanley.com.

About Isolux Corsan Concesiones

Isolux Corsan Concesiones is a large-scale subsidiary of Grupo
Isolux Corsan, which currently has three highway projects under construction
in India that are included in a joint venture with Morgan Stanley
Infrastructure Partners. These projects include a 94 km, two-to-six laning
project on National Highway 8 from Kishangarh to Beawar in the state of
Rajasthan; a 133 km, two-to-four laning project on National Highway 6 from
Maharashtra-Gujarat Border to Hazira in the state of Gujarat; and a 192 km,
four-to-six laning project on National Highway 2 from Varanasi to Aurangabad
in the states of Uttar Pradesh and Bihar. All three projects are financially
closed and have concession lives of 18-30 years, with expected completion
dates in 2012 and 2013. The company continues to actively pursue other
attractive road concession projects and partnerships in India and other parts
of South Asia.

About Grupo Isolux Corsan

Grupo Isolux Corsan is a global engineering, construction, and
concessions unlisted group. Its strong presence in Spain complements its
growing international stature, demonstrated by Grupo Isolux Corsan's presence
in more than 30 countries. Grupo Isolux Corsan's main area of growth is in
the infrastructure concession segment. The concessions business is focused on
projects in four main areas: highways, energy transmission, photovoltaic
energy plants and car parks throughout the world. The company operates
concessions in seven countries (Brazil, India, Mexico, Spain, United States,
Peru and Italy), where it is building and operating over 1,690 km of
motorways, over 4,660 km of high-voltage transmission lines, 168 MW of
photovoltaic plants and over 21,000 parking places. In 2010, the company's
registered revenue was over EUR 3.24 billion, with a gross operating income
of EUR 311 million and an accumulated business portfolio of EUR 30 billion.
For more information, visit the Grupo Isolux Corsan website,
www.isoluxcorsan.com.

Morgan Stanley: Media Relations (Hong Kong based), Noel Cheung, +852-2848-6788, noel.c.cheung at morganstanley.com ; Isolux Corsan, Communication Manager (Madrid based), Isabel Saracho, +34-91-4493293, isaracho at isoluxcorsan.com ; Genesis Burson Marsteller on behalf of Morgan Stanley and Isolux Corsan, Consulting Associate (Bombay based), Anisha Gupta
+91-9833626674, Anisha.gupta at bm.com