Morgan Stanley, through a dedicated subsidiary, has acquired a 15 million euro (approximately $17.6 million) stake in the capital of Orco Property Group.The stake, purchased through an existing step-up capital increase program, represents about 4% of Orco's capital. Morgan Stanley also has subscribed for 15 million euros of units in the Endurance Real Estate Fund for Central Europe, an Orco-sponsored Luxembourg Fonds Commun de Placement dedicated to acquiring commercial properties in Central and Eastern Europe. Orco can be found on the Web at http://www.orcogroup.com.

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