Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Morgan Stanley DelawareArara LLC DelawareBayfine DE LLC DelawareBayview Holding Ltd. Cayman Islands

Bayfine Cayman Ltd. Cayman IslandsBayfine DE Inc. Delaware

Bayfine UK United KingdomBelmondo LLC DelawareCauca LLC DelawareCorporate Equipment Supplies, Inc. DelawareCournot Holdings Inc. Delaware

Cournot Capital Inc. DelawareCournot Financial Products LLC Delaware

Dean Witter Alliance Capital Corporation DelawareDean Witter Capital Corporation DelawareDean Witter Realty Inc. Delaware

Dean Witter Holding Corporation DelawareCivic Center Leasing Corporation DelawareLewiston Leasing Corporation Delaware

Dean Witter Leasing Corporation DelawareDean Witter Realty Credit Corporation DelawareDean Witter Realty Fourth Income Properties Inc. DelawareDean Witter Realty Growth Properties Inc. DelawareDean Witter Realty Income Properties I Inc. DelawareDean Witter Realty Income Properties II Inc. DelawareDean Witter Realty Income Properties III Inc. DelawareDean Witter Realty Yield Plus Inc. DelawareDean Witter Realty Yield Plus II Inc. DelawareRealty Management Services Inc. Delaware

Dean Witter Reynolds Venture Equities Inc. DelawareDemeter Management Corporation DelawareEarly Adopter Fund Manager Inc. DelawareFuegos LLC DelawareFundlogic (Jersey) Limited Jersey, Channel Is.FV-I, Inc. DelawareGSS III Funding, Inc. Delaware

GSS III Funding Partner, Inc. DelawareGlobal Special Situations III Funding L.P. Delaware

Hudson Resources, Inc. DelawareISG Alternative Investments Inc. DelawareJapan Core Funding Inc. DelawareJolter Investments Inc. DelawareKarakoram LLC DelawareMerope LLC Delaware

Electra Ltd Cayman IslandsMaia Ltd Cayman Islands

Millport Holdings LLC DelawareMillport I LLC Delaware

Morgan Rundle Inc. DelawareMR Ventures Inc. Delaware

Morgan Stanley & Co. Incorporated DelawareDigitalGlobe, Inc. Delaware

DigitalGlobe Asia, Inc. DelawareEarthWatch Mississippi Operations Incorporated MississippiGlobeXplorer LLC California

AirPhotoUSA, L.L.C. ArizonaDean Witter Reynolds Insurance Agency (Ohio) Inc. Ohio

Company

(Indentation indicates ownership)

Page 1 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Dean Witter Reynolds Insurance Agency (Oklahoma) Inc. OklahomaDean Witter Reynolds Insurance Agency (Texas) Inc. TexasDean Witter Reynolds Insurance Services, Inc. (Puerto Rico) Puerto RicoDesign Enterprises Limited British Virgin IslandsGraystone Wealth Management Services LLC DelawareMorgan Stanley Dean Witter Insurance Services (Arizona) Inc. ArizonaMorgan Stanley Dean Witter Insurance Services (Arkansas) Inc. ArkansasMorgan Stanley Insurance Services Inc. DelawareMorgan Stanley Flexible Agreements Inc. DelawareMorgan Stanley Management Services II, Inc. DelawareMS Securities Services Inc. DelawarePrime Dealer Services Corp. DelawareTVN Entertainment Corp. DelawareV2 Music (Holdings) Limited United KingdomV2 Holdings (USA), Inc. Delaware

E Musica Entertainment Group Inc. DelawareE Musica Acquisition Corporation DelawareE Musica Holdings Inc. Delaware

Musiteca Music Corporation DelawareProtel Records Inc. DelawareRevolu Inc. DelawareSoundmex Inc. New York

E Musica Records LLC DelawareE Musica Publishing LLC DelawareKubaney Acquisition, LLC Delaware

Gee Street Records, Inc. DelawareV2 Records (Canada) Inc. CanadaV2 Records, Inc. Delaware

V2 Music Publishing (Holdings) Limited United KingdomV2 Music Publishing France Sàrl FranceV2 Music Publishing Holdings (USA) Inc. Delaware

Gee Street Sounds, Inc. DelawareIn Bed Music, Inc. DelawareRealization Music Ltd. DelawareTunes of V2 America DelawareSongs of V2 America, Inc. DelawareMusic of V2 America, Inc. Delaware

V2 Music Publishing Limited United KingdomV2 Publishing (Italy) S.A. Italy

V2 Publishing (Holdings) Limited United KingdomMorgan Stanley ABS Capital I Inc. DelawareMorgan Stanley ABS Capital II Inc. DelawareMorgan Stanley Altabridge Ltd. Cayman IslandsMorgan Stanley Amalthea UK Limited United KingdomMorgan Stanley Amanu LLC Delaware

Makatea JV Inc. DelawareMorgan Stanley Moorea Inc. Delaware

Morgan Stanley Pinaki Limited Cayman IslandsMorgan Stanley Raraka Limited Cayman Islands

Morgan Stanley Tepoto Limited Cayman IslandsMorgan Stanley Asset Funding Inc. Delaware

Morgan Stanley Becketts LLC DelawareMorgan Stanley Copse LLC Delaware

Morgan Stanley Chapel LLC DelawareWoodcote Capital S.a.r.l. Luxembourg

Morgan Stanley Asti Investments LLC DelawareMorgan Stanley Piedmont Investments LLC Delaware

Page 2 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Cuneo Investments Limited Cayman Islands

Morgan Stanley Atlas, Inc. DelawareMorgan Stanley Biscay LLC Delaware

Morgan Stanley Alpha Investments LLP United KingdomMorgan Stanley Brunton SARL LuxembourgMorgan Stanley Kochi Limited Cayman Islands

Morgan Stanley Angel Limited Cayman IslandsMorgan Stanley Cork Limited Cayman Islands

Morgan Stanley Malabar Limited Cayman IslandsMorgan Stanley Hoxne Limited Gibraltar

Morgan Stanley Hampstead Limited Cayman IslandsMorgan Stanley Knightsbridge Limited Cayman IslandsMorgan Stanley Piccadilly Limited Cayman IslandsMorgan Stanley Shoreditch Limited Cayman IslandsMorgan Stanley Victoria Limited Cayman Islands

Morgan Stanley Epsilon Investments Limited United KingdomMorgan Stanley Leitrim S.à.r.l Luxembourg

Morgan Stanley Kerry Limited Cayman IslandsMorgan Stanley Mildenhall S.A.R.L. Luxembourg

Morgan Stanley Byzantine S.A.R.L. LuxembourgMorgan Stanley Rosetta Investments S.A.R.L. Luxembourg

Morgan Stanley Rasam Limited Cayman IslandsMorgan Stanley Vindolanda Equity S.A.R.L. Luxembourg

Morgan Stanley Plymouth Limited Cayman IslandsMorgan Stanley San Donato SARL Luxembourg

Morgan Stanley Syrah Two Limited Cayman IslandsMorgan Stanley Donegan Limited Cayman Islands

Morgan Stanley Viking LLC DelawareMorgan Stanley Fastnet LLC DelawareMorgan Stanley Humber LLC Delaware

Fitzroy Partnership DelawareMorgan Stanley Kite LLC Delaware

Morgan Stanley Firecrest LLC DelawareMorgan Stanley Plover Limited United KingdomMorgan Stanley Puffin LLC Delaware

Morgan Stanley Boscastle Holding Limited Cayman IslandsMorgan Stanley Cornerways Cayman Limited Cayman IslandsMorgan Stanley Monmouth UK United Kingdom

Morgan Stanley Capital I Inc. DelawareMorgan Stanley Capital Group Inc. Delaware

Cayman Energy Ltd. Cayman IslandsGhent Energy Limited Cayman IslandsHeidmar Group Inc. Delaware

GT Energy Corporation TexasHouston Marine Services, Inc. Texas

Heidmar Inc. Marshall IslandsCanterbury Tankers LLC Marshall IslandsDarien Tankers Inc. LiberiaHeidmar International Pools Inc. Marshall Islands

Dorado Tankers Pool Inc. Marshall IslandsMarida Tankers Inc. Marshall IslandsSigma Tankers Inc. Marshall IslandsStar Tankers Inc. Marshall Islands

Heidmar Investments LLC Marshall IslandsHeidmar Euro LLC Marshall IslandsHeidmar Force Inc. LiberiaHeidmar Marine (Far East) LLC Marshall Islands

Page 3 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Heidmar (Far East) Pte. Ltd. Singapore

Heidmar UK Limited United KingdomProtank Shipping Inc. Liberia

Heidmar Lightering Holdings Inc. LiberiaHeidmar Trading LLC Marshall Islands

Heidenreich Marine Caracas, C.A. VenezuelaNorwalk Tankers Inc.* LiberiaQ88.Com LLC Marshall IslandsQFleet Com LLC Marshall IslandsUnicorn-Heidmar Tankers LLC Marshall Islands

Heidmar Intermediate Holdings Limited Cayman IslandsMorgan Stanley Capital Group (España), S.L. SpainMorgan Stanley Clean Development, LLC Delaware

Morgan Stanley Clean Development Limited United KingdomMorgan Stanley Renewables Development I (Cayman) Limited Cayman Islands

Morgan Stanley Energy Development Corp. DelawareMorgan Stanley Capital Group Cyprus Limited CyprusMorgan Stanley Petroleum Development, LLC Delaware

MSDW Power Development Corp. DelawareCongeneracion Prat S.A. SpainMinnewit B.V. The NetherlandsMS Coal Trading Corp. DelawareMS LC Corp. DelawareMS Retail Development Corp. DelawareNaniwa Energy LLC DelawareNaniwa Terminal LLC Delaware

Power Contract Finance, L.L.C. DelawarePower Contract Financing II, Inc. DelawarePower Contract Financing II, L.L.C. DelawareSouth Eastern Electric Development Corporation DelawareSouth Eastern Generating Corporation DelawareTransMontaigne Inc. Delaware

TransMontaigne Product Services Inc. DelawareTransMontaigne Services Inc. DelawareTransMontaigne Transport Inc. DelawareCoastal Tug and Barge, Inc. Delaware

Utility Contract Funding II, L.L.C. DelawareMorgan Stanley Capital Management, LLC Delaware

Morgan Stanley Credit Corporation DelawareMorgan Stanley Credit Corporation of Iowa IowaMorgan Stanley Credit Corporation of Minnesota MinnesotaMorgan Stanley Credit Corporation of Pennsylvania PennsylvaniaMorgan Stanley Credit Corporation of Tennessee TennesseeNOVUS Financial Corporation of Washington WashingtonNOVUS Receivables Financing Inc. Delaware

Morgan Stanley Domestic Holdings, Inc. DelawareMorgan Stanley Bank Utah

Morgan Stanley Capital Partners III, Inc. DelawareMorgan Stanley Capital REIT Inc. Delaware

Saxon Advance Receivables Company, Inc. DelawareMorgan Stanley Capital REIT IV, Inc. DelawareMorgan Stanley Capital Services Inc. Delaware

Morgan Stanley Baltic Limited Cayman IslandsMorgan Stanley Caspian Limited Cayman Islands

MS Avondale 1 B.V. The NetherlandsMS Avondale 2 B.V. The Netherlands

Morgan Stanley Capital Trust III Delaware

Page 4 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Capital Trust IV DelawareMorgan Stanley Capital Trust V DelawareMorgan Stanley Commercial Financial Services, Inc. Delaware Morgan Stanley Commercial Mortgage Capital, Inc. DelawareMorgan Stanley Content Corporation DelawareMorgan Stanley Dean Witter Equity Funding, Inc. DelawareMorgan Stanley Dean Witter International Incorporated Delaware

Dean Witter International Ltd. United KingdomDean Witter Reynolds GmbH GermanyDean Witter Reynolds International, Inc. PanamaDean Witter Reynolds (Lugano) S.A. SwitzerlandRiver View International Inc. Delaware

Morgan Stanley Dean Witter Wealth Management, Inc. DelawareMorgan Stanley Derivative Products Inc. DelawareMorgan Stanley Distributors Inc. DelawareMorgan Stanley Domestic Leasing Inc. DelawareMorgan Stanley Durango LLC Delaware

Morgan Stanley Afdera Cayman Limited Cayman IslandsMorgan Stanley Amba Alagi LLC DelawareMorgan Stanley Ambasel LLC Delaware

Morgan Stanley Semaine Sarl LuxembourgRas Dashen Cayman Ltd. Delaware

Morgan Stanley Elan LLC DelawareCimarron Investments LLC Delaware

Riva Investments LLC DelawareMorgan Stanley Emerging Markets Inc. Delaware

Always Limited Cayman IslandsInter Capital Alliance CompanyCa

yman Islands

Ca

yman Islands

Inter Ca

yyyyman IslandsInter CaCa

yy

y

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Pasiphae Netherlands B.V. Cayman Islands

Morgan Stanley Leda Ltd. Cayman IslandsMorgan Stanley Stoneyside Cayman Limited Cayman Islands

Morgan Stanley Finance (Jersey) Limited Jersey, Channel Is.Morgan Stanley Funding, Inc. DelawareMorgan Stanley Fund Services Inc. Delaware

Morgan Stanley Fund Services (Bermuda) Ltd. BermudaMorgan Stanley Fund Services (Cayman) Ltd. Cayman IslandsMorgan Stanley Fund Services (Ireland) Limited IrelandMorgan Stanley Fund Services (UK) Limited United KingdomMorgan Stanley Fund Services USA LLC Delaware

Morgan Stanley Galway LLC DelawareMorgan Stanley Kochi Limited Cayman Islands

Morgan Stanley Global Emerging Markets, Inc. DelawareMorgan Stanley Global Strategies Management Holdings, Inc. Delaware

Morgan Stanley Global Strategies Management LLC DelawareMorgan Stanley Global Strategies GP LLC Delaware

Morgan Stanley GWM Feeder Strategies Inc. DelawareMorgan Stanley Hedge Premier GP Inc. DelawareMorgan Stanley Home Loans Inc. DelawareMorgan Stanley International Holdings Inc. Delaware

Acheron Ltd. Cayman IslandsArigil Menkul Degerler A.S. TurkeyArno Limited Cayman IslandsEuropean Principal Assets Limited United Kingdom

City Mortgage Bank LLC Russian FederationCredito Fondario e Industriale - Fonspa SpA Italy

Primass - Promozioni e Assistenza Immobiliari - SpA ItalyPsylon Holding Limited Cyprus

Limited Liability Company Rinocenter Russian FederationVolmar Holdings Limited Cyprus

HTI Valori Mobiliare S.A. RomaniaHybrid Capital Second K.K. JapanITALSEC S.r.l. ItalyLethe Ltd. Cayman IslandsMorgan Stanley AB SwedenMorgan Stanley Advantage Services Private Limited India Morgan Stanley Asia Holdings I Inc. DelawareMorgan Stanley Asia Holdings II Inc. DelawareMorgan Stanley Asia Holdings III Inc. DelawareMorgan Stanley Asia Holdings IV Inc. DelawareMorgan Stanley Asia Holdings VI Inc. DelawareMorgan Stanley Asia Pacific (Holdings) Limited Cayman Islands

Morgan Stanley Asia Regional (Holdings) III LLC Cayman IslandsMorgan Stanley (Singapore) Holdings Pte. Ltd. Singapore

Morgan Stanley Asia (Singapore) Pte. SingaporeMorgan Stanley Asia (Singapore) Securities Pte Ltd SingaporeMorgan Stanley Capital Group (Singapore) Pte. SingaporeMorgan Stanley Investment Management Company SingaporeMorgan Stanley Labuan Investment Bank Limited Labuan/Malaysia

Morgan Stanley (Hong Kong) Holdings Limited Hong KongMorgan Stanley Asia International Limited Cayman IslandsMorgan Stanley Hong Kong 1238 Limited Hong Kong

Morgan Stanley Asia Securities Products LLC Cayman IslandsMorgan Stanley Asia Limited Hong KongMorgan Stanley Asia Products Limited Cayman IslandsMorgan Stanley Asia (Taiwan) Ltd. Republic of China

Page 6 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Hong Kong Futures Limited Hong KongMorgan Stanley Hong Kong Securities Limited Hong KongMorgan Stanley Pacific Limited Hong Kong

People's Rep. of ChinaMorgan Stanley Hong Kong 1239 Limited Hong KongMorgan Stanley Information Technology (Shanghai) Limited People's Rep. of ChinaMorgan Stanley Services Limited Australia

MSDW-JL Holdings I Limited Cayman IslandsMorgan Stanley Bosphorus Limited Cayman IslandsMorgan Stanley Canmore Limited Cayman Islands

Morgan Stanley Caledonia Limited Cayman IslandsMorgan Stanley Japan (Holdings) Ltd. Cayman Islands

City Forum Capital Limited Cayman IslandsMorgan Stanley Dean Witter Japan Group, Ltd. Cayman IslandsMSDW-JL Holdings II Limited Cayman Islands

Morgan Stanley Products Limited Cayman IslandsMS Capital Cayman Ltd. Cayman IslandsMS Remora Ltd. Cayman IslandsMSJL Holdings 4682 Limited Cayman Islands

MSJL Holdings Limited Cayman Islands Morgan Stanley Japan Group Co., Ltd. JapanMorgan Stanley Japan Holdings Co., Ltd. Japan

Hybrid Capital K.K. JapanTM, Limited Japan

Jipang Mortgage Finance Co., Ltd. JapanMorgan Stanley Tokyo Properties K.K. JapanMorgan Stanley Asset & Investment Trust Management Co., Limited JapanMorgan Stanley Japan Business Group Co., Ltd. JapanMorgan Stanley Japan Securities Co., Ltd. Japan

Morgan Stanley Capital K.K. JapanK.K. MST Investment Management Japan

Morgan Stanley Private Equity Management Japan Co., Ltd. JapanMS Real Estate Advisors KK JapanPanorama Hospitality, K.K. Japan

MS CYM Preferred Ltd. Cayman IslandsMSJS Preferred YK Japan

MSDW Birkdale Limited Cayman IslandsMSDW Portrush Limited Cayman Islands

MSDW Muirfield Limited Cayman IslandsMSDW Lytham Limited Cayman Islands

Swilken Limited Cayman IslandsMorgan Stanley Asia Pacific Services Limited England and WalesMorgan Stanley Asset Management S.A. LuxembourgMorgan Stanley Australia Finance Limited Australia

Morgan Stanley (Australia) Real Estate Holdings Pty Limited AustraliaMorgan Stanley (Australia) Servco Pty Limited AustraliaMorgan Stanley International Real Estate Limited Australia

Morgan Stanley Bank AG GermanyMorgan Stanley B.V. The NetherlandsMorgan Stanley Canada Limited CanadaMorgan Stanley Capital S.A. de C.V., SOFOM, E.N.R. 8 MexicoMorgan Stanley Capital (Luxembourg) S.A. LuxembourgMorgan Stanley Cayman Holdings I Limited Cayman IslandsMorgan Stanley Commodities Trading Cayman Holdings Limited Cayman Islands

Morgan Stanley Commodities Trading Hong Kong Holdings Limited Hong KongMorgan Stanley Commodities Trading (China) Limited People's Rep. of China

Morgan Stanley (Thailand) Limited Thailand

Morgan Stanley Investment Consultancy (Beijing) Company Limited

Page 7 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Donau GmbH Germany

Morgan Stanley Grund Sàrl LuxembourgMorgan Stanley Neckar GmbH Germany

Morgan Stanley Elbe GmbH GermanyMorgan Stanley (España), S.A. Spain

Morgan Stanley Main GmbH GermanyMorgan Stanley Warta GmbH GermanyMorgan Stanley Werra GmbH & Co. KG Germany

Morgan Stanley Hong Kong Limited Hong KongMorgan Stanley Hong Kong Nominees Limited Hong KongMorgan Stanley Hungary Analytics Kft. HungaryMorgan Stanley International Limited United Kingdom

Morgan Stanley Funding II Limited Jersey, Channel Is.Morgan Stanley Group (Europe) United Kingdom

Advantage Home Loans Limited United KingdomBayfine UK Products United KingdomMorgan Stanley Bramley Limited United KingdomMorgan Stanley Capital Group Limited United KingdomMorgan Stanley (Europe) Limited United KingdomMorgan Stanley Finance plc United Kingdom

Morgan Stanley Caballa Limited United KingdomMorgan Stanley Gastoro Limited United Kingdom

Morgan Stanley Pintado Investments Limited United KingdomWoburn IV Cooperatieve UA The NetherlandsWoburn V Cooperatieve UA The Netherlands

MSDW Corporate Holdings Limited United KingdomMSDW Corporate Investments I Limited Jersey, Channel Is.

MSDW Corporate Investments II Limited Jersey, Channel Is.Sunningdale Cooperatieve UA The NetherlandsWoburn Cooperatieve UA The Netherlands

Wentworth Cooperatieve U.A. The NetherlandsMorgan Stanley Gala Limited Jersey, Channel Is.Morgan Stanley Investment Management Limited United Kingdom

Morgan Stanley Investment Management (ACD) Limited United KingdomMorgan Stanley JY Holdings Limited United Kingdom

Morgan Stanley JY Limited United KingdomMorgan Stanley Laxton United Kingdom

Morgan Stanley Bank International Limited United KingdomMorgan Stanley Bank International (China) Limited People's Rep. of China

Morgan Stanley Property Management (UK) Limited United KingdomMorgan Stanley Services (UK) Limited United KingdomMorgan Stanley Strategic Funding Limited United KingdomMorgan Stanley (Structured Products) Jersey Limited Jersey, Channel Is.Morgan Stanley UK Group United Kingdom

Morgan Stanley & Co. International plc United KingdomMorgan Stanley Barbera Two Limited Cayman Islands

Morgan Stanley Bondola Limited Cayman IslandsMorgan Stanley Kadarka Limited Cayman Islands

Morgan Stanley Bowline Limited United KingdomMorgan Stanley Bridel S.a.r.l. LuxembourgMorgan Stanley Dean Witter Strategic Investments Limited United Kingdom

MSDW Lyle Investments Limited United KingdomMorgan Stanley Dover Investments Limited United Kingdom

Morgan Stanley Penberthy Limited United KingdomArchimedes Investments Cooperatieve U.A. The NetherlandsHanger Straight Limited Cayman Islands

Morgan Stanley Elz GmbH Germany

Page 8 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Saar GmbH Germany

Morgan Stanley Equity Finance (Denmark) ApS DenmarkMorgan Stanley Equity Financing Services (Sweden) AB SwedenMorgan Stanley Fisher Investments Limited United Kingdom

Ashwood Cooperatieve U.A. The NetherlandsWoburn VI Cooperatieve U.A. The Netherlands

Morgan Stanley (France) SAS FranceMorgan Stanley Havel GmbH GermanyMorgan Stanley Inn GmbH Germany

Morgan Stanley Wupper GmbH GermanyMorgan Stanley International Nominees Limited United Kingdom

Morgan Stanley Malabar Limited Cayman IslandsMorgan Stanley Lundy Investments Limited United KingdomMorgan Stanley Mandarin Limited United Kingdom

Morgan Stanley Harlequin Investments Limited United KingdomMetsys Cooperatieve U.A. The NetherlandsMorgan Stanley Pintail Investments Limited United Kingdom

Bonaire Cooperatieve U.A. The NetherlandsTamboer Cooperatieve U.A. The Netherlands

Orangewood Cooperatieve U.A. The NetherlandsSaenredam Cooperatieve UA The NetherlandsSaldanha Cooperatieve U.A. The Netherlands

Morgan Stanley Neudorf S.a.r.l. LuxembourgMorgan Stanley Rhein SARL Luxembourg

Morgan Stanley Clausen Sarl LuxembourgMorgan Stanley Eich Sarl Luxembourg

Morgan Stanley Rivelino Investments Limited United KingdomMorgan Stanley Dolor Limited Cayman Islands

Morgan Stanley Gerson Limited Cayman IslandsMorgan Stanley Tostao Limited Cayman Islands

Denilson Company Pty Limited AustraliaEveraldo LP Australia

Morgan Stanley Zico Investments Limited United Kingdom Morgan Stanley Silvermere Limited United Kingdom

Morgan Stanley Shanklin Limited Cayman IslandsMorgan Stanley Northcote Investments Limited United Kingdom

Borderwijk Cooperatieve U.A. The NetherlandsMorgan Stanley Norton Investments Limited United Kingdom

Bermont Co-operatieve U.A. The NetherlandsShavano Cooperatieve UA The Netherlands

Morgan Stanley Yarmouth Limited Cayman IslandsMSDW Turnberry Ltd. United Kingdom

Morgan Stanley Medway Limited England and WalesMSDW Jubilee Investments Ltd. United Kingdom

Augusta Cooperatieve UA The NetherlandsMSDW Eden Investments Ltd. United Kingdom

MSDW Mallard Investments Limited United KingdomBrit Alliance Finance B.V. The NetherlandsCarysforth Investments Limited Cayman IslandsHaddington Investments Limited Cayman Islands

MSDW Montgomerie Limited United KingdomWadway 1 Cooperatieve U.A. The NetherlandsWadway 2 Cooperatieve U.A. The Netherlands

Morgan Stanley Humboldt Investments Limited United KingdomMarco Polo High Yield Financing srl ItalyClearcreek, S.L. Spain

Morgan Stanley Malin Investments Limited United Kingdom

Page 9 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Charbono Limited United Kingdom

Morgan Stanley Fiano Limited Cayman Islands Morgan Stanley Tannat Limited Cayman Islands

Morgan Stanley Portland Investments Limited United KingdomMSDW Raleigh Investments Limited United Kingdom

Drake Investments Limited Cayman IslandsDrake II Investments Limited Cayman IslandsLivingstone Investments Limited Jersey, Channel Is.

Woburn III Cooperatieve UA The NetherlandsMorgan Stanley Wertpapiere GmbH GermanyMorgan Stanley Waterloo Limited Cayman Islands

Morgan Stanley Propus Limited GibraltarMorgan Stanley & Co. Limited United Kingdom

East Sussex Financing Limited Jersey, Channel Is.Cottenden Financing Unlimited Jersey, Channel Is.Morgan Stanley Foreign Complex Trust DelawareMorgan Stanley Foreign Complex Trust IX Delaware

Morgan Stanley Securities ACD Limited United KingdomMorgan Stanley Securities Limited United Kingdom

Morstan Nominees Limited United KingdomMorgan Stanley Somerset Limited United Kingdom

Morgan Stanley Taiwan Limited Republic of ChinaMorgan Stanley UK Limited United Kingdom

Morgan Stanley Trustee Limited United KingdomOOO Morgan Stanley Bank Russian Federation

MS Leasing UK Limited United KingdomMorgan Stanley Finance (C.I.) Limited Jersey, Channel Is.

MSDW Fixed Income Limited Jersey, Channel Is.Willow Capital Limited Jersey, Channel Is.

Morgan Stanley Investment Management (Australia) Pty Limited AustraliaMorgan Stanley Investment Management (Korea) Limited Republic of KoreaMorgan Stanley Investments (Mauritius) Limited MauritiusMorgan Stanley Isar GmbH Germany

Morgan Stanley Spree GmbH GermanyMorgan Stanley (Israel) Ltd. IsraelMorgan Stanley Japan Limited Cayman IslandsMorgan Stanley Latin America Incorporated Delaware

Banco Morgan Stanley Dean Witter S.A. BrazilMorgan Stanley Dean Witter Administadora de Carteiras S.A. BrazilMorgan Stanley Dean Witter Corretora de Títulos e Valores Mobiliários S.A. BrazilMorgan Stanley Dean Witter do Brasil Ltda. Brazil

Morgan Stanley Uruguay Ltda. UruguayMSLA Advisors Incorporated Delaware

Morgan Stanley Mauritius Company Limited MauritiusMorgan Stanley India Capital Private Limited IndiaMorgan Stanley Asia Regional (Holdings) II LLC Cayman IslandsMorgan Stanley India Primary Dealer Private Limited IndiaMorgan Stanley India Securities Private Limited India

Morgan Stanley India Company Private Limited IndiaMorgan Stanley India Services Private Limited India

Morgan Stanley Investment Management Private Limited IndiaMSIM Global Support and Technology Services Private Limited India

Morgan Stanley Middle East Inc. DelawareMorgan Stanley Mortgage Servicing Ltd. United KingdomMorgan Stanley Newport S.a.r.l. LuxembourgMorgan Stanley Pacific Services Limited United KingdomMorgan Stanley Poggio Secco Limited Cayman Islands

Page 10 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Alpino Investments Limited Cayman IslandsMorgan Stanley Clare Sàrl Luxembourg

Morgan Stanley Private Equity Management Korea, Ltd. Republic of KoreaMorgan Stanley Real Estate Investment GmbH GermanyMorgan Stanley SGR (Società di Gestione del Risparmio) SpA ItalyMorgan Stanley South Africa (Pty) Limited South AfricaMorgan Stanley Spanish Holdings S.L.U. Spain

Morgan Stanley SV, SAU SpainAB Asesores Ceuta, S.L. Spain

Morgan Stanley Wealth Management, SV, SAU SpainMorgan Stanley Consulting, Agencia de Seguros Exclusiva, S.A. SpainMorgan Stanley Gestión Pensiones EGFP, S.A. SpainMorgan Stanley Gestión SGIIC, S.A. Spain

Morgan Stanley Swiss Holdings GmbH SwitzerlandBank Morgan Stanley AG SwitzerlandFosbury Investments Cooperatieve U.A. The Netherlands

Morgan Stanley Trading Beteiligungs-GmbH GermanyMSAM/Kokusai (Cayman Islands), Inc. Cayman IslandsMSAM/Kokusai II (Cayman Islands), Inc. Cayman IslandsMSDW Finance (Netherlands) BV The NetherlandsMS Equity Financing Services (Luxembourg) S.à.r.l. LuxembourgMS Italy (Holdings) Inc. DelawareMSL Incorporated Delaware

Morgan Stanley SPV I (Cayman Islands) LLC Cayman IslandsFarlington Company Ireland

Providence DE LLC DelawareProvidence Canada Co. Canada

Providence Cayman Investments Limited Cayman IslandsProvidence DE Investments Co. Delaware

PT Morgan Stanley Asia Indonesia IndonesiaPT Morgan Stanley Indonesia Indonesia

Morgan Stanley International Incorporated DelawareCurreent Resources Limited England and WalesMorgan Stanley Asia Holdings V Inc. DelawareMorgan Stanley (Australia) Holdings Pty Limited AustraliaMorgan Stanley Australia Limited AustraliaMorgan Stanley (Australia) Securities Holdings Pty Limited Australia

Morgan Stanley Australia Securities Limited AustraliaMorgan Stanley Australia Securities (Nominee) Pty Limited Australia

Morgan Stanley Capital Holdings United KingdomMorgan Stanley Dean Witter Financial Holdings, LLC Delaware

Morgan Stanley Hong Kong Finance Limited Hong Kong Morgan Stanley Dean Witter UK Capital Limited United Kingdom

Morgan Stanley Dean Witter HK RAV IV, LLC DelawareThe HK RAV IV Trust Hong Kong

The HK RAV IV Partnership United KingdomThe HK RAV V Partnership United Kingdom

Morgan Stanley International Finance S.A. LuxembourgMorgan Stanley Shannon Limited Cayman Islands

Morgan Stanley Brighton Limited Cayman IslandsMorgan Stanley International Insurance Ltd. Bermuda

MSIIL Captive Insurance, Inc. ArizonaMorgan Stanley Offshore Investment Company Ltd. Cayman IslandsMorgan Stanley Select Investment Strategies Ltd. Cayman IslandsMorgan Stanley SerCo Solutions Pty Limited Australia Morgan Stanley SPV II (Cayman Islands) LLC Cayman IslandsMSDW Investment Holdings Limited Cayman Islands

Page 11 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Cabot 2 Limited United Kingdom

MS Cabot Inc. DelawareMSDW Investment Holdings (US) Inc. Delaware

Morgan Stanley UK Trader United KingdomMorgan Stanley Corporate Trader United Kingdom

Morgan Stanley Financial Trader United KingdomMorgan Stanley Equity Trader United KingdomMorgan Stanley Weser GmbH Germany

Morgan Stanley Russet LLP United KingdomMSDW Investment Holdings (UK) Ltd. United Kingdom

Cabot 1 Limited United KingdomApplied Risc Technologies Limited United Kingdom

Cornwall Financing UK Limited Jersey, Channel Is.Morgan Stanley Cornwall Investments UK Limited Jersey, Channel Is.

Morgan Stanley Investment Holdings Jersey Limited Jersey, Channel Is.Hampshire Trading B.V. The NetherlandsLancashire Trading B.V. The NetherlandsNorfolk Trading B.V. The NetherlandsSuffolk Trading B.V. The NetherlandsWiltshire Trading B.V. The Netherlands

Morgan Stanley Funding Limited Jersey, Channel Is.Yorkshire Trading B.V. The Netherlands

Morgan Stanley Cumbria Investments United KingdomMorgan Stanley Derivative Products (Netherlands) B.V. The Netherlands

Morgan Stanley Equity Finance (Malta) Limited MaltaMorgan Stanley Maple Limited United Kingdom

Morgan Stanley Tipperary Limited IrelandMorgan Stanley Durham Investments Limited United Kingdom

Morgan Stanley Cheshire Investments Limited Jersey, Channel Is.Morgan Stanley Langton Limited United Kingdom

Morgan Stanley Equity Holdings (Ireland) Limited IrelandMorgan Stanley Alzette S.a.r.l. Luxembourg

Morgan Stanley New Hampshire LLC DelawareMorgan Stanley (NSW) Pty Limited Victoria, AustraliaMorgan Stanley Derivative Products (Singapore) Pte. Ltd. Singapore

Morgan Stanley Equity Trading (Singapore) Pte. Ltd. SingaporeMorgan Stanley Derivative Products (Spain) S.L. SpainMorgan Stanley Moselle S.a.r.l. LuxembourgMorgan Stanley Wiltz S.a.r.l. Luxembourg

Morgan Stanley Longcross Limited United KingdomMorgan Stanley Investment Advisors Inc. Delaware

Morgan Stanley Services Company Inc. DelawareMorgan Stanley Investment Management Inc. Delaware

Morgan Stanley AIP Funding Inc. DelawareMorgan Stanley Alternative Investments Inc. Delaware

Morgan Stanley AIP (Cayman) GP Ltd. Cayman IslandsMorgan Stanley AIP GP LP Delaware

Morgan Stanley Alternative Investment Partners LP DelawareMorgan Stanley Comprehensive Alternatives Fund I LP Delaware

Morgan Stanley Distribution, Inc. PennsylvaniaMorgan Stanley Global Franchise Inc. Delaware

Morgan Stanley (Jersey) Limited Jersey, Channel Is.Morgan Stanley Kristinestad LLC DelawareMorgan Stanley Leveraged Equity Fund II, Inc. Delaware

Morgan Stanley Private Equity Asia (Cayman) Limited Cayman IslandsMorgan Stanley Private Equity Asia Limited Hong Kong

Morgan Stanley Private Equity Advisory (Beijing) Limited Beijing, PRC

Page 12 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Leveraged Equity Holdings Inc. DelawareMorgan Stanley Life Holding Incorporated DelawareMorgan Stanley Limpopo LLC Delaware

Morgan Stanley Breede Inc. DelawareMorgan Stanley Lomati LLC DelawareMorgan Stanley Tugela Limited Cayman IslandsMorgan Stanley Vaal LLC Delaware

Clova Investments LP DelawareMorgan Stanley New Markets, Inc. Delaware

MS New Markets I LLC DelawareMS New Markets II LLC DelawareMS New Markets III LLC DelawareMS New Markets IV LLC DelawareMS New Markets V LLC DelawareMS New Markets VI LLC DelawareMS New Markets VII LLC DelawareMS New MarketsVIII LLC DelawareMS New Markets IX LLC DelawareMS New Markets X LLC Delaware

Morgan Stanley Malbec LLC DelawareMorgan Stanley Ursa SARL Luxembourg

Morgan Stanley Hercules SARL LuxembourgMorgan Stanley Lyra SARL Luxembourg

Morgan Stanley Market Products Inc. DelawareMorgan Stanley Martin LLC Delaware

Morgan Stanley Cadzand Limited United KingdomMorgan Stanley Cadzand II Limited Cayman Islands

Morgan Stanley Oostburg B.V. The NetherlandsMorgan Stanley Cadzand III Limited Cayman Islands

Morgan Stanley Milla LLC DelawareMorgan Stanley Lineker LLC Delaware

Morgan Stanley ML Acquisition Inc. DelawareMorgan Stanley Mortgage Capital Holdings LLC New York

Angle Merger Subsidiary Corporation MarylandMorgan Stanley Capital REIT II Inc. DelawareMorgan Stanley Capital REIT III Inc. DelawareMorgan Stanley Dean Witter Asset Capital Inc. DelawareMS LIQ-I, Inc. New YorkMSMC 2006-FM-1, LLC DelawareMSSHG I Ltd. Cayman IslandsSaxon Capital, Inc. Maryland

Morgan Stanley Residential Mortgage Inc. DelawareSaxon Capital Holdings, Inc. Delaware

SCI Services, Inc. VirginiaSaxon Mortgage, Inc. Virginia

Saxon Holding, Inc. DelawareTRS Securities and Certificates, Inc. Maryland

Saxon Mortgage Services, Inc. TexasSaxon Funding Management LLC Delaware

Morgan Stanley Securitized Assets LLC DelawareSaxon Asset Securities Company Virginia

Morgan Stanley Municipal Funding Inc. DelawareMorgan Stanley Municipal Management, Inc. DelawareMorgan Stanley Overseas Finance Ltd. Cayman IslandsMorgan Stanley Overseas Services (Jersey) Limited Jersey, Channel Is.Morgan Stanley Preferred Strategies Inc. DelawareMorgan Stanley Principal Funding, Inc. Delaware

Page 13 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley (Hungary) Financial Services Limited HungaryMSXL Asia Pacific Limited Cayman IslandsMSXL China Ltd. Cayman IslandsSPV Columbus S.r.L. Italy

Morgan Stanley Principal Strategies, Inc. DelawareMorgan Stanley Private Equity Asia, Inc. DelawareMorgan Stanley Real Estate Advisor, Inc. Delaware

MSREA Holdings, Inc. DelawareMS Multifamily Investment Platform, Inc. DelawareMSREA Holdings, LLC Delaware

MSREA LL Holdings, LLC DelawareMorgan Stanley Real Estate Funding II, Inc. DelawareMorgan Stanley Real Estate F Funding, Inc. Delaware

Morgan Stanley Real Estate F Funding Partner, Inc. DelawareMorgan Stanley Real Estate Investment Management Inc. Delaware

Morgan Stanley Real Estate Fund, Inc. DelawareMSREF I, L.L.C. Delaware

MSREF I-CO, L.L.C. Delaware Morgan Stanley Real Estate Investment Management II, Inc. Delaware

MSREF II-CO, L.L.C. DelawareMorgan Stanley Realty Incorporated Delaware

BH-MS Realty Inc. DelawareBH-MS Leasing Inc. Delaware

Brooks Harvey & Co., Inc. DelawareDean Witter Global Realty Inc. DelawareJapan Realty Finance Company Cayman IslandsJapan Realty Finance Company II Cayman IslandsLombard Servicing Inc. JapanMorgan Stanley Properties, Inc. Delaware

Morgan Stanley Properties Corso Venezia S.r.l. ItalyMorgan Stanley Properties France SAS FranceMorgan Stanley Properties Germany GmbH GermanyMorgan Stanley Properties Hong Kong Limited Hong KongMorgan Stanley Capital Ltd. Republic of Korea

MSK Management II, Ltd. Republic of KoreaMorgan Stanley Properties (Mauritius) India Mauritius

Morgan Stanley Properties India Real Estate Management Private Limited IndiaMSP China Holdings Limited Cayman Islands

Morgan Stanley Properties Advisory Corp. Limited Cayman IslandsBeijing Kaili Asset Servicing Co., Ltd. People's Rep. of China

Morgan Stanley Properties (China) Co. Ltd. People's Rep. of ChinaMSDI Investment Services People's Rep. of China

Panorama Hospitality Limited United KingdomPanorama Hospitality Global, Inc. Delaware

Morgan Stanley Realty of California Inc. CaliforniaMS Japan REIT Holding KK Japan

MS Japan Strategic Core Acquisition KK JapanMorgan Stanley Realty of Illinois Inc. DelawareTokyo Realty Investment Company Cayman IslandsTokyo Realty Investment Company II Cayman Islands

Morgan Stanley Reinsurance Ltd. BermudaMorgan Stanley Renewables Inc. Delaware

Morgan Stanley Biomass LLC DelawareMorgan Stanley BrighSource LLC DelawareMorgan Stanley Geothermal LLC DelawareMS Greenrock LLC Delaware

Carson Solar I, LLC Delaware

Page 14 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Renewable Development Fund LLC DelawareMS Solar I LLC Delaware

Solar Star WMT I, LLC DelawareMorgan Stanley Wind LLC Delaware

Morgan Stanley Risk Services LLC DelawareMorgan Stanley SECAP Funding, LLC DelawareMorgan Stanley Securities, Inc. Delaware

MS Equity Products (Luxembourg) S.à.r.l LuxembourgMorgan Stanley Securitization Funding Inc. DelawareMorgan Stanley Senior Funding, Inc. Delaware

Inversiones Sudamerica Uno Ltda Republic of ChileMorgan Stanley European Event Driven Finance, Inc. DelawareMorgan Stanley European Funding, Inc. DelawareMorgan Stanley European Leveraged Products Inc. DelawareMorgan Stanley European Transaction Finance, Inc. DelawareMorgan Stanley MSSF LLC DelawareMorgan Stanley Senior Funding (Capital), Inc. DelawareMorgan Stanley Senior Funding (Nova Scotia) Co. CanadaMSSFG (SPV-AMC) Inc The Philippines Tenedora Dalia, S. de R.L. de C.V. Mexico

Morgan Stanley Services Canada Holding Corp. DelawareMorgan Stanley Services Canada Corp. Nova Scotia

Morgan Stanley Services Inc. DelawareMorgan Stanley Special Situations Group Inc. DelawareMorgan Stanley Stingray LLC DelawareMorgan Stanley Structured Products (Cayman) I Limited Cayman IslandsMorgan Stanley Syrah One Limited Cayman Islands

Morgan Stanley Barbera One Limited Cayman IslandsMorgan Stanley Grenache One Limited Cayman IslandsMorgan Stanley Grenache Three Limited Cayman IslandsMorgan Stanley Grenache Two Limited Cayman Islands

Morgan Stanley Technical Services Inc. DelawareMorgan Stanley Technical Services MB/VC Inc. DelawareMorgan Stanley Tindur LLC Delaware

Morgan Stanley Arete Limited Cayman IslandsMorgan Stanley Hubbard Inc. Delaware

Drumlin JV Inc. DelawareMorgan Stanley Tower, LLC Delaware

MS Financing Inc. DelawareBroadway 522 Fifth JV LLC DelawareG.H.Y. Capital II B.V. The NetherlandsMorgan Stanley 750 Building Corp. Delaware

G.H.Y. Capital B.V. The NetherlandsMorgan Stanley CS Aviation Holdings, LLC DelawareMorgan Stanley Delta LLC DelawareMSDW LTCP, L.L.C. DelawareMS Harrison LLC Delaware

Morgan Stanley Trust Federal CharterMorgan Stanley Trust National Association Federal CharterMorgan Stanley Venture Capital II, Inc. DelawareMorgan Stanley Venture Capital III, Inc. DelawareMorgan Stanley Venture Capital Inc. DelawareMorstan Development Company, Inc. DelawareMS 10020, Inc. DelawareMS Capital Holdings Inc. DelawareMS CFN, Inc. DelawareMS Debt Opportunities Corp. Delaware

Page 15 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership) MS Greenrock LLC Delaware

MS Hawk I LLC DelawareMS Holdings Incorporated Delaware

ARS BCO GP Inc. DelawareARS FIHF GP Inc. DelawareARS GMEMN GP Inc. DelawareARS JEMN GP Inc. DelawareARS NAHV GP Inc. DelawareARS US SMC GP Inc. DelawareMorgan Stanley ARS Funding Inc. DelawareMS Fixed Income Group Management Inc. DelawareMorgan Stanley Global Macro Fund GP LLC DelawareMorgan Stanley Hedge Fund Partners Cayman Ltd Cayman IslandsMorgan Stanley Hedge Fund Partners GP LP Delaware

Morgan Stanley HFP Investment Inc. DelawareMorgan Stanley Hedge Fund Partners LP DelawareMorgan Stanley IMDCP Funding, LLC DelawareMorgan Stanley Infrastructure Inc. Delaware

Morgan Stanley Infrastructure GP LP DelawareMorgan Stanley Offshore Infrastructure GP, Ltd. Cayman Island

Morgan Stanley Infrastructure Holdings, Inc. DelawareMorgan Stanley Private Equity Asia III, Inc. Delaware

Morgan Stanley Private Equity Asia III, L.L.C. DelawareMSPEA SLP III, L.L.C. Delaware

Morgan Stanley Real Estate Securities Global Best Ideas GP Inc. DelawareMorgan Stanley Thematic Strategy GP Inc. DelawareMS Acquisition Sub X LLC DelawareMS Alternatives Funding, Inc. Delaware

MS Alternatives Funding Partner, Inc. DelawareMS Alternatives Holding C Inc. Delaware

MS Alternatives Holding C (Cayman) Ltd. Cayman IslandsMS Alternatives Holding D Inc. DelawareMS Alternatives Holding E Inc. DelawareMS ARS Holding A Inc. DelawareMS ARS Holding B Inc. DelawareMSCP V GP, Inc. Delaware

MS Capital Partners V GP LP Cayman IslandsMSGFI Management Inc. DelawarePrivate Investment Partners Inc. Delaware

Private Investment Partners GP Inc. DelawareTAM Investment Holdings, Inc. Delaware

FrontPoint Partners LLC DelawareFPP Healthcare Fund 2X GP, LLC DelawareFrontPoint Asia Pacific GP, LLC DelawareFrontPoint Brookville Horizons Fund GP, LLC DelawareFrontPoint Consumer and Industrials Fund GP, LLC DelawareFrontPoint Convertible Arbitrage Fund GP, LLC DelawareFrontPoint Credit Fund GP, LLC DelawareFrontPoint Energy Horizons Fund GP, LLC DelawareFrontPoint Enhanced Alpha Fund I GP, LLC DelawareFrontPoint Enhanced Index Fund U.S. Equity Series GP, LLC DelawareFrontPoint European Fund GP, LLC DelawareFrontPoint Financial Horizons Fund GP, LLC DelawareFrontPoint Financial Services Fund GP, LLC DelawareFrontPoint Financial Services Fund (Insurance), LLC DelawareFrontPoint Global Emerging Markets Fund GP, LLC DelawareFrontPoint Greater China Fund GP, LLC Delaware

Page 16 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)FrontPoint Healthcare Centennial Fund GP, LLC DelawareFrontPoint Healthcare Fund (Insurance), LLC DelawareFrontPoint Healthcare Fund GP, LLC DelawareFrontPoint Healthcare Horizons Fund GP, LLC DelawareFrontPoint Healthcare Long Horizons Fund GP, LLC DelawareFrontPoint Japan Fund 2X GP, LLC DelawareFrontPoint Japan Fund GP, LLC DelawareFrontPoint Japan Small/Mid Cap Fund GP, LLC DelawareFrontPoint JEMN GP, LLC DelawareFrontPoint Leveraged Multi-Strategy Fund GP, LLC DelawareFrontPoint Management (Hong Kong), Ltd. Cayman IslandsFrontPoint Management Inc. DelawareFrontPoint Management Japan Limited Cayman IslandsFrontPoint Management (UK) LLP United KingdomFrontPoint Management Services, LLC DelawareFrontPoint Management Services 2, LLC DelawareFrontPoint Multi-Strategy Fund GP, LLC DelawareFrontPoint North American Hedged Value Fund GP, LLC DelawareFrontPoint Quantitative Equity Strategies Fund GP, LLC DelawareFrontPoint Quantitative Fund GP, LLC DelawareFrontPoint Quantitative Macro Fund GP, LLC DelawareFrontPoint RCL Equity Long/Short Fund GP, LLC DelawareFrontPoint Relative Value Opportunities Fund GP, LLC DelawareFrontPoint Service Company (UK) Limited United KingdomFrontPoint Service Company (UK) No 2 Limited United KingdomFrontPoint Universal GP, LLC DelawareFrontPoint Utility and Energy Fund (Insurance), LLC DelawareFrontPoint Utility and Energy Fund GP, LLC DelawareFrontPoint Value Discovery Fund (Insurance), LLC DelawareFrontPoint Volatility Opportunities Fund GP, LLC DelawareStadia Capital GP, LLC Delaware

MS Kasko LLC DelawareNorth European Funding LLC Delaware

MS Lion LLC DelawareMorgan Stanley Beta Investments Limited United KingdomMorgan Stanley Bucine Limited England and WalesMorgan Stanley Cooper Limited United KingdomMorgan Stanley Gamma Investments United KingdomMorgan Stanley Gerrards Limited United Kingdom

Fyled Energy Limited United KingdomFyled Limited Partnership United Kingdom

Morgan Stanley Sandpiper Limited United KingdomSand Lake Limited Partnership United Kingdom

Morgan Stanley Starling Limited United KingdomMorgan Stanley Swallow Limited United KingdomMS Leopard Inc. Delaware

MS Lynx Ltd. Cayman IslandsPuma JV LLC Delaware

MS Tiger Ltd. Cayman IslandsOncilla LLC Delaware

MS Low Income Housing Corporation DelawareConchito I LLC DelawareEsox LLC DelawareGuannaco I LLC DelawareMombacho I LLC Delaware

MS Guaranteed Tax Credit Fund XVI, LLC DelawareMorgan Stanley Guaranteed Tax Credit Fund XXIII, LLC Delaware

Page 17 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)MS Guaranteed Tax Credit Fund XXII, LLC Delaware

Morgan Stanley Georgia Tax Credit Fund III, LLC DelawareMS CTH MHP II LLC DelawareMS CTH SLP Operating LLC DelawareMS CTH Special General Partner II LLC DelawareMS LIHTC FCG LLC Delaware

MS LIHTC FCG Fund I LLC DelawareMS LIHTC FCG Fund II LLC Delaware

MS LIHTC FCG II LLC DelawarePaquia LLC DelawarePietra I LLC DelawarePietra II LLC DelawarePietra III LLC DelawarePinol II LLC DelawarePinol III LLC DelawarePinol IV LLC DelawareTrova I LLC DelawareTrova II LLC DelawareTrova III LLC DelawareTrova IV LLC DelawareViento LLC DelawareViento II LLC DelawareViento III LLC DelawareViento IV LLC DelawareViento V LLC DelawareViento VI LLC DelawareViento VII LLC DelawareViento VIII LLC DelawareViento IX LLC DelawareViento X LLC DelawareViento XI LLC DelawareViento XII LLC DelawareViento XIII LLC DelawareViento XIV LLC DelawareWiwili I LLC DelawareWiwili II LLC DelawareWiwili III LLC DelawareWiwili IV LLC DelawareWiwili V LLC DelawareWiwili VI LLC Delaware

MS Low Income Housing II Corporation DelawareMS LIHTC FCG INT LLC DelawareMS Taishan Inc. DelawareVikuna LLC Delaware

Warepool 1A LLC DelawareWarepool 2A LLC DelawareWarepool 3A LLC DelawareWarepool 4A LLC DelawareWarepool 5A LLC DelawareWarepool 6A LLC DelawareWarepool 7A LLC DelawareWarepool 8A LLC Delaware

Vikuna I LLC DelawareVicuna II LLC Delaware

MS Low Income Housing III Corporation DelawareWarepool SLP LLC Delaware

MS Pegau LLC Delaware

Page 18 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)MS Beaucastel LLC Delaware

MS Real Estate Mezzanine Advisor, Inc. DelawareMS Revel EFS LLC Delaware

D&Z Limited Cayman IslandsMS Structured Asset Corp. DelawareMS Synfuels, Inc. DelawareMS Rosebank LLC Delaware

MS Douglasdale Limited Cayman IslandsBondi Limited Cayman Islands

MS Melville LLC DelawareMS Dainfern LLC DelawareMS Greenside LLC DelawareMS Houghton LLC Delaware

Sandhurst Partnership DelawareMS Sandhurst FX LLC Delaware

Morgan Stanley Prosen Limited DelawareToolio Limited Cayman Islands

MS Technology Holdings, Inc. DelawareMSAM Holdings II, Inc. Delaware

Van Kampen Investments Inc. DelawareVan Kampen Advisors Inc. DelawareVan Kampen Asset Management DelawareVan Kampen Exchange Corp. CaliforniaVan Kampen Funds Inc. DelawareVan Kampen Investor Services Inc. Delaware

MSBF Inc. DelawareMSCI Inc. Delaware

Barra, Inc. DelawareBarra International Ltd. Delaware

BarraConsult Ltda. BrazilBarra International (Australia) Pty Ltd AustraliaInvestment Performance Objects Pty Ltd Australia

Barra Japan Co., Ltd JapanFinancial Engineering Associates, Inc. CaliforniaMSCI Barra Financial Information Consultancy (Shanghai) Limited People's Rep. of China

Morgan Stanley Capital International Singapore Pte Limited SingaporeMorgan Stanley KFT HungaryMSCI Australia Pty Limited AustraliaMSCI Limited United KingdomMSCI Barra SA SwitzerlandMSCI Services Private Limited India

MSCP III Holdings, Inc. DelawareMorgan Stanley Proprietary Trading Co. (Cayman) Limited Cayman Islands

MSD Community Development Corporation DelawareMSDW Capital Partners IV, Inc. DelawareMSDW Capital Trust I DelawareMSDW Carnoustie LLC Delaware

Morgan Stanley Bembridge Inc. DelawareMorgan Stanley Sandown Inc. Delaware

MSDW Gleneagles Limited Cayman IslandsMarchmont Capital, Inc. Delaware

MSDW CPIV Holdings, Inc. DelawareMSDW Credit Products Inc. Delaware

Morgan Stanley Credit Products Ltd. Cayman IslandsMSDW EFS Holdings Inc. DelawareMSDW Emerging Equity, Inc. DelawareMSDW Fixed Income Ventures Inc. Delaware

Page 19 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Morgan Stanley Principal Investments, Inc. Delaware

Morgan Stanley Formosa Holdings II (Cayman) Limited Cayman IslandsMorgan Stanley Principal Investments Asia LLC Delaware

MS China 6 Limited Cayman IslandsMS China 7 Limited Cayman IslandsMS China 8 Limited Cayman IslandsMSPI Mauritius 1 Limited Mauritius

Morgan Stanley Principal Investments Europe LLC DelawareMorgan Stanley Principal Investments North America LLC DelawareMS China 9 Limited Cayman IslandsMS China 10 Limited Cayman IslandsMS China 12 Limited Cayman IslandsMSPI Hong Kong I Limited Hong Kong

Morgan Stanley BrokerTec Holdings Inc. DelawareMorgan Stanley Strategic Investments, Inc. Delaware

Eaux Vives Water Bottling Corp. CanadaMorgan Stanley Bahamas Investments, LLC Delaware

MSDW International Employee Services LLC DelawareMSDW Nederland B.V. The NetherlandsMSDW Oak, LLC Delaware

Maple JV, LLC DelawareSycamore II, Inc. Delaware

Elder, LLC DelawareMaple Finance, Inc. Delaware

MSDW Birch (Cayman) Limited Cayman IslandsMSDW Offshore Equity Services Inc. Delaware

Fundlogic Holdings Inc. DelawareFundlogic SAS France Morgan Stanley Eemian Limited Cayman Islands

Morgan Stanley Aral Limited Cayman IslandsMorgan Stanley Deshka LLC Delaware

Morgan Stanley Barnard LLC DelawareMorgan Stanley Chandra LLC DelawareMorgan Stanley Karluk LLC DelawareMorgan Stanley Keck LLC DelawareMorgan Stanley Mayall LLC Delaware

Morgan Stanley Equity Financing Services Ireland Limited IrelandMorgan Stanley GFD Hedge Holdings Limited Cayman IslandsMorgan Stanley GFD Hedge Holdings II Limited Cayman IslandsMorgan Stanley GFD Proprietary Holdings Limited Cayman IslandsMorgan Stanley Hedging Co. Ltd. Cayman IslandsMorgan Stanley Luxembourg Equity Holdings S.a.r.l. Luxembourg

Morgan Stanley Derivative Products (Luxembourg) Sarl LuxembourgMorgan Stanley Finance (Gibraltar) Limited GibraltarMorgan Stanley Luxembourg Equity Trading (Jersey) LP * Jersey, Channel Is.

MORGAN STANLEY DERIVATIVE PRODUCTS (PORTUGAL), UNIPESSOAL LDA PortugalMSDW Equity Finance Services I (Cayman) Ltd. Cayman IslandsMSDW Equity Investments Limited Cayman IslandsMSDW Offshore Equity Services (Korea) Inc. Delaware

MSDW OIP Investors, Inc. DelawareMSDW PE/VC Holdings, Inc. DelawareMSDW Private Equity, Inc. DelawareMSDW Real Estate Special Situations II, Inc. Delaware

MSDW Real Estate Special Situations II-A Dutch Manager, B.V. The NetherlandsMSDW Real Estate Special Situations II-B Dutch Manager, B.V. The NetherlandsMSDW Real Estate Special Situations II-C Dutch Manager, B.V. The Netherlands

MSDW Strategic Ventures Inc. Delaware

Page 20 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)MSDW Synfuels II, Inc. DelawareMSDW Synfuels III, Inc. DelawareMSDW Venture Partners IV, Inc. DelawareMSDW VP IV Holdings, Inc. DelawareMSEOF, Inc. Delaware

MSEOF Management LLC DelawareMSEOF Manager SARL Luxembourg

MSGEM Holdings, Inc. DelawareMSIT Holdings, Inc. Delaware

SL Partners MD Side Fund, LLC DelawareMSPEA Holdings, Inc. DelawareMSREA Guaranty, Inc. DelawareMSRE Mezzanine, Inc. Delaware

MSRE Mezzanine, LLC DelawareMSRE Mezzanine-GP, LLC Delaware

MSREF II, Inc. DelawareMSREF II, L.L.C. Delaware

MSREF III, Inc. DelawareMSREF III, L.L.C. Delaware

MSREF IV, Inc. DelawareMSREF IV, L.L.C. Delaware

MSREF IV Domestic-GP, L.L.C. DelawareMSREF IV Domestic-LP, L.L.C. DelawareMSREF IV International-GP, L.L.C. DelawareMSREF IV International-LP, L.L.C. Delaware

MSREF V Funding, Inc. DelawareMSREF V Funding Partner, Inc. Delaware

MSREF V International Funding, L.P. DelawareMSREF V, Inc. Delaware

MSREF V, L.L.C. DelawareMSREF V U.S.-GP, L.L.C. DelawareMSREF V U.S.-LP, L.L.C. DelawareMSREF V International-GP, L.L.C. DelawareMSREF V International-LP, L.L.C. Delaware

MSREF Real Estate Advisor, Inc. DelawareMSLOF I, Inc. DelawareMSREF VI, Inc. DelawareMSREF VII, Inc. Delaware

MSREF VI, L.L.C. DelawareMSREF VI International-GP, L.L.C. DelawareMSREF VI International-LP, L.L.C. Delaware

MSREF VII Global (U.S.), L.L.C. DelawareMSREF VII Global-GP (U.S.), L.L.C. Delaware

MSRESS III, Inc. DelawareMSRESS III Manager, L.L.C. Delaware

Morgan Stanley Real Estate Special Situations III-GP, L.L.C. DelawareMSREI Post Co-Investment GP, L.L.C. Delaware

MSRESS III Opportunities Fund - GP, L.L.C. DelawareMorgan Stanley Real Estate Special Situations III-LP, L.L.C. Delaware

MSUH Holdings I, Inc. DelawareMSUH Holdings II, Inc. Delaware

MS SP Urban Horizons, Inc. DelawareMS Urban Horizons, Inc. Delaware

MSVP 2002 Holdings, Inc. DelawareMSVP 2002, Inc. Delaware

MSVP 2002 Fund, LLC DelawareMSYS Holdings Inc. Delaware

Page 21 of 22

Morgan Stanley SubsidiariesFebruary 29, 2008

Jurisdiction of Incorporationor Formation

Company

(Indentation indicates ownership)Musum I LLC DelawareMusum II LLC DelawarePapi LLC DelawarePettingell LLC DelawarePG Holdings, Inc. DelawarePG Holdings III, Inc. DelawarePG Investors II, Inc. DelawarePG Investors III, Inc. DelawarePG Investors IV, Inc. DelawarePierpont Power, Inc. New YorkPinol I LLC DelawareProvidence DE Funding Co. Delaware

Providence DE Investments LLC DelawareProvidence International Limited Cayman Islands

Providence Valley Limited Cayman IslandsProvidence DE Holdings Co. Delaware

Providence Cayman Holdings Limited Cayman IslandsReynolds Securities Inc. DelawareShuksan LLC Delaware

Elderslie Holdings Limited DelawareElderslie Limited Cayman Islands

Esporta Holdings Limited Cayman IslandsEsporta Limited Cayman Islands

Littlehill Limited Cayman IslandsMorgan Stanley Eder S.a.r.l. LuxembourgSerratus LLC Delaware

Strategic Investments I, Inc. DelawareMS Strategic (Mauritius) Limited MauritiusStrategic Investments II, Inc. Delaware

Toole Power, Inc. DelawareVentura Holdings Inc. Delaware

MS PA Gaming Holdings, Inc. DelawareVentura Holdings NJ, Inc. Delaware

MS Gaming Opportunities LLC DelawareVentura AC LLC New Jersey

Zephyr (Cayman) Limited Cayman Islands

Page 22 of 22