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Morgan Stanley Emerging Markets Fund, Inc. Announces Tender Offer, Information Regarding Share Repurchase Program, Portfolio Manager Changes And Creation Of Closed-End Fund Committee

Morgan Stanley Emerging Markets Fund, Inc. (NYSE: MSF) (the “Fund”) announced today that its Board of Directors has approved a tender offer to acquire in exchange for cash up to 15 percent of the Fund’s outstanding shares at a price equal to 98.5 percent of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the business day immediately following the day the offer expires (the “Tender Offer”). The timing of the Tender Offer will be announced as soon as practicable. Additional terms and conditions of the Tender Offer will be set forth in its offering materials, which will be distributed to the Fund’s stockholders. If more than 15 percent of the Fund’s outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98.5 percent of the Fund’s net asset value per share.

The Fund continues to maintain a share repurchase program (the “Program”) for purposes of enhancing stockholder value and reducing the discount at which the Fund’s shares trade from their net asset value. Since the inception of the Program on July 30, 1998, the Fund has repurchased 24.5 percent of its shares. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives of the Program, subject to review by the Board of Directors. On a monthly basis, the Fund intends to make available on its public website information regarding the Fund’s repurchase activity. In connection with the Tender Offer, the Fund has temporarily suspended any purchases of shares in the open market pursuant to the Program until on or about 10 business days after the termination of the Tender Offer, as required by the Securities Exchange Act of 1934, as amended.

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