Morgan Stanley Investment Management Inc. ("MSIM"), the investment adviser to The Thai Fund, Inc. (NYSE: TTF) (the “Fund”), announced today that James Cheng, a portfolio manager of the Fund, will retire effective December 31, 2012. Effective immediately, Samuel Rhee, an Executive Director of Morgan Stanley Investment Management Company ("MSIM Company"), a sub-adviser to the Fund, has been added to the team primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Rhee has been associated with MSIM Company in an investment management capacity since July 2005. Mr. Rhee, along with Munib Madni, a Managing Director of MSIM Company, will continue to be jointly and primarily responsible for the day-to-day management of the Fund’s portfolio upon Mr. Cheng’s retirement. The change in portfolio management team does not affect the investment objective of the Fund, nor the way in which the Fund’s portfolio is managed. The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland. The Fund’s investment objective is long-term capital appreciation through investment primarily in equity securities of companies organized under the laws of the Kingdom of Thailand. Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 560 investment professionals around the world and $331 billion in assets under management or supervision as of September 30, 2012. 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 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.