Morgan Stanley Asia-Pacific Fund, Inc. (NYSE: APF) (the “Fund”) announced today that the net asset value per share of the Fund for purposes of calculating the number of Class I shares of common stock of Emerging Markets Portfolio (“MSIF Emerging Markets”), a series of Morgan Stanley Institutional Fund, Inc., that stockholders of the Fund will receive in exchange for the transfer of substantially all of the assets and liabilities of the Fund was $16.8422 as of the close of business of the New York Stock Exchange on April 5, 2019 (the “Effective Date”). The net asset value per share of MSIF Emerging Markets was $24.82 as of the Effective Date; accordingly, each share of common stock of the Fund will be exchanged for approximately 0.67857373 shares of MSIF Emerging Markets on April 8, 2019 to those stockholders who held shares of the Fund as of the Effective Date.

Stockholders in Japan holding shares of the Fund through the Japan Securities Depositary Center, Incorporated will receive a cash payment equal to the net asset value of $16.8422 per share of their common shares of the Fund, rather than shares of MSIF Emerging Markets.

The Fund is a diversified, closed-end management investment company that seeks long-term capital appreciation through investments primarily in equity securities of Asian-Pacific issuers and in debt securities issued or guaranteed by Asian Pacific governments or governmental entities.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 663 investment professionals around the world and $463 billion in assets under management or supervision as of December 31, 2018. Morgan Stanley Investment Management 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. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more 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.

Investing involves risk and it is possible to lose money on any investment in the Fund.

For more information: 800.231.2608

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