FFD Morgan Stanley Frontier Emerging Markets Fund,

Morgan Stanley Frontier Emerging Markets Fund, Inc. (NYSE: FFD) (the “Fund”) announced that, after considering the recommendation of the Fund’s investment adviser, the Board of Directors of the Fund (the “Board”) determined that it would be in the best interests of stockholders of the Fund to be converted into an open-end fund (the “Open-End Fund”) through a shell reorganization (the “Conversion”). It is anticipated that the Open-End Fund’s investment strategy and portfolio management team will be the same as that of the Fund. Upon the Conversion, shares of the Fund would cease to trade on the New York Stock Exchange; however, after the Conversion, additional shares may be purchased from the Open-End Fund and redeemed at the option of stockholders at net asset value on a daily basis, subject to the terms described in the registration statement for the Open-End Fund.

It is currently anticipated that the Conversion will be effectuated through a reorganization of the Fund into a newly-created series of an open-end mutual fund. The Conversion is subject to certain conditions, including stockholder approval and customary closing conditions. The Conversion of the Fund will be submitted for stockholder approval at a stockholder meeting (the “Meeting”) to be held on August 22, 2012, and any adjournments or postponements thereof. Further information about the Conversion will be included in a proxy statement/prospectus expected to be mailed to stockholders in the third quarter of 2012.

Any solicitation of proxies by the Fund in connection with the Meeting will be made only pursuant to separate proxy materials filed with the U.S. Securities and Exchange Commission (the “SEC”) under applicable federal securities laws. Because the proxy statement/prospectus will contain important information, including a more detailed description of the agreement and plan of reorganization, stockholders are urged to read them carefully when they become available. The Fund and the Board may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Meeting. The Fund plans to file a proxy statement/prospectus with the SEC in connection with the solicitation of proxies for the Meeting. Information regarding the names of the Fund’s directors is set forth in the Fund’s October 31, 2011, annual report to stockholders, which may be obtained free of charge at the SEC’s website at www.sec.gov. Additional information regarding the interests of such potential participants will be included in the proxy statement/prospectus and other relevant documents to be filed with the SEC in connection with the Meeting.

Promptly after filing its definitive proxy statement/prospectus for the Meeting with the SEC, the Fund will mail the definitive proxy statement/prospectus and a proxy card to each stockholder entitled to vote at the Meeting. We urge stockholders to read the proxy statement/prospectus (including any supplements thereto) and any other relevant documents that the Fund will file with the SEC when they become available because they will contain important information. Stockholders will be able to obtain, free of charge, copies of the proxy statement/prospectus and any other documents filed by the Fund with the SEC in connection with the Meeting at the SEC’s website at www.sec.gov, by calling 1-800-231-2608 or by writing to the Fund at 522 Fifth Avenue, New York, New York 10036.

The Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80 percent of its net assets in equity securities of companies operating in frontier emerging market countries. Morgan Stanley Investment Management Inc. acts as investment adviser to the Fund.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 620 investment professionals around the world and $304 billion in assets under management or supervision as of March 31, 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 1,300 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.

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