Morgan Stanley Global Opportunity Bond Fund, Inc. to Reorganize into Morgan Stanley Emerging Markets Debt Fund, Inc.

Morgan Stanley Global Opportunity Bond Fund, Inc. (NYSE: MGB) (the “Fund”) announced today that its Board of Directors approved a proposed reorganization of the Fund into Morgan Stanley Emerging Markets Debt Fund, Inc. (NYSE: MSD), a non-diversified, closed-end management investment company advised by the Fund’s investment adviser, Morgan Stanley Investment Management Inc. (“MSIM”). The proposed reorganization will be subject to approval by the Fund’s stockholders of record as of September 4, 2009 at a meeting scheduled for November 18, 2009.

The Fund is a non-diversified, closed-end management investment company, the shares of common stock of which are listed on the New York Stock Exchange. The Fund’s investment objective is to seek to produce high current income and, as a secondary investment objective, capital appreciation.

MSIM is a wholly owned subsidiary of Morgan Stanley and, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and over $356 billion in assets under management or supervision as of March 31, 2009. By leveraging its global ‘community of boutiques’ structure and the strength of Morgan Stanley, 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 (NYSE: MS) 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 600 offices in 36 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.