Morgan Stanley Global Opportunity Bond Fund, Inc. Announces Approval of Reorganization

Morgan Stanley Global Opportunity Bond Fund, Inc. (NYSE: MGB) (the “Fund”) announced today that, at a Special Meeting of Stockholders of the Fund, its stockholders approved the reorganization of the Fund and Morgan Stanley Emerging Markets Debt Fund, Inc.(“Emerging Markets Debt”) (the “Reorganization”). Pursuant to the Reorganization, substantially all of the assets and liabilities of the Fund will be transferred to Emerging Markets Debt in exchange for shares of common stock (“common shares”) of Emerging Markets Debt. In addition, the Fund will be dissolved. Emerging Markets Debt is a non-diversified closed-end management investment company advised by the Fund’s investment adviser.

In connection with the Reorganization, stockholders of the Fund will receive newly issued common shares of Emerging Markets Debt with a value equal to the net asset value of their holdings in the Fund on the valuation date, which is expected to be on or about January 29, 2010. The transaction is currently expected to close on or about February 1, 2010, subject to the satisfaction of certain conditions (the “Closing Date”).

In connection with the Reorganization, a final dividend, if any, will be paid prior to the valuation date. In addition, the Fund will suspend its Dividend Reinvestment and Cash Purchase Plan in connection with the final dividend, if any, to be paid to stockholders of the Fund prior to the valuation date. Stockholders of the Fund will continue to be able to trade their common shares of the Fund on the New York Stock Exchange until the close of business on the business day next preceding the Closing Date.

The Fund’s U.S. investment adviser is Morgan Stanley Investment Management Inc. (“MSIM”), a wholly owned subsidiary of Morgan Stanley. MSIM, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $386 billion in assets under management or supervision as of September 30, 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 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 36 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.