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Morgan Stanley Eastern Europe Fund, Inc. Announces Board Approval of Liquidation of the Fund

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Morgan Stanley Eastern Europe Fund, Inc. (NYSE:RNE) (the “Fund”) announced that the Board of Directors of the Fund adopted a proposal to liquidate the Fund. Subject to stockholder approval of the plan of liquidation (the “Plan”) adopted by the Board, the Fund plans to sell its assets, discharge its liabilities and distribute the net proceeds to stockholders.

The Board plans to submit a proposal to stockholders to approve the Plan at the Fund’s special meeting of stockholders (the “Meeting”) to be held in February 2015. If the proposal is approved by stockholders, the Fund will commence the orderly liquidation of its assets in accordance with the Plan. Following the liquidation of the Fund’s assets, the Fund will pay one or more liquidating distributions to stockholders of record.

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 materials will contain important information, including a more detailed description of the Plan, stockholders are urged to read them carefully when they become available.

Promptly after filing its definitive proxy statement for the Meeting with the SEC, the Fund will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the Meeting. We urge stockholders to read the proxy statement (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 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 closed-end, U.S.-registered management investment company and seeks long-term capital appreciation through investments primarily in equity securities of Eastern European country issuers and in debt securities issued or guaranteed by Eastern European country government or governmental entities. The Fund is advised by Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 580 investment professionals around the world and $398 billion in assets under management or supervision as of September 30, 2014. 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.

Morgan Stanley (NYSE:MS) is a leading global financial services firm providing investment banking, securities, investment management and wealth management services. With offices in more than 43 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.

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