NOTICE TO WARRANTHOLDERS

20,000,000 American Style Unitary Cash Settled Call Warrants due 17 April 2014

relating to

local ordinary shares of Crompton Greaves Limited

(Series No. I643) (the Warrants)

issued by Morgan Stanley Asia Products Limited (the Issuer)

Common Code: 042519014                            ISIN: US61756R7778

We refer to an announcement of Crompton Greaves Limited (the Company) that the Company declared an issue of bonus shares (the Bonus Issue) to shareholders of the Company effective as of 8 March 2010 (the "Ex-Date").

In accordance with Condition 17(c)(i) of the terms and conditions of the Warrants, Morgan Stanley & Co. International plc, as the Calculation Agent in respect of the Warrants (the Calculation Agent), has determined that the Bonus Issue constitute a Potential Adjustment Event (as defined in the terms and conditions of the Warrants) and the Ratio (as defined in Paragraph 23 of the Final Terms) shall be adjusted in accordance with the Potential Adjustment Events Provisions of the Warrants to reflect the effect of the Bonus Issue.

Effective from the Ex-Date, the Ratio shall be adjusted from "1 Warrant per 1 Share" to "1 Warrant per 1.75 Shares".

This notice is given by the Calculation Agent in accordance with Conditions 17(c)(i) and 11 of the terms and conditions of the Warrants.

Morgan Stanley & Co. International plc

9 March 2010

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.