TTF Thai Fund (The) (delisted)

The Thai Fund, Inc. (the "Fund") (NYSE: TTF) is pleased to announce the results of its Rights Offering, which expired on July 20, 2006 (the "Expiration Date"). As of the Expiration Date, stockholders of record as of May 23, 2006, subscribed for 2,731,130 shares of the Fund's common stock. The subscription price for the shares purchased pursuant to the Rights Offering was determined to be $8.17 per share, which represents 95% of the average of the last reported sales price per share of the Fund's common stock on the New York Stock Exchange on the Expiration Date and the four preceding trading days. The Rights Offering generated $22.3 million in new assets for the Fund. Persons seeking further information regarding the Fund's Rights Offering should contact the Fund's Information Agent: -0- *T GEORGESON SHAREHOLDER COMMUNICATIONS, INC. 17 State Street, 10th Floor New York, NY 10004 Toll free: (800) 509-4953 or For banks and brokers: (212) 440-9800 *T The Fund's U.S. investment adviser is Morgan Stanley Investment Management Inc. ("MSIM"), a wholly-owned subsidiary of Morgan Stanley. MSIM, with over 400 investment professionals around the world, has more than $440 billion in assets under management or supervision as of May 31, 2006. MSIM offers investment management services to a diverse client base, which includes governments, institutions, corporations and individuals. Morgan Stanley (NYSE: MS) is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 30 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations. 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.