Morgan Stanley Asia-Pacific Fund, Inc.
                             (For Immediate Release)

     New York, New York, May 17, 2002 - Morgan Stanley Asia-Pacific Fund, Inc.
(NYSE: APF) (the "Fund") announced today that the Fund's tender offer for
6,361,598 of its issued and outstanding shares of common stock, representing
approximately 15% of the Fund's outstanding shares, expired today at 5:00 p.m.,
New York City time.

     Based upon current information, approximately 25,398,124 shares were
tendered, including shares tendered pursuant to notices of guaranteed delivery.
Based on this preliminary information, the proration for each tendering
stockholder is estimated to be 25% of the shares properly tendered. These
numbers are subject to adjustment and should not be regarded as final. The
actual number of shares to be purchased will be announced at a later date.
Management of the Fund anticipates acceptance on May 22, 2002 of 6,361,598
shares properly tendered and that payment for such shares will be made on or
about May 28, 2002. The purchase price of properly tendered shares is equal to
95% of the net asset value per share determined as of the close of the regular
trading session of the New York Stock Exchange ("NYSE") on May 17, 2002.

     The Fund is a non-diversified, closed-end management investment company,
the shares of which are listed on the NYSE (APF). The Fund's investment
objective is long-term capital appreciation which it seeks to achieve by
investing primarily in equity securities of Asian-Pacific issuers and by
investing, from time to time, in debt securities issued or guaranteed by
Asian-Pacific governments or governmental entities. Morgan Stanley Investment
Management Inc. is the Fund's investment manager.

     For further information, please contact Georgeson Shareholder
Communications Inc., 17 State Street, New York, New York, at 866-761-0259.