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

     New York, New York, May 23, 2002 - Morgan Stanley Asia-Pacific Fund, Inc.
(NYSE: APF) (the "Fund") announced today that, in accordance with its tender
offer for up to 6,361,598 of its issued and outstanding shares of common stock,
which expired on May 17, 2002, the Fund has accepted 6,361,598 shares for
payment on Tuesday, May 28, 2002 at $10.09 per share. The 6,361,598 shares
represent 15% of the Fund's outstanding shares. A total of 25,396,925 shares
were properly tendered and not withdrawn by May 17, 2002, the final date for
withdrawals. Therefore, on a pro rated basis, 24.68% of the shares so tendered
by each tendering stockholder have been accepted for payment.

     The Fund is a non-diversified, closed-end management investment company,
the shares of which are listed on the New York Stock Exchange (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.