Press Release

03/13/2002

SynQor Receives $18 Million Investment from Morgan Stanley Capital Partners

Hudson, Mass - SynQor, Inc., a manufacturer of next-generation, high-efficiency DC-DC power converters, announced today that Morgan Stanley Capital Partners has made an $18 million investment in the company. SynQor will use funds from the investment to expand its manufacturing and design capabilities, support new product development and expand its worldwide sales.

"We are pleased with the continued support shown by Morgan Stanley Capital Partners," said Dr. Martin Schlecht, Chief Executive Officer of SynQor. "They have taken an industry leadership position in the investment space for Power Technology. Their backing will allow SynQor to continue its technological leadership and exceptional growth rate."

Since its founding in 1997, SynQor has distinguished itself through its technical leadership, award-winning products, quality design, state of the art manufacturing, proven reliability and overwhelming market acceptance.

"SynQor provides a unique investment opportunity among power converter companies," said Howard Hoffen, Chairman and Chief Executive Officer of Morgan Stanley Private Equity. "They have quickly established a major position in the market at a time of significant industry change. In addition to developing a broad product line with leading technology, SynQor has built an impressive infrastructure of manufacturing, design, and global sales support that allows them to maintain their exceptional growth rates, even in the down market of 2001. SynQor's approved or preferred vendor status at the top 10 telecom equipment manufacturers is also a testament to their prospects for continued success."

Morgan Stanley Capital Partners is the main fund of Morgan Stanley Private Equity, the private equity business of Morgan Stanley (NYSE: MWD). Since its founding 17 years ago, Morgan Stanley Private Equity's funds have invested in excess of $6 billion of equity across a broad range of industries including telecommunications, technology, basic industry, financial services and healthcare. Morgan Stanley Private Equity's funds consist of Capital Partners, Venture Partners and Emerging Markets. For more information, please visit www.morganstanley.com/privateequity.

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