American Stock Exchange to List STARS Based On the CBOE S&P 500 BuyWrite Index NEW YORK, Nov. 23 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today began trading Morgan Stanley, Strategic Total Return Securities ("STARS") Exchangeable for a Cash Amount Based on the CBOE S&P 500 BuyWrite Index (BXM index). The new securities were issued at a price of $10.00 per unit with a maturity date of December 17, 2009. The new securities are issued by Morgan Stanley and trade under the symbol MBS. Beginning in June 2007, the issuer will have the right to redeem the securities for mandatory exchange in whole, but not in part, on any exchange date for a cash amount equal to the Net Entitlement Value determined on that particular exchange valuation date. MBS's initial Net Entitlement Value was set at $9.88 on Monday, November 22, 2004. Going forward, the Net Entitlement Value on any given trading day will equal the initial Net Entitlement Value multiplied by the BXM Index performance on that trading day, less the adjustment amount as of that trading day. This "Entitlement Value" computation is calculated daily by analysts at the American Stock Exchange and can be found under the Amex ticker symbol ETT. If Morgan Stanley decides to redeem the STARS, holders will be notified at least 10 but not more than 30 calendar days before the exchange date specified in the notice. The BXM Index is calculated and published by the CBOE. The index measures the total rate of return of a "buy-write," or "covered call," strategy on the S&P 500 Index, based on a rolling one-month, at-the-money options on the S&P 500 Index. This strategy is referred to as an at-the-money covered call strategy. The specialist in MBS is AIM Securities. For more information on MBS or other Amex-listed securities, call the Amex Capital Markets Group at (212) 306-1659. The American Stock Exchange(R) (Amex(R)) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 143 ETFs. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com/ . DATASOURCE: The American Stock Exchange CONTACT: Media Contact - Dan Charnas of American Stock Exchange, +1-212-306-1654, Web site: http://www.amex.com/

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