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The American Stock Exchange Lists Capital Protected Notes Based On MSCI EAFE Index

Date 23/01/2004

The American Stock Exchange (Amex) today began trading Morgan Stanley Capital Protected Notes based upon the value of the MSCI EAFE Index. 1.14 million shares of the new seven-year Notes were issued at $12.50 principal amount, with a maturity date of March 30, 2011.

At maturity, holders will receive for each Note, the principal amount of $12.50 plus a supplemental redemption amount based on the performance of the MSCI EAFE Index.

The issuer for the Notes is Morgan Stanley. The Amex specialist unit for the new listing is AIM Securities/Aegis Joint Account. The Notes will be quoted and traded as a stock, issued in round lots of 100 shares.

If you would like to receive a copy of the prospectus for EFP please contact the Capital Markets Group at the American Stock Exchange at +1 212 306 1659.