American Stock Exchange Lists Morgan Stanley Capital Protected Notes Based on the Values of Three Global Indices NEW YORK, March 24 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today began trading Morgan Stanley, Capital Protected Notes based on the values of three global indices: Nikkei 225 Index, S&P 500 Index, and Dow Jones EURO STOXX 50 Index. Priced at $10 with an initial offer size of 1.1 million shares, this stock trades under the ticker symbol GLL and has a maturation date of September 30, 2008. The notes are issued by Morgan Stanley. The Amex specialist unit is Wolvering Trading LLP. If you would like to receive a copy of the prospectus for GLL, please contact the Capital Markets Group at the American Stock Exchange 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 145 ETFs to date. 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. DATASOURCE: American Stock Exchange CONTACT: Mary Chung of American Stock Exchange, +1-212-306-1641, Web site: http://www.amex.com/

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