American Stock Exchange Lists Morgan Stanley SPARQS Based on Lyondel Chemical Co. Common Stock NEW YORK, Jan. 24 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today listed and began trading Morgan Stanley 9% Stock Participation Accreting Redemption Quarterly-pay Securities(SM) ("SPARQS") mandatorily exchangeable for shares of common stock of Lyondell Chemical Company. The new securities trade under the symbol, LSM, and were issued at a price of $28.86 per unit with an initial offer size of just over 1.4 million units and a January 30, 2006 maturity date. These Morgan Stanley SPARQS will bear annual interest of 9% based on the initial offering price. Interest will be payable quarterly beginning April 30, 2005. At maturity, holders will receive one share of Lyondell Chemical Company common stock in exchange for each SPARQS, subject to the issuer's right to call the SPARQS for the cash call price. The specialist in this security is AIM Securities. If you would like to receive a copy of the prospectus for LSM, 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 144 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: American Stock Exchange CONTACT: Dan Charnas, American Stock Exchange, +1-212-306-1654, Web site: http://www.amex.com/

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