American Stock Exchange Lists Morgan Stanley 10% Stock SPARQS Based on Apple Computer, Inc., Common Stock NEW YORK, March 23 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today began trading Morgan Stanley 10% Stock Participation Accreting Redemption Quarterly-pay Securities(SM) ("SPARQS") based on Apple Computer, Inc., common stock. Priced at $10.7075 with an initial offer size of $16,596,625, this equity trades under the ticker symbol ALR and has a maturation date of April 15, 2006. The notes are issued by Morgan Stanley. The Amex specialist unit is AIM Securities. If you would like to receive a copy of the prospectus for ALR, 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: The American Stock Exchange CONTACT: Mary Chung, American Stock Exchange, +1-212-306-1641, Web site: http://www.amex.com/

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