AMERICAN STOCK EXCHANGE LISTS MORGAN STANLEY’S PROTECTED ABSOLUTE RETURN BARRIER NOTES BASED ON THE S&P 500 INDEX

www.amex.com

American Stock Exchange News Release

Structured Product Release

Media Contact: Maryellen Carew
American Stock Exchange
212-306-1440 /Maryellen.Carew@amex.com

AMERICAN STOCK EXCHANGE LISTS MORGAN STANLEY’S PROTECTED ABSOLUTE RETURN BARRIER NOTES BASED ON THE S&P 500 INDEX

New York, July 25, 2008 - The American Stock Exchange® (Amex®) opened trading on Morgan Stanley’s Protected Absolute Return Barrier Notes Based on the S&P 500 Index.

Priced at $10.00 per unit with an initial offer size of 4,102,165 units, this equity trades under the ticker symbol AOF and has a maturity date of January 20, 2010.

The notes are issued by Morgan Stanley. The Amex specialist unit is AGS/STR/OTA.

If you would like to receive a copy of the prospectus for AOF, please visit the American Stock Exchange website at http://www.amex.com.

About American Stock Exchange
The American Stock Exchange^® (Amex^®) 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 416 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.