American Stock Exchange News Release

Structured Products Release
Media Contact: Catherine Chantharaj
American Stock Exchange
212-306-1689/catherine.chantharaj@amex.com

AMERICAN STOCK EXCHANGE LISTS MORGAN STANLEY'S PLUS BASED ON THE PHLX OIL SERVICE SECTOR INDEX

New York, October 25, 2006 -  The American Stock Exchange (Amex) today began trading Morgan Stanley’s PLUS Based on the PHLX Oil Service Sector Index.

Priced at $10.00 per unit with an initial offer size of 2,050,000 shares, this equity trades under the ticker symbol XZO and has a maturity date of November 20, 2007.

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 XZO, 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 HOLDRSSM. 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 196 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. For more information, please visit www.amex.com