Morgan Stanley to Delist the Biotech BOXESSM and the Pharmaceutical BOXESSMFrom NASDAQ OMX PHLX

Withdrawal Results from Exchange's Decision to Terminate Its Equity Trading Platform

New York —

Morgan Stanley (NYSE:MS) announced today its intention to voluntarily delist the following securities as a result of the decision of NASDAQ OMX PHLX, formerly the Philadelphia Stock Exchange, to terminate its equity trading platform effective October 24, 2008:

  • Biotech BOXESSM due January 30, 2032, Basket Opportunity eXchangeablE SecuritiesSM Exchangeable for a Cash Amount Based on the Closing Prices of the Underlying Stocks of the AMEX BIOTECHNOLOGY INDEX (CUSIP: 61744Y413)
  • Pharmaceutical BOXESSM due October 30, 2031, Basket Opportunity eXchangeablE SecuritiesSM Exchangeable for a Cash Amount Based on the Closing Prices of the Underlying Stocks of the AMEX EQUAL WEIGHTED PHARMACEUTICAL INDEX (CUSIP: 61744Y520)

Shares of the Biotech BOXESSM and the Pharmaceutical BOXESSM will continue to be traded on the American Stock Exchange (AMEX) under ticker symbols "BXB" and "RXB," respectively, until the listing is transferred to NYSE Arca effective November 24, 2008 in connection with NYSE Euronext's acquisition of AMEX.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 35 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

Media Relations Contact: Carissa Ramirez, 212.762.6834