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| The Yield Hunter Let's Make some money and sleep well at night In our 7th Year |
| Morgan Stanley Capital III 6 1/4% Trust Cumulative Preferred Stock Security Ticker Symbol MWR Market Traded On NYSE Distributions Paid on the 1st of March, June, September and December beginning on 6/1/2003 Quarterly Payment Per Share .39 Securities may be redeemed as early as 3/1/2008 for a call price of $25/share plus accrued distributions Maturity Date 3/1/2033 Distributions may be deferred for up to 5 years Company Investor Relations Page for Morgan Stanley NOTE--the distributions on this security are considered interest - NOT dividends, thus they are not eligible for the 15% tax rate |