American Stock Exchange Lists SPARQS Exchangeable for Avaya Inc.

American Stock Exchange Lists SPARQS Exchangeable for Avaya Inc.



NEW YORK, June 23  /PRNewswire/ -- The American Stock Exchange(R) (Amex(R))
today began trading Morgan Stanley 10% Stock Participation Accreting Redemption
Quarterly-pay Securities ("SPARQS") mandatorily exchangeable for shares of
common stock of Avaya Inc.  Trading under the ticker symbol AYS, the 2 million
shares of the new securities were issued at $15.81 with a maturity date of July
15, 2005.

At maturity, holders will receive one share of Avaya Inc. common stock in
exchange for each SPARQS, subject to the issuer's right to call the SPARQS for
the cash call price.

The issuer is Morgan Stanley and the Amex specialist unit for the new listing
is AIM Securities/Aegis Joint Account.

If you would like to receive a copy of the prospectus for AYS, please contact
the Capital Markets Group at the American Stock Exchange at [phone].

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 138 ETFs.  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 http://www.amex.com/. 

DATASOURCE: The American Stock Exchange



CONTACT:  Lynn Duffy of The American Stock Exchange,

[phone], 



Web site:  http://www.amex.com/ 

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