Feb. 2, 2006 -- Structured Asset Trust Unit Repackagings (SATURNS), AT&T Corp. Debenture Backed Series 2004-3 Trust (New York Stock Exchange Ticker Symbol "HJH"), announced today that a "Trust Wind Up Event" has occurred under the terms of the Trust Agreement governing the Trust and that the Trust will liquidate its assets and terminate. Settlement of a sale of the securities held by the Trust is expected to occur on February 8, 2006, and a liquidation distribution is expected to be made with respect to the Class A and Class B Units of the Trust on February 8, 2006. The Trust Wind Up Event and requirement for termination of the Trust arose after the merger of AT&T Corp. with SBC Communications Inc. (now known as AT&T Inc.), following which AT&T Corp. became a subsidiary of AT&T Inc. Thereafter, AT&T Corp. withdrew from listing on the New York Stock Exchange certain outstanding NYSE listed bonds of AT&T Corp. which had previously given rise to reporting obligations for AT&T Corp. under the Securities Exchange Act of 1934. AT&T Corp. subsequently terminated its reporting obligations under the Exchange Act, and it is the stated intention of the parent of AT&T Corp., AT&T Inc., not to provide financial reporting information in relation to AT&T Corp. As a result, the Depositor of the Trust would be unable to meet its Exchange Act reporting obligations in relation to the Trust, which circumstance constitutes a Trust Wind Up Event.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), AT&T Corp. Debenture Backed, Series 2004-3, 6.75% Adjustable Rate Class A Callable Units, issued in $25 denominations. Underlying securities are the 8.00% Debentures due 11/15/2031 issued by AT&T Corp., now part of AT&T Inc. (NYSE: T). Initial interest of 6.75% ($1.6875) per annum are paid semi-annually on 5/15 & 11/15 to holders of record on the third business day prior to the payment date. The unit's distribution rate can be adjusted up or down based on changes in the credit ratings on the underlying securities. On or after 2/26/2009 the units may be redeemed under the call rights of the call warrants for $25 plus accrued and unpaid interest. To be issued the units must be assigned a rating of at least BBB by S&P and Baa3 by Moody's. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. MS Structured Asset Corp. is a subsidiary of Morgan Stanley (NYSE: MS). See the IPO prospectus for further information on the SATURNS by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	Adj Rate $1.6875	$25.00 $25.00	Called for 2/08/2006 11/15/2031	A2 A 1/13/2006	5/15 & 11/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Address:   1585 Broadway, New York, NY 10036
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