Morgan Stanley Insured Municipal Bond Trust Today Declared Monthly Income Dividends From Tax-Free Income

Business Wire, Dec 31, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 31, 2002

Morgan Stanley Insured Municipal Bond Trust today declared monthly income dividends of $.075 per share from tax-free income.

            RECORD DATE             PAYABLE DATE

              01/10/03                01/24/03
              02/07/03                02/21/03
              03/07/03                03/21/03

Morgan Stanley Insured Municipal Bond Trust is a closed-end diversified management investment company investing primarily in tax-exempt Municipal Obligations which are covered by insurance guarantees with respect to timely payment of principal and interest thereon.

The Trust's investment objective is to provide current income exempt from federal income tax.

Contact: Thomas F. Caloia, 201/209-8374

Morgan Stanley Insured Municipal Bond Trust (IMB)

c/o Morgan Stanley Trust FSB

Harborside Financial Center, Plaza II

Jersey City, New Jersey 07311