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Published on 11/13/2007 in the Prospect News Structured Products Daily.

New Issue: Morgan Stanley sells $1.06 million 22% RevCons linked to Borders

By Laura Lutz

Des Moines, Nov. 13 - Morgan Stanley priced $1.06 million of 22% RevCons due May 15, 2008 linked to Borders Group, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash if Borders stock stays at or above the protection price, 80% of the initial share price, during the life of the notes or if it finishes at or above the initial share price. Otherwise, the payout will be in Borders stock, with the number of shares equal to par divided by the initial share price.

Morgan Stanley & Co. Inc. is the agent.

Issuer:Morgan Stanley
Issue:RevCons
Underlying stock:Borders Group, Inc. (Symbol: BGP)
Amount:$1.06 million
Maturity:May 15, 2008
Coupon:22%, payable monthly
Price:Par
Payout at maturity:Par in cash if Borders stock stays at or above the protection price of $10.224 during the life of the notes or finishes at or above the initial share price; otherwise 78.24726 shares of Borders stock
Initial share price:$12.78
Protection price:$10.224, 80% of $12.78
Pricing date:Nov. 9
Settlement date:Nov. 15
Agent:Morgan Stanley & Co. Inc.
Fees:1.5%

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