Morgan Stanley to issue 0% PLUS notes linked to Goldman agricultural index

By Angela McDaniels

Seattle, Jan. 23 - Morgan Stanley plans to price an issue of 0% notes due March 5, 2008 in the Performance Leveraged Upside Securities (PLUS) structure linked to the Goldman Sachs Commodity Agricultural Index - Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are expected to settle in February.

The payout at maturity will be par of $10 plus any positive return on the index multiplied by the upside leverage factor, which is expected to be between 123% and 128% and will be determined at pricing. Investors will participate fully in any loss.

Morgan Stanley & Co. Inc. will be the agent for the offering.

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