New Issue: Morgan Stanley prices $4.79 million 15% RevCons linked to Market Vectors - Gold Miners ETF

By E. Janene Geiss

Philadelphia, March 11 - Morgan Stanley priced $4.79 million of 15% annualized reverse convertible securities (RevCons) due Sept. 12, 2008 linked to shares of the Market Vectors - Gold Miners Exchange-Traded Fund, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless shares of the Market Vectors fund close below the trigger level - 75% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be a number of Market Vectors shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent cash value.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Reverse convertible securities
Underlying asset:	Market Vectors - Gold Miners Exchange-Traded Fund (Symbol: GDX)
Amount:	$4,793,000
Maturity:	Sept. 12, 2008
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	If shares of the Market Vectors - Gold Miners Exchange-Traded Fund close below the trigger level during the life of the notes and finish below the initial share price, 18.70907 shares or equivalent cash value; otherwise, par
Initial price:	$53.45
Trigger price:	$40.0875, 75% of initial price
Pricing date:	March 7
Settlement date:	March 12
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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