New Issue: Morgan Stanley prices $10.8 million PLUS linked to S&P 500

By Susanna Moon

Chicago, June 24 - Morgan Stanley priced $10.8 million of 0% Performance Leveraged Upside Securities due June 20, 2009 linked to the S&P 500 Index, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par of $10 plus triple any gain on the index, subject to a maximum payout of $11.70 per note, or 117% of par. Investors will be exposed to any losses.

The notes have been approved for listing on the American Stock Exchange under the symbol, "SUO."

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Performance Leveraged Upside Securities
Underlying index:	S&P 500
Amount:	$10,803,000
Maturity:	June 20, 2009
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus triple any gain on the index, capped at $11.70; fully exposed to losses
Initial level:	1,318
Pricing date:	May 22
Settlement date:	May 30
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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