New Issue: Morgan Stanley sells $64.58 million buffered return enhanced notes tied to S&P 500

By E. Janene Geiss

Philadelphia, May 27 - Morgan Stanley priced $64.58 million of 0% buffered return enhanced notes due June 15, 2010 linked to the S&P 500 index via JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, up to a maximum return of 18.8%.

Investors will receive par if the index falls by up to 10% and will lose 1.1111% for each 1% decline beyond 10%.

Issuer:	Morgan Stanley
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500 index
Amount:	$64,567,000
Maturity:	June 15, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus twice any index gain, capped at 18.8%; par if index falls by up to 10% and 1.1111% loss for each 1% drop beyond 10%
Initial index level:	887.00
Final index level:	Arithmetic average of the index's closing levels on five consecutive trading days ending June 10, 2010
Pricing date:	May 22
Settlement date:	June 1
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	0.1%

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