New Issue: Morgan Stanley prices $227.161 million add-on to Bear Market PLUS notes linked to S&P 500

By Jennifer Chiou

New York, Sept. 11 - Morgan Stanley priced a $227.161 million add-on to an issue of 0% notes due March 5, 2008 in the Bear Market PLUS (Performance Leveraged Upside Securities) structure linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The additional securities were priced at 100.2412245.

Morgan Stanley originally priced $236.5 million of the securities on Aug. 25.

Payout at maturity will be based on the average of the closing values of the S&P 500 on the valuation dates: Feb. 21, 2008, Feb. 22, 2008 and Feb. 25, 2008.

Issuer:	Morgan Stanley
Issue:	Bear Market PLUS (Performance Leveraged Upside Securities) senior medium-term series F notes
Underlying index:	S&P 500
Amount:	$463.661 million, including $227.161 add-on
Maturity:	March 5, 2008
Coupon:	0%
Price:	100.2412245
Payout at maturity:	Par plus triple the absolute value of any negative return on the index, capped at a maximum payout of $1,750 per $1,000 note; par if the index increases by 7% or less; investors will lose 1% for each 1% the index advances beyond 7%
Initial index value:	1,294.413
Pricing date:	Sept. 7
Settlement date:	Sept. 12
Agent:	Morgan Stanley & Co. Inc.

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