New Issue: Morgan Stanley prices $4.87 million 0% notes linked to Dow Jones Industrial Average

By Jennifer Chiou

New York, Dec. 22 - Morgan Stanley priced $4.8745 million 0% notes due Jan. 25, 2007 linked to the Dow Jones Industrial Average index, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors receive par plus triple any positive return on the index, with a maximum gain of 9.6%, or par minus any loss in the index.

Issuer:	Morgan Stanley
Issue:	PLUS (Performance Leveraged Upside Securities) senior medium-term notes, series F
Underlying index:	Dow Jones Industrial Average index
Amount:	$4.8745 million
Maturity:	Jan. 25, 2007
Coupon:	0%
Price:	Par of $10.00
Initial index value:	10,833.73
Payout at maturity:	If index return is positive, par plus three times return on index, capped at 9.6% gain; full participation in any loss
Pricing date:	Dec. 21
Settlement date:	Dec. 29
Underwriter:	Morgan Stanley

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