New Issue: Morgan Stanley prices $5.7 million 0% notes linked to PHLX Oil Service index

New York, Sept. 28 - Morgan Stanley priced $5.7 million 0% notes due Oct. 30, 2006 in the PLUS (Performance Leveraged Upside Securities) structure linked to the PHLX Oil Service Sector index, according to a 424B3 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 18%, or par minus any loss in the index.

Issuer:	Morgan Stanley
Issue:	PLUS (Performance Leveraged Upside Securities) senior medium-term series F notes
Underlying index:	PHLX Oil Service Sector index
Amount:	$5.7 million
Maturity:	Oct. 30, 2006
Coupon:	0%
Price:	Par of $5.00
Initial index level:	171.14
Payout at maturity:	If index return is positive, par plus triple return on index, capped at 18% gain; full participation in any loss
Pricing date:	Sept. 23
Settlement date:	Sept. 28
Underwriter:	Morgan Stanley
Listing:	"OSQ" on American Stock Exchange

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