New Issue: Morgan Stanley prices $13 million 10% HITS exchangeable for Newmont Mining

By Jennifer Chiou

New York, May 24 - Morgan Stanley priced $13 million of 10% HITS (High Income Trigger Securities) due June 20, 2007 exchangeable for Newmont Mining Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be determined according to the performance of Newmont Mining stock up to and including June 18, 2007, the determination date.

If the stock price has not decreased below the trigger level of $40.94, or 80% of the initial share price, investors will receive par. If the stock price has dropped below the trigger price, investors will collect 0.19543 Newmont Mining shares.

Issuer:	Morgan Stanley
Issue:	HITS (High Income Trigger Securities) senior medium-term series F notes
Underlying stock:	Newmont Mining Corp.
Amount:	$13 million
Maturity:	June 20, 2007
Coupon:	10%, payable quarterly
Price:	Par of $10.00
Initial share price:	$51.17
Payout at maturity:	If the stock price drops below the trigger price, payout is 0.19543 shares of Wynn Resort stock; otherwise, par
Trigger price:	$40.94, 80% of initial share price
Exchange ratio:	0.19543 shares of Wynne Resorts stock per HITS
Determination date:	June 18, 2007
Pricing date:	May 23
Settlement date:	May 31
Underwriter:	Morgan Stanley & Co.
Listing:	"NHS" on American Stock Exchange

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