New Issue: Morgan Stanley prices $2.27 million 8.25% ELKS linked to Apple stock

By Marisa Wong

Madison, Wis., Aug. 12 - Morgan Stanley priced $2.27 million of 8.25% annualized Equity LinKed Securities due Feb. 16, 2011 based on the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par of $10 unless the price of Apple stock closes at or below 80% of the initial share price on any day during the life of the notes, in which case the payout will be a number of Apple shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Equity LinKed Securities
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$2,265,000
Maturity:	Feb. 16, 2011
Coupon:	8.25%, payable monthly
Price:	Par of $10
Payout at maturity:	If Apple stock closes at or below downside threshold price during life of notes, 0.03999 Apple shares or value thereof in cash; otherwise, par
Initial share price:	$250.07
Downside threshold price:	$200.056, or 80% of initial price
Pricing date:	Aug. 11
Settlement date:	Aug. 16
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%
Cusip:	61759G687

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