Morgan Stanley plans PLUS notes linked to Russell 2000

By Laura Lutz

Des Moines, Dec. 21 - Morgan Stanley plans to price 0% Performance Leveraged Upside Securities (PLUS) due Feb. 20, 2009 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is greater than the initial level, the payout will be par plus 300% of any gain on the index, capped at a maximum payout that will be between 120% and 124% of par.

Otherwise, the payout will be par times the index performance.

Morgan Stanley said it will apply to list the notes on the American Stock Exchange under the symbol "RZM."

The notes are expected to price and settle in January.

Morgan Stanley & Co. Inc. is the agent.

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