New Issue: Morgan Stanley prices $16.85 million PLUS notes linked to PHLX Oil Service Sector

By Angela McDaniels

Seattle, Feb. 22 - Morgan Stanley priced a $16.85 million issue of 0% Performance Leveraged Upside Securities (PLUS) due March 20, 2008 linked to the PHLX Oil Service Sector index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any gain in the index, subject to a maximum payment of $12.40 per $10.00 PLUS. Investors will participate fully in any decline in the index.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Performance Leveraged Upside Securities (PLUS)
Underlying index:	PHLX Oil Service Sector
Amount:	$16.85 million
Maturity:	March 20, 2008
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any index gain, capped at 24% maximum return; full exposure to any index decline
Initial index level:	197.92
Pricing date:	Feb. 21
Settlement date:	Feb. 28
Agent:	Morgan Stanley & Co. Inc.
Agent fees:	1.5%
Listing:	"XZP" on the American Stock Exchange

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