New Issue: Morgan Stanley sells $4.33 million 0% buffered return enhanced Nikkei notes via JPMorgan

By E. Janene Geiss

Philadelphia, Sept. 25 - Morgan Stanley priced a $4,325,000 issue of 0% buffered return enhanced notes due Oct. 3, 2008 linked to the Nikkei 225 index via J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any return on the index, subject to a maximum return of 22%.

If the index declines by 10% or less, investors will receive par. Investors will lose 1.1111% for every 1% the index declines beyond 10%.

The final index level will be the average of the index's closing levels on Sept. 24, Sept. 25, Sept. 26, Sept. 29 and Sept. 30 of 2008.

Issuer:	Morgan Stanley
Issue:	Buffered return enhanced notes
Underlying index:	Nikkei 225 index
Amount:	$4,325,000
Maturity:	Oct. 3, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 22%; par if index declines by 10% or less; 1.1111% loss for each 1% decline beyond 10%
Initial index level:	16,312.61 on Sept. 21
Final index level:	Average of the index's closing levels on Sept. 24, Sept. 25, Sept. 26, Sept. 29 and Sept. 30 of 2008
Pricing date:	Sept. 21
Settlement date:	Sept. 28
Agent:	J.P. Morgan Securities Inc.
Fees:	1%

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