New Issue: Morgan Stanley prices $10.12 million PLUS linked to iShares MSCI Emerging Markets

By Susanna Moon

Chicago, May 27 - Morgan Stanley priced $10.12 million of 0% Performance Leveraged Upside Securities (PLUS) due June 20, 2009 linked to the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any gain in the fund shares, capped at 126% of par. Investors are exposed to any decline in the fund shares.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Performance Leveraged Upside Securities (PLUS)
Underlying fund:	iShares MSCI Emerging Markets index fund
Amount:	$10.12 million
Maturity:	June 20, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any gain in the fund shares, capped at 126% of par; exposure to losses
Initial share price:	$151.33
Pricing date:	May 22
Settlement date:	May 30
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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