New Issue: Morgan Stanley prices $21.57 million Bear Market PLUS tied to S&P 500

By E. Janene Geiss

Philadelphia, July 25 - Morgan Stanley priced $21.57 million of 0% Bear Market Performance Leveraged Upside Securities due Aug. 20, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple the absolute value of any decline in index, subject to a maximum return of $12.80 per note.

If the index increases, the payout will be par minus the gain, up to a loss of 80%. Investors will receive at least $2.00.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Bear Market Performance Leveraged Upside Securities
Underlying index:	S&P 500 Index
Amount:	$21,567,030
Maturity:	Aug. 20, 2009
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus triple the absolute value of any index decline, capped at $12.80; minimum payment of $2.00 per note
Initial level:	1,252.54
Pricing date:	July 24
Settlement date:	July 31
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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