Morgan Stanley plans issue of 0% PLUS notes linked to Dow Industrials

By Jennifer Chiou

New York, March 23 - Morgan Stanley plans to price 0% notes due May 20, 2008 in the Performance Leveraged Upside Securities (PLUS) structure linked to the Dow Jones Industrial Average, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price in April.

The payout at maturity will be par plus double any positive return on the index. The payout will be capped at between $11.10 and $11.30 per $10.00 security, with the exact cap to be set at pricing. Investors will participate fully in any loss.

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

Morgan Stanley & Co. Inc. will be the agent.

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