New Issue: Morgan Stanley prices $17.15 million PLUS notes linked to S&P GSCI Agriculture Index

By E. Janene Geiss

Philadelphia, Feb. 26 - Morgan Stanley priced $17,146,000 of 0% Performance Leveraged Upside Securities (PLUS) due March 20, 2009 linked to the S&P GSCI Agriculture Index - Excess Return, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any index gain, subject to a maximum payment of 125% of par. Investors will be fully exposed to any index decline.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Performance Leveraged Upside Securities (PLUS)
Underlying index:	S&P GSCI Agriculture Index - Excess Return
Amount:	$17,146,000
Maturity:	March 20, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus double any index gain, capped at 125% of par; full exposure to any index decline
Initial index level:	96.13866
Pricing date:	Feb. 22
Settlement date:	Feb. 29
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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