New Issue: Morgan Stanley sells $9.06 million 90% protected notes on Dow Jones - AIG Commodity

By Susanna Moon

Chicago, April 24 - Morgan Stanley priced $9.06 million of zero-coupon 90% capital-protected notes due April 30, 2012 linked to the Dow Jones - AIG Commodity index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, up to a maximum return of par plus 180% of par.

Investors will receive at least 90% of par.

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

Issuer:	Morgan Stanley
Issue:	90% capital-protected notes
Underlying index:	Dow Jones - AIG Commodity index
Amount:	$9,061,000
Maturity:	April 30, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 180% of par; floor of 90% of par
Initial index level:	109.73
Pricing date:	April 23
Settlement date:	April 30
Agent:	Morgan Stanley & Co. Inc.
Fees:	2%

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