New Issue: Morgan Stanley prices $8.5 million 9.25% HITS exchangeable for Wynn Resorts

By Angela McDaniels

Seattle, April 24 - Morgan Stanley priced $8.5 million of 9.25% HITS (High Income Trigger Securities) due May 20, 2007 exchangeable for Wynn Resorts Ltd. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be determined according to the performance of Wynn Resorts stock up to and including May 17, 2007, the determination date.

If the stock price has not decreased below the trigger level of $54.033, or 70% of the initial share price, investors will receive par. If the stock price has dropped below the trigger price, investors will collect 0.06478 Wynn Resorts shares.

Issuer:	Morgan Stanley
Issue:	HITS (High Income Trigger Securities) senior medium-term series F notes
Underlying stock:	Wynn Resorts Ltd.
Amount:	$8.5 million
Maturity:	May 20, 2007
Coupon:	9.25%, payable quarterly
Price:	Par of $5.00
Initial share price:	$77.19
Payout at maturity:	If the stock price drops below the trigger price, payout is 0.06478 shares of Wynn Resort stock; otherwise, par
Trigger price:	$54.033, 70% of initial share price
Exchange ratio:	0.06478 shares of Wynne Resorts stock per HITS
Determination date:	May 17, 2007
Pricing date:	April 21
Settlement date:	April 28
Underwriter:	Morgan Stanley & Co.
Listing:	"MWH" on American Stock Exchange

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