Morgan Stanley


As Agent Bank, please be advised of the following rate determined on:27-Aug-2008
Issue              � Morgan Stanley - Series G
                     EUR 2,000,000,000 FRN Due 29 Nov 2013
ISIN Number        � XS0276891594
Common Code /      � 27689159
144A ISIN
Issue Nomin EUR    � 2,000,000,000.00
Period             � 29-Aug-2008 to 28-Nov-2008      Payment Date 28-Nov-2008
Number of Days     � 91
Rate               � 5.264
Denomination EU    � 50,000.00               2,000,000,00
Amount Payable     � 665.31                  26,612,444.4
per Denomination

Bank of New York
Rate Fix Desk                              Telephone      44 1202 689580
Corporate Trust Services                   Facsimile      44 1202 689601



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