Morgan Stanley


As Agent Bank, please be advised of the following rate determined on:31-Jul-2008
Issue              : Morgan Stanley - Series G
                     EUR 2,000,000,000 FRN Due 2 May 2014
ISIN Number        : XS0298900217
Common Code /      : 29890021
144A ISIN
Issue Nomin    EUR : 2,000,000,000.00
Period             : 04-Aug-2008 to 03-Nov-2008       Payment Date 03-Nov-2008
Number of Days     : 91
Rate               : 5.368
Denomination   EU  : 50,000.00             2,000,000,00
Amount Payable     : 678.46                27,138,222.2
per Denomination

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



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