Morgan Stanley


As Agent Bank, please be advised of the following rate determined on: 31-Jan-2008

Issue               : Morgan Stanley - Series G
                      EUR 2,000,000,000.00  FRN Due 2 May 2014
ISIN Number         : XS0298900217
Common Code/        : 29890021
144A ISIN
Issue Nomin     EUR : 2,000,000,000.00
Period              : 4-Feb-2008 to 2-May-2008          Payment Date 2-May-2008
Number of Days      : 88
Rate                : 4.774
Denomination EUR    : 50,000.00         2,000,000,000.00

Amount Payable
per Denomination    : 583.49            23,339,555.50

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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