Morgan Stanley


As Agent Bank, please be advised of the following rate determined on: 12-Jan-06

Issue            : Morgan Stanley & Co Ltd - Series 54
                   EUR 200,000,000 Senior Bearer FRN Due 13 Apr 16
ISIN Number      : XS0250971222
Common Code/
144A ISIN        : 250971222
Issue Nomin EUR  : 1,250,000,000.00
Period           : 16-Oct-2006 to 13-Apr-2007       Payment Date   13-Apr-2007
Number of Days   : 87
Rate             : 4.145
Denomination ES  : 50,000.00            2,000,000,00
Amount Payable
per Denomination : 500.85               20,034,166.6


JPMorgan Chase Bank
Rate Fix Desk                       Telephone   44(0) 1202 32 6660
Institutional Trust Services        Facsimile   44(0) 1202 34 7939



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