Morgan Stanley



As Agent Bank, please be advised of the following rate determined on: 11-Apr-2007

Issue               : Morgan Stanley & Co Ltd - Series 54
                      EUR 2,000,000,000.00 Senior Bearer FRN Due 13 Apr 16
ISIN Number         : XS0250971222
Common Code/        : 250971222
144A ISIN
Issue Nomin     EUR : 2,000,000,000.00
Period              : 13-Apr-2007 to 13-Jul-2007          Payment Date 13-Jul-2007
Number of Days      : 91
Rate                : 4.358
Denomination EUR    : 50,000.00         2,000,000,000.00

Amount Payable
per Denomination    : 550.80            22,032,111.10

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939



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