Morgan Stanley

As Agent Bank, please be advised of the following rate determined on:
13-Sep-2006

Issue               : Morgan Stanley Dean Witter & Co - Series D 
                      EUR 20,000,000.00 (MTN) FRN FRN Due Jun 2011
ISIN Number         : XS0126533107
Common Code/        : 126533107
144A ISIN
Issue Nomin     EUR : 20,000,000.00
Period              : 15-Sep-2005 to 15-Dec-2006        Payment Date 15-Dec-2006
Number of Days      : 91
Rate                : 3.721                        
Denomination EUR    : 100,000.00                                      

Amount Payable 
per Denomination    : 940.59                                

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438

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