Morgan Stanley


As Agent Bank, please be advised of the following rate determined on:27-Nov-2006

Issue               : Morgan Stanley - Series G
                      EUR 2,000,000,000 FRN Due 29 Nov 2013
ISIN Number         : XS0276891594
Common Code /         27689159
144A ISIN
Issue Nomin     EUR : 2,000,000,000.00
Period              : 29-Nov-2006 to 28-Feb-2007  Payment Date 28-Feb-2007
Number of Days      : 91
Rate                : 3.925
Denomination    EU  : 50,000.00       2,000,000,00

Amount Payable
per Denomination    : 496.08          19,843,055.5

Institutional       Telephone   44(0) 1202 32 6660
Trust Services      Facsimile   44(0) 1202 34 7939



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