Morgan Stanley


As Agent Bank, please be advised of the following rate determined on:26-Feb-2007

Issue            : Morgan Stanley - Series G
                   EUR 2,000,000,000 FRN Due 29 Nov 2013
ISIN Number      : XS0276891594
Common Code /
144A ISIN        : 27689159
Issue Nomin EUR  : 2,000,000,000.00
Period           : 28-Feb-2007 to 29-May-2007  Payment Date 29-May-2007
Number of Days   : 90
Rate             : 4.153
Denomination EU  : 50,000.00            2,000,000,00
Amount Payable
per Denomination : 519.13               20,765,000.00

JP Morgan Chase Bank
Rate Fix Desk                          Telephone  44(0) 1202 32 8236
Institutional Trust Services           Facsimile  44(0) 1202 34 7939



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