Morgan Stanley


As Agent Bank, please be advised of the following rate determined on: 25-May-2007

Issue               : Morgan Stanley - Series G
                      EUR 2,000,000,000.00  FRN Due 29 Nov 2013
ISIN Number         : XS0276891594
Common Code/        : 27689159
144A ISIN
Issue Nomin     EUR : 2,000,000,000.00
Period              : 29-May-2007 to 29-Aug-2007          Payment Date 29-Aug-2007
Number of Days      : 92
Rate                : 4.398
Denomination EUR    : 50,000.00         200,000,000.00

Amount Payable
per Denomination    : 561.97            22,478,666.6

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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