As Agent Bank, please be advised of the following rate determined on:26-Nov-2008
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          : 28-Nov-2008 to 27-Feb-2009 Payment Date 27-Feb-2009
Number of Days  : 91
Rate            : 4.201
Denomination EU : 50,000.00      2,000,000,00
Amount Payable  : 530.96         21,238,388.8
per Denomination
Bank of New York
Rate Fix Desk       Telephone 44 1202 689580
Corporate Trust     Services Facsimile 44 1202 689601
    


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