Morgan Stanley


As Agent Bank, please be advised of the following rate determined on:10-Jul-2008
Issue               : Morgan Stanley & Co Ltd- Series 54
                      EUR 2,000,000,000 Senior Bearer FRN Due 13 Apr 16
ISIN Number         : XS0250971222
Common Code /       : 25097122
144A ISIN
Issue Nomin     EUR : 2,250,000,000.00
Period              : 14-Jul-2008 to 14-Oct-2008  Payment Date 14-Oct-2008
Number of Days      : 92
Rate                : 5.363
Denomination    EU  : 50,000.00
Amount Payable
per Denomination    : 685.27

Bank of New York
Rate Fix Desk                     Telephone   44 1202 689580
Corporate Trust Services          Facsimile   44 1202 389601



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