Per a QOL use, APE has been called. We assume that the call date is 6/20/2007.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Morgan Stanley, 10% SPARQS (Stock Participation Accreting Redemption Quarterly-pay Securities), due 12/20/2007, mandatorily exchangeable at maturity for common stock of Apple Computer Inc. (Nasdaq: AAPL) unless called prior to maturity, and issued at $18.062 per SPARQS (the closing price of one fifth share of Apple Computer common stock on 11/22/2006). The SPARQS pay 10.00% ($1.8062) per annum quarterly interest distributions on 3/20/2007, 6/20/2007, 9/20/2007 & 12/20/2007 to holders of record five calendar days prior to the payment date. The units are callable at Morgan Stanley’s option on or after 6/20/2007 for cash at a total maximum annual yield, including distributions, of 19% per annum. At maturity, if not previously called, the holder will receive one fifth share of Apple Computer common stock for each SPARQS. See page PS-8 of the prospectus for hypothetical examples of the call price calculations. If on any date during the term of the SPARQS the price of Apple Computer common stock is less than $2.00 the maturity date of the SPARQS will be accelerated and the shares of Apple Computer common stock will be delivered to the holders. The SPARQS are Global Medium-Term Notes, Series F, Senior Fixed Rate Notes which are senior unsecured debt securities issued by Morgan Stanley and will rank equally with their other unsecured and unsubordinated debt. See the IPO prospectus for further information on the SPARQS and their call and maturity provisions by clicking on the ‘Link to IPO Prospectus’ provided below.

Company's Online Information Links

HOME PAGE:     http://www.morganstanley.com/ (This parent company URL is for reference only and does not have specific information on the security.)

Company's Online SEC EDGAR Filings

Company's SEC EDGAR Filings

Go to SEC Filings

Company's Email Address Links

Inv Rel Email Address	indivfeedback@morganstanley.com
General Email Address	genlfeedback@morganstanley.com
Printed Material Request Form on Website	Go to Email Form

Address and Phone Numbers

Address:   1585 Broadway, New York, NY 10036
Main Phone Number	212-761-4000
Fax Number	212-761-0086
Investor Contact   William Pike	212-761-0008
Toll Free Phone Number	800-733-2307

CEO - Philip J. Purcell

CFO - Robert Scott