Document:

EXHIBIT
      4.1

     

     

     
      
        

      

    

     

    
 

     

    SECOND
      SUPPLEMENTAL SENIOR INDENTURE

     

     

    BETWEEN

    

     

    MORGAN
      STANLEY

    

     

    AND

    

     

    THE
      BANK
      OF NEW YORK

    as
      successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase
      Bank),

     

    Trustee

     

     

    
      
        

      

    

     

     

    Dated
      as
      of January 4, 2008

     

     
      
        

      

    

    

     

    SUPPLEMENTAL
      TO SENIOR INDENTURE

    DATED
      AS
      OF NOVEMBER 1, 2004 AS SUPPLEMENTED BY A FIRST SUPPLEMENTAL SENIOR INDENTURE
      DATED AS OF SEPTEMBER 4, 2007

     

     
      
        

      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    SECOND
      SUPPLEMENTAL SENIOR INDENTURE, dated as of January 4, 2008 (the “Second
      Supplemental Senior Indenture”), between Morgan Stanley, a Delaware corporation
      (the “Issuer”), and The Bank of New York (as successor to JPMorgan Chase Bank,
      N.A. (formerly known as JPMorgan Chase Bank)), as trustee (the
“Trustee”).  Terms not defined herein shall have the meanings given to
      them pursuant to the Indenture, as defined below.

     

    

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      the Issuer and the Trustee are parties to that certain Senior Indenture dated
      as
      of November 1, 2004 (as supplemented by the First Supplemental Senior Indenture,
      dated as of September 4, 2007, between the Issuer and the Trustee, the
“Indenture”);

     

    WHEREAS,
      Section 8.01 of the Indenture provides that, without the consent of Holders
      of
      any Securities or Coupons, the Issuer, when authorized by a resolution of its
      Board of Directors, and the Trustee may enter into indentures supplemental
      to
      the Indenture for the purpose of, among other things, making any provisions
      as
      the Issuer may deem necessary or desirable, subject to the conditions set forth
      therein and providedthat no such action shall adversely affect
      the interests of the Holders of the Securities or Coupons;

     

    WHEREAS,
      the Issuer desires to add to and modify certain provisions of the Indenture
      (i)
      to allow for the issuance of Unregistered Securities in the form prescribed
      by
      the European Central Bank for securities to be eligible to be pledged as
      collateral in European central banking and monetary operations (and to allow,
      at
      the Issuer’s option, for the exchange of any previously issued Unregistered
      Securities for Unregistered Securities in such form), (ii) to modify the timing
      requirement for the delivery of an Officer’s Certificate in connection with the
      redemption prior to maturity of Securities by the Issuer and (iii) to modify
      the
      manner in which notices may be given to the Trustee;

     

    WHEREAS,
      the entry into this Second Supplemental Senior Indenture by the parties hereto
      is in all respects authorized by the provisions of the Indenture;
      and

     

    WHEREAS,
      all things necessary to make this Second Supplemental Senior Indenture a valid
      indenture and agreement in accordance with its terms have been
      done.

     

    NOW,
      THEREFORE, for and in consideration of the premises, the Issuer and the Trustee
      mutually covenant and agree for the equal and proportionate benefit of the
      respective Holders from time to time of the Securities and of the Coupons,
      if
      any, appertaining thereto as follows:

     

     

    
      
        
        

      

      
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    ARTICLE
      ONE

     

    1.1.  Application
      of Article One.  The provisions of this Article One shall apply to (a)
      Holders of all Securities issued under the Indenture and Outstanding at the
      date
      hereof and (b) Holders of any Securities that may be issued under the Indenture
      subsequent to the date hereof.

     

    1.2.  Amendment
      of Indenture.  The Indenture is hereby amended by deleting in the
      Table of Contents the caption “Section 2.06.  Certificate of
      Authentication” and inserting in lieu thereof the following: “Section 2.06.
Certificate of Authentication; Effectuation Instruction”.

     

    1.3.  Amendment
      of Section 1.01.  Section 1.01 of the Indenture is hereby amended
      by

     

    (a)  adding
      after the
      definition of “Business Day” a new defined term as follows:
‘“CSK” means, with respect to Unregistered Securities issued in
      NGN form, the entity appointed as common safe-keeper by Euroclear Bank S.A./N.V.
      and Clearstream Banking, société anonyme.’;

     

    (b)  adding
      after the
      definition of “Judgement Currency” a new defined term as follows: ‘“NGN
      form” means an Unregistered Security the aggregate principal amount of
      which, as shall be indicated in the applicable Issuer Order, shall be
      definitively determined by the records of Euroclear Bank S.A./N.V. and
      Clearstream Banking, société anonyme.’;

     

    (c)  amending
      and restating
      the introductory clause of the definition of “Outstanding” to read as
      follows:

     

    ‘“Outstanding”
      when used with reference to Securities, shall, subject to the provisions of
      Section 7.04, mean, as of any particular time, all Securities authenticated
      and
      delivered by the Trustee under this Indenture (and, in the case of Securities
      issued in NGN form and not physically delivered to the CSK, effectuated by
      the
      CSK), except’

     

    (d)  amending
      and restating
      subsection (c) of the definition of “Outstanding” to read in its entirety as
      follows:

     

    ‘(c)     Securities
      which shall have been paid or in substitution for which other Securities shall
      have been authenticated and delivered (and, in the case of Securities issued
      in
      NGN form and not physically delivered to the CSK, effectuated by the CSK)
      pursuant to the terms of Section 2.09 (except with respect to any such Security
      as to which proof satisfactory to the Trustee is presented that such Security
      is
      held by a person in whose hands such Security is a legal, valid and binding
      obligation of the Issuer).’; and

     

     

    
      
        
        

      

      
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    (e)  amending
      and restating
      the definition of “Security” or “Securities” to read in its entirety as
      follows:

     

    ‘“Security”
      or “Securities” has the meaning stated in the first recital of
      this Indenture, or, as the case may be, Securities that have been authenticated
      and delivered under this Indenture (and, in the case of Securities issued in
      NGN
      form and not physically delivered to the CSK, effectuated by the
      CSK).’

     

    1.4.  Amendment
      of Section 2.03.  Section 2.03(o) is hereby amended and restated to
      read in its entirety as follows:

     

    “(o)     whether
      the Securities of the series will be issuable as Registered Securities (and
      if
      so, whether such Securities will be issuable as Registered Global Securities)
      or
      Unregistered Securities (with or without Coupons and in NGN form or not), or
      any
      combination of the foregoing, any restrictions applicable to the offer, sale,
      transfer, exchange or delivery of Unregistered Securities or Registered
      Securities or the payment of interest thereon and, if other than as provided
      in
      Section 2.08, the terms upon which Unregistered Securities of any series may
      be
      exchanged for Registered Securities of such series and vice versa;”

     

    1.5.  Amendment
      of Section 2.04.

     

    (i)
      Section 2.04(a) is hereby amended by deleting the first sentence thereof, and
      replacing it in its entirety with the following: “The Issuer may deliver
      Securities of any series having attached thereto appropriate Coupons, if any,
      executed by the Issuer to the Trustee for authentication together with the
      applicable documents referred to below in this Section, and the Trustee shall
      thereupon authenticate and deliver such Securities to or upon the order of
      the
      Issuer (contained in the Issuer Order referred to below in this Section) or
      pursuant to such procedures acceptable to the Trustee and to such recipients
      as
      may be specified from time to time by an Issuer Order, and, if such Securities
      are issued in NGN form and such Issuer Order so specifies, shall instruct,
      or
      shall cause a paying agent therefor to instruct, the CSK to effectuate such
      Securities.”; and

     

    (ii)
      Section 2.04(a)(iv)(C) of the Indenture is hereby amended and restated to read
      in its entirety as follows:

     

    “(C)    when
      the Securities and Coupons, if any, have been executed by the Issuer and
      authenticated by the Trustee in accordance with the provisions of this
      Indenture, and, in the case of Securities issued in NGN form and not physically
      delivered to the CSK, effectuated by the CSK, and delivered to and duly paid
      for
      by the purchasers thereof, they will have been duly issued under this Indenture
      and will be valid and binding obligations of the Issuer, enforceable in
      accordance with their respective terms, and will be entitled to the benefits
      of
      this Indenture; and”.

     

     

    
      
        
        

      

      
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    1.6.  Amendment
      of Section 2.05.  Section 2.05 of the Indenture is hereby amended by
      deleting the “.” after the last sentence of the first paragraph and adding
      thereafter the following: “and, in the case of any Security issued in NGN form
      and not physically delivered to the CSK, effectuated by the CSK.”

     

    1.7.  Amendment
      of Section 2.06.  Section 2.06 of the Indenture is hereby amended and
      restated to read in its entirety as follows:

     

    “Section
      2.06.  Certificate of Authentication; Effectuation
      Instruction.  Only such Securities as shall bear thereon a
      certificate of authentication substantially in the form hereinbefore recited,
      executed by the Trustee by the manual signature of one of its authorized
      signatories, and shall be, in the case of Securities issued in NGN form and
      not
      physically delivered to the CSK, effectuated by the CSK by the manual or
      facsimile signature of one of its authorized officers, shall be entitled to
      the
      benefits of this Indenture or be valid or obligatory for any purpose. No Coupon
      shall be entitled to the benefits of this Indenture or shall be valid and
      obligatory for any purpose until the certificate of authentication on the
      Security to which such Coupon appertains shall have been duly executed by the
      Trustee, and, in the case of Securities issued in NGN form and not physically
      delivered to the CSK, such Security shall have been effectuated by the CSK
      as
      aforesaid. The execution of the certificate of authentication by the Trustee
      upon any Security executed by the Issuer, and, in the case of Securities issued
      in NGN form and not physically delivered to the CSK, evidence via facsimile
      transmission, electronic means or such other evidence in writing as may be
      acceptable to the Trustee of the execution by the CSK of the certificate of
      effectuation on such Security, shall be conclusive evidence that the Security
      so
      authenticated, and effectuated if applicable, has been duly authenticated,
      and
      effectuated if applicable, and delivered hereunder and that the Holder is
      entitled to the benefits of this Indenture.

     

    1.8.  Amendment
      of Section 2.08.  Section 2.08 of the Indenture is hereby amended by
      deleting the penultimate sentence of the fourth paragraph thereof, which
      currently reads as: “Whenever any Securities are so surrendered for exchange,
      the Issuer shall execute, and the Trustee shall authenticate and deliver, the
      Securities which the Holder making the exchange is entitled to receive.” and
      adding in lieu thereof the following two sentences: “At its option, the Issuer
      may cause Unregistered Securities of any series not in NGN form to be exchanged
      for Unregistered Securities in NGN form. Whenever any Securities are so
      surrendered for exchange, the Issuer shall execute, and the Trustee shall
      authenticate and deliver, the Securities that the Holder making the exchange
      is
      entitled to receive; provided, that with respect to any such Securities to
      be
      issued in NGN form and not physically delivered to the CSK, the Trustee shall
      instruct or shall cause a paying agent therefor to instruct the CSK to
      effectuate such Securities and such Securities shall have been effectuated
      by
      the CSK.”

     

    1.9.  Amendment
      of Section 2.09.  Section 2.09 of the Indenture is hereby amended
      by:

     

     

    
      
        
        

      

      
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    (a)  amending
      and restating
      the first sentence of the first paragraph to read in its entirety as
      follows:

     

    “In
      case
      any temporary or definitive Security or any Coupon appertaining to any Security
      shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer
      in
      its discretion may execute, and upon the written request of any officer of
      the
      Issuer, the Trustee shall authenticate and deliver a new Security of the same
      series, maturity date, interest rate and original issue date, bearing a number
      or other distinguishing symbol not contemporaneously outstanding, in exchange
      and substitution for the mutilated or defaced Security, or in lieu of and in
      substitution for the Security so destroyed, lost or stolen with Coupons
      corresponding to the Coupons appertaining to the Securities so mutilated,
      defaced, destroyed, lost or stolen, or in exchange or substitution for the
      Security to which such mutilated, defaced, destroyed, lost or stolen Coupon
      appertained, with Coupons appertaining thereto corresponding to the Coupons
      so
      mutilated, defaced, destroyed, lost or stolen; provided, that with respect
      to
      any such Security to be issued in NGN form and not physically delivered to
      the
      CSK, the Trustee shall instruct, or shall cause a paying agent to instruct,
      the
      CSK to effectuate such Security and such Security shall have been effectuated
      by
      the CSK.”; and

     

    (b)  in
      the first sentence of
      the third paragraph thereof after the phrase “of such series duly authenticated
      and delivered” and before the word “hereunder” inserting “(and, in the case of
      Securities issued in NGN form and not physically delivered to the CSK,
      effectuated by the CSK)”.

     

    1.10.  Amendment
      of Section 2.11.  Section 2.11 is hereby amended and restated in its
      entirety to read as follows:

     

    “Section
      2.11.  Temporary Securities.  Pending the
      preparation of definitive Securities for any series, the Issuer may execute
      and
      the Trustee shall authenticate and deliver temporary Securities for such series
      (printed, lithographed, typewritten or otherwise reproduced, in each case in
      form satisfactory to the Trustee). Temporary Securities of any series shall
      be
      issuable as Registered Securities without coupons, or as Unregistered Securities
      with or without coupons attached thereto, of any authorized denomination, and
      substantially in the form of the definitive Securities of such series but with
      such omissions, insertions and variations as may be appropriate for temporary
      Securities, all as may be determined by the Issuer with the concurrence of
      the
      Trustee as evidenced by the execution and authentication, and, in the case
      of
      Temporary Securities issued in NGN form and not physically delivered to the
      CSK,
      effectuation thereof. Temporary Securities may contain such references to any
      provisions of this Indenture as may be appropriate. Every Temporary Security
      shall be executed by the Issuer, be authenticated by the Trustee and, in the
      case of Temporary Securities issued in NGN form and not physically delivered
      to
      the CSK, the Trustee shall instruct, or shall cause a paying agent to instruct,
      the CSK to effectuate such Temporary Security, upon the same conditions and
      in
      substantially the same manner, and with like effect, as the definitive
      Securities. 

     

     

    
      
        
        

      

      
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    Without
      unreasonable delay the Issuer shall execute and shall furnish definitive
      Securities of such series and thereupon temporary Registered Securities of
      such
      series may be surrendered in exchange therefor without charge at each office
      or
      agency to be maintained by the Issuer for that purpose pursuant to Section
      3.02
      and, in the case of Unregistered Securities, at any agency maintained by the
      Issuer for such purpose as specified pursuant to Section 2.03, and the Trustee
      shall authenticate and deliver, and, in the case of Temporary Securities issued
      in NGN form and not physically delivered to the CSK, instruct or cause a paying
      agent to instruct the CSK to effectuate, in exchange for such temporary
      Securities of such series an equal aggregate principal amount of definitive
      Securities of the same series having authorized denominations and, in the case
      of Unregistered Securities, having attached thereto any appropriate Coupons.
      Until so exchanged, the temporary Securities of any series shall be entitled
      to
      the same benefits under this Indenture as definitive Securities of such series,
      unless otherwise established pursuant to Section 2.03. The provisions of this
      Section are subject to any restrictions or limitations on the issue and delivery
      of temporary Unregistered Securities of any series that may be established
      pursuant to Section 2.03 (including any provision that Unregistered Securities
      of such series initially be issued in the form of a single global Unregistered
      Security to be delivered to a depositary or agency located outside the United
      States and the procedures pursuant to which definitive or global Unregistered
      Securities of such series would be issued in exchange for such temporary global
      Unregistered Security).”

     

    1.11.  Amendment
      of Section 5.03.  The introductory clauses of Section 5.3 up to the
      first colon are hereby amended and restated to read in their entirety as
      follows:

     

    “Any
      moneys collected by the Trustee pursuant to this Article in respect of any
      series shall be applied in the following order at the date or dates fixed by
      the
      Trustee and, in case of the distribution of such moneys on account of principal
      or interest, upon presentation of the several Securities and Coupons
      appertaining to such Securities in respect of which monies have been collected
      and stamping thereon (or otherwise noting thereon, or, in the case of Securities
      issued in NGN form, causing Euroclear Bank S.A./N.V. and Clearstream Banking,
      société anonyme to make entries in their respective records of), the payment, or
      issuing Securities of such series in reduced principal amounts in exchange
      for
      the presented Securities of like series if only partially paid, or upon
      surrender thereof if fully paid:”

     

    1.12.  Amendment
      of Section 6.02.  Section 6.02 is hereby amended by replacing the
      period at the end of Section 6.02(g) with “;” and by adding after Section
      6.02(g) the following:

     

    “(h)     neither
      the Trustee nor any paying agent shall be liable for any failure on the part
      of
      the CSK to effectuate any Security issued in NGN form and not physically
      delivered to the CSK or for any failure on the part of the CSK to do so in
      a
      timely manner, unless it shall be proved that the Trustee or the
      paying

     

     

    
      
        
        

      

      
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    agent
      was
      negligent in instructing the CSK to effectuate any such Security in accordance
      with the applicable provision hereof; provided, that the Trustee or
      paying agent shall not be deemed to have acted with negligence if it shall
      have
      given such instructions in the manner and by the time prescribed by the
      CSK,  provided further that in the absence of any such prescribed
      manner or timing, the Trustee or paying agent shall be entitled to give, and
      shall incur no liability hereunder if it shall give, such instructions by
      facsimile transmission (without any requirement for telephonic confirmation)
      to
      a telephone number provided by the CSK for such purpose or by email to an email
      address provided by the CSK for such purpose and shall be protected in giving
      and shall incur no liability hereunder in giving such instructions no later
      than
      one Business Day after the applicable Security shall have been delivered to
      the
      Trustee for authentication.”

     

    1.13.  Amendment
      of Section 6.03.  The first sentence of Section 6.03 is hereby amended
      and restated to read in its entirety as follows:

     

    “The
      recitals contained herein and in the Securities, except the Trustee’s
      certificates of authentication and any CSK’s certificates of effectuation, shall
      be taken as statements of the Issuer, and the Trustee assumes no responsibility
      for the correctness of the same.”

     

    1.14.  Amendment
      of Section 6.14.  The second sentence of the first paragraph of
      Section 6.14 is hereby amended and restated to read in its entirety as
      follows:

     

    “Securities
      of each such series authenticated by such Authenticating Agent, and, if such
      Securities are issued in NGN form and not physically delivered to the CSK,
      effectuated by the CSK, shall be entitled to the benefits of this Indenture
      and
      shall be valid and obligatory for all purposes as if authenticated by the
      Trustee.”

     

    1.15.  Amendment
      of Section 8.05.  The second sentence of Section 8.05 is hereby
      amended and restated to read in its entirety as follows:

     

    “If
      the
      Issuer or the Trustee shall so determine, new Securities of any series so
      modified as to conform, in the opinion of the Trustee and the Board of
      Directors, to any modification of this Indenture contained in any such
      supplemental indenture may be prepared by the Issuer, authenticated by the
      Trustee, and, in the case of Securities issued in NGN form not physically
      delivered to the CSK, effectuated by the CSK, and delivered in exchange for
      the
      Securities of such series then Outstanding.”

     

    1.16.  Amendment
      of Section 11.04. The second sentence of the first paragraph of Section 11.04
      is
      hereby amended by replacing the “.” at the end of the sentence with “,” and
      adding thereafter “or, if such notice, direction, request or demand is given or
      served via facsimile transmission or other electronic means acceptable to the
      Trustee to a telephone number or email address designated by 

     

     

    
      
        
        

      

      
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    the
      Trustee, with confirmation of such transmission via facsimile or other
      electronic means.”

     

    1.17.  Amendment
      of Section 12.02.  The second sentence of the fourth paragraph of
      Section 12.02 is hereby and restated in its entirety to read as
      follows:

     

    “The
      Issuer will deliver to the Trustee at least 70 days prior to the date fixed
      for
      redemption or at least 10 days prior to the first day of any applicable
      Redemption Notice Period (unless, in either case, a shorter notice shall be
      satisfactory to the Trustee) an Officer’s Certificate stating the aggregate
      principal amount of Securities to be redeemed; provided, that with
      respect to redemptions of Securities represented by one or more global notes
      that are to be redeemed in whole and not in part and for which the related
      notice of redemption is being given by the Issuer and not the Trustee, the
      Issuer may deliver such Officer’s Certificate contemporaneously with the
      delivery of the notice of redemption of such Securities.”

     

    1.18.  Amendment
      of Section 12.03.  The fourth paragraph of Section 12.03 is hereby
      amended and restated to read in its entirety as follows:

     

    “Upon
      presentation of any Security redeemed in part only, the Issuer shall execute
      and
      the Trustee shall authenticate and deliver to or on the order of the Holder
      thereof, at the expense of the Issuer, a new Security or Securities of such
      series, of authorized denominations, in principal amount equal to the unredeemed
      portion of the Security so presented; provided, that with respect to any such
      new Security or Securities to be issued in NGN form and not physically delivered
      to the CSK, the Trustee shall instruct, or shall cause a paying agent to
      instruct, the CSK to effectuate such Security or Securities and such Security
      or
      Securities shall have been effectuated by the CSK.”

     

    

     

    ARTICLE
      TWO

     

    2.01.  Further
      Assurances.   The Issuer will, upon request by the Trustee,
      execute and deliver such further instruments and do such further acts as may
      reasonably be necessary or proper to carry out more effectively the purposes
      of
      this Second Supplemental Senior Indenture.

     

    2.02.  Other
      Terms of Indenture.  Except insofar as herein otherwise expressly
      provided, all provisions, terms and conditions of the Indenture are in all
      respects ratified and confirmed and shall remain in full force and
      effect.

     

    2.03.  Terms
      Defined.  All terms defined elsewhere in the Indenture shall have the
      same meanings when used herein.

     

     

    
      
        
        

      

      
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    2.04.  Governing
      Law.  This Second Supplemental Senior Indenture shall be deemed to be
      a contract under the laws of the State of New York, and for all purposes shall
      be construed in accordance with the laws of such State, except as may otherwise
      be required by mandatory provisions of law.

     

    2.05.  Counterparts.  This
      Second Supplemental Senior Indenture may be executed in any number of
      counterparts, each of which shall be an original; but such counterparts shall
      together constitute but one and the same instrument.

     

    2.06.  Responsibility
      of the Trustee.  The recitals contained herein shall be taken as the
      statements of the Issuer, and the Trustee assumes no responsibility for the
      correctness of the same.  The Trustee makes no representations as to
      the validity or sufficiency of this Second Supplemental Senior Indenture.

     

     

    
      
        
        

      

      
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      IN
        WITNESS
        WHEREOF, the parties hereto have caused this Second Supplemental Senior
        Indenture to be duly executed by the Issuer and the Trustee under their
        respective corporate seals as of the day and year first written
        above.

    

     

    
      	 	 	
              MORGAN
                STANLEY

            	 
	 	 	 	 
	 	 	
              By:
                /s/ Daniel Park 

            	 
	 	 	
              
                

              

            	 
	 	 	
                    Title:
                Assistant Treasurer

            	 
	 	 	 	 
	
              [Corporate
                Seal]

            	 	 	 
	 	 	 	 
	
              Attest:

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              By:
                /s/ Martin M. Cohen

            	 	 	 
	
              
                
 

            	 	 	 
	
              Assistant
                Secretary

            	 	 	 

    

     

     

    
      
        	 	 	
                
                  THE
                    BANK OF NEW YORK, as Trustee

                

              	 
	 	 	 	 
	 	 	
                By:
                  /s/ Ignazio Tamburello

              	 
	 	 	
                
                  
 

              	 
	 	 	
                      Title:
                  Assistant Vice President

              	 
	 	 	 	 
	
                [Corporate
                  Seal]

              	 	 	 
	 	 	 	 
	
                Attest:

              	 	 	 
	 	 	 	 
	 	 	 	 
	
                By:
                  /s/ Francine Kincaid

              	 	 	 
	
                
                  
 

              	 	 	 

      

       

    

     

     

    

    
      
        
        

      

      
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    STATE
      OF
      NEW
      YORK          )

    )
        ss.:

    COUNTY
      OF
      NEW YORK      )

    

     

    On
      the 4th day of January, 2008, before me personally came Daniel Park, to me
      known, who, being by me duly sworn, did depose and say that he is Assistant
      Treasurer, of Morgan Stanley, one of the corporations described in and which
      executed the foregoing instrument; that he knows the corporate seal of said
      corporation; that the seal affixed to said instrument is such corporate seal;
      that it was so affixed by authority of the Board of Directors of said
      corporation, and that he signed his name thereto by like authority.

     

     

    
      	 	
              /s/
                Michael M. O'Brien

            
	 	
              

            
	 	
              Notary
                Public

            

    

     

    

     

    [Notarial
      Seal]

     

     

     

     

    
      
        
        

      

      
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      STATE
        OF
        NEW
        YORK          )

      )
          ss.:

      COUNTY
        OF
        NEW YORK      )

    

     

    On
      the 4th day of January, 2008, before me personally came Ignazio Tamburello,
      to me known, who, being by me duly sworn, did depose and say that he is
      Assistant Vice President, of The Bank of New York, one of the corporations
      described in and which executed the foregoing instrument; that he knows the
      corporate seal of said corporation; that the seal affixed to said instrument
      is
      such corporate seal; that it was so affixed by authority of the Board of
      Directors of said corporation, and that he signed his name thereto by like
      authority.

    
      
         

        
          	 	
                  /s/
                    Cheryl L. Clarke

                
	 	
                  

                
	 	
                  Notary
                    Public

                

        

         

      

      

       

      [Notarial
        Seal]

       

       

      13EXHIBIT
      4.2

    

     

    [FORM
      OF FACE OF SECURITY]

     

    TEMPORARY
      GLOBAL FLOATING RATE SENIOR BEARER NOTE

     

    
      
        	
                BEARER

                No.
                  TGFL _____

              	
                BEARER

              

      

       

    

    ANY
      UNITED
      STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER
      THE
      UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
      165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

     

    UNLESS
      AND
      UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR AN INTEREST IN A PERMANENT GLOBAL
      BEARER NOTE, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
      DEPOSITARY (WHICH FOR THIS PURPOSE INCLUDES ANY COMMON SAFE-KEEPER) TO A NOMINEE
      OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
      NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
      SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

     

    THIS
      NOTE
      HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES AND EXCHANGE
      LAW
      OF JAPAN.  THIS NOTE MAY NOT BE OFFERED OR SOLD, DIRECTLY OR
      INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (WHICH
      TERM AS USED HEREIN MEANS ANY PERSON RESIDENT IN JAPAN INCLUDING ANY CORPORATION
      OR OTHER ENTITY ORGANIZED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR THE
      RE-OFFERING OR RE-SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO A RESIDENT OF
      JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF,
      AND
      OTHERWISE IN COMPLIANCE WITH, THE SECURITIES AND EXCHANGE LAW OF JAPAN AND
      OTHER
      RELEVANT LAWS AND REGULATIONS OF JAPAN.1

     

    

      

    

    
      1  If
        this
        Note is offered in Japan or denominated in Japanese Yen, appropriate legends
        need to be added.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    MORGAN
      STANLEY

    GLOBAL
      MEDIUM-TERM NOTE, SERIES [G/H]

    (Temporary
      Global Floating Rate Senior Bearer Note)

     

    
      	
              ORIGINAL
                ISSUE DATE:

            	
              INTEREST
                ACCRUAL DATE:

            	
              INTEREST
                PAYMENT DATE(S):

            
	
              MATURITY
                DATE:

            	
              INITIAL
                INTEREST RATE:

            	
              INTEREST
                PAYMENT PERIOD:

            
	
              BASE
                RATE:

            	
              INITIAL
                INTEREST RESET DATE:

            	
              INTEREST
                RESET PERIOD:

            
	
              INDEX
                MATURITY:

            	
              MAXIMUM
                INTEREST RATE:

            	
              INTEREST
                RESET DATE(S):

            
	
              SPREAD
                (PLUS OR MINUS):

            	
              MINIMUM
                INTEREST RATE:

            	
              CALCULATION
                AGENT:

            
	
              SPREAD
                MULTIPLIER:

            	
              INITIAL
                REDEMPTION DATE:

            	
              SPECIFIED
                CURRENCY:

            
	
              EUROCLEAR
                NO:

            	
              INITIAL
                REDEMPTION

              PERCENTAGE:

            	
              INDEX
                CURRENCY:

            
	
              CLEARSTREAM
                NO:

            	
              ANNUAL
                REDEMPTION

              PERCENTAGE
                REDUCTION:

            	
              DESIGNATED
                CMT TELERATE

              PAGE:

            
	
              COMMON
                CODE:

            	
              OPTIONAL
                REPAYMENT DATE(S):

            	
              DESIGNATED
                CMT

              MATURITY
                INDEX:

            
	
              ISIN:

            	
              REDEMPTION
                NOTICE PERIOD:2

            	
              MINIMUM
                DENOMINATIONS:

            
	
              REPORTING
                SERVICE:

            	
              NEW
                GLOBAL NOTE (“NGN”):

              [YES/NO]3

            	
              IF
                THIS IS AN NGN, INTENDED TO BE HELD IN A MANNER THAT WOULD ALLOW
                ELIGIBILITY AS COLLATERAL FOR EUROSYSTEM INTRA-DAY CREDIT AND MONETARY
                POLICY OPERATIONS:

              [YES]3

            
	
              EXCHANGE
                FOR REGISTERED

              NOTES:  [NO]4

            	
              OTHER
                PROVISIONS:

            	 

    

     

    
      

        

      

      
        2  Applicable
          if other than 30-60 calendar days.  Consult with Euroclear or
          Clearstream if a shorter redemption is requested.  A minimum of 10
          calendar days may be possible.

      

      
        3
          To be Eurosystem eligible, NGNs must also be denominated in euro, listed
          (Series
          G) and must meet certain other criteria established by the European Central
          Bank.

      

      
        4  Unless
          explicitly stated otherwise in term sheet, MS practice has been to exclude
          this
          option.

      

    

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Morgan
      Stanley, a Delaware corporation (together with its successors and assigns,
      the
“Issuer”), for value received, hereby promises to pay to
      bearer, upon surrender hereof, the principal amount specified in Schedule A
      hereto, or, if this Note is intended to be an NGN, the aggregate principal
      amount from time to time entered in the records of both Euroclear Bank S.A./N.V.
      and Clearstream Banking, société anonyme (together, the “Relevant
      Clearing Systems”), on the Maturity Date specified above (except to the
      extent previously redeemed or repaid) and to pay interest thereon, from and
      including the Interest Accrual Date specified above at a rate per annum equal
      to
      the Initial Interest Rate specified above or determined in accordance with
      the
      provisions specified on the reverse hereof until but excluding the Initial
      Interest Reset Date specified above, and on and after at a rate per annum
      determined in accordance with the provisions specified in the Permanent Global
      Bearer Note (as defined below) until but excluding the date such principal
      amount is paid or duly made available for payment (except as provided
      below).  Unless such rate is otherwise specified on the face hereof,
      the Calculation Agent shall determine the Initial Interest Rate for this Note
      in
      accordance with the provisions specified on the reverse hereof.  The
      Issuer will pay interest in arrears monthly, quarterly, semiannually or annually
      as specified above as the Interest Payment Period on each Interest Payment
      Date
      (as specified above), commencing with the first Interest Payment Date next
      succeeding the Interest Accrual Date specified above, and at maturity (or on
      any
      redemption or repayment date); provided, however, that if the Interest
      Accrual Date occurs fifteen calendar days or less prior to the first Interest
      Payment Date occurring after the Interest Accrual Date, interest payments will
      commence on the second Interest Payment Date succeeding the Interest Accrual
      Date; and provided, further, that if an Interest Payment Date (other
      than the Maturity Date (as specified above) or any redemption or repayment
      date)
      would fall on a day that is not a Business Day, as defined below, such Interest
      Payment Date shall be the following day that is a Business Day, except that
      if
      the Base Rate specified above is LIBOR or EURIBOR and such next Business Day
      falls in the next calendar month, such Interest Payment Date shall be the
      immediately preceding day that is a Business Day; and provided,
further, that if the Maturity Date or redemption or repayment date
      would fall on a day that is not a Business Day, the payment of principal,
      premium, if any, and interest will be made on the next succeeding Business
      Day
      and no interest shall accrue for the period from and after such Maturity Date
      or
      redemption or repayment date.  If this Note is intended to be an NGN,
      the records of the Relevant Clearing Systems (which, in this Note, means the
      records that each Relevant Clearing System holds for its customers to reflect
      the amount of such customers’ interests in this Note) shall be conclusive
      evidence of the aggregate principal amount of this Note and, for these purposes,
      a statement issued by a Relevant Clearing System (which statement shall be
      made
      to the Issuer, to the Trustee, to the Principal Paying Agent or to the bearer
      of
      this Note on request) stating the aggregate principal amount of this Note shall
      be conclusive of the records of the Relevant Clearing Systems at that
      time.

     

    Interest
      on this Note will accrue from and including the most recent Interest Payment
      Date to which interest has been paid or duly provided for, or, if no interest
      has been paid or duly provided for, from and including the Interest Accrual
      Date, until but excluding the date the principal amount hereof has been paid
      or
      duly made available for payment. Upon any payment of interest on this Note,
      the
      Principal Paying Agent (as defined below) shall, (i) if this Note is not
      intended to be an NGN, cause Schedule A of this Note to be endorsed to reflect
      such payment, or (ii) if this Note is intended to be an NGN, cause the payment
      to be entered pro rata in the records of the Relevant Clearing
      Systems.  No payment on this Note will be made at any office or agency
      of the Issuer in the United States or by check mailed to an address in the
      United States 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (as
      defined below) or by wire transfer to an account maintained by the holder of
      this Note with a bank in the United States except as may be permitted under
      U.S.
      federal tax laws and regulations then in effect without adverse tax consequences
      to the Issuer.  Notwithstanding the foregoing, in the event that
      payment in U.S. dollars of the full amount payable on this Note at the offices
      of all paying agents would be illegal or effectively precluded as a result
      of
      exchange controls or similar restrictions, payment on this Note will be made
      by
      a paying agency in the United States, if such paying agency, under applicable
      law and  regulations, would be able to make such
      payment.  Notwithstanding any other provision of this Note, no payment
      of principal or interest shall be made on any portion of this Note unless there
      shall have been delivered to the Principal Paying Agent a certificate
      substantially in the form of Exhibit A hereto with respect to the portion of
      this Note with respect to which such principal or interest is to be
      paid.  Such certificate shall have been delivered to the Principal
      Paying Agent by Euroclear Bank S.A./N.V., as operator of the Euroclear System
      (“Euroclear”), Clearstream Banking, société anonyme
      (“Clearstream, Luxembourg”), and/or any other relevant clearing
      system (including Euroclear France), as the case may be, and shall be based
      on a
      certificate substantially in the form of Exhibit B hereto provided to Euroclear,
      Clearstream, Luxembourg and/or any other relevant clearing system, as the case
      may be, by those of its account holders who are to receive such payment of
      principal or interest.

     

    This
      Note
      is issued in temporary global bearer form and represents all or a portion of
      a
      duly authorized issue of Senior Global Medium-Term Notes, Series [G/H] (the
      “Notes”) of the Issuer.  The Notes are issuable under
      a Senior Indenture, dated as of November 1, 2004, between the Issuer and The
      Bank of New York (as successor to JPMorgan Chase Bank, N.A. (formerly known
      as
      JPMorgan Chase Bank)), as Trustee (the “Trustee”, which term
      includes any successor trustee under the Senior Indenture) (as supplemented
      by
      the First Supplemental Senior Indenture, dated as of September 4, 2007, and
      the
      Second Supplemental Senior Indenture, dated as of January 4, 2008, and as may
      be
      further amended or supplemented from time to time, the “Senior
      Indenture”), to which Senior Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights,
      limitations  of rights, duties and immunities of the Issuer, the
      Trustee and holders of the Notes and the terms upon which the Notes are, and
      are
      to be, authenticated and delivered.  The Issuer has appointed The Bank
      of New York, London Branch (as successor to JPMorgan Chase Bank, N.A., London
      Branch), as its principal paying agent for the Notes (the “Principal
      Paying Agent,” which term includes any additional or successor
      Principal Paying Agent appointed by the Issuer).

     

    Except
      as
      otherwise provided herein, this Note is governed by the terms and conditions
      of
      the Permanent Global Floating Rate Senior Bearer Note (the “Permanent
      Global Bearer Note”) to be issued in exchange for this Note, which
      terms and conditions are hereby incorporated by reference herein mutatis
      mutandis and shall be binding on the Issuer and the holder hereof as if
      fully set forth herein.  The form of the Permanent Global Bearer Note
      is attached hereto.

     

    This
      Note
      is exchangeable in whole or from time to time in part on or after the Exchange
      Date (as defined below) for an interest (equal to the principal amount of the
      portion of this Note being exchanged, and, if this Note is intended to be an
      NGN, recorded in the records of the Relevant Clearing Systems) in a single
      Permanent Global Bearer Note upon the request of Euroclear, Clearstream,
      Luxembourg and/or any other relevant clearing system, acting on behalf of the
      owner of a beneficial interest in this Note, to the Principal Paying Agent
      upon
      delivery to the Principal Paying Agent of a certificate substantially in the
      form of Exhibit A hereto with 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    respect
      to
      the portion of this Note to be exchanged.  Such certificate shall have
      been delivered to the Principal Paying Agent by Euroclear, Clearstream,
      Luxembourg and/or any other relevant clearing system, as the case may be, and
      shall be based on a certificate substantially in the form of Exhibit B hereto
      provided to Euroclear, Clearstream, Luxembourg and/or any other relevant
      clearing system, as the case may be, by those of its account holders having
      an
      interest in the portion hereof to be exchanged.  Notwithstanding the
      foregoing, if this Note is subject to a tax redemption as described on the
      reverse of the Permanent Global Bearer Note attached hereto, interests in this
      Note may be exchanged for interests in a Permanent Global Bearer Note on and
      after such redemption date as if such redemption date had been the Exchange
      Date, subject to receipt of the certificates described in the preceding
      sentence.  Upon exchange of any portion of this Note for an interest
      in a Permanent Global Bearer Note, the Principal Paying Agent shall, (i) if
      this
      Note is not intended to be an NGN, cause Schedule A of this Note to be endorsed
      to reflect the reduction of its principal amount by an amount equal to the
      aggregate principal amount being so exchanged, or (ii) if this Note is intended
      to be an NGN, cause the details of such exchange to be entered in the records
      of
      the Relevant Clearing Systems.  Except as otherwise provided herein,
      until exchanged for a Permanent Global Bearer Note, this Note shall in all
      respects be entitled to the same benefits under the Senior Indenture as a duly
      authenticated and delivered Permanent Global Bearer Note.

     

    As
      used
      herein:

     

    (a)           the
      term “Business Day” means any day, other than a Saturday or
      Sunday, (i) that is neither a legal holiday nor a day on which banking
      institutions are authorized or required by law or regulation to close
      (x)  in The City of New York or in London or (y) if this Note is
      denominated in a Specified Currency other than U.S. dollars, euro or Australian
      dollars, in the principal financial center of the country of the Specified
      Currency, or (z) if this Note is denominated in Australian dollars, in Sydney
      and (ii) if this Note is denominated in euro, that is also a day on which the
      Trans-European Automated Real-time Gross Settlement Express Transfer System
      (“TARGET”) is operating
      (a “TARGET Settlement Day”).

     

    (b)           the
      term “Exchange Date” means the date that is 40 calendar days
      after the date on which the Issuer receives the proceeds of the sale of this
      Note (the “Closing  Date”), provided that if
      an interest represented by this Note is held by Morgan Stanley & Co.
      International plc, or any other manager participating in the distribution of
      the
      tranche of Notes of which this Note forms a part, as part of an unsold allotment
      or subscription more than 40 calendar days after the Closing Date for this
      Note,
      the Exchange Date with respect to such interest shall be the day after the
      date
      such interest is sold by Morgan Stanley & Co.  International plc
      or such other manager, all as determined and notified to the Trustee by Morgan
      Stanley & Co. International plc, or if Morgan Stanley & Co.
      International plc did not participate in the distribution of such tranche,
      by
      the Issuer.

     

    (c)           the
      term “United States” means the United States of America
      (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands,
      Guam, American Samoa, Wake Island and the Northern Mariana Islands.

     

    All
      other
      terms used in this Note which are defined in the Senior Indenture and not
      otherwise defined herein shall have the meanings assigned to them in the Senior
      Indenture.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Unless
      the
      certificate of authentication hereon has been executed by the Trustee by manual
      signature, and, if this Note is intended to be an NGN and will not be physically
      delivered to the entity appointed as common safe-keeper by the Relevant Clearing
      Systems (the “CSK”), unless this Note has been effectuated by
      the CSK, this Note shall not be entitled to any benefit under the Senior
      Indenture, as defined on the reverse hereof, or be valid or obligatory for
      any
      purpose.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS
      WHEREOF, the Issuer has caused this Note to be duly executed.

     

    
      	
              DATED:

            	 	
              MORGAN
                STANLEY

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	 	
              Name:

            	 
	 	 	 	 	
              Title:

            	 

    

    

    
      	
              TRUSTEE’S
                CERTIFICATE
OF
                AUTHENTICATION

               

              This
                is one of the Notes referred
to
                in the within-mentioned
Senior
                Indenture.

               

              THE
                BANK OF NEW YORK,
as
                Trustee

               

            	 
	
              By:

            	 	 
	 	
              Authorized
                Signatory

            	 

    

    

    
 

    EFFECTUATION
      BY COMMON5

    SAFE-KEEPER

    

    This
      Note
      is effectuated.

    

    [COMMON
      SAFE-KEEPER]

    
      

      
        	
                By:

              	 	 
	 	
                [Authorized
                  Signatory]

              	 

      

      

        

      

    

    
      5
        Effectuation block only applicable if this Temporary Global Floating Rate
        Senior
        Bearer Note is intended to be an NGN and if a Note manually signed by the
        Issuer
        will not be physically delivered to the common safe-keeper.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      
        
          	
                  [Not
                    Applicable]6

                	
                  SCHEDULE
                    A7

                

        

         

      

    

    SCHEDULE
      OF EXCHANGES

     

    The
      Initial Principal Amount of this Note is ______________.  The
      following payments of interest and exchanges of a part of this Note for an
      interest in a single Permanent Global Bearer Note have been made:

     

    
      	
              
                 

                Date
                  of Exchange or 

                Interest
                  Payment

              

            	 	
              
                 

                Payment
                  of Interest

              

            	 	
              
                 

                Principal
                  Amount 

                Exchanged
                  for 

                Permanent
                  Global 

                Bearer
                  Note

              

            	 	
              
                 

                Remaining
                  Principal 

                Amount
                  Outstanding 

                Following
                  Such 

                Exchange

              

            	 	
              
                 

                Notation
                  Made by or on 

                Behalf
                  of Principal 

                Paying
                  Agent

              

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

      

    

    
      6
        If Schedule A is not applicable, include “Not Applicable” and remove remainder
        of Schedule A.

    

    
      7
        Applicable if this Temporary Global Floating Rate Senior Bearer Note is not
        intended to be an NGN.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      A

    

     

    [FORM
      OF CERTIFICATE TO BE GIVEN BY

    EUROCLEAR,
      CLEARSTREAM, LUXEMBOURG

    AND/OR
      ANY OTHER RELEVANT CLEARING SYSTEM]

     

    CERTIFICATE

     

     
      
        

      

    

    

     

    Morgan
      Stanley

    Global
      Medium-Term Notes, Series [G/H]

     

    Represented
      by Temporary Global Floating Rate Senior Bearer Note No.
      __

     

     

    This
      is to
      certify that, based solely on certifications we have received in writing, by
      tested telex or by electronic transmission from member organizations appearing
      in our records as persons being entitled to a portion of the principal amount
      set forth below (our “Member Organizations”) substantially to
      the effect set forth in Appendix 2 to Exhibit B to the Euro Distribution
      Agreement relating to such Notes, as of the date hereof, __________ principal
      amount of the above-captioned Securities (i) is owned by persons that are
      not citizens or residents of the United States, domestic partnerships, domestic
      corporations or any other entity created or organized in or under the laws
      of
      the United States or any political subdivision thereof, an estate the income
      of
      which is subject to U.S. federal income taxation regardless of its source or
      a
      trust if both (a) a court within the United States is able to exercise primary
      supervision over the administration of the trust and (b) one or more United
      States persons have the authority to control all substantial decisions of the
      trust (“United States persons”), (ii) is owned by United States
      persons that are (a) foreign branches of United States financial institutions
      (as defined in the applicable U.S. Treasury regulations) (“financial
      institutions”) purchasing for their own account or for resale, or (b)
      United States persons who acquired the Securities through foreign branches
      of
      United States financial institutions and who hold the Securities through such
      United States financial institutions on the date hereof (and in either case
      (a)
      or (b), each such United States financial institution has agreed, on its own
      behalf or through its agent, that we may advise the Issuer or the Issuer’s agent
      that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C)
      of
      the U.S. Internal Revenue Code of 1986, as amended, and the regulations
      thereunder), or (iii) is owned by United States or foreign financial
      institutions for purposes of resale during the restricted period (as defined
      in
      the applicable U.S. Treasury regulations), and such United States or foreign
      financial institutions described in clause (iii) above (whether or not also
      described in clause (i) or (ii)) have certified that they have not acquired
      the Securities for purposes of resale directly or indirectly to a United States
      person or to a person within the United States or its
      possessions.  Any such certification by electronic transmission
      satisfies the requirements set forth in United States Treasury Regulations
      Section 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.163-5(c)(2)(i)(D)(3)(ii).  We
      will retain all certifications from our Member Organizations for the period
      specified in United States Treasury Regulations Section
      1.163-5(c)(2)(i)(D)(3)(i).

     

    As
      used
      herein, “United States” means the United States of America
      (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands,
      Guam, American Samoa, Wake Island and the Northern Mariana Islands.

     

    We
      further
      certify (i) that we are not making available herewith for exchange (or, if
      relevant, seeking to collect principal or interest with respect to) any portion
      of the temporary global Security representing the above-captioned Securities
      excepted in the above-referenced certificates of Member Organizations and
      (ii) that as of the date hereof we have not received any notification from
      any of our Member Organizations to the effect that the statements made by such
      Member Organizations with respect to any portion of the part submitted herewith
      (or, if relevant, with respect to which principal or interest is being
      requested) are no longer true and cannot be relied upon as of the date
      hereof.

     

    We
      understand that this certification is required in connection with certain tax
      laws and, if applicable, certain securities laws of the United
      States.  In connection therewith, if administrative or legal
      proceedings are commenced or threatened in connection with which this
      certification is or would be relevant, we irrevocably authorize you to produce
      this certification to any interested party in such proceedings.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    Dated:  _______________,
      20__

     

    [To
      be
      dated no earlier than

    [insert
      date of Interest Payment Date prior to Exchange Date]

    [insert
      date of Redemption Date prior to Exchange Date]

    [insert
      Exchange Date]]

     

    

     

    
      	 	
              [EUROCLEAR
                BANK S.A./N.V., as 
Operator of the Euroclear System]

               

              [CLEARSTREAM
                BANKING, 
SOCIÉTÉ ANONYME]

               

              [OTHER]

               

               

            
	 	
              By:

            	 
	 	
               
                  Name:

            
	 	
               
                  Title:

            

    

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

    

     

    [FORM
      OF CERTIFICATE TO BE GIVEN BY AN ACCOUNT

    HOLDER
      OF EUROCLEAR, CLEARSTREAM, LUXEMBOURG

    AND/OR
      ANY OTHER RELEVANT CLEARING SYSTEM]

     

    CERTIFICATE

     

    Morgan
      Stanley

    Global
      Medium-Term Notes, Series [G/H]

     

    Represented
      by Temporary Global Floating Rate Senior Bearer Note No.
      __

     

     

    This
      is to
      certify that as of the date hereof, and except as set forth below, the
      above-captioned Securities held by you for our account (i) are owned by
      person(s) that are not citizens or residents of the United States, domestic
      partnerships, domestic corporations or any other entity created or organized
      in
      or under the laws of the United States or any political subdivision thereof,
      an
      estate the income of which is subject to U.S. federal income taxation regardless
      of its source, or a trust if both (a) a court within the United States is able
      to exercise primary supervision over the administration of the trust and (b)
      one
      or more United States persons have the authority to control all substantial
      decisions of the trust (“United States persons”), (ii) is owned
      by United States persons that are (a) foreign branches of United States
      financial institutions (as defined in the applicable U.S. Treasury regulations)
      (“financial institutions”) purchasing for their own account or
      for resale, or (b) United States persons who acquired the Securities through
      foreign branches of United States financial institutions and who hold the
      Securities through such United States financial institutions on the date hereof
      (and in either case (a) or (b), each such United States financial institution
      hereby agrees, on its own behalf or through its agent, that you may advise
      the
      Issuer or the Issuer’s agent that it will comply with the requirements of
      Section 165(j)(3)(A), (B) or (C) of the U.S. Internal Revenue Code of 1986,
      as
      amended, and the regulations thereunder), or (iii) are owned by United
      States or foreign financial institution(s) for purposes of resale during the
      restricted period (as defined in the applicable U.S. Treasury regulations),
      and
      in addition if the owner of the Securities is a United States or foreign
      financial institution described in clause (iii) above (whether or not also
      described in clause (i) or (ii)) such financial institution has not
      acquired the Securities for purposes of resale directly or indirectly to a
      United States person or to a person within the United States or its
      possessions.

     

    As
      used
      herein, “United States” means the United States of America
      (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands,
      Guam, American Samoa, Wake Island and the Northern Mariana Islands.

     

    We
      undertake to advise you promptly by tested telex on or prior to the date on
      which you intend to submit your certification relating to the Securities held
      by
      you for our account in accordance with your Operating Procedures if any
      applicable statement herein is not correct on such date, and in the absence
      of
      any such notification it may be assumed that this certification applies as
      of
      such date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
      certification excepts and does not relate to [U.S.$]___________ of such interest
      in the above-captioned Securities in respect of which we are not able to certify
      and as to which we understand exchange for and delivery of definitive Securities
      (or, if relevant, exercise of any rights or collection of any principal or
      interest) cannot be made until we do so certify.

     

    We
      understand that this certification is required in connection with certain tax
      laws and, if applicable, certain securities laws of the United
      States.  In connection therewith, if administrative or legal
      proceedings are commenced or threatened in connection with which this
      certification is or would be relevant, we irrevocably authorize you to produce
      this certification to any interested party in such proceedings.

     

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    Dated:  _______________,
      20__

     

    [To
      be
      dated no earlier than the 10th day before

    [insert
      date of Interest Payment Date prior to Exchange Date]

    [insert
      date of Redemption Date prior to Exchange Date]

    [insert
      Exchange Date]]

     

    
      	 	
              [NAME
                OF ACCOUNT HOLDER]

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
                  
                (Authorized Signatory)

            
	 	
                  
                Name:

            
	 	
                  
                Title:

            

    

    

    

    
       

      B-3

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