Morgan Stanley Declares a Dividend on its Series A Floating Rate Non-Cumulative Preferred Stock

New York —

Morgan Stanley (NYSE:MS) today reported that its Board of Directors has declared a quarterly dividend of $ 433.85 per share of Series A Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each representing 1/1,000th interest in a share of preferred stock) to be paid on October 16, 2006 to preferred shareholders of record on September 30, 2006.

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