FWP 1 dp02469_ps36.htm

Filed pursuant to Rule 433
April 21, 2006
Relating to
Pricing Supplement No. 36 dated April 21, 2006 to
Registration Statement No. 333-131266


G
LOBAL MEDIUM-TERM NOTES, SERIES F
Senior Notes


Commodity-Linked Capital-Protected Notes
due November 3, 2009
Based on the Performance of a Basket of Three Commodities and a Commodity Index

Pricing Sheet – April 21, 2006

  Offering Price:   100% per Note
       
  Aggregate Principal Amount:   $85,000,000. We may increase the aggregate principal amount of the Notes prior to the Original Issue Date but are not required to do so.
       
  Pricing Date:   April 21, 2006
       
  Original Issue Date (Settlement):   May 3, 2006
       
  Maturity:   November 3, 2009
       
  Coupon:   None
       
  Payment at Maturity:   $1,000 plus a Supplemental Redemption Amount, if any, equal to (i) $1,000 times (ii) the Basket Performance Factor times (iii) the Participation Rate.
   
  Basket, Initial Strike Price and Weighting:   Basket Commodity   Initial Strike Price   Weighting



      Goldman Sachs Commodity Agricultural
     Index®–Excess Return
  63.94   30%
  Copper-Grade A   6,706.00     25%
  Special High-Grade Zinc   3,292.00     25%
  West Texas Intermediate light sweet
      crude oil
  75.17     20%
       
  Participation Rate:   145%
       
  Denominations:   $1,000 and integral multiples thereof
       
  CUSIP:   61746SCJ6
       
  Issuer Ratings:   Aa3 / A+
       
  Agent:   Morgan Stanley & Co. Incorporated
       
  Price to Public:   100% ($1,000 per Note)
  Total: $85,000,000
       
  Agent’s Commissions:   2% ($20 per Note)
  Total: $1,700,000
       
  Proceeds to Company:   98% ($980 per Note)
  Total: $83,300,000
   
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-718-1649.
   

Preliminary Pricing Supplement No. 36, dated March 27, 2006
Prospectus Supplement, dated January 25, 2006
Prospectus, dated January 25, 2006