Free Writing Prospectus   

Registration Statement No. 333-131266

Dated August 13, 2008

Filed pursuant to Rule 433

The Market Vectors Currency ETNs are senior unsecured debt obligations of Morgan Stanley that do not pay interest or guarantee the return of principal. The amount investors will be paid on their Market Vectors Currency ETNs at maturity or on any earlier repurchase date will depend on the index closing value of the underlying index on the applicable valuation date(s) and on the amount of investor fees that will have accumulated with respect to the Market Vectors Currency ETNs. Because the investor fees reduce the amount of payment you may receive at maturity or upon any earlier repurchase, the level of the underlying index on the applicable valuation date(s) must increase sufficiently to compensate for the deduction of the investor fees in order for you to receive at least the amount of your initial investment in the Market Vectors Currency ETNs at maturity or upon our earlier repurchase. In order to require the issuer to repurchase the Market Vectors Currency ETNs, investors must make the request with respect to at least 50,000 Market Vectors Currency ETNs. Depending on the index level on the applicable valuation date(s), investors could lose a substantial portion or even all of their investment. In the case of the Market Vectors Double Expsoure ETNs (Double Long and Double Short strategies), if the closing indicative value of the ETNs is less than or equal to $1.00 per ETN for any index business day, the maturity date of the ETNs will be accelerated and the ETNs will return only a de minimis amount, or zero. Market Vectors Currency ETNs can be bought and sold through your broker at any time and will be subject to brokerage commissions. Market Vectors Currency ETNs are subject to significant risk of loss. Risks include exposure to: single currency exchange rates; differences between the currency forward contracts tracked by the underlying index and the official spot rate; changes in the volatility of the underlying index; changes in the currency markets during hours when the Market Vectors Currency ETNs are not trading; changes in interest rate levels; government intervention in the currency markets; geopolitical conditions and economic, financial, regulatory, political, judicial or other events that affect the foreign exchange markets; and Morgan Stanley's creditworthiness. In addition, currency markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government regulation and intervention. As a result, the market value of the Market Vectors Currency ETNs will vary and may be less than the amount of your intitial investment at any time over the term of the ETNs. Market Vectors Double Exposure ETNs are also subject to additional significant risks associated with leverage.Any movement in the spot exchange rate or any differential between short term interest rates will have a two-times leveraged impact on the underlying index. Additional risks associated with Market Vectors Double Exposure ETNs include adverse affects of interest rates on the index. In addition, the daily rebalancing of the index may dampen the positive effect or amplify the negative impact of currency movements on the index level. "Standard & Poor's([R])," "S&P([R])," []S&P Chinese Renminbi Total Return Index" and "S&P Indian Rupee Total Return Index" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Morgan Stanley. The Market Vectors Currency ETNs are not sponsored, endorsed, sold or promoted by The McGraw-Hill Companies, Inc., and The McGraw-Hill Companies, Inc. makes no representation regarding the advisability of investing in the Market Vectors Currency ETNs. Morgan Stanley, the issuer of the Market Vectors Currency ETNs, 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 Morgan Stanley has filed with the SEC for more complete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get these documents for free by visiting the Van Eck Securities Corporation Web site at www.marketvectorsETNS.com or EDGAR on the SEC Web site at www.sec.gov.Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.888. MKT.VCTR; you may also request a copy from Morgan Stanley or any other dealer participating in this offer. Van Eck Securities Corporation is the exclusive marketer of the Market Vectors Currency ETNs. Market Vectors Quick Facts Currency ETNs ETNQF

SINGLE EXPOSURE ETNS DOUBLE EXPOSURE ETNS ETN TICKER CNY INR URR DRR INTRADAY INDICATIVE CNYIV INRIV URRIV DRRIV VALUE TICKER (1) ETN NAME Market Vectors- Market Vectors- Market Vectors- Market Vectors- Chinese Renminbi/ Indian Rupee/ Double Long Double Short USD ETN USD ETN Euro ETN Euro ETN UNDERLYING Chinese renminbi (yuan) Indian rupee euro euro CURRENCY ISSUER Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley ISSUER RATING (2) (S&P/MOODY'S) A+/A1 A+/A1 A+/A1 A+/A1 INCEPTION DATE 3/14/08 3/14/08 5/6/08 5/6/08 MATURITY DATE 3/31/20 3/31/20 4/30/20 4/30/20 ISSUER REPURCHASE Daily Daily Daily Daily MINIMUM SIZE FOR ISSUER REPURCHASE 50,000 ETNs 50,000 ETNs 50,000 ETNs 50,000 ETNs S&P Chinese Renminbi S&P Indian Rupee Double Long Double Short BENCHMARK INDEX Total Return Index Total Return Index Euro Index Euro Index INDEX TICKER SPCBCNY SPCBINR DLONGEUR DSHRTEUR REUTERS INDEX TICKER .SPCBCNY .SPCBINR .DLONGEUR .DSHRTEUR YAHOO FINANCE INDEX TICKER ^SPCBCNY ^SPCBINR ^URR ^DRR INDEX DESCRIPTION Total return index; seeks Total return index; seeks Total return index; seeks Total return index; seeks to track the performance to track the performance to replicate two-times to replicate two-times of rolling investments of rolling investments leveraged long exposure leveraged short exposure in short-term forward in short-term forward to the euro, plus a short- to the euro, plus a short- contracts in China's contracts in India's term deposit rate. term deposit rate. currency, the renminbi. currency, the rupee. EXCHANGE NYSE Arca NYSE Arca NYSE Arca NYSE Arca INVESTOR FEE (3) 0.55% 0.55% 0.65% 0.65% MORE INFORMATION marketvectorsETNs.com (1)Intraday Indicative Values, calculated and published by Bloomberg or a successor under the respective ticker symbols listed on this page, are meant to approximate the intrinsic economic value of each ETN. Intraday Indicative Values are for reference purposes only; not a price or quotation, or an offer or solicitation for purchase, sale, redemption, or termination. Intraday Indicative Values do not reflect transaction costs, credit considerations, market liquidity, or bid-offer spreads. Actual trading prices of ETNs may differ from their Intraday Indicative Values. (2) The ETNs are not rated and offer no principal protection. Investors in the ETNs are subject to the credit risk of the issuer, Morgan Stanley, for any amounts payable on the ETNs at maturity or upon any earlier repurchase. Morgan Stanley's senior debt credit rating from S&P set forth above is on negative outlook. (3) Investor fees accrue on a daily basis.

Market Vectors july 2008 Chinese Renminbi/USD ETN Product Description Market Vectors Currency Exchange-Traded Notes are senior, unsecured debt securities issued by Morgan Stanley that deliver exposure to the exchange rate of a specific foreign currency. The Market Vectors-Chinese Renminbi/USD ETN seeks to track the performance of the S&P Chinese Renminbi Total Return Index (SPCBCNY), less investor fees(3). Investors may trade the ETN on an exchange at market price or receive, at maturity or upon early redemption(1), a cash payment from the issuer based on Index performance, less investor fees(3). (1) Investors must make a request to redeem at least 50,000 units of the Market Vectors-Chinese Renminbi/USD ETN directly to the issuer, Morgan Stanley, subject to the procedures described in the relevant prospectus. Features and Benefits EASY ACCESS MAJOR WORLD CURRENCY INDEX SEEKS TO TRACK provides exposure to participate in the currency the CurrenCy RMB market in the of one of the world's achieved by currency form of a single largest and most important forward contracts plus securities transaction countries short term deposits Performance History (%) life* 1mo yt D 1yr 3yr 5yr AS OF JULY 31, 2008 INDEX (SPCBCNY) -0.55% -0.40% 1.94% 4.98% n.a. n.a. ETN (CNY) 0.00% 0.23% n.a. n.a. n.a. n.a. (*)Commencement Date: March 14, 2008 The performance quoted represents historical performance and is not an indication that the return on the ETN or the underlying index is more or less likely to increase or decrease at any time during the term of the ETN. There can be no assurance that the future performance of the ETNor the index will result in holders of the ETN receiving a positive return on their investment. " ETN returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern Time expressed as a percentage from the beginning of the relevant pe riod to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market returns do not account for brokerage commissions which will reduce actual returns. " For all periods prior to March 12, 2008 (the date S&P began publication of the Index), the closing value of the Index used in t his table are hypothetical values retrospectively calcu-lated by S&P u sing the same methodology as is currently employed for calculating th e Index, based on historical data. (3) The Investor Fee is equal to 0.55% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the ince ption date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee wil l increase by amount equal to 0.55% times the principal amount of your ETNs times the Index Factor on that day (o r, if such day is not an index business day, the Index Factor on the immediately preceding index business day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index value on that day divided by the initial index level. The initial index level is the value of the Index on the inception date. Product Details TICKER CNY INTRADAY INDICATIVE CNYIV VALUE TICKER (2) MARKET CAP $67.8M INCEPTION DATE 03/14/08 MATURITY DATE 03/31/20 YEARLY INVESTOR FEE (3) 0.55% EXCHANGE NYSE ARCA Associated Risks CURRENCY RISK currency markets are volatile and can go up or down rapidly; ETNs offer no principal protection ISSUER DEFAULT RISK not secured debt; subject to credit risk POLICY RISK change in Chinese foreign exchange policy could cause drop in value NON-DIVERSIFICATION RISK susceptible to single market events TRACKING RISK index may deviate substantially from the spot exchange rate (2) Intraday Indicative Values, calculated and published by Bloomberg or a successor under the respective ticker symbols listed on this page, are meant to approximate the intrinsic economic value of each ETN. Intraday Indica-tive Values are for refer ence purposes only; not a price or quotation, or an offer or solicita-tion for purchase, sale, redemption, or termi-nation. Intraday Indicative Values do not re-flect transaction costs, credit considerations, market liquidity, or bid-offer spreads. Actual trading prices of ETNs may differ from their Intraday Indicative Values. ETN TICKER CNY 1.888. MKT.VCTR WWW.MARKETVECTORSETNS.COM/CNY

INDEX DESCRIPTION S&P CHINESE RENMINBI TOTAL RETURN INDEX, seeks to track the performance of rolling investments in short-term forward contracts in China's currency, the renminbi, plus a short-term deposit rate INDEX TICKER SPCBCNY REUTERS TICKER .SPCBCNY Issuer Details ISSUER MORGAN STANLEY S&P RATING A+ MOODY'S RATING A1 The ETNs are not rated and offer no principal protection. Investors in the ETNs are subject to the credit risk of the issuer, Morgan Stanley, for any amounts payable on the ETNs at maturity or upon any earlier redempt ion. Morgan Stanley's senior debt credit rating from S&P set forth above is on negative outlook. The CNY ETNs are senior unsecured debt obligations of Morgan Stanley that do not pay interest or guarantee the return of principal. The amount investors will be paid on their CNY ETNs at maturity or on any earlier repurchase date will depend on the index closing value of the underlying index on the applicable valuation date(s) and on the amount of investor fees that will have accumulated with respect to the CNY ETNs. Because the investor fees reduce the amount of payment you may receive at maturity or upon any earlier repurchase, the level of the underlying index on the applicable valuation date(s) must increase sufficiently to compensate for the deduction of the investor fees in order for you to receive at least the stated principal amount of your CNY ETNs at maturity or upon our earlier repurchase. In order to require the issuer to repurchase the Market Vectors Cur rency ETNs, investors must make the request with respect to at least 50,000 Mar ket Vectors Currency ETNs. Depending on the index level on the applicable valuation date(s), investors could lose a substantial portion or even all of their investment. CNY ETNs can be bought and sold through your broker at any time and will be subject to brokerage commissions. CNY ETNs are subject to significant risk of loss. Risks include exposure to: a single, government-controlled currency exchange rate; differences between the currency forward contracts track ed by the underlying index and the official spot rate; changes in the volatility of the underlying index; changes in the currency markets during hours when the CNY ETNs are not trading; cha nges in interest rate levels; government intervention in the currency markets; geopolitical c onditions and economic, financial, regulatory, political, judicial or other events that affect the foreign exchange markets; and Morgan Stanley's creditworthiness. In addition, currency markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculat ors and government regulation and intervention. As a result, the m arket value of the CNY ETNs will vary and may be less than the original issue price at any time over the term of the ETN s. "Standard & Poor's([R])" and "S&P([R])," are trademarks of The McGraw Hill Companies, Inc. and have been licensed for use by Morgan Stanley. The CNY ETNs are not spons ored, endorsed, sold or promoted by The McGraw-Hill Companies, Inc., and The McGraw-Hill Compa nies, Inc. makes no representation regarding the advisability of investing in the CNY ETNs . Morgan Stanley, the issuer of the Market Vectors Currency ETNs, has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you in vest, you should read the prospectus in that registration statement a nd other documents Morgan Stanley has filed with the SEC for more compl ete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get these documents for free by visiting the Van Eck Securities Corporation Web site at[ ]www.marketvectorsETNS. com or EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.888. MKT.VCTR; you may also request a copy from Morgan Stanley or any other dealer par ticipating in this offer. Van Eck Securities Corporation is the exclusive marketer of the CNY ETNs. 2 Year Index Statistics CORRELATION (TO S&P 500) -0.49 CORRELATION (TO LEHMAN AGGREGATE BOND INDEX) 0.28 CORRELATION (TO MSCI EAFE INDEX) -0.46 CORRELATION (TO DOW JONES AIG INDEX) 0.22 CORRELATION (TO U.S. DOLL AR AS MEASURED BY DXY) -0.37 VOLATILITY(5) 2.08 (5) Volatility is the annualized standard deviation of monthly returns. Currency Performance History Past performance does not guarantee future results. This chart is for illustrative purposes only and does not represent actual CNY ETNs performance. Index performance does not reflect investor fees. For current Index and CNY ETNs performance, go to www.marketvectorsETNs.com/CNY. FundData For more Information CHINESE RENMINBI/USD ETN WWW.MARKETVECTORSETNS .COM/CNY S&P CHINESE RENMINBI TOTAL RETURN INDEX WWW.MARKETVECTORSETNS .COM/SPCBCNY ETN TICKER CNY 1.888. MKT.VCTR WWW.MARKETVECTORSETNS.COM/CNY MARKET VECTORS CHINESE RENMINBI/USD ETN

Market Vectors JULY 2008 Indian Rupee/USD ETN Product Description Market Vectors Currency Exchange-Traded Notes are senior, unsecured debt securities issued by Morgan Stanley that deliver exposure to the exchange rate of a specific foreign currency. The Market Vectors-Indian Rupee/USD ETN seeks to track the performance of the S&P Indian Rupee Total Return Index (SPCBINR), less investor fees(3). Investors may trade the ETN on an exchange at market price or receive, at maturity or upon early redemption(1), a cash payment from the issuer based on Index performance, less investor fees(3). (1) Investors must make a request to redeem at least 50,000 units of the Market Vectors-Indian Rupee/USD ETN directly to the issuer, Morgan Stanley, subject to the procedures des cribed in the relevant prospectus. Features and Benefits EASY ACCESS MAJOR WORLD CURRENCY INDEX SEEKS TO TRACK provides exposure to participate in the currency THE CURRENCY rupee market in the of one of the world's achieved by currency form of a single largest and most important forward contracts plus securities transaction countries short term deposits Performance History (%) LIFE* 1MO Y TD 1YR 3YR 5YR A S OF JULY 31, 2008 INDEX (SPCBINR) -2.10% 3.96% -4.21% 1.13% 7.98% 7.20% ETN (INR) -2.33% 2.44% n.a. n.a. n.a. n.a. (*)Commencement Date: March 14, 2008 The performance quoted represents historical performance and is not an indication that the return on the ETN or the underlying index is more or less likely to increase or decrease at any time during the term of the ETN. There can be no assurance that the future performance of the ETNor the index will result in holders of the ETN receiving a positive return on their investment. " ETN returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern Time expressed as a percentage from the beginning of the relevant pe riod to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market returns do not account for brokerage commissions which will reduce actual returns. " For all periods prior to March 12, 2008 (the date S&P began publication of the Index), the closing value of the Index used in t his table are hypothetical values retrospectively calcu-lated by S&P u sing the same methodology as is currently employed for calculating th e Index, based on historical data. (3) The Investor Fee is equal to 0.55% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the ince ption date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee wil l increase by amount equal to 0.55% times the principal amount of your ETNs times the Index Factor on that day (o r, if such day is not an index busniess day, the Index Factor on the immediately preceding index business day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index value on that day divided by the initial index level. The initial index level is the value of the Index on the inception date. Product Details TICKER INR INTRADAY INDICATIVE INRIV VALUE TICKER (2) MARKET CAP $3.9M INCEPTION DATE 03/14/08 MATURIT Y DATE 03/31/20 YEARLY INVESTOR FEE(3) 0.55% EXCHANGE NYSE ARCA Associated Risks CURRENCY RISK currency markets are volatile and can go up or down rapidly; ETNs offer no principal protection ISSUER DEFAULT RISK not secured debt; subject to credit risk POLICY RISK change in Indian foreign exchange policy could cause drop in value NON-DIVERSIFICATION RISK susceptible to single market events TRACKING RISK index may deviate substantially from the spot exchange rate (2) Intraday Indicative Values, calculated and pub-lished by Bloomberg or a successor under the respective ticker symbols listed on this page, are meant to approximate the intrinsic eco-nomic value of each ETN. Intraday Indicative Values are for reference purposes only; not a price or quotation, or an offer or solicitation for purchase, sale, redemption, or termination. Intraday Indicative Values do not reflect trans-action costs, credit considerations, market liquidity, or bid-offer spreads. Actual trading prices of ETNs may differ from their Intraday Indicative Values. ETN TICKER INR 1.888. MKT.VCTR WWW.MARKETVECTORSETNS.COM/INR

Index Description S&P INDIAN RUPEE TOTAL RETURN INDEX, seeks to track the performance of rolling investments in short-term forward contracts in India's currency, the rupee, plus a short-term deposit rate INDEX TICKER SPCBINR REUTERS TICKER .SPCBINR Issuer Details ISSUER MORGAN STANLEY S&P RATING A+ MOODY'S RATING A1 The ETNs are not rated and offer no principal protection. Investors in the ETNs are subject to the credit risk of the issuer, Morgan Stanley, for any amounts payable on the ETNs at maturity or upon any earlier redemption. Morgan Stanley's senior debt credit rat-ing from S&P set forth above is on nega-tive outlook. The INR ETNs are senior unsecured debt obligations of Morgan Stanley that do not pay interest or guarantee the return of principal. The amount investors will be paid on their INR ETNs at maturity or on any earlier repurchase date will depend on the index closing value of the underlying index on the applicable valuation date(s) and on the amount of investor fees that will have accumulated with respect to the INR ETNs. Because the investor fees reduce the amount of payment you may receive at maturity or upon any earlier repurchase, the level of the underlying index on the applicable valuation date(s) must increase sufficiently to compensate for the deduction of the investor fees in order for you to receive at least the stat-ed principal amount of y our INR ETNs at maturity or upon our earlier repurchase. In order to require the issuer to repur-chase the Market Vectors Cur rency ETNs, investors must make the request with re-spect to at least 50,000 Mar ket Vectors Currency ETNs. Depending on the index level on the applicable valuation date(s), investors could lose a substantial portion or even all of their investment. INR ETNs can be bought and sold through your broker at any time and will be sub-ject to brokerage commission s. 3 Year Index Statistics CORRELATION (TO S&P 500) 0.43 CORRELATION (TO LEHMAN AGGREGATE BOND INDEX) 0.11 CORRELATION (TO MSCI EAFE INDEX) 0.37 CORRELATION (TO DOW JONES AIG INDEX) -0.17 CORRELATION (TO U.S. DOLLAR AS MEASURED BY DXY) -0.15 VOLATILITY (5) 6.63 (5) Volatility is the annualized standard deviation of monthly returns. Currency Performance History [GRAPH] The index has increased an annualized 8.0% since January 2003 (as of July 31, 2008). Past performance does not guarantee future results. This chart is for illustrative purposes only and does not represent actual INR ETNs performance. Index performance does not reflect inves-tor fees. For current Index and INR ETNs per formance, go to www.marketvectorsETNs.com/INR. For more Information INDIAN RUPEE/USD ETN WWW.MARKETVECTORSETNS.COM/INR S&P INDIAN RUPEE TOTAL RETURN INDEX WWW.MARKETVECTORSETNS.COM/SPCBINR INR ETNs are subject to significantrisk of loss. Risks include exposure to: a single currency exchange rate; differences between the currency forward contracts track ed by the underlying index and the official spot rate; changes in the volatility of the underlying index; changes in the currency markets during hours when the INR ETNs are not trading; cha nges in interest rate lev-els; government intervention in the currency markets; geopolitical conditions and economical, financial, regulatory, political, judicial or other events that affect the foreign exchange markets; and Morgan Stanley's creditworthiness. In addition, currency markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculat ors and government regula-tion and intervention. As a result, the m arket value of the INR ETNs will vary and may be less than the original issue price at any time over the term of the ETN s. "Standard & Poor's(R)" and "S&P(R)," are trademarks of The McGraw- Hill Companies, Inc. and have been licensed for use by Morgan Stanley. The INR ETNs are not spons ored, endorsed, sold or promoted by The McGraw-Hill Companies, Inc., and The McGraw-Hill Compa nies, Inc. makes no representation regarding the advisability of investing in the INR ETNs . Morgan Stanley, the issuer of the Market Vectors Currency ETNs, has filed a registration state-ment (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registratio n statement and other docu-ments Morgan Stanley has filed with the S EC for more complete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get t hese documents for free by visiting the Van Eck Securities Corporation Web site at www.marketvect orsETNS.com or EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.888. MKT.VCTR; you may also request a copy from Morgan Stanley or any other dealer participating in this offer. Van Eck Securities Corporation is the exclusive marketer of the INR ETNs. ETN TICKER INR 1.888. MKT.VCTR WWW.MARKETVECTORSETNS.COM/INR MARKET VECTORS INDIAN RUPEE/USD ETN

July 2008 Double Long Euro ETN Product Description Market Vectors Currency ETNs are senior, unsecured debt securities issued by Morgan Stanley that deliver exposure to the exchange rate of a specific foreign currency. The Market Vectors-Double Long Euro ETN seeks to track the performance of the Double Long Euro Index (DLONGEUR), less investor fees(3). The Index is intended to be an investable alternative to a two-times leveraged, long investment in the value of the euro relative to the U.S. dollar. As the Index is two-times leveraged, for every 1% strengthening of the euro relative to the U.S. dollar, the level of the Index will generally increase by 2%, while for every 1% weakening of the euro relative to the U.S. dollar, the Index will generally decrease by 2%. Investors may trade the ETN on an exchange at market price or receive, at maturity (including upon acceleration of the ETNs) or upon early redemption(1), a cash payment from the issuer based on Index performance, less investor fees(3). 1 Investors must make a request to redeem at least 50, 000 units of the Market Vectors-Double Long Euro ETN directly to the issuer, Morgan Stanley, subject to the proced ures described in the relevant prospectus. Features and Benefits 2x long exposure Efficient Leverage Reset Daily designed to double any express a leveraged index provides 2X appreciation of the euro(1) bullish view on the euro leveraged long exposure (1)investors are also exposed in a single securities to the value to 2X any depreciation transaction of the euro, Performance History (%) as of july 31, 2008 life* 1mo ytD 1yr 3yr(4) 5yr(4) index (Dlongeur) 2.14% -1.40% 17.28% 34.72% 20.40% 15.95% etn (urr) 2.05% -1.31% n.a. n.a. n.a. n.a. (*)Commencement Date: May 06, 2008 (4)Annualized The performance quoted represents historical performance and is not an indication that the return on the ETN or the underlying index is more or less likely to increase or decre ase at any time during the term of the ETN. There can be no assurance that the future performance of the ETN or the index will result in holders of the ETN receiving a positive return on their investment. ETN returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern Time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market returns do not account for brokerage commissions which will reduce actual returns. For all periods prior to May 1, 2008 (the date S&P began publication of the Index), the closing value of the Index used in this table are hypothetical values retrospectively calculated by Morgan Stanley using the same methodology as is currently employed for calculating the Index, based on historical data. 3 The Investor Fee is equal to 0.65% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee will increase by an amount equal to 0.65% times the principal amount of your ETNs times the Index Factor on that day (or, if such day is not an index business day, the Index Factor on the immediately preceding index business day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date. Product Details ticker urr intraDay inDiCative urriv value tiCker(2) market Cap $4.1m inception date 05/06/08 maturity date 04/30/20 yearly investor fee(3) 0.65% exchange nyse arca Associated Risks Leverage risk 2X leverage will magnify losses as well as gains Currency risk currency markets are volatile and can go up or down rapidly; ETNs offer no principal protection Issuer default risk not secured debt; subject to credit risk Non-DiversifiCation risk susceptible to single market events Tracking risk high volatility and effects of interest rates in the U.S. and Europe may cause Index return to deviate from a 2X leveraged long exposure to the spot exchange rate 2 Intraday Indicative Values, calculated and published by Bloomberg or a successor under the ticker symbol listed on this page, are meant to approximate the intrinsic economic value of each ETN. Intraday Indicative Values are for reference purposes only; they are not a price or quotation, or an offer or solicitation for purchase, sale, redemption, or termination. Intraday Indicative Values do not reflect transaction costs, credit considerations, market liquidity, or bid-offer spreads. Actual trading prices of ETNs may differ from their Intraday Indicative Values. etn ticker urr 1.888.mkt.vctr marketveCtorsetns.Com/urr

Index Description Double long euro index is intended to be an investable alternative to a two-times leveraged long investment in the value of the euro relative to the U.S. dollar. Index Ticker Dlongeur Reuters Ticker .Dlongeur 3 Year Index Statistics Correlation (to S&P 500) -0.13 Correlation (to Lehman Aggregate Bond Index) 0.28 Correlation (to MSCI EAFE Index) 0.10 Correlation (to Dow Jones AIG Index) 0.41 Correlation (to U.S. dollar as measured by DXY) -0.97 Volatility(5) 12.50 5 Volatility is the annualized standard deviation of monthly returns. Issuer Details Issuer Morgan Stanley S&P rating a+ Moody's rating a1 For Information double long euro ETN marketvectorsetns.com/urr double long euro Index marketvectorsetns.com/Dlongeur The ETNs are not rated and offer no principal protection. Investors in the ETNs are subject to the credit risk of the issuer, Morgan Stanley, for any amounts payable on the ETNs at maturity (including upon acceleration) or upon any earlier redemption. Morgan Stanley's senior debt credit rating from S&P set forth above is on negative outlook. The Market Vectors Currency ETNs are senior unsecured debt obligations of Morgan Stanley that do not pay interest or guarantee the return of principal. The amount investors will be paid on their Market Vectors Currency ETNs at maturity or on any earlier repurchase date will depend on the index closing value of the underlying index on the applicable valuation date(s) and on the amount of investor fees that will have accumulated with respect to the Market Vectors Currency ETNs. Because the investor fees reduce the amount of payment you may receive at maturity or upon any earlier repurchase, the level of the underlying index on the applicable valuation date(s) must increase sufficiently to compensate for the deduction of the investor fees in order for you to receive at least the amount of your initial investment in the Market Vectors Currency ETNs at maturity or upon our earlier repurchase. In order to require the issuer to repurchase the Market Vectors Currency ETNs, investors must make the request with respect to at least 50,000 Market Vectors Currency ETNs. Depending on the index level on the applicable valuation date(s), investors could lose a substantial portion or even all of their investment. If the closing indicative value of the Market Vectors-Double Long Euro ETNs is less than or equal to $1.00 per ETN for any index business day, the maturity date of the ETNs will be accelerated the ETNs will return only a de minimis amount, or zero. Market Vectors Currency ETNs can be bought and sold through your broker at any time and will be subject to brokerage commissions. Market Vectors-Double Long Euro ETNs are subject to significant risk of loss. Risks include leveraged exposure to: single currency exchange rates; changes in the volatility of the underlying index; changes in the currency markets during hours when the Market Vectors Currency ETNs are not trading; changes in interest rate levels; government intervention in the currency markets; geopolitical conditions and economic, financial, regulatory, political, judicial or other events that affect the foreign exchange markets; and Morgan Stanley's creditworthiness. Interest rates will also impact the level of the index, which will be adversely affected if the interest rate on U.S. dollars is greater than the interest rate on euros at any time during the term of the ETNs and this interest rate differential is not offset by movements in the spot exchange rate. In addition, the daily rebalancing of the index may dampen the positive effect on the index level of increases in the euro's value relative to the U.S. dollar, or it may amplify the negative impact on the index level of decreases in the euro's value relative to the U.S. dollar. In addition, currency markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government regulation and intervention. As a result, the market value of the Market Vectors Currency ETNs will vary and may be less than the amount of your initial investment at any time over the term of the ETNs. Leveraged investment strategies involve additional significant risk. Any movement in the spot exchange rate or any differential between short term interest rates will have a two-times leveraged impact on the index. Morgan Stanley, the issuer of the Market Vectors Currency ETNs, 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 Morgan Stanley has filed with the SEC for more complete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get these documents for free by visiting the Van Eck Securities Corporation Web site at www.marketvectorsETNS.com or EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.888.MKT.VCTR; you may also request a copy from Morgan Stanley or any other dealer participating in this offer. Van Eck Securities Corporation is the exclusive marketer of the Market Vectors Currency ETNs. etn ticker urr 1.888. mkt.vctr marketveCtorsetns.Com/urr

July 2008 Double Short Euro ETN Product Description Market Vectors Currency ETNs are senior, unsecured debt securities issued by Morgan Stanley that deliver exposure to the exchange rate of a specific foreign currency. The Market Vectors-Double Short Euro ETN seeks to track the performance of the Double Short Euro Index (DSHRTEUR), less investor fees(3). The Index is intended to be an investable alternative to a two-times leveraged, short investment in the value of the euro relative to the U.S. dollar. As the Index is two-times leveraged, for every 1% weakening of the euro relative to the U.S. dollar, the level of the Index will generally increase by 2%, while for every 1% strengthening of the euro relative to the U.S. dollar, the Index will generally decrease by 2%. Investors may trade the ETN on an exchange at market price or receive, at maturity (including upon acceleration of the ETNs) or upon early redemption(1), a cash payment from the issuer based on Index performance, less investor fees(3). 1 Investors must make a request to redeem at least 50,000 units of the Market Vectors-Double Short Euro ETN directly to the issuer, Morgan Stanley, subject to the procedures described in the relevant prospectus. Features and Benefits 2X short Exposure Efficient Leverage Reset Daily designed to double short position express a leveraged index provides 2X gains on a depreciating euro(1) bearish view on the leveraged short exposure (1)investors are also exposed to 2X short euro in a single to the value of the euro, position losses on an appreciating euro securities transaction reset daily Performance History (%) as oF july 31, 2008 liFE* 1mo yTD 1yr 3yr(4) 5yr(4) iNDEX (DshrTEur) -1.82% 1.58% -13.46% -22.19% -11.19% -10.35% ETN (Drr) -1.72% 1.60% n.a. n.a. n.a. n.a. *Commencement Date: May 06, 2008 (4)Annualized The performance quoted represents historical performance and is not an indication that the return on the ETN or the underlying index is more or less likely to increase or decrease at any time during the term of the ETN. There can be no assurance that the future performance of the ETN or the index wi ll result in holders of the ETN receiving a positive return on their investment. ETN returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern Time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market returns do not account for brokerage commissions which will reduce actual returns. For all periods prior to May 1, 2008 (the date S&P began publication of the Index), the closing value of the Index used in this table are hypothetical values retrospectively calculated by Morgan Stanley using the same methodology as is current ly employed for calculating the Index, based on historical data. 3 The Investor Fee is equal to 0.65% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee wil l increase by an amount equal to 0.65% times the principal amount of your ETNs times the Index Factor on that day (or, if such day is not an index business day, the Index Factor on the immediately preceding index business day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date. Product Details Ticker DRR Intraday indicative DRRIV Value Ticker(2) Market Cap $15.8M Inception Date 05/06/08 Maturity Date 04/30/20 Yearly Investor Fee(3) 0.65% Exchange NYSE Arca Associated Risks Leverage risk 2X leverage will magnify losses as well as gains Currency risk currency markets are volatile and can go up or down rapidly; ETNs offer no principal protection Issuer Default Risk not secured debt; subject to credit risk Non-Diversification Risk susceptible to single market events Tracking Risk high volatility and effects of interest rates in the U.S. and Europe may cause Index return to deviate from a 2X leveraged short exposure to the spot exchange rate 2 Intraday Indicative Values, calculated and published by Bloomberg or a successor under the ticker symbol listed on this page, are meant to approximate the intrinsic economic value of each ETN. Intraday Indicative Values are for reference purposes only; they are not a price or quotation, or an offer or solicitation for purchase, sale, redemption, or termina-tion. Intraday Indicative Values do not reflect transaction costs, credit considerations, market liquidity, or bid-offer spreads. Actual trading prices of ETNs may differ from their Intraday Indicative Values. ETN Ticker Drr 1.888. mkt.vctr marketvectorsETNs.com/Drr

Index Description Double short Euro Index is intended to be an investable alternative to a two-times leveraged short investment in the value of the euro relative to the U.S. dollar. Index Ticker DshrTEur Reuters Ticker .DshrTEur 3 Year Index Statistics Correlation (to S&P 500) 0.17 Correlation (to Lehman Aggregate Bond Index) -0.26 Correlation (to MSCI EAFE Index) -0.08 Correlation (to Dow Jones AIG Index) -0.42 Correlation (to U.S. dollar as measured by DXY) 0.96 Volatility(5) 12.06 5 Volatility is the annualized standard deviation of monthly returns. Issuer Details Issuer Morgan Stanley S&P Rating a+ Moody's Rating a1 For Information double short euro ETN marketvectorsETNs.com/Drr double short euro Index marketvectorsETNs.com/DshrTEur The ETNs are not rated and offer no principal protection. Investors in the ETNs are subject to the credit risk of the issuer, Morgan Stanley, for any amounts payable on the ETNs at maturity (including upon acceleration) or upon any earlier redemption. Morgan Stanley's senior debt credit rating from S&P set forth above is on negative outlook. The Market Vectors Currency ETNs are senior unsecured debt obligations of Morgan Stanley that do not pay interest or guarantee the return of principal. The amount investors will be paid on their Market Vectors Currency ETNs at maturity or on any earlier repurchase date will depend on the index closing value of the underlying index on the applicable valuation date(s) and on the amount of investor fees that will have accumulated with respect to the Market Vectors Currency ETNs. Because the investor fees reduce the amount of payment you may receive at maturity or upon any earlier repurchase, the level of the underlying index on the applicable valuation date(s) must increase sufficiently to compensate for the deduction of the investor fees in order for you to receive at least the amount of your initial investment in the Market Vectors Currency ETNs at maturity or upon our earlier repurchase. In order to require the issuer to repurchase the Market Vectors Currency ETNs, investors must make the request with respect to at least 50,000 Market Vectors Currency ETNs. Depending on the index level on the applicable valuation date(s), investors could lose a substantial portion or even all of their investment. If the closing indicative value of the Market Vectors-Double Short Euro ETNs is less than or equal to $1.00 per ETN for any index business day, the maturity date of the ETNs will be accelerated and the ETNs will return only a de minimis amount, or zero. Market Vectors Currency ETNs can be bought and sold through your broker at any time and will be subject to brokerage commissions. Market Vectors-Double Short Euro ETNs are subject to significant risk of loss. Risks include leveraged exposure to: single currency exchange rates; changes in the volatility of the underlying index; changes in the currency markets during hours when the Market Vectors Currency ETNs are not trading; changes in interest rate levels; government intervention in the currency markets; geopolitical conditions and economic, financial, regulatory, political, judicial or other events that affect the foreign exchange markets; and Morgan Stanley's creditworthiness. Interest rates will also impact the level of the index, which will be adversely affected if the interest rate on euros is greater than the interest rate on U.S. dollars at any time during the term of the ETNs and this interest rate differential is not offset by movements in the spot exchange rate. In addition, the daily rebalancing of the index may dampen the positive effect on the index level of decreases in the euro's value relative to the U.S. dollar, or it may amplify the negative impact on the index level of increases in the euro's value relative to the U.S. dollar. In addition, currency markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government regulation and intervention. As a result, the market value of the Market Vectors Currency ETNs will vary and may be less than the amount of your initial investment at any time over the term of the ETNs. Leveraged investment strategies involve additional significant risk. Any movement in the spot exchange rate or any differential between short term interest rates will have a two-times leveraged impact on the index. Morgan Stanley, the issuer of the Market Vectors Currency ETNs, has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication re-lates. Before you invest, you should read the prospectus in that registration statement and other documents Morgan Stanley has filed with the SEC for more complete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get these documents for free by visiting the Van Eck Securities Corporation Web site at www. marketvectorsETNS.com or EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.888. MKT.VCTR; you may also request a copy from Morgan Stanley or any other dealer participating in this offer. Van Eck Securities Corporation is the exclusive marketer of the Market Vectors Currency ETNs. ETN TickEr Drr 1.888. mkT.vctr marketvectorsETNs.com/Drr