09:48     <04917>,<04918>,<04921>&<04922> - Announcement (1)                  

    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe       
    for the Warrants described below.                                         
                                                                              
    The Stock Exchange of Hong Kong Limited (the `Stock Exchange') takes      
    no responsibility for the contents of this announcement, makes no         
    representation as to its accuracy or completeness and expressly           
    disclaims any liability whatsoever for any loss howsoever arising         
    from or in reliance upon the whole or any part of the contents of         
    this announcement.                                                        
                                                                              
    400,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    (`Series A')                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    (`Series B')                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    (`Series C')                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    (`Series D')                                                              
    Issued by                                                                 
    MSDW ASIA SECURITIES PRODUCTS LLC                                         
    (incorporated with limited liability in the Cayman Islands)               
                                                                              
    Unconditionally and irrevocably guaranteed by                             
                                                                              
    Morgan Stanley                                                            
    (Incorporated under the laws of the State of Delaware, USA)               
                                                                              
    Sponsor                                                                   
    MORGAN STANLEY DEAN WITTER ASIA LIMITED                                   
                                                                              
    Manager                                                                   
    MORGAN STANLEY & CO. INTERNATIONAL LIMITED                                
                                                                              
    MSDW Asia Securities Products LLC (the `Issuer') announces its            
    intention to issue the series of Warrants detailed below (the             
    `Warrants').                                                              
                                                                              
    Index    Warrants Issue    Expiry   Board    Strike   Exercise Divisor    
                      Price    Date     Lot      Level     Amount             
    Hang     Series   HK$0.25  November 10,000   13,200   10,000   4,720      
    Seng     A                  29,                       Warrants            
    Index                      2005                                           
    Hang     Series   HK$0.25  December 10,000   12,800   10,000   5,940      
    Seng     B                  29,                       Warrants            
    Index                      2005                                           
    Hang     Series   HK$0.25  November 10,000   13,600   10,000   2,770      
    Seng     C                  29,                       Warrants            
    Index                      2005                                           
    Hang     Series   HK$0.25  December 10,000   14,200   10,000   4,230      
    Seng     D                  29,                       Warrants            
    Index                      2005                                           
                                                                              
                                                                              
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in registered form and             
    exercisable only in the board lots specified above. In respect of         
    Series A, every 4,720 Warrants, respect of Series B, every 5,940          
    Warrants, in respect of Series C, every 2,770 Warrants and in respect     
    of Series D, every 4,230 Warrants and relate to one unit of the Index     
    specified above.                                                          
                                                                              
    In respect of Series A and Series B, every Exercise Amount will           
    entitle the holder on exercise thereof to receive from the Issuer a       
    payment of an amount in Hong Kong dollars calculated by the Issuer        
    (the `Cash Settlement Amount') equal to the excess of the Closing         
    Level over the Strike Level, multiplied by HK$1.00, further               
    multiplied by 10,000 and divided by the Divisor, less the Exercise        
    Expenses (as defined in the terms and conditions of the Series A          
    Warrants and the Series B Warrants).                                      
                                                                              
    In respect of Series C and Series D, every Exercise Amount will           
    entitle the holder on exercise thereof to receive from the Issuer a       
    payment of an amount in Hong Kong dollars calculated by the Issuer        
    (the `Cash Settlement Amount') equal to the excess of the Strike          
    Level over the Closing Level, multiplied by HK$1.00, further              
    multiplied by 10,000 and divided by the Divisor, less the Exercise        
    Expenses (as defined in the terms and conditions of the Series C          
    Warrants and the Series D Warrants).                                      
                                                                              
    The Closing Level for determining the Cash Settlement Amount of           
    Series A and Series C Warrants shall be the final settlement price        
    for settling the Hang Seng Index November 2005 Futures Contracts and      
    the Closing Level for determining the Cash Settlement Amount of           
    Series B and Series D Warrants shall be the final settlement price        
    for settling the Hang Seng Index December 2005 Futures Contracts.