Morgan Stanley Capital Trust III Preferred 6 1/4%

S&P Rating   NR   Moodys Rating   NR

Security Ticker Symbol   MWR

Market Traded ON   NASDAQ

Interest Payment Paid on the 9th of February, May, August and November beginning on 06/01/2003

Quarterly Interest   .39   Annual Interest   1.56

Securities may be redeemed, at the issuers option, as early as 03/01/2008 for a redemption price of $25/share plus accrued interest

Distribution Payment Will NOT be a Qualified Distributions — Payment is treated as interest not a dividend.

Maturity Date   03/01/2033

Company Investor Relations Page for Morgan Stanley

Below you can find the offering Prospectus and Final Pricing Document