Morgan Stanley (MS) 10-Q2003 Q3 Quarterly report

Filed: 14 Oct 03, 12:00am

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Readability	H.S. freshman Bad

New words: admitted, admitting, affordable, Allegheny, APB, artificially, awaiting, AWC, Cannon, captionedDacey, captionedShah, cautiously, censure, composite, defense, depressed, diminished, disqualify, encourage, entry, extensive, France, full, Goldman, Homestore, housing, imposition, incent, incentive, inception, InPfeiffer, intersegment, intrinsic, Italy, largest, Nevada, NYSE, Ohio, Pennsylvania, precisely, rallied, reallocated, reallocation, recognition, reconcile, retention, revelation, slower, steady, struggle, submitted, toIn, unusually, vesting, voluntary, Waiver, wrongdoing

Removed: acted, communication, demand, driven, electronic, exacerbated, extendible, facility, filing, foreseeable, initial, investigation, IPO, largely, purported, realizable, separately, supplemental

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Exhibit 23.3

LOGO

CONSENT OF AIRCLAIMS LIMITED

We hereby consent to the reference to us appearing in Note 12 to Morgan Stanley’s condensed consolidated financial statements included in Part I, Item 1 of Morgan Stanley’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2003 and to the incorporation by reference of that reference in the following Registration Statements of Morgan Stanley:

Filed on Form S-3:

Registration Statement No. 33-57202

Registration Statement No. 33-60734

Registration Statement No. 33-89748

Registration Statement No. 33-92172

Registration Statement No. 333-07947

Registration Statement No. 333-22409

Registration Statement No. 333-27881

Registration Statement No. 333-27893

Registration Statement No. 333-27919

Registration Statement No. 333-46403

Registration Statement No. 333-46935

Registration Statement No. 333-76111

Registration Statement No. 333-75289

Registration Statement No. 333-34392

Registration Statement No. 333-47576

Registration Statement No. 333-83616

Registration Statement No. 333-106789

Filed on Form S-4:

Registration Statement No. 333-25003

Filed on Form S-8:

Registration Statement No. 33-62374

Registration Statement No. 33-63024

Registration Statement No. 33-63026

Registration Statement No. 33-78038

Registration Statement No. 33-79516

Registration Statement No. 33-82240

Registration Statement No. 33-82242

Registration Statement No. 33-82244

Registration Statement No. 333-04212

Registration Statement No. 333-25003

Registration Statement No. 333-28141

Registration Statement No. 333-28263

Registration Statement No. 333-62869

Registration Statement No. 333-78081

Registration Statement No. 333-95303

Registration Statement No. 333-85148

Registration Statement No. 333-85150

Registration Statement No. 333-108223

AIRCLAIMS LIMITED

LOGO

Name: Edward Pieniazek

Title: Director, Consultancy & Information Services

October 14, 2003

LOGO

Airclaims Limited

Cardinal Point, Newall Road, Heathrow Airport, London TW6 2AS

Telephone (44) 020 8897 1066 Facsimile (44) 20 8897 0300 Telex 934679 http://www.airclaims.co.uk Registered

Head Office as above. Registered in England No. 710284. VAT Reg. No. GB 224 1906 87

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