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<SEC-DOCUMENT>0000950103-06-002657.txt : 20061122
<SEC-HEADER>0000950103-06-002657.hdr.sgml : 20061122
<ACCEPTANCE-DATETIME>20061122162156
ACCESSION NUMBER:		0000950103-06-002657
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20061122
DATE AS OF CHANGE:		20061122

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY
		CENTRAL INDEX KEY:			0000895421
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				363145972
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-131266
		FILM NUMBER:		061236740

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-761-4000

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER & CO
		DATE OF NAME CHANGE:	19980326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER DISCOVER & CO
		DATE OF NAME CHANGE:	19960315

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY
		CENTRAL INDEX KEY:			0000895421
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				363145972
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-761-4000

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER & CO
		DATE OF NAME CHANGE:	19980326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER DISCOVER & CO
		DATE OF NAME CHANGE:	19960315
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp04082_fwp-ps150.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="biglogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr width=100% size=2 noshade>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><I><FONT size=2 face="sans-serif">Preliminary
            Terms No. 150</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><I><FONT size=2 face="sans-serif">Registration
            Statement No. 333-131266</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><I><FONT size=2 face="sans-serif">Dated November
            22, 2006</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><I><FONT size=2 face="sans-serif">Rule 433</FONT></I></B> </TD>
  </TR>
</TABLE>
<P align="center"><B><FONT size=5 face="sans-serif">8.50% to 9.50% HITS</FONT></B><B><SUP><FONT size=5 face="sans-serif">SM </FONT></SUP></B><B><FONT size=5 face="sans-serif">Due January 20, 2008</FONT></B><br>
  <B><I><FONT size=4 face="sans-serif">(High Income Trigger Securities</FONT></I></B><B><SUP><FONT size=4 face="sans-serif">SM</FONT></SUP></B><B><I><FONT size=4 face="sans-serif">)</FONT></I></B><BR>
  <BR>
  <B><FONT size=5 face="sans-serif">I</FONT></B><B><FONT face="sans-serif">SSUED BY </FONT></B><B><FONT size=5 face="sans-serif">M</FONT></B><B><FONT face="sans-serif">ORGAN </FONT></B><B><FONT size=5 face="sans-serif">S</FONT></B><B><FONT
face="sans-serif">TANLEY</FONT></B><BR>
  <BR>
  <B><FONT size=5 face="sans-serif">B</FONT></B><B><FONT face="sans-serif">ASED ON THE </FONT></B><B><FONT size=5 face="sans-serif">C</FONT></B><B><FONT face="sans-serif">OMMON </FONT></B><B><FONT size=5 face="sans-serif">S</FONT></B><B><FONT
face="sans-serif">TOCK OF</FONT></B></P>
<P align="center">
<B><FONT size=5 face="sans-serif">ARCHER-DANIELS-MIDLAND COMPANY</FONT></B></P>
<P align="left">
<B><I><FONT size=2 face="sans-serif">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 </FONT></I></B><B><I><U><FONT size=2 face="sans-serif">www.sec.gov</FONT></U></I></B><B><I><FONT size=2 face="sans-serif">. 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 1-800-584-6837.</FONT></I></B></P>
<P align="left">
<B><I><FONT size=2 face="sans-serif">You may access these documents on the SEC web site at www.sec.gov as follows:</FONT></I></B></P>
<P align="left"><font size="2"><a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000965/dp02349_hits.txt"><font face="serif">Prospectus
Supplement for HITS dated March 30, 2006</font></a><font face="serif"><br>
<a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt">Prospectus
dated January 25, 2006</a></font></font></P>
<P align="left">
<font size="2"><B><FONT face="serif"></FONT></B></font></P>

<table border=0 cellspacing=0 cellpadding=0 width=100%>
  <tr valign="bottom">
    <td colspan="2" align=left><hr width=100% size=2 noshade color="#000066">
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=50%>&nbsp;</td>
    <td align=right width=50%><b><font color="#000066" size=3 face="serif">MORGAN
          STANLEY</font></b> </td>
  </tr>
</table>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="right">&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><FONT size=2 face="sans-serif">8.50% to 9.50%
          HITS due January 20, 2008</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><FONT size=2 face="sans-serif">Based on the
          Common Stock of</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
          Company</FONT></B></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><FONT color="#000066" size=4 face="sans-serif">Overview</FONT></B> </TD>
  </TR>
</TABLE>
<P align="left"><B><U><FONT face="sans-serif">H</FONT></U></B><B><FONT face="sans-serif">igh </FONT></B><B><U><FONT face="sans-serif">I</FONT></U></B><B><FONT face="sans-serif">ncome </FONT></B><B><U><FONT face="sans-serif">T</FONT></U></B><B><FONT
face="sans-serif">rigger </FONT></B><B><U><FONT face="sans-serif">S</FONT></U></B><B><FONT face="sans-serif">ecurities</FONT></B></P>
<P align="left">
<FONT face="sans-serif">HITS offer the opportunity to receive a periodic, above-market, fixed rate coupon in exchange for downside exposure to the common stock of an underlying company with little opportunity to participate in any upside. They are
for investors who want to receive above-market current income and who are not concerned about principal protection.</FONT></P>
<P align="left">
<B><FONT face="sans-serif">How HITS work</FONT></B></P>
<P align="left">
<FONT face="sans-serif">HITS pay a periodic, above-market, fixed rate coupon. At maturity, HITS will pay either the principal amount in cash, or, if the price of the common stock of the underlying company has decreased to or below a specified
trigger price during the term of the HITS, common stock of the underlying company at a specified exchange ratio. </FONT><B><FONT face="sans-serif">HITS are not principal protected and offer little potential for appreciation</FONT></B><FONT
face="sans-serif">. The value of any stock delivered at maturity per HITS may be less than the principal amount of the HITS, and may be zero. Unless the price of the common stock has decreased to or below the specified trigger price during the term
of the HITS and subsequently recovered to a level above the price of the common stock at the issue date of the HITS, investors will not receive the benefit of any increase in the value of the common stock over the term of the HITS. </FONT></P>
<P align="left">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          2 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><B><FONT size=2 face="sans-serif">8.50% to 9.50% HITS due
          January 20, 2008</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><B><FONT size=2 face="sans-serif">Based on the Common Stock
          of</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
          Company</FONT></B></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><B><FONT color="#000066" size=4 face="sans-serif">Fact
          Sheet</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<P align="left">
<I><FONT size=2 face="sans-serif">The HITS offered are senior unsecured obligations of Morgan Stanley, will pay a coupon of 8.50% to 9.50% per year and will have the terms described in the prospectus supplement for HITS and the prospectus, as
supplemented or modified by these preliminary terms. At maturity the HITS will pay either (i) an amount of cash equal to the principal amount of the HITS, or (ii) a number of shares of common stock of Archer-Daniels-Midland Company, if the trading
price of the common stock of Archer-Daniels-Midland Company decreases to or below the Trigger Price over the term of the HITS. The HITS do not guarantee any return of principal at maturity.</FONT></I></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=100%><P align="left"><B><FONT color="#000066" size=2 face="sans-serif">Expected
            Key Dates</FONT></B></P></TD>
  </TR>
  <TR>
    <TD><hr width=100% size=2 noshade color="#000066">
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellpadding=4 cellspacing=0>
<TR valign="bottom">
	<TD width=33% align=left valign="top">
<B><FONT size=2 face="sans-serif">Expected Pricing Date: </FONT></B><FONT size=2 face="sans-serif">December &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006</font></TD>
	<TD width=34% align=left valign="top">
<B><FONT size=2 face="sans-serif">Expected Issue Date: </FONT></B><FONT size=2 face="sans-serif">December , 2006 (5</FONT><FONT size=2 face="sans-serif"><br>
trading
days after the Pricing Date)</FONT></TD>
	<TD width=33% align=left valign="top">
<B><FONT size=2 face="sans-serif">Maturity Date: </FONT></B><FONT size=2 face="sans-serif">January 20, 2008</FONT>	</TD>
</TR>
</TABLE>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=100%><P align="left"><B><FONT color="#000066" size=2 face="sans-serif">Key
            Terms</FONT></B></P></TD>
  </TR>
  <TR>
    <TD><hr width=100% size=2 noshade color="#000066">
    </TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="1" cellspacing="0" cellpadding="4">
  <tr>
    <td width="33%" valign="top"><b><FONT size=2 face="sans-serif">Issuer: </font></b><FONT size=2 face="sans-serif">Morgan
    Stanley</font></td>
    <td width="34%" valign="top"><b><FONT size=2 face="sans-serif">Underlying Stock: </font></b><FONT size=2 face="sans-serif">Archer-Daniels-Midland<br>
      Company
    common stock (the &#147;ADM Stock&#148;)</font></td>
    <td width="33%" valign="top"><b><FONT size=2 face="sans-serif">Initial Underlying Stock
    Price: </font></b><FONT size=2 face="sans-serif">ADM Stock
    closing price on
    the Pricing Date</font></td>
  </tr>
</table>
<br>
<TABLE border=1 cellspacing=0 cellpadding=4>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Issue Price:</FONT></B></P>	</TD>
	<TD width=70%><P><FONT size=2 face="sans-serif">&#36;10 per HITS</FONT></P>

<P ALIGN="LEFT"><FONT size=2 face="sans-serif"><i>The
HITS will be issued at $10 per HITS and the agent&#146;s commissions will be $0.20 per
HITS; provided that the&nbsp;price to public and  the&nbsp;agent&#146;s commissions for
any single transaction to purchase between&nbsp;$1,000,000 to $2,999,999 principal amount
of HITS will be  $9.9625 per&nbsp;HITS and $0.1625 per&nbsp;HITS, respectively; for any
single transaction to purchase between&nbsp;$3,000,000 to&nbsp;$4,999,999&nbsp;principal
amount of HITS will be $9.9438&nbsp;per&nbsp;HITS and $0.14375 per&nbsp;HITS,
respectively; and for any single transaction to purchase&nbsp;$5,000,000 or  more
principal amount of HITS will be $9.9250 per&nbsp;HITS and $0.125 per&nbsp;HITS,
respectively.  Selling concessions allowed to dealers in  connection with the offering
may be reclaimed by the agent, if, within 30 days of the offering, the agent repurchases
the HITS  distributed by such dealers.</i></FONT></P>
</TD>
</TR>
<TR valign="top">
  <TD><b><font size=2 face="sans-serif">Stated Principal Amount (Par):</font></b></TD>
  <TD><font size=2 face="sans-serif">&#36;10 per HITS</font></TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Coupon:</FONT></B></P></TD>
	<TD width=70%><P><FONT size=2 face="sans-serif">8.50%-9.50% per annum, payable quarterly beginning April 20, 2007. The actual coupon rate will be determined on the Pricing Date.</FONT></P></TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Payment at Maturity:</FONT></B></P>	</TD>
	<TD width=70%><P><FONT size=2 face="sans-serif">If the Underlying Stock has not declined to or below the Trigger Price at any time up to and including the Determination Date, the Stated Principal Amount of &#36;10; otherwise a number of
shares of the Underlying Stock equal to the Exchange Ratio</FONT></P>	</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Exchange Ratio:</FONT></B></P>	</TD>
	<TD width=70%><P><FONT size=2 face="sans-serif">The Stated Principal Amount divided by the Initial Underlying Stock Price, subject to adjustments for corporate events</FONT></P>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30%>
<B><FONT size=2 face="sans-serif">Trigger Price:</FONT></B>	</TD>
	<TD align=left>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	<FONT size=2 face="sans-serif">(20%
below the Initial Underlying Stock Price)</font>			</TD>
  </TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Determination Date:</FONT></B></P>	</TD>
	<TD width=70%><P><FONT size=2 face="sans-serif">January 17, 2008 (2 trading days before the Maturity Date), subject to postponement in the event of certain market disruption events</FONT></P>	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=100%><P align="left"><B><FONT color="#000066" size=2 face="sans-serif">General
            Information</FONT></B></P></TD>
  </TR>
  <TR>
    <TD><hr width=100% size=2 noshade color="#000066">
    </TD>
  </TR>
</TABLE>
<br>
<TABLE border=1 cellspacing=0 cellpadding=4>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Listing:</FONT></B></P>	</TD>
	<TD width=70% colspan=1><P><FONT size=2 face="sans-serif">Application will be made to list the HITS on the American Stock Exchange under the ticker symbol &#147;AND&#148;, subject to meeting the listing requirements. We do not expect to announce
whether the HITS will meet such requirements prior to the pricing of the HITS. If accepted for listing, the HITS will begin trading the day after the Pricing Date.</FONT></P>	</TD>
</TR>
<TR valign="top">
  <TD><P><B><FONT size=2 face="sans-serif">CUSIP:</FONT></B></P></TD>
  <TD colspan=1><P><FONT size=2 face="sans-serif">61748A189</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P><B><FONT size=2 face="sans-serif">Minimum Ticketing Size:</FONT></B></P></TD>
  <TD colspan=1><P><FONT size=2 face="sans-serif">100 HITS</FONT></P></TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Tax Consideration:</FONT></B></P>	</TD>
	<TD width=70% colspan=1><P><FONT size=2 face="sans-serif">The U.S. federal income tax consequences of an investment in the HITS are uncertain. There is no direct legal authority as to the proper tax
treatment of the HITS, and the Issuer&#146;s counsel has not rendered an opinion as to their proper characterization for U.S. federal income tax purposes. Pursuant to the terms of the HITS and subject to the discussion in the accompanying prospectus
supplement for HITS under &#147;United States Federal Taxation,&#148; you agree with the Issuer to treat a HITS as a unit consisting of (i) an option granted by you to the Issuer, to enter into, upon the occurrence of certain events, a forward
contract pursuant to which you agree to purchase ADM Stock from the Issuer at maturity and (ii) a deposit with the Issuer of a fixed amount of cash to secure your obligation under the forward contract. Assuming the characterization of the HITS as
set forth above is respected, a portion of the coupon on the HITS will be treated as the Yield on the Deposit, and the remainder will be attributable to the Option Premium, as described in the section of the accompanying prospectus supplement for
HITS called &#147;United States Federal Taxation&#151;Tax Treatment of the HITS.&#148; The Yield on the Deposit will be determined as of the pricing date and set forth in the applicable pricing supplement to the accompanying prospectus supplement
for HITS.</FONT></P>
	  <P><FONT size=2 face="sans-serif">Please read the discussion under &#147;Risk
	      Factors </FONT><FONT size=2 face="sans-serif">&#8212; Structure Specific
      Risk Factors&#148; in these preliminary</FONT></P></TD>
</TR>
</TABLE>
<br>


<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          3 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE><br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><P align="right"> <B><FONT size=2 face="sans-serif">8.50%
            to 9.50% HITS due January 20, 2008</FONT></B><BR>
          <B><FONT size=2 face="sans-serif">Based on the Common Stock of</FONT></B><BR>
          <B><FONT size=2 face="sans-serif">Archer-Daniels-Midland Company</FONT></B></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD></TD>
  </TR>
</TABLE>
<br>
<br>

<TABLE border=1 cellspacing=0 cellpadding=4>
<TR valign="top">
	<TD width=30%>&nbsp;</TD>
	<TD width=70% colspan=1><P><FONT size=2 face="sans-serif">terms and the discussion under &#147;United States Federal Taxation&#148; in
the accompanying prospectus supplement for HITS concerning the U.S. federal income
tax consequences of investing in the HITS.</FONT></P>
      <P><B><FONT size=2 face="sans-serif">The Issuer does not render any advice on tax matters. This material is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the
taxpayer under U.S. federal tax laws. You are urged to consult your own tax advisors regarding all aspects of the U.S. federal tax consequences of investing in the HITS, as well as any tax consequences arising under the laws of any state, local or
foreign taxing jurisdiction.</FONT></B></P>	</TD>
</TR>
<TR valign="top">
  <TD><P><B><FONT size=2 face="sans-serif">Trustee:</FONT></B></P></TD>
  <TD colspan=1><P><FONT size=2 face="sans-serif">The Bank of New York (as successor
    Trustee to JPMorgan Chase Bank, N.A.)</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P><B><FONT size=2 face="sans-serif">Calculation Agent:</FONT></B></P></TD>
  <TD colspan=1><P><FONT size=2 face="sans-serif">Morgan Stanley &amp; Co. Incorporated
    (&#147;MS &amp; Co.&#148;)</FONT></P></TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="sans-serif">Contact:</FONT></B></P>	</TD>
	<TD width=70% colspan=1><P><FONT size=2 face="sans-serif">You may contact your local Morgan Stanley branch office or our principal executive offices at 1585 Broadway, New York, New York, 10036 (telephone number (866) 477-4776 / (914) 225-7000)</FONT></P>	</TD>
</TR>
</TABLE><BR>
<P align="left">
<I><FONT size=2 face="sans-serif">This offering summary represents a summary of the terms and conditions of the HITS. The Issuer encourages you to read the accompanying prospectus supplement for HITS and prospectus related to this
offering.</FONT></I></P>
<P align="left">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          4 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br><br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><P align="right"> <B><FONT size=2 face="sans-serif">8.50%
            to 9.50% HITS due January 20, 2008</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Based on the Common Stock
                    of</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
                    Company</FONT></B></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD></TD>
  </TR>
</TABLE>
<br>
<P align="right">
<B><FONT color="#000066" size=4 face="sans-serif">Key Benefits / Key Risks /<br>
Key Investment Rationale</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#000066">&nbsp;</font>
    <B><FONT color="#000066" size=2 face="sans-serif">Key Benefits</FONT></B>	</TD>
	<TD  width=4%><font color="#000066">&nbsp;</font></TD>
	<TD colspan="2"><font color="#000066">&nbsp;</font>
      <B><FONT color="#000066" size=2 face="sans-serif">Key Investment Rationale</FONT></B>	</TD>
  </TR>
<TR>
  <TD colspan="2"><font color="#000066">&nbsp;</font>
    <HR noshade size=1>	</TD>
	<TD width="4%"><font color="#000066">&nbsp;</font></TD>
	<TD colspan="2"><font color="#000066">&nbsp;</font>
      <HR noshade size=1>	</TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">8.50%-9.50% interest,
	    which is higher than the</FONT>      <FONT size=2 face="sans-serif">current dividend yield of 1.18% on ADM Stock.</FONT> </TD>
	<TD  width=4% align="left" valign="top">&nbsp;</TD>
	<TD  width=3% align="left" valign="top">&nbsp;	</TD>
	<TD width=45% align=left valign="top">
<B><FONT size=2 face="sans-serif">You may be interested in the HITS if you are:</FONT></B>	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">An income-oriented
    strategy linked to ADM Stock.</FONT></TD>
	<TD  width=4% align="left" valign="top">&nbsp;</TD>
	<TD  width=3% align="left" valign="top">&#8226; </TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">A current holder of
	    ADM Stock who, consistent with</FONT>	<FONT size=2 face="sans-serif">your
	    investment objectives, elects to switch into a  <FONT size=2 face="sans-serif">security
	    that provides a 8.50%-9.50% yield in lieu of</FONT>  <FONT size=2 face="sans-serif">appreciation
	    in ADM Stock.</FONT> </FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
	<TD  width=4% align="left" valign="top">&nbsp;</TD>
	<TD  width=3% align="left" valign="top">&nbsp;	</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;	</TD>
	<TD  width=4% align="left" valign="top">&nbsp;</TD>
	<TD  width=3% align="left" valign="top">&#8226; </TD>
	<TD width=45% align=left valign="top"><font size=2 face="sans-serif">Not concerned
    about principal risk.</font></TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;	</TD>
	<TD  width=4% valign="top">&nbsp;</TD>
	<TD  width=3% valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#000066">&nbsp;</font>
    <B><FONT color="#000066" size=2 face="sans-serif">Key Risks</FONT></B></TD>
	<TD  width=4%><font color="#000066">&nbsp;</font></TD>
	<TD  width=3%><font color="#000066">&nbsp;</font> </TD>
	<TD align=left width=45%>
<B><I><FONT color="#000066" face="sans-serif">Please carefully review all the &#147;Risk Factors&#148; on
page 8</FONT></I></B>	</TD>
</TR>
<TR>
  <TD colspan="2"><font color="#000066">&nbsp;</font>
    <HR noshade size=1>	</TD>
	<TD width="4%"><font color="#000066">&nbsp;</font></TD>
	<TD width="3%"><font color="#000066">&nbsp;</font> </TD>
	<TD width="45%"><font color="#000066">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><B><FONT size=2 face="sans-serif">No guaranteed return of principal.</FONT></B>	</TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">The HITS will not provide investors with any</FONT>	<FONT size=2 face="sans-serif">appreciation
in ADM Stock unless ADM Stock drops</FONT> <FONT size=2 face="sans-serif">below
the Trigger Price and then recovers to a level</FONT> <FONT size=2 face="sans-serif">above
the Initial Underlying Stock Price on the</FONT> <FONT size=2 face="sans-serif">Determination
Date.</FONT></TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">Secondary trading may be limited, and the inclusion</FONT>	<FONT size=2 face="sans-serif">of
commissions and projected profit from hedging in</FONT> <FONT size=2 face="sans-serif">the
original issue price is likely to adversely affect</FONT> <FONT size=2 face="sans-serif">secondary
market prices.</FONT></TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">If the HITS are accelerated, you may receive an</FONT>	<FONT size=2 face="sans-serif">amount
worth substantially less than the principal</FONT> <FONT size=2 face="sans-serif">amount
of the HITS.</FONT></TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">Archer-Daniels-Midland Company is not involved in</FONT>	<FONT size=2 face="sans-serif">this
offering in anyway. Neither the Issuer nor the</FONT> <FONT size=2 face="sans-serif">underwriter
has made any due diligence inquiry in</FONT> <FONT size=2 face="sans-serif">connection
with this offering.</FONT></TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">The antidilution adjustments the Calculation Agent is</FONT>	<FONT size=2 face="sans-serif">required
to make do not cover every corporate event</FONT> <FONT size=2 face="sans-serif">that
could affect ADM Stock.</FONT> </TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">&nbsp;</TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">Credit Risk to Morgan
	    Stanley whose credit rating is</FONT>	<FONT size=2 face="sans-serif">currently
Aa3/A+.</FONT></TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&nbsp;</TD>
	<TD width=45% align=left valign="top">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=45% align=left valign="top"><FONT size=2 face="sans-serif">The U.S. federal income
	    tax consequences of an</FONT>	<FONT size=2 face="sans-serif">investment
in the HITS are uncertain.</FONT></TD>
	<TD  width=4%>&nbsp;</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=45%>&nbsp;	</TD>
</TR>
</TABLE><BR>
<P align="left">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          5 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><P align="right"> <B><FONT size=2 face="sans-serif">8.50%
            to 9.50% HITS due January 20, 2008</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Based on the Common Stock
                    of</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
                    Company</FONT></B></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD></TD>
  </TR>
</TABLE>
<P align="right">
<B><FONT color="#000066" size=4 face="sans-serif">Hypothetical Payments on the HITS</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The following examples illustrate the payment at maturity on the HITS for a range of hypothetical closing prices for ADM Stock on a hypothetical Determination Date, depending on whether an intraday trading price during
the term of the HITS has or has not decreased to or below the Trigger Price.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The hypothetical examples are based on the following hypothetical values:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width=5% align=left>&#149;</TD>
	<TD width=20% align=left nowrap>
<FONT size=2 face="sans-serif">Stated Principal Amount:</FONT>	</TD>
	<TD width=75% align=left>
<FONT size=2 face="sans-serif">&#36;10</FONT>	</TD>
  </TR>
<TR valign="top">
  <TD width=5% align=left>&#149;</TD>
	<TD width=20% align=left>
<FONT size=2 face="sans-serif">Initial Share Price:</FONT>	</TD>
	<TD width=75% align=left>
<FONT size=2 face="sans-serif">&#36;33 (the hypothetical closing price of one share of ADM Stock on the Pricing Date)</FONT>	</TD>
  </TR>
<TR valign="top">
  <TD width=5% align=left>&#149;</TD>
	<TD width=20% align=left>
<FONT size=2 face="sans-serif">Exchange Ratio:</FONT>	</TD>
	<TD width=75% align=left>
<FONT size=2 face="sans-serif">0.303 (the Stated Principal Amount of &#36;10
divided by the hypothetical Initial Share Price)</FONT>	</TD>
  </TR>
<TR valign="top">
  <TD width=5% align=left>&#149;</TD>
	<TD width=20% align=left>
<FONT size=2 face="sans-serif">Trigger Price:</FONT>	</TD>
	<TD width=75% align=left>
<FONT size=2 face="sans-serif">&#36;26.40 (80% of the Initial Share Price)</FONT>	</TD>
  </TR>
<TR valign="top">
  <TD width=5% align=left>&#149;</TD>
	<TD width=20% align=left>
<FONT size=2 face="sans-serif">Annual Coupon:</FONT>	</TD>
	<TD width=75% align=left>
<FONT size=2 face="sans-serif">9%</FONT>	</TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<B><FONT size=2 face="sans-serif">Table 1: This table represents the hypothetical payment and the total payment over the term of the HITS (assuming a one-year term) on a &#36;10 investment in the HITS if the trading price of ADM Stock has
</FONT></B><B><I><FONT size=2 face="sans-serif">not decreased to or below</FONT></I></B><B><FONT size=2 face="sans-serif"> the hypothetical Trigger Price of &#36;26.40 at any time on any trading day from and including the Pricing Date to and
including the Determination Date. Consequently, the payment at maturity in each of these examples would be made in cash.</FONT></B></P>
<div align="center">
  <TABLE border=0 width=90% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=24% align=center nowrap> <B><FONT size=2 face="sans-serif">Hypothetical
            ADM Stock closing</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% align=center nowrap> <B><FONT size=2 face="sans-serif">Value of cash
            delivery amount</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% align=center nowrap> <B><FONT size=2 face="sans-serif">Total quarterly
            coupon</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=24% align=center nowrap> <B><FONT size=2 face="sans-serif">Value of total
            payment per</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=24% align=center nowrap> <B><FONT size=2 face="sans-serif">price on Determination
            Date</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% align=center nowrap> <B><FONT size=2 face="sans-serif">at maturity
            per HITS</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% align=center nowrap> <B><FONT size=2 face="sans-serif">payments per
            HITS</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=24% align=center nowrap> <B><FONT size=2 face="sans-serif">HITS</FONT></B> </TD>
    </TR>
    <TR>
      <TD width="24%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="23%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="23%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="24%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;27.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;30.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;33.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;36.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;39.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;42.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;45.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;48.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;10.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;10.900</FONT> </TD>
    </TR>
  </TABLE>
</div>
<P align="left">
  <B><FONT size=2 face="sans-serif">TABLE 2: This table represents the hypothetical
  payment at maturity and the total payment over the term of the HITS (assuming
  a one-year term) on a &#36;10 investment in the HITS if the trading price of
  ADM Stock has </FONT></B><B><I><FONT size=2 face="sans-serif">decreased to
  or below</FONT></I></B><B><FONT size=2 face="sans-serif"> the hypothetical
  Trigger Price of &#36;26.40 at any time on any trading day from and including
  the Pricing Date to and including the Determination Date. Consequently, the
  payment at maturity in each of these examples would be made by delivery of
shares of ADM Stock.</FONT></B></P>
<div align="center">
  <TABLE border=0 width=80% cellspacing=0 cellpadding=0>
    <TR align="center" valign="bottom">
      <TD width=24% nowrap> <B><FONT size=2 face="sans-serif">Hypothetical
            ADM Stock closing</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% nowrap> <B><FONT size=2 face="sans-serif">Value of shares
            of ADM Stock</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% nowrap> <B><FONT size=2 face="sans-serif">Total quarterly
            coupon</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=24% nowrap> <B><FONT size=2 face="sans-serif">Value of total
            payment per</FONT></B> </TD>
    </TR>
    <TR align="center" valign="bottom">
      <TD width=24% nowrap> <B><FONT size=2 face="sans-serif">price on Determination
            Date</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% nowrap> <B><FONT size=2 face="sans-serif">delivered at
            maturity per HITS</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=23% nowrap> <B><FONT size=2 face="sans-serif">payments per
            HITS</FONT></B> </TD>
      <TD  width=2% nowrap>&nbsp; </TD>
      <TD width=24% nowrap> <B><FONT size=2 face="sans-serif">HITS</FONT></B> </TD>
    </TR>
    <TR>
      <TD width="24%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="23%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="23%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="24%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;0.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;0.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;18.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;5.454</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;6.354</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;21.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;6.363</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;7.263</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;24.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;7.272</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;8.172</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;27.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;8.181</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;9.081</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;30.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;9.090</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;9.990</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;33.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;9.999</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;10.899</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;36.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;10.908</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;11.808</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center width=24%> <FONT size=2 face="sans-serif">&#36;39.000</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=23%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;11.817</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=23%> <FONT size=2 face="sans-serif">&#36;0.900</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=24%> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">&#36;12.717</FONT> </TD>
    </TR>
  </TABLE>
</div>
<P align="left">
<FONT size=2 face="sans-serif">Because the trading price of ADM Stock may be subject to significant fluctuation over the term of the HITS, it is not possible to present a chart or table illustrating the complete range of possible payouts at
maturity. The examples of the hypothetical payout calculations above are intended to illustrate how the amount payable to you at maturity will depend both on (a) whether the price of ADM Stock falls to or below the Trigger Price from and including
the Pricing Date to and including the Determination Date and (b) the closing price of ADM Stock on the Determination Date.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          6 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><P align="right"> <B><FONT size=2 face="sans-serif">8.50%
            to 9.50% HITS due January 20, 2008</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Based on the Common Stock
                    of</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
                    Company</FONT></B></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD></TD>
  </TR>
</TABLE>
<P align="right">
<B><FONT color="#000066" size=4 face="sans-serif">Information about Archer-Daniels-Midland Company</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Archer-Daniels-Midland Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. ADM Stock is registered
under the Exchange Act. Information provided to or filed with the Commission by Archer-Daniels-Midland Company pursuant to the Exchange Act can be located by reference to Commission file number 001-00044 through the Commission&#146;s website at
http://www.sec.gov. In addition, information regarding Archer-Daniels-Midland Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. See the section
called &#147;Underlying Company and Stock&#151;Public Information&#148; in the prospectus supplement for HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">These preliminary terms relate only to the HITS offered hereby and do not relate to ADM Stock or other securities of Archer-Daniels-Midland Company. The Issuer has derived all
disclosures contained in these preliminary terms regarding Archer-Daniels-Midland Company from the publicly available documents described in the preceding paragraph. In connection with the offering of the HITS, neither the Issuer nor the Agent has
participated in the preparation of such documents or made any due diligence inquiry with respect to Archer-Daniels-Midland Company. Neither the Issuer nor the Agent makes any representation that such publicly available documents or any other
publicly available information regarding Archer-Daniels-Midland Company is accurate or complete.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Neither Issuer nor any of its affiliates makes any representation to you as to the performance of ADM Stock.</FONT></B></P>
<P align="right">
<B><FONT color="#000066" size=4 face="sans-serif">Historical Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">Historical Information. </FONT></B><FONT size=2 face="sans-serif">The following table sets forth the published high and low closing prices of ADM Stock for 2003, 2004, 2005 and 2006
through November 20, 2006. The closing price of ADM Stock on November 20, 2006 was &#36;33.50. The Issuer obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. You should not take
the historical prices of ADM Stock as an indication of future performance.</FONT></P>
<div align="center">
  <TABLE border=0 width=70% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD align=left width=34%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <B><FONT size=2 face="sans-serif">High</FONT></B> </TD>
      <TD  width=2% align="center">&nbsp; </TD>
      <TD align=center width=20%> <B><FONT size=2 face="sans-serif">Low</FONT></B> </TD>
      <TD  width=2% align="center">&nbsp; </TD>
      <TD align=center width=20%> <B><FONT size=2 face="sans-serif">Dividends</FONT></B> </TD>
    </TR>
    <TR>
      <TD width="34%"> </TD>
      <TD width="2%"> </TD>
      <TD width="20%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="20%">
        <HR noshade size=1>
      </TD>
      <TD width="2%"> </TD>
      <TD width="20%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <B><FONT size=2 face="sans-serif">(CUSIP 039483102)</FONT></B> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <B><FONT size=2 face="sans-serif">2003</FONT></B> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">First Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">12.76</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">10.54</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.060</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Second Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">13.12</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">10.78</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.060</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Third Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">14.06</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">12.08</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.060</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Fourth Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">15.22</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">13.31</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.060</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <B><FONT size=2 face="sans-serif">2004</FONT></B> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">First Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">17.59</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">14.95</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.075</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Second Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">17.56</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">16.21</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.075</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Third Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">16.98</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">15.43</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.075</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Fourth Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">22.36</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">16.80</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.075</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <B><FONT size=2 face="sans-serif">2005</FONT></B> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">First Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">25.32</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">21.35</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.085</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Second Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">24.97</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">17.99</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.085</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Third Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">24.66</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">20.56</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.085</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Fourth Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">25.20</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">23.25</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.085</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <B><FONT size=2 face="sans-serif">2006</FONT></B> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">First Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">35.26</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">24.38</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.100</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Second Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">45.25</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">35.21</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.100</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Third Quarter</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">44.00</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">37.17</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">0.100</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">Fourth Quarter (through</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=left width=20%>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=34%> <FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 20, 2006)</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">39.87</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">33.50</FONT> </TD>
      <TD  width=2%>&nbsp; </TD>
      <TD align=center width=20%> <FONT size=2 face="sans-serif">-</FONT> </TD>
    </TR>
  </TABLE>
</div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The Issuer makes no representation as to the amount of dividends, if any, that Archer-Daniels-Midland Company will pay in the future. </FONT><B><FONT size=2 face="sans-serif">In any event,
as an investor in the HITS, you will not be entitled to receive dividends, if any, that may be payable on ADM Stock.</FONT></B></P>
<P align="left">&nbsp;
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          7 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><P align="right"> <B><FONT size=2 face="sans-serif">8.50%
            to 9.50% HITS due January 20, 2008</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Based on the Common Stock
                    of</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
                    Company</FONT></B></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD></TD>
  </TR>
</TABLE>
<P align="right">
<B><FONT color="#000066" size=4 face="sans-serif">Risk Factors</FONT></B></P>
<P align="left">
<I><FONT size=2 face="sans-serif">The HITS are financial instruments that are suitable only for investors who are capable of understanding the complexities and risks specific to the HITS.  Accordingly, investors should consult their own financial
and legal advisors as to the risks entailed by an investment in the HITS and the suitability of such HITS in light of an investor&#146;s particular circumstances.</FONT></I></P>
<P align="left">
<I><FONT size=2 face="sans-serif">The following is a non-exhaustive list of certain key risk factors for investors in the HITS. For a complete list of risk factors, please see the accompanying prospectus supplement for HITS and the accompanying
prospectus.</FONT></I></P>
<P align="left">
<B><FONT color="#000066" size=2 face="sans-serif">Structure Specific Risk Factors</FONT></B></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&#149;</td>
    <td><b><font size=2 face="sans-serif">No guaranteed return of principal</font></b><font size=2 face="sans-serif">.
        The payment to investors at maturity will either be (i) cash equal to
        the principal amount of</font> <font size=2 face="sans-serif">each HITS
        or (ii) a number of shares of ADM Stock, if the trading price of ADM
        Stock decreases to or below the Trigger Price</font> <font size=2 face="sans-serif">over
        the term of the HITS. If investors receive shares of ADM Stock at maturity
        in exchange for each HITS, the value of those</font> <font size=2 face="sans-serif">shares
    may be less than the principal amount of each HITS and could be zero.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><b><font size=2 face="sans-serif">Except in certain circumstances, investors
          will not participate in any appreciation in the value of ADM Stock. </font></b><font size=2 face="sans-serif">Generally,</font> <font size=2 face="sans-serif">investors
          will not participate in any appreciation in the price of ADM Stock,
          and the return on the HITS will be limited to the</font> <font size=2 face="sans-serif">interest
    payable on the HITS.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">Market price influenced by many unpredictable
          factors</FONT></B><FONT size=2 face="sans-serif">. Several factors
          will influence the value of the HITS in the secondary</FONT> <FONT size=2 face="sans-serif">market.
          Although the Issuer expects that generally the trading price of ADM
          Stock on any day will affect the value of the HITS</FONT> <FONT size=2 face="sans-serif">more
          than any other single factor, other factors that may influence the
          value of the HITS include: whether the trading price of ADM</FONT> <FONT size=2 face="sans-serif">Stock
          has decreased to or below the Trigger Price at any time on any trading
          day, the volatility, the dividend rate on ADM Stock,</FONT><FONT size=2 face="sans-serif">geopolitical
          conditions and economic, financial, political, regulatory or judicial
          events, interest and yield rates in the market, the</FONT><FONT size=2 face="sans-serif">time
          remaining to the maturity of the HITS, the Issuer&#146;s creditworthiness
          and the occurrence of certain events affecting ADM Stock</FONT><FONT size=2 face="sans-serif">that
    may or may not require an adjustment to the exchange ratio.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">Market price influenced by inclusion
          of commissions and projected profit from hedging activities. </FONT></B><FONT size=2 face="sans-serif">The
          inclusion of</FONT> <FONT size=2 face="sans-serif">commissions and
          projected profit from hedging in the original issue price is likely
          to adversely affect secondary market prices.</FONT> <FONT size=2 face="sans-serif">Assuming
          no change in market conditions or any other relevant factors, the price,
          if any, at which MS &amp; Co. is willing to purchase</FONT><FONT size=2 face="sans-serif">HITS
          in secondary market transactions will likely be lower than the original
          issue price, since the original issue price included, and</FONT><FONT size=2 face="sans-serif">secondary
          market prices are likely to exclude, commissions paid with respect
          to the HITS, as well as the projected profit included</FONT><FONT size=2 face="sans-serif">in
    the cost of hedging the Issuer&#146;s obligations under the HITS.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">Maturity date of the HITS may be accelerated. </FONT></B><FONT size=2 face="sans-serif">The
        maturity of the HITS will be accelerated if (i) the closing price of
        ADM Stock</FONT> <FONT size=2 face="sans-serif">on any two consecutive
        trading days is less than &#36;2.00 or (ii) there is an event of default
        with respect to the HITS. The amount</FONT> <FONT size=2 face="sans-serif">payable
        to the investor will differ depending on the reason for the acceleration
        and may be substantially less than the principal</FONT> <FONT size=2 face="sans-serif">amount
    of the HITS.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">No shareholder rights. </FONT></B><FONT size=2 face="sans-serif">Investing
        in the HITS is not equivalent to investing in ADM Stock. Investors in
        the HITS will not have</FONT> <FONT size=2 face="sans-serif">voting rights
        or rights to receive dividends or other distributions or any other rights
    with respect to ADM Stock.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">The HITS may become exchangeable into
          the common stock of a company other than Archer-Daniels-Midland Company.</FONT></B> <FONT size=2 face="sans-serif">Following
          certain corporate events relating to ADM Stock, you may receive at
          maturity the common stock of a successor</FONT><FONT size=2 face="sans-serif">corporation
          to Archer-Daniels-Midland Company. The occurrence of such corporate
          events and the consequent adjustments may</FONT><FONT size=2 face="sans-serif">materially
    and adversely affect the market price of the HITS.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">Antidilution adjustments. </FONT></B><FONT size=2 face="sans-serif">Although
        the Calculation Agent will adjust the amount payable at maturity for
        certain corporate</FONT> <FONT size=2 face="sans-serif">events affecting
        ADM Stock, there may be other corporate events (such as partial tender
        or exchange offers) for which the</FONT> <FONT size=2 face="sans-serif">Calculation
        Agent is not required to make any adjustments. If an event occurs that
        does not require the Calculation Agent to</FONT> <FONT size=2 face="sans-serif">adjust
        the amount of ADM Stock payable at maturity, the market price of the
    HITS may be materially and adversely affected.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">The U.S. federal income tax consequences
          of an investment in the HITS are uncertain. </FONT></B><BR>
      <FONT size=2 face="sans-serif">There is no direct legal authority as to
      the proper tax treatment of the HITS, and the Issuer&#146;s counsel has
      not rendered an opinion</FONT><FONT size=2 face="sans-serif">as to their
    proper characterization for U.S. federal income tax purposes.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT size=2 face="sans-serif">Please read the discussion under &#147;Fact
        Sheet </FONT>&#8212;<FONT size=2 face="sans-serif"> General Information </FONT><FONT size=2
face="sans-serif">&#8212;Tax Consideration&#148; in these preliminary terms and
        the</FONT> <FONT size=2 face="sans-serif">discussion under &#147;United
        States Federal Taxation&#148; in the accompanying prospectus supplement
        for HITS (together the &#147;Tax</FONT> <FONT size=2 face="sans-serif">Disclosure
        Sections&#148;) concerning the U.S. federal income tax consequences of
        investing in the HITS. If the Internal Revenue</FONT> <FONT size=2 face="sans-serif">Service
        (the &#147;IRS&#148;) were successful in asserting an alternative characterization
        for the HITS, the timing and character of income</FONT> <FONT size=2 face="sans-serif">on
        the HITS might differ from the tax treatment described in the Tax Disclosure
        Sections. The Issuer does not plan to request a</FONT> <FONT size=2 face="sans-serif">ruling
        from the IRS regarding the tax treatment of the HITS, and the IRS or
        a court may not agree with the tax treatment</FONT> <FONT size=2 face="sans-serif">described
    in these preliminary terms and the prospectus supplement for HITS.</FONT></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          8 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right><img src="smlogo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right width=100%><P align="right"> <B><FONT size=2 face="sans-serif">8.50%
            to 9.50% HITS due January 20, 2008</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Based on the Common Stock
                    of</FONT></B><BR>
                    <B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
                    Company</FONT></B></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD></TD>
  </TR>
</TABLE>
<P align="left">
<B><FONT color="#000066" size=2 face="sans-serif">Other Risk Factors</FONT></B></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="5%">&#149;</td>
    <td width="95%"><B><FONT size=2 face="sans-serif">Secondary trading may be
          limited. </FONT></B><FONT size=2 face="sans-serif">There may be little
          or no secondary market for the HITS. Application will be made to list</FONT> <FONT size=2 face="sans-serif">the
          HITS on the American Stock Exchange under the symbol &#147;AND&#148;.
          Such listing is subject to certain conditions. For a security</FONT> <FONT size=2 face="sans-serif">to
          be listed on the AMEX, the AMEX requires, among other things, that
          there be 1 million units and 400 holders of such security.</FONT> <FONT size=2 face="sans-serif">It
          is not possible to predict whether the HITS will meet the requirements
          for listing or trade in the secondary market or if such</FONT><FONT size=2 face="sans-serif">market
          will be liquid or illiquid. You should be willing to hold your HITS
    to maturity.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">No affiliation with Archer-Daniels-Midland
          Company. </FONT></B><FONT size=2 face="sans-serif">Archer-Daniels-Midland
          Company is not an affiliate of the Issuer, is not</FONT> <FONT size=2 face="sans-serif">involved
          with this offering in any way, and has no obligation to consider the
          interests of investors in taking any corporate actions</FONT> <FONT size=2 face="sans-serif">that
          might affect the value of the HITS. The Issuer has not made any due
          diligence inquiry with respect to Archer-Daniels-Midland</FONT> <FONT size=2 face="sans-serif">Company
    in connection with this offering.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">Potential adverse economic interest
          of the Calculation Agent. </FONT></B><FONT size=2 face="sans-serif">The
          economic interests of MS &amp; Co., as the Calculation Agent</FONT> <FONT size=2 face="sans-serif">and
          of MS &amp; Co. and other affiliates of the Issuer that will carry
          out hedging activities related to the HITS or that trade ADM Stock</FONT> <FONT size=2 face="sans-serif">on
          a regular basis are potentially adverse to your interests as an investor
          in the HITS. The hedging or trading activities of the</FONT> <FONT size=2 face="sans-serif">Issuer&#146;s
          affiliates on or prior to the Pricing Date and during the term of the
          HITS could adversely affect the price of ADM Stock on</FONT> <FONT size=2
face="sans-serif">the Pricing Date and at maturity and, as a result, could decrease
          the amount you may receive on the HITS at maturity. Any of</FONT> <FONT size=2 face="sans-serif">these
          hedging or trading activities on or prior to the Pricing Date could
          potentially affect the price of ADM Stock and, accordingly,</FONT> <FONT size=2 face="sans-serif">potentially
          increase the Initial Share Price used to calculate the Trigger Price
          and, therefore, potentially have raised the Trigger</FONT> <FONT
size=2 face="sans-serif">Price relative to the price of ADM Stock absent such
          hedging or trading activity. Additionally, such hedging or trading
          activities</FONT> <FONT size=2 face="sans-serif">during the term of
          the HITS could potentially affect whether the price of ADM Stock decreases
          to or below the Trigger Price and,</FONT> <FONT size=2 face="sans-serif">therefore,
          whether or not you will receive the principal amount of the HITS or
          shares of ADM Stock at maturity. Furthermore, if the</FONT> <FONT size=2 face="sans-serif">price
          of ADM Stock has decreased to or below the Trigger Price such that
          you will receive shares of ADM Stock at maturity, the</FONT> <FONT size=2 face="sans-serif">Issuer&#146;s
          trading activities prior to or at maturity could adversely affect the
          value of the shares of ADM Stock the Issuer will deliver</FONT> <FONT size=2 face="sans-serif">at
    maturity.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><B><FONT size=2 face="sans-serif">Morgan Stanley may engage in business
          with or involving Archer-Daniels-Midland Company without regard to
          your</FONT></B> <B><FONT size=2 face="sans-serif">interests. </FONT></B><FONT size=2 face="sans-serif">The
          Issuer or its affiliates may presently or from time to time engage
          in business with Archer-Daniels-Midland</FONT> <FONT size=2 face="sans-serif">Company
          without regard to your interests, and thus may acquire non-public information
          about Archer-Daniels-Midland Company.</FONT><BR>
  <FONT size=2 face="sans-serif">Neither the Issuer nor any of its affiliates
  undertakes to disclose any such information to you. In addition, the Issuer
  or its</FONT><FONT size=2 face="sans-serif">affiliates from time to time have
  published and in the future may publish research reports with respect to Archer-Daniels-Midland</FONT><FONT size=2 face="sans-serif">Company,
  which may or may not recommend that investors buy or hold ADM Stock.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">For further discussion of these and other risks you should read the section entitled &#147;Risk Factors&#148; beginning on S-7 of the prospectus supplement for HITS. The Issuer also
urges you to consult your investment, legal, tax, accounting and other advisers before you invest in the HITS.</FONT></B></P>
<P align="left">&nbsp;
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr width=100% size=2 noshade color="#000066"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left valign="top"><B><FONT color="#000066" size=1>page
          9 of 9 </FONT></B></TD>
    <TD align=right width=50%><B><FONT color="#000066" size=2 face="serif">MORGAN
          STANLEY</FONT></B> </TD>
  </TR>
</TABLE>
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<br>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
