<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002680
<TYPE>424B2
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20061127
<DATE-OF-FILING-DATE-CHANGE>20061127
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MORGAN STANLEY
<CIK>0000895421
<ASSIGNED-SIC>6211
<IRS-NUMBER>363145972
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B2
<ACT>33
<FILE-NUMBER>333-131266
<FILM-NUMBER>061239386
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
<PHONE>212-761-4000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MORGAN STANLEY DEAN WITTER & CO
<DATE-CHANGED>19980326
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DEAN WITTER DISCOVER & CO
<DATE-CHANGED>19960315
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp04096_424b2-ps139.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<table width="95%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td colspan=5 align=center>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan=5 align=center><b><i><font face="serif">CALCULATION OF REGISTRATION
            FEE</font></i></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td>&nbsp;</td>
    <td align=center nowrap><i><font size=2 face="serif">Maximum Aggregate</font></i></td>
    <td nowrap>&nbsp;</td>
    <td align=center nowrap><i><font size=2 face="serif">Amount of Registration</font></i></td>
  </tr>
  <tr valign="bottom">
    <td align=left><i><font size=2 face="serif">Title of Each Class of Securities
          Offered</font></i></td>
    <td>&nbsp;</td>
    <td align=center nowrap><i><font size=2 face="serif">Offering Price</font></i></td>
    <td nowrap>&nbsp;</td>
    <td align=center nowrap><i><font size=2 face="serif">Fee</font><sup></sup></i></td>
  </tr>
  <tr>
    <td width="72%"><hr noshade size=1>
    </td>
    <td width="4%"></td>
    <td width="20%" align="center"><hr noshade size=1>
    </td>
    <td width="4%"></td>
    <td width="20%" align="center"><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=72% align=left><font size=2 face="Times New Roman, Times, serif"> Stock Participation Accreting
    Redemption<br>
    Quarterly-pay Securities<sup>SM</sup> (&#147;SPARQS<sup>&reg;</sup>&#148;)</font></td>
    <td width=4%>&nbsp;</td>
    <td align=center valign="top"><font size=2 face="serif">$20,429,928.20</font></td>
    <td valign="top">&nbsp;</td>
    <td align=center valign="top"><font size=2 face="serif">$2,186.00</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td align=center valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">PROSPECTUS Dated January 25, 2006</FONT></I></B>
	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Pricing Supplement No. 139</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">PROSPECTUS SUPPLEMENT</FONT></I></B>
	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Registration Statement No. 333-131266</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">For SPARQS</FONT></I></B>
	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Dated November 22, 2006</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">Dated January 25, 2006</FONT></I></B>
	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Rule 424(b)(2)</FONT></I></B>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center><img src="logo.jpg"></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">GLOBAL MEDIUM-TERM NOTES, SERIES F</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">Senior Fixed Rate Notes</FONT></I></B>
	</TD>
</TR>
<TR>
	<TD colspan=1 width=100%>
<HR width="25%" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">10% SPARQS due December 20, 2007</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">Mandatorily Exchangeable for</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">Shares of Common Stock of APPLE COMPUTER, INC.</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">Stock Participation Accreting Redemption Quarterly-pay Securities</FONT></I></B><B><I><SUP><FONT face="serif">SM</FONT></SUP></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">(&#147;SPARQS</FONT></I></B><B><I><SUP><FONT face="serif">&#174;</FONT></SUP></I></B><B><I><FONT face="serif">&#148;)</FONT></I></B>
	</TD>
</TR>
<TR>
	<TD colspan=1 width=100%>
      <HR width="25%" size=1 noshade>
	</TD>
</TR>
</TABLE>
<P align="left">
<I><FONT size=2 face="serif">The SPARQS offered are senior unsecured obligations of Morgan Stanley, will pay 10% interest per year and will have the terms described in the prospectus supplement for SPARQS and the prospectus, as supplemented or
modified by this pricing supplement. At maturity the SPARQS will pay a number of shares of Apple Computer, Inc. common stock, subject to our right to call the SPARQS for cash at any time beginning June 20, 2007. The SPARQS do not guarantee any
return of principal at maturity.</FONT></I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30% align=left>
<B><I><FONT size=2 face="serif">Final Terms:</FONT></I></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Underlying company:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">Apple Computer, Inc., which we refer to as Apple</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Underlying stock:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">The common stock of Apple</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Aggregate principal amount:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;20,429,928.20</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Pricing date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">November 22, 2006</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Original issue date (Settlement date):</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">November 30, 2006, which is the fifth trading day following the pricing date</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Maturity date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">December 20, 2007</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Issue price:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;18.062 per SPARQS, equal to the closing price
of one share of the underlying stock on the pricing date times the exchange ratio</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Stated principal amount:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;18.062</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Interest rate:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">10% per annum</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Interest payment dates:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">March 20, 2007, June 20, 2007, September 20, 2007 and the maturity date</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Denominations:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;18.062 (and integral multiples thereof)</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Exchange at maturity:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">Unless the SPARQS have been called or accelerated,
you will receive shares of the underlying stock at the exchange ratio in exchange
for each SPARQS</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Exchange ratio:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">0.20, subject to adjustment for certain corporate events</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Call right:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">The SPARQS are callable by us at any time on or after the first call date</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">First call date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">June 20, 2007</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Final call notice date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">December 10, 2007</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Yield to call:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">19% per annum on the issue price. See &#147;Hypothetical Call Price Calculations&#148; beginning on</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">PS-9.</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Listing:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">The SPARQS have been approved for listing on the
AMEX subject to official notice of issuance.
The AMEX listing symbol for the SPARQS is &#147;APE.&#148; It is not possible
to predict whether any secondary market
for the SPARQS will develop.</font></i>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">CUSIP:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">617478A247</FONT></I>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><I><FONT face="serif">The SPARQS involve risks not associated with an investment in ordinary debt securities. See &#147;Risk Factors&#148; beginning on PS-6.</FONT></I></B></P>
<P align="left">
<B><I><FONT size=2 face="serif">The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this pricing supplement or the accompanying prospectus supplement and
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</FONT></I></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="7" align=left><hr align=center width=20% size=1 noshade>    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan="7" align=center>
      <strong><font size="2" face="Times New Roman, Times, serif">PRICE &#36;18.062
    PER SPARQS</font></strong>	</TD>
  </TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr align=center width=20% size=1 noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left width=52%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<B><I><FONT size=1 face="serif">Price to</FONT></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<B><I><FONT size=1 face="serif">Agent&#146;s</FONT></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<B><I><FONT size=1 face="serif">Proceeds to</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=52%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<B><I><FONT size=1 face="serif">Public</FONT></I></B><B><I><SUP><FONT size=1 face="serif">(1)</FONT></SUP></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<B><I><FONT size=1 face="serif">Commissions</FONT></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<B><I><FONT size=1 face="serif">Company</FONT></I></B><B><I><SUP><FONT size=1 face="serif">(1)</FONT></SUP></I></B>
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD width="14%">
<HR noshade size=1>
	</TD>
	<TD width="2%">
	</TD>
	<TD width="14%">
<HR noshade size=1>
	</TD>
	<TD width="2%">
	</TD>
	<TD width="14%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=52%>
<I><FONT size=1 face="serif">Per SPARQS</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<I><FONT size=1 face="serif">&#36;18.062</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<I><FONT size=1 face="serif">&#36;0.2935</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<I><FONT size=1 face="serif">&#36;17.7685</FONT></I>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=52%>
<I><FONT size=1 face="serif">Total</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<I><FONT size=1 face="serif">&#36;20,429,928.20</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<I><FONT size=1 face="serif">&#36;331,977.85</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=14%>
<I><FONT size=1 face="serif">&#36;20,097,950.35</FONT></I>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=52%>
<I><FONT size=1 face="serif">(1) Plus accrued interest, if any, from the original issue date.</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=14%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=14%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=14%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><I><FONT size=1 face="serif">(2) For additional information,
        see &#147;Plan of Distribution&#148; in the prospectus supplement for SPARQS. </FONT></I></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<B><I><FONT size=5 face="serif">MORGAN STANLEY</FONT></I></B></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">Where You Can Find More Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Morgan Stanley has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for SPARQS) with the Securities and Exchange Commission, or SEC, for the
offering to which this pricing supplement relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement for SPARQS and any other documents relating to this offering that Morgan Stanley has filed
with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley will arrange to send you the prospectus
and the prospectus supplement for SPARQS if you so request by calling toll-free 800-584-6837.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You may access these documents on the SEC web site at www.sec.gov as follows:</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="serif">Prospectus Supplement for SPARQS </FONT></I><FONT size=2 face="serif">dated January 25, 2006:<br>
</FONT> <U><FONT size=2
face="serif"> <a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000149/sparqsproductsupp.txt">http://www.sec.gov/Archives/edgar/data/895421/000095010306000149/sparqsproductsupp.txt </a> <br>
<br>
</FONT></U></LI>
<LI>
<I><FONT size=2 face="serif">Prospectus </FONT></I><FONT size=2 face="serif">dated January 25, 2006:</FONT><br>
<a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt"><font size="2">http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt</font> </a>
</UL>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Terms used in this pricing supplement are defined in the prospectus supplement for SPARQS or in the prospectus. As used in this pricing supplement, the &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Morgan Stanley. </FONT></P>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;Stock Participation Accreting Redemption Quarterly-pay
  Securities&#148; is our service mark and &#147;SPARQS&#148; is our registered service mark.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Your Return on the SPARQS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">No guaranteed return of principal. </FONT></B><FONT size=2 face="serif">Unlike ordinary debt securities, the SPARQS do not guarantee any return of principal at maturity. Instead, the SPARQS
pay an amount of the underlying stock, subject to our prior call of the SPARQS for the applicable call price in cash.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Interest on the principal amount. </FONT></B><FONT size=2 face="serif">We will pay interest on the SPARQS at the rate of 10% of the principal amount per year on March 20, 2007, June 20,
2007, September 20, 2007 and the maturity date. The 10% interest rate is higher than the current dividend rate on the underlying stock. If we call the SPARQS, we will pay accrued but unpaid interest on the SPARQS to but excluding the applicable call
date.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment at maturity. </FONT></B><FONT size=2 face="serif">If we have not called the SPARQS and the maturity of the SPARQS has not been accelerated, we will deliver to you at the maturity
date a number of shares of the underlying stock equal to the exchange ratio per SPARQS you hold.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Exchange ratio. </FONT></B><FONT size=2 face="serif">The exchange ratio is subject to adjustment over the term of the SPARQS for certain corporate events relating to the underlying
stock.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment if we exercise our call right. </FONT></B><FONT size=2 face="serif">Your return on the SPARQS may be limited by our call right. At any time beginning on the first call date,
including on the maturity date, we have the right to call the SPARQS for the cash call price, which will be calculated based on the call date. The call price will be an amount of cash per SPARQS that, together with all of the interest paid on the
SPARQS to and including the call date, gives you a return equal to the yield to call on the issue price of each SPARQS from and including the date of issuance to but excluding the call date. For more information on the calculation of the yield to
call, see the section called &#147;Hypothetical Call Price Calculations&#148; on PS-9 and the more detailed explanation in the prospectus supplement for SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Postponement of maturity date. </FONT></B><FONT size=2 face="serif">If we decide to call the SPARQS, we will give you 10 to 30 calendar days notice. If the final call notice date is not a
trading day or a market disruption event occurs on that day and we elect to call the SPARQS, both the final call notice date and the scheduled maturity date of the SPARQS will be postponed so that the maturity date will be the tenth calendar day
after we send notice of our election.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-2</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<B><FONT size=2 face="serif">Definition</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following definition shall replace the equivalent definition in the prospectus supplement for SPARQS dated January 25, 2006.</FONT></P>
<P align="left">
<FONT size=2 face="serif">&#147;</FONT><B><FONT size=2 face="serif">closing price</FONT></B><FONT size=2 face="serif">&#148; for one share of underlying stock (or one unit of any other security for which a closing price must be determined) on any
trading day as of close means:</FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="5%">&#149;</td>
    <td width="95%"><font size=2 face="serif">if such underlying stock (or any such other
        security) is listed or admitted to trading on a national securities</font> <font size=2 face="serif">exchange
        (other than The NASDAQ Stock Market LLC (the &#147;NASDAQ&#148;)), the
        last reported sale price, regular</font> <font size=2 face="serif">way,
        of the principal trading session on such day on the principal national
        securities exchange registered under</font> <font size=2 face="serif">the
        Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
        on which such underlying stock (or</font> <font size=2 face="serif">any
    such other security) is listed or admitted to trading,</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><p><font size=2 face="serif">if such underlying stock (or any such other
          security) is a security of the NASDAQ, the official closing price</font> <font size=2 face="serif">published
    by the NASDAQ on such day, or</font></p></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#149;</td>
    <td><font size=2 face="serif">if such underlying stock (or any such other
        security) is not listed or admitted to trading on any national</font> <font size=2 face="serif">securities
        exchange but is included in the OTC Bulletin Board Service (the &#147;OTC
        Bulletin Board&#148;) operated by</font> <font size=2 face="serif">the
        National Association of Securities Dealers, Inc. (the &#147;NASD&#148;),
        the last reported sale price of the principal</font> <font size=2 face="serif">trading
    session on the OTC Bulletin Board on such day.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="left">
<FONT size=2 face="serif">If such underlying stock (or any such other security) is listed or admitted to trading on any national securities exchange but the last reported sale price or the official closing price published by the NASDAQ, as
applicable, is not available pursuant to the preceding sentence, then the closing price for one share of such underlying stock (or one unit of any such other security) on any trading day will mean the last reported sale price of the principal
trading session on the over-the-counter market as reported on the NASDAQ or the OTC Bulletin Board on such day. If a market disruption event (as defined below) occurs with respect to such underlying stock (or any such other security) or the last
reported sale price or the official closing price published by the NASDAQ, as applicable, for such underlying stock (or any such other security) is not available pursuant to either of the two preceding sentences, then the closing price for any
trading day will be the mean, as determined by the Calculation Agent, of the bid prices for such underlying stock (or any such other security) for such trading day obtained from as many recognized dealers in such security, but not exceeding three,
as will make such bid prices available to the Calculation Agent. Bids of MS &amp; Co. or any of its affiliates may be included in the calculation of such mean, but only to the extent that any such bid is the highest of the bids obtained. The term
&#147;OTC Bulletin Board Service&#148; will include any successor service thereto.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-3</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">Apple &#150; Public Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Apple designs, manufactures, and markets personal computers and related software, services, peripherals, networking solutions, a line of portable digital music players along with related
accessories and services, and sells a variety of third-party hardware and software products through its online and retail stores. The underlying stock is registered under the Exchange Act. Information provided to or filed with the Commission by the
underlying company pursuant to the Exchange Act can be located by reference to Commission file number 000-10030 through the Commission&#146;s website at http://www.sec.gov. In addition, information regarding the underlying 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
SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">This pricing supplement relates only to the SPARQS offered hereby and does not relate to the underlying stock or other securities of the underlying company. We have derived all disclosures
contained in this prospectus supplement regarding the underlying company from the publicly available documents described in the preceding paragraph. In connection with the offering of the SPARQS, neither we nor the Agent has participated in the
preparation of such documents or made any due diligence inquiry with respect to the underlying company. Neither we nor the Agent makes any representation that such publicly available documents or any other publicly available information regarding
the underlying company is accurate or complete.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Neither we nor any of our affiliates makes any representation to you as to the performance of the underlying stock.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Historical Information. </FONT></B><FONT size=2 face="serif">The following table sets forth the published high and low closing prices of the underlying stock for 2003, 2004, 2005 and 2006
through November 22, 2006. The closing price of the underlying stock on November 22, 2006 was &#36;90.31. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. You should not
take the historical prices of the underlying 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=56%>&nbsp;

	</TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <B><FONT size=2 face="serif">High</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <B><FONT size=2 face="serif">Low</FONT></B>
      </TD>
    </TR>
    <TR>
      <TD width="56%">
      </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=56%>
    <B><FONT size=2 face="serif">(CUSIP 037833100)</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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">7.64</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">6.90</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">9.65</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">6.56</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">11.55</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">9.55</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">12.41</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">9.85</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">13.96</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">10.64</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">16.85</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">12.89</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">19.38</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">14.57</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">34.22</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">19.15</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">45.07</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">31.65</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">43.74</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">34.13</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">53.84</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">36.50</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">74.98</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">49.25</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">85.59</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">58.71</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">71.89</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">56.02</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">77.61</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">50.67</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
 &nbsp; &nbsp;<FONT size=2 face="serif">(through November 22,</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>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
   &nbsp; &nbsp; <FONT size=2 face="serif">2006)</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">90.31</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">73.18</FONT>
      </TD>
    </TR>
  </TABLE>
  <BR>
</div>
<P align="center">
<FONT size=2 face="serif">PS-4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Historical prices with respect to the underlying stock have been adjusted for a two-for-one stock split that was effected on February 28, 2005. The underlying company did not pay cash dividends
in 2005, 2004, or 2003 on the underlying stock. We make no representation as to the amount of dividends, if any, that the underlying company will pay in the future. </FONT><B><FONT size=2 face="serif">In any event, as an investor in the SPARQS, you
will not be entitled to receive dividends, if any, that may be payable on the underlying stock.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Use of Proceeds and Hedging. </FONT></B><FONT size=2 face="serif">The net proceeds we receive from the sale of the SPARQS will be used for general corporate purposes and, in part, in
connection with hedging our obligations under the SPARQS through one or more of our subsidiaries.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On or prior to the date of this pricing supplement, we, through our subsidiaries or others, hedged our anticipated exposure in connection with the SPARQS by taking positions in the underlying
stock and in options contracts on the underlying stock listed on major securities markets. </FONT><FONT size=2 face="serif">Such purchase activity could have increased the price of the
underlying stock, and, accordingly, have increased the issue price of the SPARQS, and therefore, the price at which the underlying stock must close before you would receive at maturity an amount of common stock worth as much as or more than the
principal amount of the SPARQS. For further information on our use of proceeds and hedging, see &#147;Use of Proceeds and Hedging&#148; in the prospectus supplement for SPARQS.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">Risk Factors</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The SPARQS involve risks not associated with conventional debt securities, some of which are briefly summarized below:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The SPARQS do not guarantee return of principal at maturity. </FONT></B><FONT size=2 face="serif">If the closing price of the underlying stock at maturity (including upon an acceleration of
the SPARQS) is less than the closing price on the pricing date, and we have not called the SPARQS, we will pay you underlying stock or, under some circumstances, cash, with a value that is less than the principal amount of the SPARQS and could be
zero.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Your appreciation potential is limited by our call right. </FONT></B><FONT size=2 face="serif">If we exercise our call right, you will not receive underlying stock or an amount based upon
the closing price of the underlying stock. Instead, you will receive a call price, which will depend upon the call date, and will be an amount of cash per SPARQS that represents the yield to call. </FONT><B><FONT size=2 face="serif">You should not
expect to obtain a total yield (including interest payments) of more than the yield to call per annum on the issue price of the SPARQS to the call date. For more information on the calculation of the yield to call, see the section called
&#147;Hypothetical Call Price Calculations&#148; on PS-9 and the more detailed explanation in the prospectus supplement for SPARQS.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Secondary trading may be limited. </FONT></B><FONT size=2 face="serif">There may be little or no secondary market for the SPARQS. You should be willing to hold your SPARQS to
maturity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Market price of the SPARQS will be influenced by many unpredictable factors. </FONT></B><FONT size=2 face="serif">Although we expect that generally the trading price of the underlying stock
on any day will affect the value of the SPARQS more than any other single factor, other factors that may influence the value of the SPARQS include: the volatility of the underlying stock, geopolitical conditions and economic, financial, political,
regulatory or judicial events, interest and yield rates in the market, the time remaining until we can call the SPARQS and until the SPARQS mature, the dividend rate on the underlying stock, our creditworthiness and the occurrence of certain events
affecting the underlying company that may or may not require an adjustment to the exchange ratio.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely affect secondary market prices. </FONT></B><FONT size=2
face="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 SPARQS in secondary market transactions will likely be lower than the original issue price, since the
original issue price included, and secondary market prices are likely to exclude, commissions paid with respect to the SPARQS, as well as the projected profit included in the cost of hedging our obligations under the SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">If the SPARQS are accelerated, you may receive an amount worth substantially less than the principal amount of the SPARQS. </FONT></B><FONT size=2 face="serif">The amount payable to you if
the maturity of the SPARQS is accelerated will differ depending on whether it is due to a price event acceleration due to a decline in the price of the underlying stock for two consecutive trading days to the acceleration trigger price, equivalent
to &#36;2.00 per share, or an event of default acceleration, and may be substantially less than the principal amount of the SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Morgan Stanley is not affiliated with the underlying company. </FONT></B><FONT size=2 face="serif">The underlying company is not an affiliate of ours and is not involved with this offering
in any way.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Morgan Stanley may engage in business with or involving the underlying company without regard to your interests. </FONT></B><FONT size=2 face="serif">We or our affiliates may presently or
from time to time engage in business with the underlying company without regard to your interests, and thus may acquire non-public information about the underlying company. Neither we nor any of our affiliates undertakes to disclose any such
information to you. In addition, we or our affiliates from time to time have published and in the future may publish research reports with respect to the underlying company, which may or may not recommend that investors buy or hold the underlying
stock.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">You have no shareholder rights. </FONT></B><FONT size=2 face="serif">Investing in the SPARQS is not equivalent to investing in the underlying stock. As an investor in the SPARQS, you will
not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the underlying stock.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-6</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The SPARQS may become exchangeable into the common stock of companies other than the underlying company. </FONT></B><FONT size=2 face="serif">Following certain corporate events relating to
the underlying stock, you will receive at maturity either the common stock of three companies in the same industry group as the underlying company in lieu of, or in addition to, the underlying stock or the common stock of a successor corporation to
the underlying company. The occurrence of such corporate events and the consequent adjustments may materially and adversely affect the market price of the SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stock. </FONT></B><FONT size=2 face="serif">For
example, the calculation agent is not required to make any adjustments if the underlying company or anyone else makes a partial tender or partial exchange offer for the underlying stock. If an event occurs that does not require the calculation agent
to adjust the amount of the underlying stock payable at maturity, the market price of the SPARQS may be materially and adversely affected.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The economic interests of MS &amp; Co., as the calculation agent, and of MS &amp; Co. and other affiliates of ours that will carry out hedging activities related to the SPARQS or that trade
the underlying stock on a regular basis are potentially adverse to your interests as an investor in the SPARQS. </FONT></B><FONT size=2 face="serif">The hedging or trading activities of our affiliates on or prior to the date of this pricing
supplement and on the valuation dates could adversely affect the price of the underlying stock on the pricing date and at maturity and, as a result, could decrease the value of the payment you receive on the SPARQS at maturity. </FONT><B></B><FONT size=2 face="serif">Any of these hedging or trading activities on or prior to the date of this pricing supplement could have increased the price of the underlying stock and, accordingly, have
increased the issue price of the SPARQS and, therefore, the price at which the underlying stock must close before you would receive at maturity an amount of underlying stock worth as much as or more than the principal amount of the SPARQS.
Additionally, such hedging or trading activities during the term of the SPARQS could potentially affect the price of the underlying stock at maturity and, accordingly, if we have not called the SPARQS, the value of underlying stock or in certain
circumstances cash, you will receive at maturity, including upon an acceleration event.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The U.S. federal income tax consequences of an investment in the SPARQS are uncertain. </FONT></B><FONT size=2 face="serif">See the section called &#147;United States Federal Income
Taxation&#148; below.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">For further discussion of these and other risks you should read the section entitled &#147;Risk Factors&#148; beginning on S-8 of the prospectus supplement for SPARQS. We also urge you to
consult your investment, legal, tax, accounting and other advisers before you invest in the SPARQS.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">ERISA</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">See &#147;ERISA&#148; in the prospectus supplement for SPARQS.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">United States Federal Income Taxation</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The U.S. federal income tax consequences of an investment in the SPARQS are uncertain. There is no direct legal authority as to the proper tax treatment of the SPARQS, and our counsel has not
rendered an opinion as to their proper characterization for U.S. federal income tax purposes. Pursuant to the terms of the SPARQS and subject to the discussion in the accompanying prospectus supplement under &#147;United States Federal
Taxation,&#148; you have agreed with us to treat a SPARQS as a unit consisting of (i) a terminable forward contract and (ii) a deposit with us of a fixed amount of cash to secure your obligation under the terminable forward contract. We have
determined that the Yield on the Deposit is 5.23% per annum compounded quarterly, and that the remainder of the stated interest payments on the SPARQS is attributable to the Contract Fees, as described in the section of the accompanying prospectus
supplement called &#147;United States Federal Taxation </FONT><B><FONT size=2 face="serif">&#151; </FONT></B><FONT size=2 face="serif">Tax Treatment of the SPARQS.&#148;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Please read the discussion under &#147;United States Federal Taxation&#148; in the accompanying prospectus supplement concerning the U.S. federal income tax consequences of investing in the
SPARQS. If the Internal Revenue Service (the &#147;IRS&#148;) were successful in asserting an alternative characterization for the SPARQS, the timing and character of income on the SPARQS might differ. We do not plan to request a ruling from the IRS
regarding the tax treatment of the SPARQS, and the IRS or a court may not agree with the tax treatment described in this pricing supplement and the prospectus supplement for SPARQS.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-7</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Notwithstanding the foregoing, any stated interest payments on the SPARQS made to non-U.S. holders will generally be withheld upon at a rate of 30%. See the section called &#147;United
States Federal Taxation &#151; Tax Consequences to Non-U.S. Holders&#148; in the accompanying prospectus supplement. Non-U.S. holders should also note that the discussion in the accompanying prospectus supplement does not address the tax
consequences to non-U.S. holders for whom income or gain in respect of the SPARQS is effectively connected with a trade or business in the United States. Non-U.S. holders should consult their own tax advisors regarding the potential tax consequences
of an investment in the SPARQS.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">You are urged to consult your own tax advisors regarding all aspects of the U.S. federal income tax consequences of investing in the SPARQS, as well as any tax consequences arising under the laws of any state, local or
foreign taxing jurisdiction.</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">PS-8</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">Hypothetical Call Price Calculations</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The following tables set forth sample calculations of the call price for hypothetical call dates of June 20, 2007 and December 20, 2007 (the scheduled maturity date) based on the following terms:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Original issue date: November 30, 2006</FONT></LI>
<LI>
<FONT size=2 face="serif">Interest payment dates: March 20, 2007, June 20, 2007, September 20, 2007 and the maturity date</FONT></LI>
<LI>
<FONT size=2 face="serif">Yield to call: 19% per annum (computed on the basis of a 360-day year of twelve 30-day months)</FONT></LI>
<LI>
<FONT size=2 face="serif">Issue price: &#36;18.062 per SPARQS</FONT></LI>
<LI>
<FONT size=2 face="serif">Interest rate: 10% per annum</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The call price with respect to any call date is an amount of cash per SPARQS such that the sum of the present values of all cash flows on each SPARQS to and including the call date
(</FONT><I><FONT size=2 face="serif">i.e.</FONT></I><FONT size=2 face="serif">, the call price and all of the interest payments on each SPARQS), discounted to the original issue date at the applicable discount factor, equals the issue price. The
discount factor is based on the yield to call rate of 19% per annum and the number of years (or fraction of a year) from the original issue date to and including the applicable payment date and is represented by the following formula:</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%" height="29">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="bottom"><FONT size=2 face="serif">1</FONT></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="82%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%" nowrap><FONT size=2 face="serif">Discount</FONT><FONT size=2 face="serif"> factor&nbsp;</FONT></td>
    <td width="2%" align="center"><FONT size=2 face="serif">=</FONT></td>
    <td width="4%" align="center"><FONT size=2 face="serif">
      <hr align="left" width="100%" size="1" noshade>
    </FONT></td>
    <td width="1%" valign="middle"><FONT size=2 face="serif">,</FONT></td>
    <td width="82%"><FONT size=2 face="serif"> where x is the </FONT><FONT size=2 face="serif">number</FONT><FONT size=2 face="serif"> of
        years from the </FONT><FONT size=2 face="serif">original</FONT><FONT size=2
face="serif"> issue date to and </FONT><FONT size=2 face="serif">including</FONT><FONT size=2 face="serif"> the </FONT><FONT size=2 face="serif">applicable</FONT><FONT size=2 face="serif">&nbsp; </FONT><FONT size=2 face="serif">payment</FONT><FONT size=2
face="serif"> date.</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="top"><font size="2">1.19</font><sup><em>x</em></sup></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="82%">&nbsp;</td>
  </tr>
</table>
<P align="left">
<FONT size=2 face="serif">The call price in each of the hypothetical examples shown below is determined as follows:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>&#149; </TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">The known cash flows on the SPARQS (</FONT><I><FONT size=2 face="serif">i.e.</FONT></I><FONT size=2 face="serif">, the interest payments) are discounted to their present value on the original issue date at the applicable
discount factor. The sum of these present values equals the present value on the original issue date of all of the interest payments payable on the SPARQS to and including the applicable call date.</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>	<TD width="5%" valign=top nowrap><font basesize=2 size=2 baseface="monospace" face="monospace">o</font>
 	</TD>
	<TD width=85%>
<FONT size=2 face="serif">For example, the present value of all of the interest payments for the hypothetical call date of June 20, 2007 is &#36;0.9333 (&#36;0.5233 + &#36;0.4100).</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>&#149; </TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">Since the present value of all payments on the SPARQS to and including the call date (</FONT><I><FONT size=2 face="serif">i.e.</FONT></I><FONT size=2 face="serif">, the call price and all of the interest payment on each
SPARQS) must equal the issue price, we can determine the present value of the applicable call price by subtracting the sum of the present values of the interest payments from the issue price.</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>	<TD width="5%" valign=top nowrap><font basesize=2 size=2 baseface="monospace" face="monospace">o</font>
 	</TD>
	<TD width=85%>
<FONT size=2 face="serif">For example, for the hypothetical call date of June 20, 2007, the present value of the call price is &#36;17.1287 (&#36;18.0620 - &#36;0.9333).</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>&#149; </TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">The call price is then derived by determining the amount that, when discounted to the original issue date from the applicable call date at the applicable discount factor, equals the present value of the call
price.</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>	<TD width="5%" valign=top nowrap><font basesize=2 size=2 baseface="monospace" face="monospace">o</font>
 	</TD>
	<TD width=85%>
<FONT size=2 face="serif">For the hypothetical call date of June 20, 2007, the call price is therefore &#36;18.8667, which is the amount that if paid on June 20, 2007 has a present value on the original issue date of &#36;17.1287, based on the
applicable discount factor.</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">&#149; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</FONT></div>
<P align="left">
<I><FONT size=2 face="serif">The call prices calculated in the following tables are based upon the terms set forth above and the two sample call dates. The actual amount you will receive if we call the SPARQS will depend upon the actual call
date.</FONT></I></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><U><FONT size=2 face="serif">Call Date of June 20, 2007</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD><b><font size=1 face="serif">Payment Date</font></b></TD>
  <TD>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Issue Price<br>
    Paid</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Interest<br>
    Payments<br>
    Received</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Accrued but<br>
    Unpaid<br>
    Interest<br>
    Received on<br>
    Call Date</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Call Price<br>
    Received</font></b><font size="1"><b><sup><font face="serif">1</font></sup></b></font></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Total Cash<br>
    Received on<br>
    Payment Date</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Days from<br>
    Original Issue<br>
    Date</font></b><font size="1"><b><sup><font face="serif">2</font></sup></b></font></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Years from<br>
    Original Issue<br>
    Date<br>
    (Days</font></b><font size="1"><b><sup><font face="serif">2</font></sup><font face="serif">/360</font></b></font><b><font size=2 face="serif">)</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD colspan="2" nowrap><b><font size=1 face="serif">Discount<br>
    Factor at Yield<br>
    to Call</font></b><font size="1"><b><sup><font face="serif">3</font></sup></b></font></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Present Value<br>
    at Original<br>
    Issue Date of<br>
    Cash Received<br>
    on Payment<br>
    Date at Yield<br>
    to Call</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align="left"><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">November 30, 2006</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<B><FONT size=2 face="serif">(&#36;18.062)</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">0</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">.00000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">100.000</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
 <FONT size=2 face="serif">--</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">March 20, 2007</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.5519</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.5519</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">110</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">.30556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">94.824</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.5233</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">Call date (June 20, 2007)</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">.55556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
 <FONT size=2 face="serif">90.788</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.4100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">Call date (June 20, 2007)</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<B><FONT size=2 face="serif">&#36;18.8667</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">18.8667</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">.55556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
 <FONT size=2 face="serif">90.788</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;17.1287</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="7" align=left>
<B><FONT size=2 face="serif">Total amount received on the call date: &#36;19.3183</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD colspan="3" align=right>
      <B><FONT size=2 face="serif">Total:</FONT></B>
	</TD>
	<TD  width=2% align="left">&nbsp;</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<B><FONT size=2 face="serif">&#36;18.0620</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="9" align=left>
<B><FONT size=2 face="serif">Total amount received over the term of the SPARQS: &#36;19.8702</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2% align="left">&nbsp;</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<hr align=left width=15% size=1 noshade>
<table border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td colspan="2" valign=top nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign=top nowrap> <font size=1 face="serif">1</font></td>
    <td width=95%> <font size=2 face="serif">The call price of &#36;18.8667 is
        the dollar amount that has a present value of &#36;17.1287, which has
        been discounted to the original issue date from the call date at the
        yield to call rate of 19% so that the sum of the present values of all
        of the interest payments on the SPARQS and the present value of the call
        price is equal to the issue price of &#36;18.0620.</font> </td>
  </tr>
  <tr>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign=top nowrap> <font size=1 face="serif">2</font></td>
    <td width=95%> <font size=2 face="serif">Based upon a 360-day year of twelve
        30-day months.</font> </td>
  </tr>
  <tr>
    <td colspan=2>&nbsp;</td>
  </tr>
</table>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="8%" height="0">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="bottom"><FONT size=2 face="serif">1</FONT></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%"><font size=1 face="serif">3</font></td>
    <td width="8%" nowrap><FONT size=2 face="serif">Discount</FONT><FONT size=2 face="serif"> factor&nbsp;</FONT></td>
    <td width="2%" align="center"><FONT size=2 face="serif">=</FONT></td>
    <td width="4%" align="center"><FONT size=2 face="serif">
      <hr align="left" width="100%" size="1" noshade>
    </FONT></td>
    <td width="1%" valign="middle"><FONT size=2 face="serif">,</FONT></td>
    <td width="80%"> <FONT size=2 face="serif">where
    <em>x</em> is years from original issue date to and including the applicable&nbsp; payment date.</FONT></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center"><font size="2">1.19</font><sup><em>x</em></sup></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
</table>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><U><FONT size=2 face="serif">Call Date of December 20, 2007 (Maturity Date)</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD><b><font size=1 face="serif">Payment Date</font></b></TD>
  <TD>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Issue Price<br>
    Paid</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Interest<br>
    Payments<br>
    Received</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Accrued but<br>
    Unpaid<br>
    Interest<br>
    Received on<br>
    Call Date</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Call Price<br>
    Received</font></b><font size="1"><b><sup><font face="serif">1</font></sup></b></font></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Total Cash<br>
    Received on<br>
    Payment Date</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Days from<br>
    Original Issue<br>
    Date</font></b><font size="1"><b><sup><font face="serif">2</font></sup></b></font></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Years from<br>
    Original Issue<br>
    Date<br>
    (Days</font></b><font size="1"><b><sup><font face="serif">2</font></sup><font face="serif">/360</font></b></font><b><font size=2 face="serif">)</font></b></TD>
  <TD nowrap>&nbsp;</TD>
  <TD colspan="2" nowrap><b><font size=1 face="serif">Discount<br>
    Factor at Yield<br>
    to Call</font></b><font size="1"><b><sup><font face="serif">3</font></sup></b></font></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Present Value<br>
    at Original<br>
    Issue Date of<br>
    Cash Received<br>
    on Payment<br>
    Date at Yield<br>
    to Call</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align="left"><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">November 30, 2006</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<B><FONT size=2 face="serif">(&#36;18.062)</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%><FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">0</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">.00000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">100.000</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">March 20, 2007</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.5519</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
 &nbsp;<FONT size=2 face="serif">&#36;0.5519</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">110</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">.30556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">94.824</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.5233</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">June 20, 2007</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
 &nbsp;<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">.55556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">90.788</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.4100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">September 20, 2007</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
 &nbsp;<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">290</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">.80556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">86.925</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.3926</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">Call date (December 20, 2007)</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%><FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
 &nbsp;<FONT size=2 face="serif">&#36;0.4516</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">380</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">1.05556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">83.225</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;0.3758</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<FONT size=2 face="serif">Call date (December 20, 2007)</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%><FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%><FONT size=2 face="serif">--</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<B><FONT size=2 face="serif">&#36;19.6579</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">&#36;19.6579</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">380</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">1.05556</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="serif">83.225</FONT>
	</TD>
	<TD  width=2% align="left"><font size=2 face="serif">%</font></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<FONT size=2 face="serif">&#36;16.3603</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="7" align=left>
<B><FONT size=2 face="serif">Total amount received on the call date: &#36;20.1095</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD colspan="3" align=right>
      <B><FONT size=2 face="serif">Total:</FONT></B>
	</TD>
	<TD  width=2% align="left">&nbsp;</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=6%>
<B><FONT size=2 face="serif">&#36;18.0620</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="11" align=left>
<B><FONT size=2 face="serif">Total amount received over the term of the SPARQS: &#36;21.5646</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
	<TD  width=2% align="left">&nbsp;</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=6%>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align=left width=15% size=1 noshade>    </TD>
  </TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">1</FONT></TD>
	<TD width=95%>
<FONT size=2 face="serif">The call price of &#36;19.6579 is the dollar amount that has a present value of &#36;16.3603 has been discounted to the original issue date from the call date at the yield to call rate of 19% so that the sum of the present
values of all of the interest payments on the SPARQS and the present value of the call price is equal to the issue price of &#36;18.0620.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">2</FONT></TD>
	<TD width=95%>
<FONT size=2 face="serif">Based upon a 360-day year of twelve 30-day months.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="8%" height="0">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="bottom"><FONT size=2 face="serif">1</FONT></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%"><FONT size=1 face="serif">3</FONT></td>
    <td width="8%" nowrap><FONT size=2 face="serif">Discount</FONT><FONT size=2 face="serif"> factor&nbsp;</FONT></td>
    <td width="2%" align="center"><FONT size=2 face="serif">=</FONT></td>
    <td width="4%" align="center"><FONT size=2 face="serif">
      <hr align="left" width="100%" size="1" noshade>
    </FONT></td>
    <td width="1%" valign="middle"><FONT size=2 face="serif">,</FONT></td>
    <td width="80%"><FONT size=2 face="serif"> where <em>x</em> is the number
        of years from the original issue date to and including the applicable</FONT> <FONT size=2 face="serif">payment
        date.</FONT></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center"><font size="2">1.19</font><sup><em>x</em></sup></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
</table>
<br>
<br>
<BR>

<HR noshade align="center" width="100%" size=2>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
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