<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002682
<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>061239396
</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>dp04098_424b2-ps124.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<P align="center"><B><I><FONT face="serif">CALCULATION OF REGISTRATION FEE</FONT></I></B><FONT face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left width=30%>&nbsp; </TD>
    <TD  width=10%>&nbsp; </TD>
    <TD align=left width=25%> <I><FONT size=2 face="serif">Maximum Aggregate</FONT></I> </TD>
    <TD  width=10%>&nbsp; </TD>
    <TD align=center width=25%> <I><FONT size=2 face="serif">Amount of Registration</FONT></I> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=30%> <I><FONT size=2 face="serif">Title of Each Class
          of Securities Offered</FONT></I> </TD>
    <TD  width=10%>&nbsp; </TD>
    <TD align=left width=25%> <I><FONT size=2 face="serif">Offering Price</FONT></I> </TD>
    <TD  width=10%>&nbsp; </TD>
    <TD align=center width=25%> <I><FONT size=2 face="serif">Fee</FONT></I> </TD>
  </TR>
  <TR>
    <TD width="30%">
      <HR noshade size=1>
    </TD>
    <TD width="10%"> </TD>
    <TD width="25%">
      <HR noshade size=1>
    </TD>
    <TD width="10%"> </TD>
    <TD width="25%" align="center">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=30%> <FONT size=2 face="serif">High Income Trigger Securities
        due 2007</FONT> </TD>
    <TD  width=10%>&nbsp; </TD>
    <TD align=center width=25%> <FONT size=2 face="serif">&#36;16,250,000</FONT> </TD>
    <TD  width=10%>&nbsp; </TD>
    <TD align=center width=25%> <FONT size=2 face="serif">&#36;1,738.75</FONT> </TD>
  </TR>
</TABLE>
<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width=49%><P><B><I><FONT size=2 face="serif">PROSPECTUS Dated January 25,
	          2006<br>
        PROSPECTUS SUPPLEMENT<br>
        For HITS</FONT></I></B><br>
        <B><I><FONT size=2 face="serif">Dated March 30, 2006</FONT></I></B></P>
    </TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=49% colspan=1 align="right"><P><B><I><FONT size=2 face="serif">Pricing Supplement
	          No. 124<br>
        Registration Statement No. 333-131266<br>
        Dated November 22, 2006</FONT></I></B><br>
        <B><I><FONT size=2 face="serif">Rule 424(b)(2)</FONT></I></B></P>
    </TD>
</TR>
</TABLE><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><b><i><font face="serif"><img src="logo.jpg"></font></i></b></td>
  </tr>
  <tr>
    <td align="center"><B><I><FONT face="serif">GLOBAL MEDIUM-TERM NOTES, SERIES F </FONT></I></B><BR>
      <B><I><FONT face="serif">Senior Fixed Rate Notes </FONT></I></B></td>
  </tr>
  <tr>
    <td align="center"><hr align="center" width="15%" size="1" noshade></td>
  </tr>
  <tr>
    <td align="center"><P align="center"><B><I><FONT face="serif">9% HITS due December 20, 2007 </FONT></I></B><BR>
      <B><I><FONT face="serif">Based on the Common Stock of Schlumberger Limited</FONT></I></B> <BR>
      <B><strong><I><FONT face="serif"><em>High Income Trigger Securities <SUP> SM </SUP>(&#147;HITS<SUP>SM</SUP>&#148;)</em></FONT></strong></P></td>
  </tr>
  <tr>
    <td><hr align="center" width="15%" size="1" noshade></td>
  </tr>
</table>
<P align="left">
<I><FONT size=2 face="serif">The HITS offered are senior unsecured obligations of Morgan Stanley, will pay a coupon of 9% per year and will have the terms described in the prospectus supplement for HITS and the prospectus, as supplemented or
modified by this pricing supplement. 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 Schlumberger Limited, if the trading price of the common stock
of Schlumberger Limited 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 width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width=30%><P><B><I><FONT size=2 face="serif">Final Terms:</FONT></I></B></P>
	  <P><I><FONT size=2 face="serif">Underlying company:<br>
	    </FONT></I><I><FONT size=2 face="serif">Underlying stock: <br>
        Aggregate principal amount:
        <br>
        Pricing date:</FONT></I><br>
	    <I><FONT size=2 face="serif">Original issue date (Settlement date): <br>
        Maturity date: <br>
        Issue price: <br>
        Stated principal amount:</FONT></I><br>
	    <I><FONT size=2 face="serif">Coupon rate:</FONT></I><br>
	    <I><FONT size=2 face="serif">Interest payment dates:<br>
        </FONT></I><I><FONT size=2 face="serif">Denominations: Initial share price: <br>
        Trigger level:
        <br>
        Trigger price:</FONT></I><br>
	    <I><FONT size=2 face="serif">Payment at maturity:</FONT></I></P></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P>&nbsp;</P>
	  <P><I><FONT size=2 face="serif">Schlumberger Limited,
	    which we refer to as Schlumberger<br>
	    The common stock of Schlumberger<br>
	    </FONT></I><I><FONT size=2 face="serif">&#36;16,250,000<br>
        November 22, 2006</FONT></I><br>
	    <I><FONT size=2 face="serif">November 30, 2006,
	      which is the fifth trading day following the pricing date<br>
        December 20, 2007<br>
  &#36;10
	      per HITS<br>
  &#36;10
        per HITS</FONT></I><br>
	    <I><FONT size=2 face="serif">9% per annum</FONT></I><br>
	    <I><FONT size=2 face="serif">March
	      20, 2007, June 20, 2007, September 20, 2007 and the maturity date<br>
  &#36;10 (and integral multiples thereof)<br>
  &#36;65.18, the closing price of Schlumberger common stock on the pricing
	      date<br>
        75%<br>
  &#36;48.885,
        equal to 75% of the initial share price</FONT></I><br>
	    <I><FONT size=2 face="serif">If </FONT></I><B><I><FONT size=2 face="serif">at any time on any trading day </FONT></I></B><I><FONT size=2 face="serif">from and including the pricing date to and including the determination date:</FONT></I></P></TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="35%">&nbsp;</td>
    <td width="5%" valign="top">&#8226;</td>
    <td width="60%" valign="top"><I><FONT size=2 face="serif">the trading price </FONT></I><B><I><FONT size=2 face="serif">has
            not </FONT></I></B><I><FONT size=2 face="serif">decreased to or below
    the trigger price, then you will receive an amount in</FONT></I> <I><FONT size=2
face="serif">cash equal to &#36;10 per HITS, or</FONT></I></td>
  </tr>
  <tr>
    <td width="35%">&nbsp;</td>
    <td width="5%" valign="top">&#8226;</td>
    <td width="60%" valign="top"><I><FONT size=2 face="serif">the trading price </FONT></I><B><I><FONT size=2 face="serif">has </FONT></I></B><I><FONT size=2 face="serif">decreased
    to or below the trigger price, then you will receive shares of common</FONT></I> <I><FONT size=2
face="serif">stock in exchange for each HITS at the exchange ratio.</FONT></I></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width=30%><P><I><FONT size=2 face="serif">Exchange ratio:</FONT></I><br>
	  <I><FONT size=2 face="serif">Determination date:<br>
	    Exchange right:</FONT></I><br>
	    <I><FONT size=2 face="serif">Listing:</FONT></I></P>
    </TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><I><FONT size=2 face="serif">0.15342, which is equal to &#36;10 divided by the initial share price</FONT></I><br>
	  <I><FONT size=2 face="serif">December 18, 2007, subject to postponement in
	          the event of certain market disruption events<br>
        The HITS are not exchangeable
        into cash or Schlumberger common stock prior to maturity.</FONT></I><br>
        <I><FONT size=2 face="serif">The
        HITS have been approved for listing on the AMEX subject to official notice
        of issuance. The AMEX listing symbol for the HITS is &#147;SBM.&#148; It
        is not possible to predict whether any secondary market for the HITS
        will develop.</FONT></I></P>
    </TD>
</TR>
<TR valign="top">
	<TD width=30%><P><I><FONT size=2 face="serif">CUSIP:</FONT></I></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><I><FONT size=2 face="serif">61748A338</FONT></I></P>

	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><I><FONT size=2 face="serif">The HITS involve risks not associated with an investment in ordinary debt securities. See &#147;Risk Factors&#148; beginning on PS-7. </FONT></I></B><br>
<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><I><FONT size=2 face="serif"> </FONT></I></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><HR align="center" width="15%" size=1 noshade></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="7" align=left><P align="center"> <B><I><FONT size=2 face="serif">PRICE </FONT></I></B><B><I><FONT size=2 face="serif">&#36;10</FONT></I></B><B><I><FONT size=2 face="serif"> PER
    HITS </FONT></I></B></P></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="7" align=left><HR align="center" width="15%" size=1 noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left width=49%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<B><I><FONT size=1 face="serif">Price<br>
to 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=15%>
<B><I><FONT size=1 face="serif">Agent&#146;s<br>
Commissions</FONT></I></B><B><I><SUP><FONT size=1 face="serif">(2)</FONT></SUP></I></B></TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<B><I><FONT size=1 face="serif">Proceeds<br>
to Company</FONT></I></B><B><I><SUP><FONT size=1 face="serif">(1)</FONT></SUP></I></B></TD>
</TR>
<TR>
	<TD width="49%">	</TD>
	<TD width="2%">	</TD>
	<TD width="15%">
<HR noshade size=1>	</TD>
	<TD width="2%">	</TD>
	<TD width="15%">
<HR noshade size=1>	</TD>
	<TD width="2%">	</TD>
	<TD width="15%">
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49%>
<I><FONT size=1 face="serif">Per HITS</FONT></I>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<I><FONT size=1 face="serif">&#36;10.00</FONT></I>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<I><FONT size=1 face="serif">&#36;0.20</FONT></I>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<I><FONT size=1 face="serif">&#36;9.80</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49%>
<I><FONT size=1 face="serif">Total</FONT></I>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<I><FONT size=1 face="serif">&#36;16,250,000</FONT></I>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<I><FONT size=1 face="serif">&#36;325,000</FONT></I>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<I><FONT size=1 face="serif">&#36;15,925,000</FONT></I>	</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="3%" valign=top nowrap>
<I><FONT size=1 face="serif">(1)</FONT></I></TD>
	<TD width=97%>
<I><FONT size=1 face="serif">Plus accrued coupon, if any, from the original issue date.</FONT></I>	</TD>
</TR><TR>
	<TD width="3%" valign=top nowrap>
<I><FONT size=1 face="serif">(2)</FONT></I></TD>
	<TD width=97%>
<I><FONT size=1 face="serif">For additional information, see &#147;Plan of Distribution&#148; in the prospectus supplement for HITS.</FONT></I>	</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 HITS) 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 HITS 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 HITS if you so request by calling toll-free 800-584-6837. </FONT></P>
<P align="left">
<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 HITS </FONT></I><FONT size=2 face="serif">dated March 30, 2006:</FONT> <br>
<U><FONT size=2
face="serif"><a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000965/dp02349_hits.txt">http://www.sec.gov/Archives/edgar/data/895421/000095010306000965/dp02349_hits.txt</a></FONT></U><br>
</LI>
<LI><I><FONT size=2 face="serif">Prospectus </FONT></I><FONT size=2 face="serif">dated January 25, 2006:</FONT> <a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt"><br>
  <font size="2" face="serif">  http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt</font></a></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Terms used in this pricing supplement are defined in the prospectus supplement for HITS 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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;High Income Trigger Securities&#148; and &#147;HITS&#148; are service marks of Morgan Stanley.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Your Return on the HITS</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 HITS do not guarantee any return of principal at maturity. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Coupon on the principal
amount. </FONT></B><FONT size=2 face="serif">We will pay a coupon on the HITS
at a rate that will be 9.00% of the principal amount per year on March 20, 2007,
June  20, 2007, September 20, 2007 and the maturity date, which is more than
the current dividend rate on Schlumberger common stock. For U.S. federal income
tax purposes, we and you will generally agree to treat a portion of the total
coupon as interest,  accruing at 5.23% per annum, and the remaining portion as
option premium, equivalent to 3.77% per annum. See &#147;United States Federal
Income Taxation&#148; below. You will be entitled to receive all coupon payments
on the principal amount of your HITS whether we deliver cash or shares of Schlumberger
common stock at maturity. </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">We will deliver to you on the maturity date for each &#36;10 principal amount of HITS that you hold: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">if the trading price of Schlumberger common stock </FONT><B><FONT size=2 face="serif">has not </FONT></B><FONT size=2 face="serif">decreased to or below the trigger price </FONT><B><FONT size=2 face="serif">at any time
on</FONT></B> <B><FONT size=2 face="serif">any trading day </FONT></B><FONT size=2 face="serif">from and including the pricing date to and including the determination date, an amount in cash</FONT> <FONT size=2 face="serif">equal to &#36;10 per
HITS; or</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">if the trading price of Schlumberger common stock </FONT><B><FONT size=2 face="serif">has </FONT></B><FONT size=2 face="serif">decreased to or below the trigger price </FONT><B><FONT size=2 face="serif">at any time on
any</FONT></B> <B><FONT size=2 face="serif">trading day </FONT></B><FONT size=2 face="serif">from and including the pricing date to and including the determination date, shares of Schlumberger</FONT> <FONT size=2 face="serif">common stock in
exchange for each HITS at the applicable exchange ratio.<br>
<br>
</FONT><I><FONT size=2 face="serif">where,</FONT></I>
    <blockquote>
      <p align="left">
        <FONT size=2 face="serif">exchange ratio &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15342</FONT></p>
    </blockquote>
</LI>
</UL>
<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 the scheduled determination date is postponed because that day is not a trading day or a market disruption event
occurs on that day and the actual determination date is less than two trading days prior to the scheduled maturity date, the maturity date will be the second trading day following the determination date as postponed.</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">Definitions</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following definitions shall replace the equivalent definitions in the prospectus supplement for HITS dated March 30, 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>
<UL>
<LI>
<FONT size=2 face="serif">if such underlying stock (or any such other security) is listed or admitted to trading on a national securities exchange</FONT> <FONT size=2 face="serif">(other than The NASDAQ Stock Market LLC (the &#147;NASDAQ&#148;)),
the last reported sale price, regular way, of the</FONT> <FONT size=2 face="serif">principal trading session on such day on the principal national securities exchange registered under the Securities</FONT> <FONT size=2 face="serif">Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), on which such underlying stock (or any such other security)</FONT> <FONT size=2 face="serif">is listed or admitted to trading,</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">if such underlying stock (or any such other security) is a security of the NASDAQ, the official closing price published</FONT> <FONT size=2 face="serif">by the NASDAQ on such day, or</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">if such underlying stock (or any such other security) is not listed or admitted to trading on any national securities</FONT> <FONT size=2 face="serif">exchange but is included in the OTC Bulletin Board Service (the
&#147;OTC Bulletin Board&#148;) operated by the National</FONT> <FONT size=2 face="serif">Association of Securities Dealers, Inc. (the &#147;NASD&#148;), the last reported sale price of the principal trading session on the</FONT> <FONT size=2
face="serif">OTC Bulletin Board on such day.</FONT></LI>
</UL>
<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="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">&#147;intraday price&#148;</FONT></B><FONT size=2 face="serif"> for one share of the underlying stock (or one unit of any other security for which an Intraday Price must be determined) at
any time during any trading day (including at the close) means: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">if the underlying stock (or any such other security) is listed or admitted to trading on a national securities exchange, the</FONT> <FONT size=2 face="serif">most recently reported sale price, regular way, at such time
during the principal trading session on such day on the</FONT> <FONT size=2 face="serif">principal United States securities exchange registered under the Exchange Act on which the underlying stock (or any</FONT> <FONT size=2 face="serif">such other
security) is listed or admitted to trading,</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">if the underlying stock (or any such other security) is a security of NASDAQ, the most recently reported sale price at</FONT> <FONT size=2 face="serif">such time quoted by NASDAQ on such day, or</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">if the underlying stock (or any such other security) is not listed or admitted to trading on any national securities</FONT> <FONT size=2 face="serif">exchange but is included in the OTC Bulletin Board, the most recently
reported sale price at such time during the</FONT> <FONT size=2 face="serif">principal trading session on the OTC Bulletin Board on such day.</FONT></LI>
</UL>
<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">Hypothetical Payments on the HITS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following examples
illustrate the payment at maturity on the HITS for a range of hypothetical closing
prices for Schlumberger common stock on a hypothetical determination date, which
is  approximately one year from the issue date of the HITS, 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><FONT size=2 face="serif">The hypothetical
examples are based on the following values:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=20% align=left valign="top">
<FONT size=2 face="serif"> Stated principal amount</FONT>	</TD>
	<TD width=77% align=left valign="top">&nbsp;	</TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=center valign="top">&nbsp;</TD>
	<TD width=20% align=left valign="top">
<FONT size=2 face="serif">(per HITS):</FONT>	</TD>
	<TD width=77% align=left valign="top">
<FONT size=2 face="serif">&#36;10.00</FONT>	</TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=20% align=left valign="top">
<FONT size=2 face="serif"> Initial share price:</FONT>	</TD>
	<TD width=77% align=left valign="top">
<FONT size=2 face="serif">&#36;65.18</FONT>	</TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=20% align=left valign="top">
<FONT size=2 face="serif"> Exchange ratio:</FONT></TD>
	<TD width=77% align=left valign="top">
<FONT size=2 face="serif">0.15342 (the
<FONT size=2 face="serif">&#36;10.00 price per HITS divided by the hypothetical
initial share price)</FONT> </FONT>	</TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=20% align=left valign="top">
<FONT size=2 face="serif"> Trigger price:</FONT>	</TD>
	<TD width=77% align=left valign="top">
<FONT size=2 face="serif">&#36;48.885
<FONT size=2 face="serif">(75% of the initial share price)</FONT> </FONT>	</TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top">&#8226;</TD>
	<TD width=20% align=left valign="top">
<FONT size=2 face="serif"> Annual coupon:</FONT>	</TD>
	<TD width=77% align=left valign="top">
<FONT size=2 face="serif">9.00%</FONT>	</TD>
  </TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">TABLE 1: 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;10.00 investment in the HITS if the
trading price of Schlumberger common stock </FONT></B><B><I><FONT size=2 face="serif">has not</FONT></I></B><B><FONT size=2 face="serif"> decreased to or below the trigger price of &#36;48.885 </FONT></B><B><I><FONT size=2 face="serif">at any time
on any trading day</FONT></I></B><B><FONT size=2 face="serif"> 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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=23%>
<B><FONT size=1 face="serif">Hypothetical Schlumberger common<br>
</FONT></B><B><FONT size=1 face="serif">stock
closing price at determination date</FONT></B> </TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<B><FONT size=1 face="serif">Value of cash delivery amount<br>
</FONT></B><B><FONT size=1 face="serif">at
maturity per HITS</FONT></B> </TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<B><FONT size=1 face="serif">Total quarterly coupon payments</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<B><FONT size=1 face="serif">Value of total payment per HITS</FONT></B>	</TD>
</TR>
<TR>
	<TD width="23%" align="center">
<HR noshade size=1>	</TD>
	<TD>	</TD>
	<TD width="23%" align="center">
<HR noshade size=1>	</TD>
	<TD>	</TD>
	<TD width="23%" align="center">
<HR noshade size=1>	</TD>
	<TD>	</TD>
	<TD width="25%" align="center">
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;50.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%><FONT size=1 face="serif">&#36;</FONT><FONT size=1 face="serif">10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;55.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;60.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;65.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;70.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;75.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;80.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;85.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;10.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%> <FONT size=1 face="serif">&#36;10.900</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="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;10.00 investment in the HITS if the
trading price of Schlumberger common stock </FONT></B><B><I><FONT size=2 face="serif">has</FONT></I></B><B><FONT size=2 face="serif"> decreased to or below the trigger price of &#36;48.885 </FONT></B><B><I><FONT size=2 face="serif">at any time on
any trading day</FONT></I></B><B><FONT size=2 face="serif"> 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 the delivery of shares of
Schlumberger common stock.   </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=23%>
<B><FONT size=1 face="serif">Hypothetical Schlumberger common<br>
</FONT></B><B><FONT size=1 face="serif">stock
closing price at determination date</FONT></B> </TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
 <B><FONT size=1 face="serif">Value
 of shares of Schlumberger<br>
</FONT></B><B><FONT size=1 face="serif">common stock delivered at maturity per</FONT></B> <B><FONT size=1 face="serif">HITS</FONT></B> </TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<B><FONT size=1 face="serif">Total quarterly coupon payments</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<B><FONT size=1 face="serif">Value of total payment per HITS</FONT></B>	</TD>
</TR>
<TR>
	<TD width="23%" align="center">
<HR noshade size=1>	</TD>
	<TD>	</TD>
	<TD width="23%" align="center">
<HR noshade size=1>	</TD>
	<TD>	</TD>
	<TD width="23%" align="center">
<HR noshade size=1>	</TD>
	<TD>	</TD>
	<TD width="25%" align="center">
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%> <FONT size=1 face="serif">&#36;0.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%><FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;35.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;5.370</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;6.270</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;40.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;6.137</FONT></TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;7.037</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;45.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;6.904</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;7.804</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;50.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;7.671</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;8.571</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;55.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;8.438</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;9.338</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=center> <FONT size=1 face="serif">&#36;60.000</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=1 face="serif">&#36;9.205</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=1 face="serif">&#36;0.900</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=1 face="serif">&#36;10.105</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;65.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;9.972</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;10.872</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;70.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;10.739</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;11.639</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;75.000</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;11.507</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=23%>
<FONT size=1 face="serif">&#36;0.900</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=25%>
<FONT size=1 face="serif">&#36;12.407</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Because the trading price of Schlumberger common 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 Schlumberger common 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 Schlumberger common stock on the determination date. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You can review the historical prices of Schlumberger common stock in the section of this pricing supplement called &#147;Description of HITS&#151;Historical Information.&#148; The historical
performance of Schlumberger common stock included in this pricing supplement should not be taken as an indication of the future performance of Schlumberger common stock during the term of the HITS. It is impossible to predict whether the prices of
Schlumberger common stock will rise or fall during the term of the HITS, whether the price of Schlumberger common stock will or will not decrease to or below the trigger price during the term of HITS, or the price of Schlumberger common stock at
maturity.</FONT><FONT size=1 face="serif"> </FONT></P>
<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="center">
<B><FONT size=2 face="serif">Schlumberger common stock &#150; Public Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Schlumberger Limited is an oilfield services company, supplying technology, project management and information solutions that optimize performance in the oil and gas industry. Schlumberger
common stock is registered under the Exchange Act. Information provided to or filed with the Commission by Schlumberger pursuant to the Exchange Act can be located by reference to Commission file number 001-04601 through the Commission&#146;s
website at http://www.sec.gov. In addition, information regarding Schlumberger 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="serif">This pricing supplement relates only to the HITS offered hereby and does not relate to Schlumberger common stock or other securities of Schlumberger. We have derived all disclosures
contained in this prospectus supplement regarding Schlumberger from the publicly available documents described in the preceding paragraph. In connection with the offering of the HITS, neither we nor the Agent has participated in the preparation of
such documents or made any due diligence inquiry with respect to Schlumberger. Neither we nor the Agent makes any representation that such publicly available documents or any other publicly available information regarding Schlumberger 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 Schlumberger common 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 Schlumberger
common stock for 2003, 2004, 2005 and  2006 through November 22, 2006. The closing
price of Schlumberger common stock on November 22, 2006 was &#36;65.18.
We obtained the closing prices and other information below from Bloomberg Financial
Markets, without independent verification. You should not take the historical
prices of Schlumberger common stock as an indication of future performance. </FONT></P>
<div align="center">
  <TABLE width="65%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left width=49%>&nbsp;	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <B><FONT size=2 face="serif">High</FONT></B>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <B><FONT size=2 face="serif">Low</FONT></B>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD colspan="2" align=center>
      <B><FONT size=2 face="serif">Dividends</FONT></B>	</TD>
    </TR>
    <TR>
      <TD width="49%" align="left">	</TD>
      <TD width="2%" GUTTER>	</TD>
      <TD width="15%" align="center">
      <HR noshade size=1>	</TD>
      <TD width="2%">	</TD>
      <TD width="15%" align="center">
      <HR noshade size=1>	</TD>
      <TD width="2%">	</TD>
      <TD colspan="2" align="center">
      <HR noshade size=1>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <B><FONT size=2 face="serif">(CUSIP 806857108)</FONT></B>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=5%>&nbsp;</TD>
      <TD align=center width=10%>&nbsp;	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <B><FONT size=2 face="serif">2003</FONT></B>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=5%>&nbsp;</TD>
      <TD align=center width=10%>&nbsp;	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">First Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">21.55</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">18.04</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Second Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">24.89</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">18.71</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Third Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">25.54</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">22.32</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Fourth Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">27.84</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">23.05</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <B><FONT size=2 face="serif">2004</FONT></B>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>&nbsp;	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">First Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">33.24</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">26.35</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Second Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">32.08</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">27.73</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Third Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">33.83</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">29.46</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Fourth Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">34.63</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">30.61</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.09375</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <B><FONT size=2 face="serif">2005</FONT></B>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>&nbsp;	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">First Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">39.00</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">31.74</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.105</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Second Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">39.09</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">32.58</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.105</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Third Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">43.62</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">37.91</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.105</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Fourth Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">51.44</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">39.24</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.105</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <B><FONT size=2 face="serif">2006</FONT></B>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>&nbsp;	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">First Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">65.33</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">51.68</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.125</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Second Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">73.37</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">54.51</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.125</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Third Quarter</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">68.07</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">54.73</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.125</FONT>	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">Fourth Quarter (through November</FONT>	</TD>
      <TD GUTTER align=left width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>&nbsp;	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>&nbsp;	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=49%>
      <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;22, 2006)</FONT></TD>
      <TD GUTTER align=left width=2%>&nbsp;</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">65.61</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=center width=15%>
      <FONT size=2 face="serif">57.46</FONT>	</TD>
      <TD  width=2%>&nbsp;	</TD>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left width=10%>
      <FONT size=2 face="serif">0.125</FONT>	</TD>
    </TR>
  </TABLE>
  <BR>
</div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All share price information has been adjusted to reflect a two-for-one stock split that was payable on April 10, 2006. We make no representation as to the amount of dividends, if any, that
Schlumberger will pay in the future. </FONT><B><FONT size=2 face="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 Schlumberger common stock.</FONT></B><FONT size=2
face="serif"> </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="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 HITS will be used for general corporate purposes and, in part, in
connection with hedging our obligations under the HITS 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 HITS by taking positions in Schlumberger
 common stock and in options contracts on Schlumberger common stock listed on
major securities markets. </FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">Such
purchase activity could have increased the price of  Schlumberger common stock,
and, accordingly, have increased the trigger price relative to the price of Schlumberger
common stock absent such hedging activity. For further information on our use
of proceeds and hedging, see &#147;Use of Proceeds and
Hedging&#148; in the prospectus supplement for HITS. </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="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 HITS 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 HITS do not guarantee return of principal at maturity. </FONT></B><FONT size=2 face="serif">Our payment to you at maturity will either be (i) cash equal to the principal amount of each
HITS or (ii) a number of shares of Schlumberger common stock, if the trading price of Schlumberger common stock decreases below the trigger price over the term of the HITS. If we deliver shares of Schlumberger common stock at maturity in exchange
for each HITS, the value of those shares may be less than the principal amount of each HITS and could be zero. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Except in certain circumstances, you will not participate in any appreciation in the value of Schlumberger common stock. </FONT></B><FONT size=2 face="serif">Generally, you will not
participate in any appreciation in the price of Schlumberger common stock, and your return on the HITS will be limited to the coupon payable on the HITS.</FONT></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 HITS. You should be willing to hold your HITS to maturity.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Market price of the HITS will be influenced by many unpredictable factors. </FONT></B><FONT size=2 face="serif">Although we expect that generally the trading price of Schlumberger common
stock on any day will affect the value of the HITS more than any other single factor, other factors that may influence the value of the HITS include: whether the trading price of Schlumberger common stock has decreased to or below the trigger price
at any time on any trading day, the volatility, the dividend rate on Schlumberger common stock, geopolitical conditions and economic, financial, political, regulatory or judicial events, interest and yield rates in the market, the time remaining to
the maturity of the HITS, our creditworthiness and the occurrence of certain events affecting Schlumberger 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 HITS 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 HITS, as well as the projected profit included in the cost of hedging our obligations under the HITS. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">If the HITS are accelerated, you may receive an amount worth substantially less than the principal amount of the HITS. </FONT></B><FONT size=2 face="serif">The amount payable to you if the
maturity of the HITS is accelerated will differ depending on whether it is due to a price event acceleration due to a decline in the price of Schlumberger common stock times the exchange factor for two consecutive trading days to the acceleration
trigger price of &#36;2.00 per share, or an event of default acceleration, and may be substantially less than the principal amount of the HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Morgan Stanley is not affiliated with Schlumberger. </FONT></B><FONT size=2 face="serif">Schlumberger 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 Schlumberger 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
Schlumberger without regard to your interests, and thus may acquire non-public
information about Schlumberger. 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 Schlumberger, which may or may not recommend that  investors buy or
hold Schlumberger common 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 HITS is not equivalent to investing in Schlumberger common stock. As an investor in the HITS, you will
not have voting rights or rights to receive dividends or other distributions or any other rights with respect to Schlumberger common stock. </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">The HITS may become exchangeable into the common stock of a company other than Schlumberger. </FONT></B><FONT size=2 face="serif">Following certain corporate events relating to Schlumberger common stock, you may receive at maturity or the common stock of a successor corporation to Schlumberger. The occurrence of such corporate events and the
consequent adjustments may materially and adversely affect the market price of the HITS. </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 Schlumberger common stock. </FONT></B><FONT size=2
face="serif">For example, the calculation agent is not required to make any adjustments if Schlumberger or anyone else makes a partial tender or partial exchange offer for Schlumberger common stock. If an event occurs that does not require the
calculation agent to adjust the amount of Schlumberger common stock payable at maturity, the market price of the HITS 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 HITS or that trade
Schlumberger common stock on a regular basis are potentially adverse to your interests as an investor in the HITS. </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 during the term of the HITS could adversely affect the price of Schlumberger common stock on the pricing date and at maturity and, as a result, could decrease the amount you may receive on the HITS at maturity. Any of these hedging or
trading activities on or prior to the date of this pricing supplement could potentially have increased the price of the underlying stock and, accordingly, potentially have increased the initial share price used to calculate the trigger price and,
therefore, potentially have raised the trigger price relative to the price of the underlying stock absent such hedging or trading activity. Additionally, such hedging or trading activities during the term of the HITS could potentially affect whether
the price of the underlying stock decreases to or below the trigger price and, therefore, whether or not you will receive the principal amount of the HITS or shares of the underlying stock at maturity. Furthermore, if the price of the underlying
stock has decreased to or below the trigger price such that you will receive shares of the underlying stock at maturity, our trading activities prior to or at maturity could adversely affect the value of the shares of underlying stock we will
deliver at maturity. </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 HITS 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-7 of the prospectus supplement for HITS. We also urge you to
consult your investment, legal, tax, accounting and other advisers before you invest in the HITS. </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 HITS.</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 HITS are uncertain. There is no direct legal authority as to the proper tax treatment of the HITS, and consequently our counsel
is unable to render 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 under &#147;United States Federal
Taxation,&#148; you have agreed with us to treat a HITS as a unit consisting of (i) an option granted by you to us, to enter into, upon the occurrence of certain events, a forward contract pursuant to which you agree to purchase Schlumberger common
stock from us at maturity and (ii) a deposit with us of a fixed amount of cash to secure your obligation under the forward contract. We have determined that the Yield on the Deposit is 5.23% per annum compounded quarterly, and that the remainder of
the coupon on the HITS is attributable to the Option Premium, as described in the section of the accompanying prospectus supplement called &#147;United States Federal Taxation&#151;Tax Treatment of the HITS.&#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
HITS. Non-U.S. investors should note that the discussion in the accompanying prospectus supplement does not address the tax consequences to non-U.S. investors that hold, or will hold, actually or constructively, more than 5% of the HITS or more than
5% of any </FONT></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="left">
<FONT size=2 face="serif">Schlumberger common stock. If the Internal Revenue Service (the &#147;IRS&#148;) were successful in asserting an alternative characterization for the HITS, the timing and character of income on the HITS might differ. We do
not plan to request a ruling from the IRS regarding the tax treatment of the HITS, and the IRS or a court may not agree with the tax treatment described in this pricing supplement and the prospectus supplement for HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 HITS, 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-9</FONT></P>

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