<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002780
<TYPE>424B2
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20061211
<DATE-OF-FILING-DATE-CHANGE>20061211
<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>061268979
</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>dp04230_424b2-ps160.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<p align="center"><strong><em>CALCULATION OF REGISTRATION FEE </em></strong></p>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="36%"><font size="2"><em>Title of Each Class of Securities Offered </em></font></td>
    <td width="9%"><font size="2">&nbsp;</font></td>
    <td width="22%" align="center"><font size="2"><em>Maximum Aggregate <br>
    Offering Price </em></font></td>
    <td width="8%" align="center">&nbsp;</td>
    <td width="25%" align="center"><font size="2"><em>Amount of <br>
      Registration
    Fee   </em></font></td>
  </tr>
  <tr>
    <td width="36%"><HR size=1 noshade></td>
    <td width="9%">&nbsp;</td>
    <td width="22%" align="center"><HR size=1 noshade></td>
    <td width="8%" align="center">&nbsp;</td>
    <td width="25%" align="center"><HR size=1 noshade></td>
  </tr>
  <tr>
    <td width="36%"><font size="2">20% Reverse Exchangeable Securities due 2007</font></td>
    <td width="9%"><font size="2">&nbsp;</font></td>
    <td width="22%" align="center"><font size="2">$35,006,625.00

</font></td>
    <td width="8%" align="center">&nbsp;</td>
    <td width="25%" align="center"><font size="2">$3,745.71

</font></td>
  </tr>
</table>
<br>

<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. 160 to</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">Dated January 25, 2006</FONT></I></B>
	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Dated December 7, 2006</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>&nbsp;

	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Rule 424(b)(2)</FONT></I></B>
	</TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size=5 face="serif">&#36;35,006,625</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><img src="ms_logo.jpg"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size="4" face="serif">GLOBAL MEDIUM-TERM NOTES,
            SERIES F</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size=4 face="serif">Senior Fixed
            Rate Notes</FONT></I></B> </TD>
  </TR>
  <TR>
    <TD colspan=1 width=99%>
      <HR align="center" width="15%" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size=4 face="serif">20% Reverse Exchangeable
            Securities Due December 15, 2007</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size=4 face="serif">Mandatorily Exchangeable
            for an Amount Payable in U.S. Dollars</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size=4 face="serif">or for Shares
            of Common Stock of</FONT></I></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=99%> <B><I><FONT size=4 face="serif">EXXON MOBIL CORPORATION</FONT></I></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD colspan=3>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="4" valign=top><I><FONT size=2 face="serif">The securities will pay 20% interest per year
    but do not guarantee any return of principal at maturity. Instead, the securities
    will pay at maturity either (i) an amount of cash equal to the principal
    amount of the securities or (ii) a number of shares of Exxon Mobil common
    stock, based on the closing price of Exxon Mobil common stock at maturity. </FONT></I><B><I><FONT size=2 face="serif">Unless
    the price of Exxon Mobil common stock increases by at least 20%, at maturity
    you will receive shares of Exxon Mobil common stock worth less than the &#36;75.69
    principal amount of the securities.</FONT></I></B> </TD>
  </TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD colspan=3>&nbsp;</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">The principal amount and issue price of each security is &#36;75.69.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">We will pay interest monthly at the rate of 20% per year on the &#36;75.69 principal amount of each security on the 15th of each month, beginning January 15, 2007.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">At maturity, for each &#36;75.69 principal amount of securities that you hold:</FONT></I>	</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
&deg;	</TD>
	<TD width=100% colspan=2>
<I><FONT size=2 face="serif">if the closing price of Exxon Mobil common stock on December 13, 2007, which we refer to as the determination date, is greater than or equal to the exchange price, you will receive an amount in cash for each security
equal to the &#36;75.69 principal amount; or</FONT></I>	</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
&deg; </TD>
	<TD width=100% colspan=2>
<I><FONT size=2 face="serif">if the closing price of Exxon Mobil common stock on the determination date is less than the exchange price, you will receive 0.831601 shares of Exxon Mobil common stock, which we refer to as the exchange ratio, in
exchange for each security.</FONT></I>	</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
></TD>
	<TD width=85%>
<I><FONT size=2 face="serif">The exchange price is &#36;91.0172, or 120.25% of the price of Exxon Mobil stock on December 7, 2006, the day we priced the securities for initial sale to the public, which we refer to as the initial share price. Because
the exchange price is 120.25% higher than the initial share price, the closing price of Exxon Mobil common stock must increase by at least 20.25% as of the determination date in order for you to receive the par amount of your securities at
maturity.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">If we deliver shares of Exxon Mobil common stock at maturity in exchange for each security, the value of those shares will be less than the &#36;75.69 principal amount of each security and could be zero.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">Investing in the securities is not equivalent to investing in Exxon Mobil common stock.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">Exxon Mobil Corporation is not involved in this offering of securities in any way and will have no obligation of any kind with respect to the securities.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">The securities will not be listed on any securities exchange.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=100% colspan=3>
<I><FONT size=2 face="serif">The CUSIP number for the securities is 61747S512.</FONT></I>	</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD colspan=3>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="4" valign=top><I><FONT size=2 face="serif">You should read
        the more detailed description of the securities in this pricing supplement.
        In particular, you should review and understand the descriptions in &#147;Summary
        of Pricing Supplement&#148; and
&#147;Description of Securities.&#148;</FONT></I><br>
<B><I><FONT size="3" face="serif">The securities are riskier than 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 is truthful or complete. Any representation to the
contrary is a criminal offense.</FONT></I></B> </TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="7">
      <HR align="center" width="15%" size=1 noshade>
    </TD>
  </TR>
<TR align="center" valign="bottom">
	<TD colspan="7">
      <B><I><FONT size=2 face="serif">PRICE 100%</FONT></I></B>
	</TD>
  </TR>
<TR>
  <TD colspan="7"></TD>
  </TR>
<TR>
	<TD colspan="7">
      <HR align="center" width="15%" size=1 noshade>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left width=58%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=12%>
<B><I><FONT size=1 face="serif">Price to</FONT></I></B></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=12%>
<B><I><FONT size=1 face="serif">Agent&#146;s</FONT></I></B></TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=12%>
<B><I><FONT size=1 face="serif">Proceeds to</FONT></I></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=12%>
<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=12%>
<B><I><FONT size=1 face="serif">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=12%>
<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="58%">
	</TD>
	<TD width="2%">
	</TD>
	<TD width="12%">
<HR noshade size=1>
	</TD>
	<TD width="2%">
	</TD>
	<TD width="12%">
<HR noshade size=1>
	</TD>
	<TD width="2%">
	</TD>
	<TD width="12%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58%>
<I><FONT size=2 face="serif">Per Security</FONT></I>
	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>
	</TD>
	<TD align=center width=12%>
<I><FONT size=2 face="serif">&#36;75.6900</FONT></I>
	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>
	</TD>
	<TD align=center width=12%>
<I><FONT size=2 face="serif">&#36;0.07569</FONT></I>
	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>
	</TD>
	<TD align=center width=12%>
<I><FONT size=2 face="serif">&#36;75.6143</FONT></I>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58%>
<I><FONT size=2 face="serif">Total</FONT></I>
	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>
	</TD>
	<TD align=center width=12%>
<I><FONT size=2 face="serif">&#36;35,006,625</FONT></I>
	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>
	</TD>
	<TD align=center width=12%>
<I><FONT size=2 face="serif">&#36;35,006.620</FONT></I>
	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>
	</TD>
	<TD align=center width=12%>
<I><FONT size=2 face="serif">&#36;34,971,618.380</FONT></I>
	</TD>
</TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="15%" size=1 noshade></TD>
  </TR>
<TR>
	<TD width="4%" valign=top nowrap>
      <FONT size=1 face="serif"><sup><em><strong>(1)</strong></em></sup></FONT></TD>
	<TD width=96%>
<B><I><FONT size=1 face="serif">Plus accrued interest, if any, from the original issue date.</FONT></I></B>	</TD>
</TR><TR>
	<TD width="4%" valign=top nowrap>
      <FONT size=1 face="serif"><sup><em><strong>(2)</strong></em></sup></FONT></TD>
	<TD width=96%>
<B><I><FONT size=1 face="serif">For additional information see &#147;Supplemental Information Concerning Plan of Distribution&#148; in this pricing supplement.</FONT></I></B>	</TD>
</TR></TABLE>
<P align="center">
<B><I><FONT size=5 face="serif">MORGAN STANLEY</FONT></I></B></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<div style="width: 95%; border: 1px solid black; padding: 10px">
<P align="center">
<B><FONT size=2 face="serif">SUMMARY OF PRICING SUPPLEMENT</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">The following summary describes the securities we are offering to you in general terms only. You should read the summary together with the more detailed information that is contained in the
rest of this pricing supplement and in the accompanying prospectus and prospectus supplement. You should carefully consider, among other things, the matters set forth in &#147;Risk Factors.&#148; </FONT></I></P>
<P align="left"><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      securities offered are medium-term debt securities of Morgan Stanley. We
      may not redeem the securities prior to maturity.</FONT></I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Each security costs &#36;75.69</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We, Morgan Stanley, are offering 20% Reverse Exchangeable Securities due December 15, 2007, Mandatorily Exchangeable for an Amount Payable in U.S. Dollars or for Shares of Common Stock of Exxon
Mobil Corporation, which we refer to as the securities. The principal amount and issue price of each security is &#36;75.69.</FONT></P>
<P><FONT size=2 face="serif">The original issue price of the securities includes the agent&#146;s commissions paid with respect to the securities and the cost of hedging our obligations under the securities. The cost of hedging includes the
projected profit that our subsidiaries may realize in consideration for assuming the risks inherent in managing the hedging transactions. The fact that the original issue price of the securities includes these commissions and hedging costs is
expected to adversely affect the secondary market prices of the securities. See &#147;Risk Factors&#151;The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely affect secondary market
prices&#148; and &#147;Description of Securities&#151;Use of Proceeds and Hedging.&#148;</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">No guaranteed return of principal</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Unlike ordinary debt securities, the securities do not guarantee any return of principal at maturity. The payout at maturity will be based on the closing price of the common stock of Exxon Mobil
Corporation, which we refer to as Exxon Mobil Stock, on December 13, 2007, which we refer to as the determination date, as adjusted for certain corporate events and dividends by an exchange factor, initially set at 1.0, which price we refer to as
the maturity price. If the maturity price of Exxon Mobil Stock on the determination date is less than &#36;91.0172, which we refer to as the exchange price, you will receive, in lieu of the principal amount of each security, 0.831601 shares of Exxon
Mobil Stock per each security, which we refer to as the exchange ratio, the value of which may be significantly less than the &#36;75.69 principal amount of the securities and which could be zero. Because the exchange price is 20.25% higher than the
initial share price, the maturity price of Exxon Mobil Stock must increase by at least 20.25% as of the determination date in order for you to receive the &#36;75.69 principal amount of your securities at maturity. See &#147;&#151;Payout at
maturity&#148; below.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">20% interest on the principal amount</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We will pay interest on the securities, at the rate of 20% of the principal amount per year, monthly on the 15</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">of
each month, beginning on January 15, 2007, and on the maturity date. The interest rate we pay on the securities is more than the current dividend rate on Exxon Mobil Stock and the rate that would be paid on a conventional debt security with the same
maturity issued by us. You will be entitled to receive all interest payments on the principal amount of your securities whether we deliver cash or shares of Exxon Mobil Stock at maturity.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Payout at maturity</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We will deliver to you on the maturity date for each &#36;75.69 principal amount of securities that you hold:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><ul>
    <li><font size=2 face="serif">if the maturity price of Exxon Mobil
          Stock on the determination date</font><b><font size=2 face="serif"> is
          greater than or equal to </font></b><font size=2 face="serif">the exchange
          price, an amount in cash equal to the &#36;75.69 principal amount per security;
        or</font></li>
  </ul></TD>
</TR>
</TABLE>
</div>
<BR>
<P align="center"><FONT size=2 face="serif">PS-2</FONT></P>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<br>
<div style="width: 95%; border: 1px solid black; padding: 10px">
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><ul>
    <li><font size=2 face="serif">if the maturity price of Exxon Mobil
          Stock on the determination date</font><b><font size=2 face="serif"> is
          less than </font></b><font size=2 face="serif">the exchange price, shares
        of Exxon Mobil Stock in exchange for each security at the exchange ratio.</font></li>
  </ul></TD>
</TR>
<TR valign="top">
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The exchange price is &#36;91.0172, or 120.25% of the initial share price of &#36;75.69. Because the exchange price is 20.25% higher than the initial share price, the maturity price of Exxon
Mobil Stock must increase by at least 20.25% as of the determination date in order for you to receive the &#36;75.69 principal amount of each security at maturity. The exchange ratio is 0.831601 and is equal to the &#36;75.69 issue price of the
securities divided by the exchange price.</FONT></P>
<P><FONT size=2 face="serif">The exchange ratio will be subject to adjustment for certain ordinary dividends, extraordinary dividends and corporate events relating to Exxon Mobil Corporation, which we refer to as Exxon Mobil, by the exchange factor,
initially set at 1.0. You should read about those adjustments in the sections of this pricing supplement called &#147;Risk Factors&#151;The antidilution adjustments the calculation agent is required to make do not cover every corporate event that
can affect Exxon Mobil Stock&#148; and &#147;Description of Securities&#151;Payment at Maturity,&#148; &#147;&#151;Exchange Factor&#148; and &#147;&#151; Antidilution Adjustments.&#148; </FONT></P>
<P><FONT size=2 face="serif">If a market disruption event occurs on December
    13, 2007, or that day is not a trading day, the maturity date of the securities
    will be postponed. See the section of this pricing supplement called &#147;Description of Securities&#151;Maturity Date.&#148; The maturity of the securities may be accelerated under
  the circumstances described below under &#147;&#151;The maturity date of the securities may be accelerated.&#148; </FONT></P>
<P><FONT size=2 face="serif">You will not have the right to exchange your securities
    for cash or Exxon Mobil Stock prior to maturity.</FONT></P>
<P><FONT size=2 face="serif">You can review the historical prices of Exxon Mobil Stock in the section of this pricing supplement called &#147;Description of Securities&#151;Historical Information.&#148;</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">The maturity date of the securities
	        may be
            <B><FONT size=2 face="serif">accelerated</FONT></B></FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The maturity date of the securities will be accelerated upon the occurrence of either of the following events:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><ul>
    <li><FONT size=2 face="serif" align="left">a price event acceleration,
            which will occur if the closing price of Exxon Mobil Stock <I>times</I> the
            exchange factor on any two consecutive trading days is less than &#36;2.00;
            and<br>
            <br>
    </FONT></li>
    <li><FONT size=2 face="serif" align="left">an event of default acceleration,
            which will occur if there is an event of default with respect to the
        securities.</FONT></li>
  </ul></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1> <font size=2 face="serif">The amount payable to you will differ
    depending on the reason for the acceleration. </font></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><ul>
    <li><font size=2 face="serif">If there is a price event acceleration,
          we will owe you (i) a number of shares of Exxon Mobil Stock at the exchange
          ratio, multiplied by the exchange factor as of the date of such acceleration,
          and (ii) accrued but unpaid interest to but excluding the date of acceleration
          plus an amount of cash determined by the Calculation Agent equal to the
          sum of the present values of the remaining scheduled payments of interest
          on the securities (excluding such accrued but unpaid interest) discounted
          to the date of acceleration, as described in the section of this pricing
        supplement called &#147;Description of Securities&#151;Price Event Acceleration.&#148;</font></li>
  </ul></TD>
</TR>
</TABLE>
</div>
<P align="left">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">PS-3</FONT></P>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE><br>

<div style="width: 95%; border: 1px solid black; padding: 10px">
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><ul>
    <li><FONT size=2 face="serif">If there is an event of default acceleration,
          we will owe you either (i) if the closing price of Exxon Mobil Stock </FONT><I><FONT size=2 face="serif">times</FONT></I><FONT size=2
face="serif"> the exchange factor on the date of acceleration is greater than
          or equal to the exchange price, the &#36;75.69 principal amount of the
          securities, plus accrued and unpaid interest to but excluding the date
          of such acceleration, or (ii) if the closing price of Exxon Mobil Stock </FONT><I><FONT size=2 face="serif">times</FONT></I><FONT size=2 face="serif"> the
          exchange factor on the date of acceleration is less than the exchange price,
          (x) an amount of cash with a value equal to a number of shares of Exxon
          Mobil Stock at the exchange ratio multiplied by the exchange factor as
          of the date of such acceleration, plus (y) accrued but unpaid interest
        to but excluding the date of acceleration.</FONT></li>
  </ul></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The amount payable to you if the maturity of the securities is accelerated may be substantially less than the principal amount of the securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">The securities may become exchangeable into the common stock of companies other than Exxon Mobil</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Following certain corporate events relating to Exxon Mobil Stock, such as a stock- for-stock merger where Exxon Mobil is not the surviving entity, you will receive at maturity cash or a number of
shares of the common stock of a successor corporation to Exxon Mobil based on the closing price of such successor&#146;s common stock. Following certain other corporate events relating to Exxon Mobil Stock, such as a merger event where holders of
Exxon Mobil Stock would receive all or a substantial portion of their consideration in cash or a significant cash dividend or distribution of property with respect to Exxon Mobil Stock, you will receive at maturity cash or the common stock of a
company in the same industry group as Exxon Mobil in lieu of, or in addition to, Exxon Mobil Stock, as applicable, based on the closing prices of such common stock. In the event of such a corporate event, the equity-linked nature of the securities
would be significantly altered. We describe the specific corporate events that can lead to these adjustments and the procedures for selecting those other reference stocks in the section of this pricing supplement called &#147;Description of
Securities&#151;Antidilution Adjustments.&#148; You should read this section in order to understand these and other adjustments that may be made to your securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">MS &amp; Co. will be the calculation agent</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We have appointed our affiliate, Morgan Stanley &amp; Co. Incorporated, which we refer to as MS &amp; Co., to act as calculation agent for The Bank of New York, a New York banking corporation (as
successor Trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)), the trustee for our senior notes. As calculation agent, MS &amp; Co. will determine the maturity price on the determination date, the appropriate payout at
maturity, the amount payable per security in the event of a price event acceleration, any adjustment to the exchange factor for certain ordinary and extraordinary dividends or corporate events affecting Exxon Mobil Stock and the appropriate
underlying security or securities to be delivered at maturity, if the price of Exxon Mobil Stock does not increase to or above the exchange price on the determination date, following certain extraordinary dividends or reorganization events relating
to Exxon Mobil Stock that we describe in the section of this pricing supplement called &#147;Description of Securities&#151;Antidilution Adjustments.&#148;</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><B><FONT size=2 face="serif">No affiliation with Exxon Mobil</FONT></B></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><FONT size=2 face="serif">Exxon Mobil is not an affiliate
	    of ours and is not  involved with this offering in any way. The obligations
	    represented by the securities are obligations  of Morgan Stanley and not
	    of Exxon Mobil.</FONT></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Where you can find more information on the securities</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The securities are senior notes issued as part of our Series F medium-term note program. You can find a general description of our Series F medium-term note program in the accompanying prospectus
supplement dated January 25, 2006. We describe the basic features of this type of security in the sections of the prospectus supplement called &#147;Description of Notes&#151;Fixed Rate Notes&#148; and &#147;&#151;Exchangeable
Notes.&#148;</FONT></P>

	</TD>
</TR>
</TABLE>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-4</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<div style="width: 95%; border: 1px solid black; padding: 10px">
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><B><FONT size=2 face="serif">For a detailed description of the terms of the securities, you should read the &#147;Description of Securities&#148; section in this pricing supplement. You should also read about some of the
risks involved in investing in securities in the section called &#147;Risk Factors.&#148; The tax and accounting treatment of investments in equity-linked notes such as the securities may differ from that of investments in ordinary debt securities
or common stock. We urge you to consult with your investment, legal, tax, accounting and other advisors with regard to any proposed or actual investment in the securities.</FONT></B></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">How to reach us</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">You may contact your local Morgan Stanley branch office or our principal executive offices at 1585 Broadway, New York, New York 10036 (telephone number (212) 761-4000).</FONT></P>

	</TD>
</TR>
</TABLE>
</div>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-5</FONT></P>

<br>
<hr width="100%" 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 securities are not secured and are riskier than ordinary debt securities. Because the return to investors is linked to the performance of Exxon Mobil Stock, there is no guaranteed return of
principal at maturity. This section describes the most significant risks relating to the securities. You should carefully consider whether the securities are suited to your particular circumstances before you decide to purchase them.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">The securities are not ordinary senior notes &#151; no guaranteed return of principal</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The securities combine features of equity and debt. The terms of the securities differ from those of ordinary debt securities in that we will not pay you a fixed amount at maturity. Our payout to
you at maturity will either be (i) cash equal to the &#36;75.69 principal amount of each security or (ii) a number of shares of Exxon Mobil Stock at the exchange ratio, if the maturity price of Exxon Mobil Stock on the determination date is less
than the exchange price. Because the exchange price is 20.25% higher than the initial share price, the maturity price of Exxon Mobil Stock must increase by at least 20.25% as of the determination date in order for you to receive the &#36;75.69
principal amount of each security at maturity. </FONT><B><FONT size=2 face="serif">If we deliver shares of Exxon Mobil Stock at maturity in exchange for each security, the value of those shares will be less than the principal amount of each security
and could be zero.</FONT></B></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">The securities will not be listed</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The securities will not be listed on any exchange. Therefore, there may be little or no secondary market for the securities. MS &amp; Co. currently intends to act as a market maker for the
securities but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Because we do not expect that other market makers will participate significantly
in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS &amp; Co. is willing to transact. If at any time MS &amp; Co. were to cease acting as a
market maker, it is likely that there would be no secondary market for the securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Market price of the securities will be influenced by many unpredictable factors</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS &amp; Co. may be willing to purchase or sell
the securities in the secondary market. We expect that generally the trading price of Exxon Mobil Stock on any day will affect the value of the securities more than any other single factor. Other factors that may influence the value of the
securities include:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%"><li></li></td>
    <td width="60%"><FONT size=2 face="serif">the volatility (frequency and magnitude
    of changes in price) of Exxon Mobil</FONT> <FONT size=2 face="serif">Stock,</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><FONT size=2 face="serif">the dividend rate on Exxon Mobil Stock,</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><FONT size=2 face="serif">geopolitical conditions and economic, financial,
        political, regulatory or judicial</FONT> <FONT size=2 face="serif">events
    that affect stock markets generally and that may affect Exxon Mobil and</FONT> <FONT size=2
face="serif">the trading price of Exxon Mobil Stock,</FONT></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td> <font size=2 face="serif">interest and yield rates in the market,</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><font size=2 face="serif">the time remaining to the maturity of the securities,</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><font size=2 face="serif">our creditworthiness, and</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td> <FONT size=2 face="serif">the occurrence of certain events affecting
        Exxon Mobil that may or may not</FONT> <FONT size=2 face="serif">require
    an adjustment to the exchange ratio.</FONT></td>
  </tr>
</table>
<p>&nbsp;</p>
<P align="center">
<FONT size=2 face="serif">PS-6</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Some or all of these factors will influence the price you will receive if you sell your securities prior to maturity. For example, you may have to sell your securities at a substantial discount
from the principal amount if the price of Exxon Mobil Stock is below the exchange price.</FONT></P>
<P><FONT size=2 face="serif">You cannot predict the future performance of Exxon Mobil Stock based on its historical performance. The price of Exxon Mobil Stock may not increase to or above the issue price or to or above the exchange price at
maturity so that you will receive at maturity shares of Exxon Mobil Stock worth less than the principal amount of the securities. We cannot guarantee that the price of Exxon Mobil Stock will be higher than the exchange price on the determination
date so that you will receive at maturity an amount equal to the &#36;75.69 principal amount of the securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><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></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><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 securities 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 securities, as well as the projected profit included in the cost of hedging our
obligations under the securities (even if the price of Exxon Mobil Stock declines). In addition, any such prices may differ from values determined by pricing models used by MS &amp; Co., as a result of dealer discounts, mark-ups or other transaction
costs.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">If the securities are accelerated, you may receive an amount worth substantially less than the principal amount of the securities</FONT></B></P>
</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The maturity of the securities will be accelerated if there is a price event acceleration or an event of default acceleration. The amount payable to you if the maturity of the securities is
accelerated will differ depending on the reason for the acceleration and may be substantially less than the principal amount of the securities. See &#147;Description of Securities&#151;Price Event Acceleration&#148; and &#147;Description of
Securities&#151;Alternate Exchange Calculation in Case of an Event of Default.&#148;</FONT></P>
</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD><b><font size=2 face="serif">No affiliation with Exxon Mobil</font></b></TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><font size=2 face="serif">Exxon Mobil is not an affiliate of
      ours and is not involved with this offering in any way. Consequently, we
      have no ability to control the actions of Exxon Mobil, including any corporate
      actions of the type that would require the calculation agent to adjust
      the payout to you at maturity. Exxon Mobil has no obligation to consider
      your interest as an investor in the securities in taking any corporate
      actions that might affect the value of your securities. None of the money
    you pay for the securities will go to Exxon Mobil.</font></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Morgan Stanley may engage in business with or involving Exxon Mobil without regard to your interests</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We or our affiliates may presently or from time to time engage in business with Exxon Mobil without regard to your interests, including extending loans to, or making equity investments in, Exxon
Mobil or providing advisory services to Exxon Mobil, such as merger and acquisition advisory services. In the course of our business, we or our affiliates may acquire non-public information about Exxon Mobil. 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 Exxon Mobil. These research reports may or may not recommend that
investors buy or hold Exxon Mobil Stock.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">You have no shareholder rights</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Investing in the securities is not equivalent to investing in Exxon Mobil Stock. As an investor in the securities, you will not have voting rights or rights to receive dividends or other
distributions or any other rights with respect to Exxon Mobil Stock. In addition, you do not have the right to exchange your securities for cash or for Exxon Mobil Stock prior to maturity.</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-7</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">The securities may become exchangeable into the common stock of companies other than Exxon</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Following certain corporate events relating to Exxon Mobil Stock, such as a stock- for-stock merger where Exxon Mobil is not the surviving entity, you will receive at maturity cash or a number of
shares of the common stock of a successor corporation to Exxon Mobil based on the closing price of such successor&#146;s common stock. Following certain other corporate events relating to Exxon Mobil Stock, such as a merger event where holders of
Exxon Mobil Stock would receive all or a substantial portion of their consideration in cash or a significant cash dividend or distribution of property with respect to Exxon Mobil Stock, you will receive at maturity cash or the common stock of a
company in the same industry group as Exxon Mobil in lieu of, or in addition to, Exxon Mobil Stock, as applicable, based on the closing prices of such common stock. In the event of such a corporate event, the equity-linked nature of the securities
would be significantly altered. We describe the specific corporate events that can lead to these adjustments and the procedures for selecting those other reference stocks in the section of this pricing supplement called &#147;Description of
Securities&#151;Antidilution Adjustments.&#148; The occurrence of such corporate events and the consequent adjustments may materially and adversely affect the market price of the securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><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 Exxon Mobil Stock</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">MS &amp; Co., as calculation agent, will adjust the exchange factor and, thus, the maturity price used to determine whether or not the exchange price has been reached and, if applicable, the
number of shares of Exxon Mobil stock deliverable at maturity for certain events affecting Exxon Mobil Stock, such as stock splits and stock dividends, and certain other corporate actions involving Exxon Mobil, such as mergers. However, the
calculation agent will not make an adjustment for every corporate event that could affect Exxon Mobil Stock. For example, the calculation agent is not required to make any adjustments if Exxon Mobil or anyone else makes a partial tender or partial
exchange offer for Exxon Mobil Stock. If an event occurs that does not require the calculation agent to adjust the amount of Exxon Mobil Stock payable at maturity, the market price of the securities may be materially and adversely affected. In
addition, the calculation agent may, but is not required to, make adjustments for corporate events that can affect Exxon Mobil Stock other than those contemplated in this pricing supplement. Such adjustments will be made to reflect the consequences
of events but not with the aim of changing relative investment risk. The determination by the calculation agent to adjust, or not to adjust, the exchange factor may materially and adversely affect the value of the securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">The economic interests of the
	        calculation agent and </FONT></B><B><FONT size=2 face="serif">other
	        of our affiliates are potentially adverse to your interests</FONT></B></P>
</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The economic interests of the calculation agent and other of our affiliates are potentially adverse to your interests as an investor in the securities.</FONT></P>
<P><FONT size=2 face="serif">As calculation agent, MS &amp; Co. will determine the appropriate payout at maturity, the amount payable to you in the event of a price event acceleration, any adjustment to the exchange factor to reflect certain
ordinary dividends, extraordinary dividends and corporate and other events and the appropriate underlying security or securities to be delivered at maturity, if applicable. Determinations made by MS &amp; Co, in its capacity as calculation agent,
including adjustments to the exchange factor or the calculation of the amount payable to you in the event of a price event acceleration, may affect the amount payable to you at maturity or upon a price event acceleration of the securities. See the
sections of this pricing supplement called &#147;Description of Securities&#151;Antidilution Adjustments&#148; and &#147;&#151;Price Event Acceleration.&#148; </FONT></P>
<P><FONT size=2 face="serif">The original issue price of the securities includes
    the agent&#146;s commissions and
  certain costs of hedging our obligations under the securities. The subsidiaries through which we hedge our obligations under the securities expect to make a profit. Since hedging our obligations entails risk and may be influenced by market forces
  beyond our or our subsidiaries&#146; control, such hedging may result in a profit that is more or less than initially projected.</FONT></P></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-8</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Hedging and trading activity by the calculation agent and its affiliates could potentially affect the value of the securities</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">MS &amp; Co. and other affiliates of ours have carried out and will continue to carry out hedging activities related to the securities, including trading in Exxon Mobil Stock as well as in other
instruments related to Exxon Mobil Stock. MS &amp; Co. and some of our other subsidiaries also trade Exxon Mobil Stock and other financial instruments related to Exxon Mobil Stock on a regular basis as part of their general broker-dealer and other
businesses. Any of these hedging or trading activities as of the date of this pricing supplement could potentially have affected the price of Exxon Mobil Stock and, accordingly, potentially have increased the initial share price used as the basis of
the calculation of the exchange price and, therefore, potentially have increased the price at which Exxon Mobil Stock must close before you would receive the principal amount of the securities at maturity.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><B><FONT size=2 face="serif">Because the characterization of the Securities for U.S. federal income tax purposes is uncertain, the material U.S. federal income tax consequences of an investment in the Securities are
uncertain</FONT></B></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">You should also consider the U.S. federal income tax consequences of investing in the securities. There is no direct legal authority as to the proper tax treatment of the securities, and our
special tax counsel has not rendered an opinion as to their proper characterization for U.S. federal income tax purposes. Significant aspects of the tax treatment of the securities are uncertain. Pursuant to the terms of the securities and subject
to the discussion under &#147;Description of Securities&#151;United States Federal Income Taxation&#151;Non-U.S. Holders,&#148; you have agreed with us to treat a Security as a unit consisting of (i) a put right written by you to us that requires
you to pay us, in exchange for shares of Exxon Mobil stock (and cash in lieu of any fractional shares), an amount equal to a deposit (as described below) if the Maturity Price is less than the Exchange Price and (ii) a deposit with us of a fixed
amount of cash to secure your obligation to purchase the Exxon Mobil stock, as described in the section of this pricing supplement called &#147;Description of Securities&#151;United States Federal Income Taxation&#151;General.&#148; If the Internal
Revenue Service (the &#147;IRS&#148;) were successful in asserting an alternative characterization for the securities, the timing and/or character of income on the securities and your basis for Exxon Mobil stock received in exchange for the
securities would differ. We do not plan to request a ruling from the IRS regarding the tax treatment of the securities, and the IRS or a court may not agree with the tax treatment described in this pricing supplement. </FONT><B><FONT size=2 face="serif">Please
read carefully the section of this pricing supplement called &#147;Description of Securities&#151;United
States Federal Income Taxation.&#148;</FONT></B></P>
<P><B><FONT size=2 face="serif">If you are a non-U.S. investor, please also read the section of this pricing supplement called &#147;Description of Securities&#151;United States Federal Income Taxation&#151;Non-U.S. Holders&#148; for a discussion of
the withholding tax consequences of an investment in the securities.</FONT></B></P>
<P><B><FONT size=2 face="serif">You are urged to consult your own tax advisor regarding all aspects of the U.S. federal income tax consequences of investing in the securities, as well as any tax consequences arising under the laws of any state,
local or foreign taxing jurisdiction.</FONT></B></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-9</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">DESCRIPTION OF SECURITIES</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Terms not defined herein have the meanings given to such terms in the accompanying prospectus supplement. The term &#147;Securities&#148; refers to each &#36;75.69 principal amount of our 20%
Reverse Exchangeable Securities due December 15, 2007, Mandatorily Exchangeable for an Amount Payable in U.S. Dollars or for Shares of Common Stock of Exxon Mobil Corporation. In this pricing supplement, the terms &#147;we,&#148; &#147;us&#148; and
&#147;our&#148; refer to Morgan Stanley.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Aggregate Principal Amount</FONT></P>
<P><FONT size=2 face="serif">Maturity Date</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">&#36;35,006,625</FONT></P>
<P><FONT size=2 face="serif">December 15, 2007, subject to acceleration as described below in &#147;&#151;Price Event Acceleration&#148; and &#147;&#151;Alternate Exchange Calculation in Case of an Event of Default&#148; and subject to extension if
the Determination Date is postponed in accordance with the following paragraph.</FONT></P>
<P><FONT size=2 face="serif">If the Determination Date is postponed due to a Market Disruption Event or otherwise, the Maturity Date will be postponed so that the Maturity Date will be the second Trading Day following the Determination
Date.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Determination Date</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">December 13, 2007, </FONT><I><FONT size=2 face="serif">provided </FONT></I><FONT size=2 face="serif">that if December 13, 2007 is not a Trading Day or if a Market Disruption Event occurs on such
day, the Determination Date will be the immediately succeeding Trading Day on which no Market Disruption Event occurs.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Interest Rate</FONT></P>
<P><FONT size=2 face="serif">Interest Payment Dates</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">20% per annum.</FONT></P>
<P><FONT size=2 face="serif">The 15th of each month, beginning January 15, 2007, and the Maturity Date.</FONT></P>
<P><FONT size=2 face="serif">If the scheduled Maturity Date is postponed due to a Market Disruption Event or otherwise, we will pay interest on the Maturity Date as postponed rather than on December 15, 2007, but no interest will accrue on the
Securities or on such payment during the period from or after the scheduled Maturity Date.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Record Date</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The Record Date for each Interest Payment Date, including the Interest Payment Date scheduled to occur on the Maturity Date, will be the date 15 calendar days prior to such scheduled Interest
Payment Date, whether or not that date is a Business Day.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Specified Currency</FONT></P>
<P><FONT size=2 face="serif">Issue Price</FONT></P>
<P><FONT size=2 face="serif">Original Issue Date (Settlement Date)</FONT></P>
<P><FONT size=2 face="serif">Denominations</FONT></P>
<P><FONT size=2 face="serif">CUSIP Number</FONT></P>
<P><FONT size=2 face="serif">Initial Share Price</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">U.S. dollars</FONT></P>
<P><FONT size=2 face="serif">&#36;75.69 per Security</FONT></P>
<P><FONT size=2 face="serif">December 14, 2006</FONT></P>
<P><FONT size=2 face="serif">&#36;75.69 and integral multiples thereof</FONT></P>
<P><FONT size=2 face="serif">61747S512</FONT></P>
<P><FONT size=2 face="serif">&#36;75.69, the price of Exxon Mobil Stock used to determine the Exchange Price on December 7, 2006, the date we priced the Securities for initial sale to the public.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Exchange Price</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">&#36;91.0172 (120.25% of the Initial Share Price).</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-10</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Exxon Mobil Stock</FONT></P>
<P><FONT size=2 face="serif">Maturity Price</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Shares of common stock of Exxon Mobil Corporation.</FONT></P>
<P><FONT size=2 face="serif">Maturity Price means the product of (i) the Closing Price of one share of Exxon Mobil Stock and (ii) the Exchange Factor, each determined as of the Determination Date.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Payment at Maturity</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Unless the maturity of the Securities has been accelerated, on the Maturity Date, upon delivery of the Securities to the Trustee, we will deliver to you for each &#36;75.69 principal amount of
Securities:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><UL>
    <LI> <FONT size=2 face="serif">if the Maturity Price is </FONT><B><FONT size=2 face="serif">greater
          than or equal to </FONT></B><FONT size=2 face="serif">the</FONT> <FONT size=2 face="serif">Exchange
          Price, an amount in cash equal to the &#36;75.69</FONT> <FONT size=2 face="serif">principal
          amount per Security, or<br>
          <br>
          </FONT></LI>
    <LI> <FONT size=2 face="serif">if the Maturity Price is </FONT><B><FONT size=2 face="serif">less
          than </FONT></B><FONT size=2 face="serif">the Exchange Price, a</FONT> <FONT size=2 face="serif">number
          of shares of Exxon Mobil Stock equal to the</FONT> <FONT size=2 face="serif">product
          of the Exchange Ratio and the Exchange Factor,</FONT> <FONT size=2 face="serif">determined
          as of the Determination Date. See &#147;&#151;</FONT> <FONT size=2 face="serif">Exchange
          Ratio&#148; below. The Exchange Factor is</FONT> <FONT size=2 face="serif">initially
          set at 1.0 and is subject to adjustment upon the</FONT> <FONT size=2 face="serif">occurrence
          of certain ordinary dividends, extraordinary</FONT> <FONT size=2 face="serif">dividends
          and corporate events relating to Exxon Mobil</FONT> <FONT size=2 face="serif">Stock.
          See &#147;&#151;Exchange Factor&#148; and &#147;&#151;Antidilution</FONT> <FONT size=2 face="serif">Adjustments&#148; below.</FONT></LI>
  </UL></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><P align="left"><FONT size=2 face="serif">We shall, or shall
        cause the Calculation Agent to, (i) provide written notice to the Trustee
        and to the Depositary, on or prior to 10:30 a.m. on the Trading Day immediately
        prior to the Maturity Date of the Securities (but if such Trading Day
        is not a Business Day, prior to the close of business on the Business
        Day preceding the Maturity Date), of the amount of cash or Exxon Mobil
        Stock, as applicable, to be delivered with respect to the &#36;75.69
        principal amount of each Security and (ii) deliver such cash or shares
        of Exxon Mobil Stock (and cash in respect of interest and any fractional
        shares of Exxon Mobil Stock), if applicable, to the Trustee for delivery
        to the holders on the Maturity Date. The Calculation Agent shall determine
        the Exchange Factor applicable on the Determination Date.</FONT></P>
    <P align="left"> <FONT size=2 face="serif">If the maturity of the Securities
        is accelerated because of a Price Event Acceleration (as described under &#147;&#151;Price
        Event Acceleration&#148; below) or because of an Event of Default Acceleration
        (as defined under &#147;&#151;Alternate Exchange Calculation in Case
        of an Event of Default&#148; below), we shall provide such notice as
        promptly as possible and in no event later than (i) in the case of an
        Event of Default Acceleration, two Trading Days after the date of acceleration
        (but if such Trading Day is not a Business Day, prior to the close of
        business on the Business Day preceding such Trading Day) and (ii) in
        the case of a Price Event Acceleration, 10:30 a.m. on the Trading Day
        immediately prior to the date of acceleration (but if such Trading Day
        is not a Business Day, prior to the close of business on the Business
    Day preceding the date of acceleration).</FONT></P></TD>
</TR>
</TABLE>
<BR>
<p align="center"><FONT size=2 face="serif">PS-11</FONT></p>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Exchange Ratio</FONT></P>
<P><FONT size=2 face="serif">Exchange Factor</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">0.831601</FONT></P>
<P><FONT size=2 face="serif">1.0, subject to adjustment upon the occurrence of certain ordinary dividends, extraordinary dividends and corporate events affecting Exxon Mobil Stock through and including the Determination Date. See &#147;Antidilution
Adjustments&#148; below.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">No Fractional Shares</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">If at maturity we are required deliver shares of Exxon Mobil Stock as described in &#147;Payment at Maturity&#148; above, we will pay cash in lieu of delivering fractional shares of Exxon Mobil
Stock in an amount equal to the corresponding fractional Closing Price of Exxon Mobil Stock, as determined by the Calculation Agent on the Determination Date.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Price Event Acceleration</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">If on any two consecutive Trading Days during the period prior to and ending on the third Business Day immediately preceding the Maturity Date, the product of the Closing Price per share of Exxon
Mobil Stock and the Exchange Factor is less than &#36;2.00, the Maturity Date of the Securities will be deemed to be accelerated to the third Business Day immediately following such second Trading Day (the &#147;date of acceleration&#148;). Upon
such acceleration, with respect to the &#36;75.69 principal amount of each Security, you will receive per Security on the date of acceleration:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><ul>
    <li> <FONT size=2 face="serif">a number of shares
            of Exxon Mobil Stock equal to the product of the Exchange Ratio and the
            Exchange Factor, as of such date of acceleration; and<br>
            <br>
    </FONT></li>
    <li> <FONT size=2 face="serif">accrued but unpaid interest to
            but excluding the date of acceleration plus an amount of cash, as determined
            by the Calculation Agent, equal to the sum of the present values of the
            remaining scheduled payments of interest on the Securities (excluding
            any portion of such payments of interest accrued to the date of acceleration)
            discounted to the date of acceleration at the yield that would be applicable
            to a non-interest bearing, senior unsecured debt obligation of ours with
        a comparable term.</FONT></li>
  </ul></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1><p align="left"><font size=2 face="serif">We expect such shares
        and cash will be distributed to investors on the date of acceleration
        in accordance with the standard rules and procedures of DTC and its direct
        and indirect participants. See &#147;&#151;Book Entry Note or Certificated
        Note&#148; below, and see &#147;The Depositary&#148; in the accompanying
        prospectus supplement. The present value of each remaining scheduled
        payment will be based on the comparable yield that we would pay on a
        non-interest bearing, senior unsecured debt obligation having a maturity
        equal to the term of each such remaining scheduled payment, as determined
        by the Calculation Agent.</font></p>
    <p align="left"> <font size=2 face="serif">Investors will not be entitled
        to receive the return of the &#36;75.69 principal amount of each Security
    upon a Price Event Acceleration.</font></p></TD>
</TR>
</TABLE>
<BR>
<P align="center"><FONT size=2 face="serif">PS-12</FONT></P>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Business Day</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in The City of New
York.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Closing Price</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The Closing Price for one share of Exxon Mobil Stock (or one unit of any other security for which a Closing Price must be determined) on any Trading Day (as defined below) means:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%"><li></li></td>
    <td width="60%"><font size=2 face="serif">if Exxon Mobil Stock (or any such
        other security) is listed or</font> <font size=2 face="serif">admitted
        to trading on a national securities exchange (other</font> <font size=2 face="serif">than
        The NASDAQ Stock Market LLC (the &#147;NASDAQ&#148;)),</font> <font size=2 face="serif">the
        last reported sale price, regular way, of the principal</font> <font size=2 face="serif">trading
        session on such day on the principal national</font> <font size=2
face="serif">securities exchange registered under the Securities Exchange</font> <font size=2 face="serif">Act
        of 1934, as amended (the &#147;Exchange Act&#148;), on which</font> <font size=2 face="serif">Exxon
        Mobil Stock (or any such other security) is listed or</font> <font size=2 face="serif">admitted
    to trading,</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><font size=2 face="serif">if Exxon Mobil Stock (or any such other security)
        is a</font> <font size=2 face="serif">security of the NASDAQ, the official
        closing price published</font> <font size=2 face="serif">by the NASDAQ
    on such day, or</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><font size=2 face="serif">if Exxon Mobil Stock (or any such other security)
        is not listed</font> <font size=2 face="serif">or admitted to trading
        on any national securities exchange but</font> <font size=2 face="serif">is
        included in the OTC Bulletin Board Service (the &#147;OTC</font> <font size=2 face="serif">Bulletin
        Board&#148;) operated by the National
    Association of</font><font size=2 face="serif">Securities Dealers, Inc.,
    the last reported sale price of the</font><font size=2 face="serif">principal
    trading session on the OTC Bulletin Board on such</font><font size=2 face="serif">day.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="30%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="65%"> <font size=2 face="serif">If Exxon Mobil 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 Exxon
        Mobil 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 Exxon Mobil Stock (or any such other security) or the
        last reported sale price or the official closing price published by the
        NASDAQ, as applicable, for Exxon Mobil 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 Exxon Mobil 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></td>
  </tr>
</table>
<BR>
<p align="center"><FONT size=2 face="serif">PS-13</FONT></p>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Trading Day</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">A day, as determined by the Calculation Agent, on which trading is generally conducted on the New York Stock Exchange LLC (&#147;NYSE&#148;), the American Stock Exchange LLC, the NASDAQ, the
Chicago Mercantile Exchange and the Chicago Board of Options Exchange and in the over-the-counter market for equity securities in the United States.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Book Entry Note or Certificated Note</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Book Entry. The Securities will be issued in the form of one or more fully registered global securities which will be deposited with, or on behalf of, DTC and will be registered in the name of a
nominee of DTC. DTC&#146;s nominee will be the only registered holder of the Securities. Your beneficial interest in the Securities will be evidenced solely by entries on the books of the securities intermediary acting on your behalf as a direct or
indirect participant in DTC. In this pricing supplement, all references to actions taken by you or to be taken by you refer to actions taken or to be taken by DTC upon instructions from its participants acting on your behalf, and all references to
payments or notices to you will mean payments or notices to DTC, as the registered holder of the Securities, for distribution to participants in accordance with DTC&#146;s procedures. For more information regarding DTC and book entry notes, please
read &#147;The Depositary&#148; in the accompanying prospectus supplement.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Optional Redemption</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We do not have the option to redeem the Securities prior to the Maturity Date.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Senior Note or Subordinated Note</FONT></P>
<P><FONT size=2 face="serif">Trustee</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Senior</FONT></P>
<P><FONT size=2 face="serif">The Bank of New York, a New York banking corporation (as successor Trustee to JPMorgan Chase Bank, N.A.)</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Agent</FONT></P>
<P><FONT size=2 face="serif">Calculation Agent</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">MS &amp; Co.</FONT></P>
<P><FONT size=2 face="serif">MS &amp; Co.</FONT></P>
<P><FONT size=2 face="serif">All determinations made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and binding on you, the Trustee, and
us.</FONT></P>
<P><FONT size=2 face="serif">All calculations with respect to the Exchange Factor will be made by the Calculation Agent and will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (</FONT><I><FONT size=2
face="serif">e.g., </FONT></I><FONT size=2 face="serif">.876545 would be rounded to .87655); and all dollar amounts paid with respect to the aggregate number of Securities related to interest payments or the payment at maturity will be rounded to
the nearest cent, with one-half cent rounded upward.</FONT></P>
<P><FONT size=2 face="serif">Because the Calculation Agent is our affiliate, the economic interests of the Calculation Agent and its affiliates may be adverse to your interests as an investor in the Securities, including with respect to certain
determinations and judgments that the Calculation Agent must make in determining the appropriate payment at maturity, making adjustments to the Exchange Factor, determining any Closing Price or whether a Market Disruption Event has occurred or
calculating the amount payable to you in</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-14</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">the event of a Price Event Acceleration. See &#147;&#151;Antidilution Adjustments&#148; and &#147;&#151;Market Disruption Event&#148; below and &#147;&#151; Price Event Acceleration&#148; above.
MS &amp; Co. is obligated to carry out its duties and functions as Calculation Agent in good faith and using its reasonable judgment.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Antidilution Adjustments</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The Exchange Factor will be adjusted as follows:</FONT></P>
<P><FONT size=2 face="serif">1. If Exxon Mobil Stock is subject to a stock split or reverse stock split, then once such split has become effective, the Exchange Factor will be adjusted to equal the product of the prior Exchange Factor and the number
of shares issued in such stock split or reverse stock split with respect to one share of Exxon Mobil Stock.</FONT></P>
<P><FONT size=2 face="serif">2. If Exxon Mobil Stock is subject (i) to a stock dividend (issuance of additional shares of Exxon Mobil Stock) that is given ratably to all holders of shares of Exxon Mobil Stock or (ii) to a distribution of Exxon Mobil
Stock as a result of the triggering of any provision of the corporate charter of Exxon Mobil, then once the dividend has become effective and Exxon Mobil Stock is trading ex-dividend, the Exchange Factor will be adjusted so that the new Exchange
Factor shall equal the prior Exchange Factor plus the product of (i) the number of shares issued with respect to one share of Exxon Mobil Stock and (ii) the prior Exchange Factor.</FONT></P>
<P><FONT size=2 face="serif">3. If Exxon Mobil issues rights or warrants to all holders of Exxon Mobil Stock to subscribe for or purchase Exxon Mobil Stock at an exercise price per share less than the Closing Price of Exxon Mobil Stock on both (i)
the date the exercise price of such rights or warrants is determined and (ii) the expiration date of such rights or warrants, and if the expiration date of such rights or warrants precedes the maturity of the Securities, then the Exchange Factor
will be adjusted to equal the product of the prior Exchange Factor and a fraction, the numerator of which shall be the number of shares of Exxon Mobil Stock outstanding immediately prior to the issuance of such rights or warrants plus the number of
additional shares of Exxon Mobil Stock offered for subscription or purchase pursuant to such rights or warrants and the denominator of which shall be the number of shares of Exxon Mobil Stock outstanding immediately prior to the issuance of such
rights or warrants plus the number of additional shares of Exxon Mobil Stock which the aggregate offering price of the total number of shares of Exxon Mobil Stock so offered for subscription or purchase pursuant to such rights or warrants would
purchase at the Closing Price on the expiration date of such rights or warrants, which shall be determined by multiplying such total number of shares offered by the exercise price of such rights or warrants and dividing the product so obtained by
such Closing Price.</FONT></P>
<P><FONT size=2 face="serif">4. The following adjustments to the Exchange Factor will be made to reflect all ordinary cash dividends paid with respect to Exxon Mobil Stock (&#147;Ordinary Dividends&#148;) that have a value </FONT><I><FONT size=2
face="serif">greater or less than </FONT></I><FONT size=2 face="serif">&#36;0.32 per quarter (as adjusted for any</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-15</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">subsequent corporate event requiring an adjustment hereunder, such as a stock split or reverse stock split, the &#147;Base Dividend&#148;); </FONT><I><FONT size=2 face="serif">provided
that</FONT></I><FONT size=2 face="serif">, if Exxon Mobil effects a change in the periodicity of its dividend payments (</FONT><I><FONT size=2 face="serif">e.g. </FONT></I><FONT size=2 face="serif">from quarterly payments to semi- annual payments)
(a &#147;Payment Period Adjustment&#148;), the Calculation Agent will make a corresponding adjustment to the Base Dividend and the timing of any Ordinary Dividend adjustment pursuant to this paragraph 4. Ordinary Dividends do not include any
distributions described in paragraph 2, paragraph 3 and clauses (i), (iv) and (v) of the first sentence of paragraph 6 and Extraordinary Dividends as defined in paragraph 5. If any Ordinary Dividend with respect to Exxon Mobil Stock that has an
&#147;ex-dividend date&#148; (that is, the day on and after which transactions in Exxon Mobil Stock on an organized securities exchange or trading system no longer carry the right to receive that cash dividend or other distributions) after the
Original Issue Date of the Securities and on or prior to the second Trading Day immediately preceding the Maturity Date of the Securities, the Exchange Factor with respect to Exxon Mobil Stock will be adjusted on the ex-dividend date for such
Ordinary Dividend so that the new Exchange Factor will equal the product of (i) the prior Exchange Factor and (ii) a fraction, the numerator of which is the Closing Price of Exxon Mobil Stock on the Trading Day preceding the ex-dividend date for the
payment of such cash dividend or other cash distribution (such Closing Price, the &#147;Base Closing Price&#148;) and the denominator of which is (x) the sum of the Base Closing Price and the Base Dividend </FONT><I><FONT size=2 face="serif">less
</FONT></I><FONT size=2 face="serif">(y) the amount of such Ordinary Dividend</FONT><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">If Exxon Mobil declares that it will pay no dividend in any quarter, other than in connection
with a Payment Period Adjustment, an adjustment will be made in accordance with this paragraph 4 on the date corresponding to the ex-dividend date in the immediately prior dividend payment period during which an ordinary cash dividend was
paid.</FONT></P>
<P><FONT size=2 face="serif">5. &#147;Extraordinary Dividend&#148; means each of (a) the full amount per share of Exxon Mobil Stock of any cash dividend or special dividend or distribution that is identified by Exxon Mobil as an extraordinary or
special dividend or distribution, (b) the excess of any cash dividend or other cash distribution (that is not otherwise identified by Exxon Mobil as an extraordinary or special dividend or distribution) distributed per share of Exxon Mobil Stock
over the immediately preceding cash dividend or other cash distribution, if any, per share of Exxon Mobil Stock that did not include an Extraordinary Dividend (as adjusted for any subsequent corporate event requiring an adjustment hereunder, such as
a stock split or reverse stock split) if such excess portion of the dividend or distribution is more than 5% of the Base Closing Price (as defined in paragraph 4 above) and (c) the full cash value of any non-cash dividend or distribution per share
of Exxon Mobil Stock (excluding Marketable Securities, as defined in paragraph 6 below). Subject to the following sentence, if any cash dividend or distribution of such other property with respect to Exxon Mobil Stock includes an Extraordinary
Dividend, the Exchange Factor with respect to Exxon Mobil Stock will be adjusted on the ex-dividend date so that the new Exchange Factor</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-16</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="30%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="65%"><P align="left"><FONT size=2 face="serif">will equal the
          product of (i) the prior Exchange Factor and (ii) a fraction, the numerator
          of which is the Base Closing Price, and the denominator of which is
          the amount by which the Base Closing Price exceeds the Extraordinary
          Dividend. If any Extraordinary Dividend is at least 35% of the Base
          Closing Price, then, instead of adjusting the Exchange Factor, the
          amount payable upon exchange at maturity will be determined as described
          in paragraph 6 below, and the Extraordinary Dividend will be allocated
          to an Alternate Stock in accordance with the procedures for an Alternate
          Stock Event as described in clause (c)(ii) of paragraph 6 below. The
          value of the non-cash component of an Extraordinary Dividend will be
          determined on the ex-dividend date for such distribution by the Calculation
          Agent, whose determination shall be conclusive in the absence of manifest
          error. A distribution on Exxon Mobil Stock described in clause (i),
          (iv) or (v) of the first sentence of paragraph 6 below shall cause
          an adjustment to the Exchange Factor pursuant only to clause (i), (iv)
          or (v) of the first sentence of paragraph 6, as applicable.</FONT></P>
      <P align="left"> <FONT size=2 face="serif">6. Any of the following shall
          constitute a Reorganization Event: (i) Exxon Mobil Stock is reclassified
          or changed, including, without limitation, as a result of the issuance
          of any tracking stock by Exxon Mobil, (ii) Exxon Mobil has been subject
          to any merger, combination or consolidation and is not the surviving
          entity, (iii) Exxon Mobil completes a statutory exchange of securities
          with another corporation (other than pursuant to clause (ii) above),
          (iv) Exxon Mobil is liquidated, (v) Exxon Mobil issues to all of its
          shareholders equity securities of an issuer other than Exxon Mobil
          (other than in a transaction described in clause (ii), (iii) or (iv)
          above) (a &#147;spinoff stock&#148;) or (vi) Exxon Mobil Stock is the
          subject of a tender or exchange offer or going private transaction
          on all of the outstanding shares. If any Reorganization Event occurs,
          in each case as a result of which the holders of Exxon Mobil Stock
          receive any equity security listed on a national securities exchange
          or traded on The Nasdaq National Market (a &#147;Marketable Security&#148;),
          other securities or other property, assets or cash (collectively &#147;Exchange
          Property&#148;), the amount payable at maturity with respect to the &#36;75.69
          principal amount of each Security following the effective date for
          such Reorganization Event (or, if applicable, in the case of spinoff
          stock, the ex-dividend date for the distribution of such spinoff stock),
          including the determination of whether the Maturity Price is equal
          to or greater than the Exchange Price, will be based on the following:</FONT></P>
      <blockquote>
        <p align="left"> <FONT size=2 face="serif">(a) if Exxon Mobil Stock continues
              to be outstanding, Exxon Mobil Stock (if applicable, as reclassified
              upon the issuance of any tracking stock) at the Exchange Factor on
              the Determination Date (taking into account any adjustments for any
              distributions described under clause (c)(i) below); and</FONT></p>
        <p align="left"> <FONT size=2 face="serif">(b) for each Marketable Security
              received in such Reorganization Event (each a &#147;New Stock&#148;),
              including the issuance of any tracking stock or spinoff stock or the
        receipt of any stock received in exchange for Exxon Mobil Stock,</FONT></p>
    </blockquote></td>
  </tr>
</table>
<div align="center"><br>
  <br>
  <FONT size=2 face="serif">PS-17</FONT></div>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><blockquote>
	  <p><FONT size=2 face="serif">the number of shares of the New Stock received with respect to one share of Exxon Mobil Stock multiplied by the Exchange Factor for Exxon Mobil Stock on the Trading Day immediately prior to the
    effective date of the Reorganization Event (the &#147;New Stock Exchange Factor&#148;), as adjusted to the Determination Date (taking into account any adjustments for distributions described under clause (c)(i) below); and</FONT></p>
	  <p><FONT size=2 face="serif">(c) for any cash and any other property or securities other than Marketable Securities received in such Reorganization Event (the &#147;Non-Stock Exchange Property&#148;),</FONT></p>
	  <blockquote>
	    <p><FONT size=2 face="serif">(i) if the combined value of the amount of Non-Stock Exchange Property received per share of Exxon Mobil Stock, as determined by the Calculation Agent in its sole discretion on the effective date of such Reorganization
      Event (the &#147;Non-Stock Exchange Property Value&#148;), by holders of Exxon Mobil Stock is less than 25% of the Closing Price of Exxon Mobil Stock on the Trading Day immediately prior to the effective date of such Reorganization Event, a number
      of shares of Exxon Mobil Stock, if applicable, and of any New Stock received in connection with such Reorganization Event, if applicable, in proportion to the relative Closing Prices of Exxon Mobil Stock and any such New Stock, and with an aggregate
      value equal to the Non-Stock Exchange Property Value multiplied by the Exchange Factor in effect for Exxon Mobil Stock on the Trading Day immediately prior to the effective date of such Reorganization Event, based on such Closing Prices, in each
      case as determined by the Calculation Agent in its sole discretion on the effective date of such Reorganization Event; and the number of such shares of Exxon Mobil Stock or any New Stock determined in accordance with this clause (c)(i) will be added
      at the time of such adjustment to the Exchange Factor in subparagraph (a) above and/or the New Stock Exchange Factor in subparagraph (b) above, as applicable, or</FONT></p>
	    <p><FONT size=2 face="serif">(ii) if the Non-Stock Exchange Property Value is equal to or exceeds 25% of the Closing Price of Exxon Mobil Stock on the Trading Day immediately prior to the effective date relating to such Reorganization Event or, if
      Exxon Mobil Stock is surrendered exclusively for Non- Stock Exchange Property (in each case, an &#147;Alternate Stock Event&#148;), a number of shares (the &#147;Alternate Stock Exchange Factor&#148;) of the Alternate Stock (as defined below) with a
      value on the effective date of such Reorganization Event equal to the Non-Stock Exchange Property Value multiplied by the Exchange Factor in effect for Exxon Mobil Stock on the Trading Day immediately prior to the effective date of such
      Reorganization Event. The &#147;Alternate Stock&#148; will be the common stock of the company with a Price Volatility on the Measurement Date (each as defined below) that is</FONT></p>
	    </blockquote>
	</blockquote>	  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-18</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><blockquote>
	  <blockquote>
	    <p><FONT size=2 face="serif">nearest (whether higher or lower) to the Price Volatility of Exxon Mobil Stock, as selected by the Calculation Agent from a group of five stocks then included in the S&amp;P 500 Index (or, if
        publication of such index is discontinued, any successor or substitute index selected by the Calculation Agent in its sole discretion). The stocks from which the Alternate Stock is selected will be the five stocks with the largest market
        capitalization among the stocks then included in the S&amp;P 500 Index (or such successor index) with the same primary &#147;Industry&#148; Standard Industrial Classification Code (&#147;SIC Code&#148;) as Exxon Mobil; provided that, if there are
        fewer than five stocks with the same primary &#147;Industry&#148; SIC Code as Exxon Mobil, the Calculation Agent will identify additional stocks then included in the S&amp;P 500 Index (or such successor index), from the following categories,
        selecting stocks, as required, in each succeeding category in descending order of market capitalization, beginning with the stock in each category with the largest capitalization: first, stocks with the same primary &#147;Industry Group&#148;
        classification as Exxon Mobil; second, stocks with the same primary &#147;Major Group&#148; classification as Exxon Mobil; and third, stocks with the same primary &#147;Division&#148; classification as Exxon Mobil; </FONT><I><FONT size=2
face="serif">provided further</FONT></I><FONT size=2 face="serif">, however, that none of the five stocks from which the Alternate Stock will be selected will be a stock that is subject to a trading restriction under the trading restriction policies
        of Morgan Stanley or any of its affiliates that would materially limit the ability of Morgan Stanley or any of its affiliates to hedge the Securities with respect to such stock (a &#147;Hedging Restriction&#148;). &#147;Industry,&#148;
&#147;Industry Group,&#148; &#147;Major Group&#148; and &#147;Division&#148; have the meanings assigned by the Office of Management and Budget, or any successor federal agency responsible for assigning SIC codes. If the SIC Code system of
        classification is altered or abandoned, the Calculation Agent may select an alternate classification system and implement similar procedures. &#147;Price Volatility&#148; means the average historical price volatility for the period of 100 Trading
        Days ending on the Trading Day immediately prior to the first public announcement of the relevant Reorganization Event (the &#147;Measurement Date&#148;) as such average historical price volatility for such stock is displayed on Bloomberg screen
        Equity HVG (using the settings N = 100 and Market: T) (or any successor thereto); provided that if the Price Volatility of Exxon Mobil Stock or any stock identified in this sub-paragraph is not then displayed on Bloomberg, then the Calculation
        Agent, in its sole discretion, will determine the applicable Price Volatility.</FONT></p>
	    </blockquote>
	</blockquote>	  <P><FONT size=2 face="serif">Following the allocation of any Extraordinary Dividend to Alternate Stock pursuant to paragraph 5 above or any Reorganization Event described in this paragraph 6, the amount payable, or deliverable upon exchange, at
maturity with respect to</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-19</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">the &#36;75.69 principal amount of each Security will be either (i) &#36;75.69 in cash or (ii) if the Maturity Price (as determined by the Calculation Agent as of the Determination Date in
accordance with the methodology described above in this paragraph 6) is less than the Exchange Price:</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="40%" nowrap>&nbsp;</TD>
	<TD width="5%" nowrap>
<FONT size=2 face="serif">(x)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=55%>
<FONT size=2 face="serif">if applicable, Exxon Mobil Stock at the Exchange Ratio </FONT><I><FONT size=2 face="serif">times </FONT></I><FONT size=2 face="serif">the Exchange Factor then in effect; and</FONT>	</TD>
</TR>
<TR valign="top"><TD colspan=3>&nbsp;</TD></TR><TR valign="top">
  <TD width="40%" nowrap>&nbsp;</TD>
	<TD width="5%" nowrap>
<FONT size=2 face="serif">(y)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=55%>
<FONT size=2 face="serif">if applicable, for each New Stock, such New Stock at the Exchange Ratio </FONT><I><FONT size=2 face="serif">times </FONT></I><FONT size=2 face="serif">the New Stock Exchange Factor then in effect for such New Stock;
and</FONT>	</TD>
</TR>
<TR valign="top"><TD colspan=3>&nbsp;</TD></TR><TR valign="top">
  <TD width="40%" nowrap>&nbsp;</TD>
	<TD width="5%" nowrap>
<FONT size=2 face="serif">(z)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=55%>
<FONT size=2 face="serif">if applicable, Alternate Stock at the Exchange Ratio </FONT><I><FONT size=2 face="serif">times </FONT></I><FONT size=2 face="serif">the Alternate Stock Exchange Factor then in effect for such Alternate Stock.</FONT>	</TD>
</TR>
<TR valign="top"><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">In each case, the applicable Exchange Factor (including for this purpose, any New Stock Exchange Factor or Alternate Stock Exchange Factor) will be determined by the Calculation Agent on the
Determination Date.</FONT></P>
<P><FONT size=2 face="serif">7. No adjustments to the Exchange Factor will be required other than those specified above. The adjustments specified above do not cover all of the events that could affect the Closing Price of Exxon Mobil Stock,
including, without limitation, a partial tender or exchange offer for Exxon Mobil Stock. The Calculation Agent may, in its sole discretion, make additional changes to the Exchange Factor upon the occurrence of corporate or other similar events that
affect or could potentially affect market prices of, or shareholders&#146; rights in, Exxon Mobil Stock (or other Exchange Property), but only to reflect such changes, and not with the aim of changing relative investment risk. There may be corporate
or other similar events that could affect the Closing Price of Exxon Mobil Stock for which the Calculation Agent will not adjust the Exchange Factor.</FONT></P>
<P><B><FONT size=2 face="serif">Notwithstanding the foregoing, the amount payable by us at maturity with respect to each Security, determined as of the Determination Date, will not under any circumstances exceed the &#36;75.69 principal amount of
the Securities as of the Determination Date.</FONT></B></P>
<P><FONT size=2 face="serif">For purposes of paragraph 6 above, in the case of a consummated tender or exchange offer or going-private transaction involving consideration of particular types, Exchange Property shall be deemed to include the amount
of cash or other property delivered by the offeror in the tender or exchange offer (in an amount determined on the basis of the rate of exchange in such tender or exchange offer or going-private transaction). In the event of a tender or exchange
offer or a going-private transaction with respect to Exchange Property in which an offeree may elect to receive cash or other property, Exchange Property shall be deemed to include the kind and amount of cash and other property received by offerees
who elect to receive cash.</FONT></P>
<P><FONT size=2 face="serif">Following the occurrence of any Reorganization Event
    referred to in paragraphs 5 or 6 above, (i) references to &#147;Exxon Mobil
    Stock&#148; under &#147;</FONT><FONT size=2 face="sans-serif">&#151; </FONT><FONT size=2
face="serif">No Fractional Shares,&#148; &#147;</FONT><FONT size=2 face="sans-serif">&#151; </FONT><FONT size=2
face="serif"></FONT><FONT size=2 face="serif">Closing
    Price&#148; and &#147;</FONT><FONT size=2 face="sans-serif">&#151;</FONT><FONT size=2
face="serif"></FONT><FONT size=2 face="serif"> Market</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-20</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Disruption Event&#148; shall be deemed to also refer to any New Stock or Alternate Stock, and (ii) all other references in this pricing supplement to &#147;Exxon Mobil Stock&#148; shall be deemed
to refer to the Exchange Property into which the Securities are thereafter exchangeable and references to a &#147;share&#148; or &#147;shares&#148; of Exxon Mobil Stock shall be deemed to refer to the applicable unit or units of such Exchange
Property, including any New Stock or Alternate Stock, unless the context otherwise requires. The New Stock Exchange Factor(s) or Alternate Stock Exchange Factor resulting from any Reorganization Event described in paragraph 6 above or similar
adjustment under paragraph 5 above shall be subject to the adjustments set forth in paragraphs 1 through 7 hereof.</FONT></P>
<P><FONT size=2 face="serif">If an Alternate Stock Event occurs, we shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and to DTC of the
occurrence of such Alternate Stock Event and of the Alternate Stock selected as promptly as possible and in no event later than five Business Days after the date of the Alternate Stock Event.</FONT></P>
<P><FONT size=2 face="serif">No adjustment to the Exchange Factor (including for this purpose any New Stock Exchange Factor or Alternate Stock Exchange Factor) will be required unless such adjustment would require a change of at least 0.1% in the
Exchange Factor then in effect. The Exchange Factor resulting from any of the adjustments specified above will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward. Adjustments to the Exchange Factor will be made
up to the close of business on the Determination Date.</FONT></P>
<P><FONT size=2 face="serif">The Calculation Agent shall be solely responsible for the determination and calculation of any adjustments to the Exchange Factor and of any related determinations and calculations with respect to any distributions of
stock, other securities or other property or assets (including cash) in connection with any corporate event described in paragraphs 1 through 7 above, and its determinations and calculations with respect thereto shall be conclusive in the absence of
manifest error.</FONT></P>
<P><FONT size=2 face="serif">The Calculation Agent will provide information as to any adjustments to the Exchange Factor or to the method of calculating the amount payable upon exchange at maturity of the Securities in accordance with paragraph 6
above upon written request by any investor in the Securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Market Disruption Event</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Market Disruption Event means, with respect to Exxon Mobil Stock:</FONT></P>
      <blockquote>
        <p><FONT size=2 face="serif">(i) a suspension, absence or material limitation of trading of Exxon Mobil Stock on the primary market for Exxon Mobil Stock for more than two hours of trading or during the one- half hour period preceding the close of
    the principal trading session in such market; or a breakdown or failure in the price and trade reporting systems of the primary market for Exxon Mobil Stock as a result of which the reported trading prices</FONT></p>
    </blockquote></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-21</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><blockquote>
	  <p><FONT size=2 face="serif">for Exxon Mobil Stock during the last one-half hour preceding the close of the principal trading session in such market are materially inaccurate; or the suspension, absence or material
    limitation of trading on the primary market for trading in options contracts related to Exxon Mobil Stock, if available, during the one-half hour period preceding the close of the principal trading session in the applicable market, in each case as
    determined by the Calculation Agent in its sole discretion; and</FONT></p>
	  <p><FONT size=2 face="serif">(ii) a determination by the Calculation Agent in its sole discretion that any event described in clause (i) above materially interfered with our ability or the ability of any of our affiliates to unwind or adjust all or
    a material portion of the hedge with respect to the Securities.</FONT></p>
	  </blockquote>	  <P><FONT size=2 face="serif">For purposes of determining whether a Market Disruption Event has occurred: (1) a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change
in the regular business hours of the relevant exchange, (2) a decision to permanently discontinue trading in the relevant options contract will not constitute a Market Disruption Event, (3) limitations pursuant to NYSE Rule 80A (or any applicable
rule or regulation enacted or promulgated by the NYSE, any other self-regulatory organization or the Securities and Exchange Commission (the &#147;Commission&#148;) of scope similar to NYSE Rule 80A as determined by the Calculation Agent) on trading
during significant market fluctuations shall constitute a suspension, absence or material limitation of trading, (4) a suspension of trading in options contracts on Exxon Mobil Stock by the primary securities market trading in such options, if
available, by reason of (x) a price change exceeding limits set by such securities exchange or market, (y) an imbalance of orders relating to such contracts or (z) a disparity in bid and ask quotes relating to such contracts will constitute a
suspension, absence or material limitation of trading in options contracts related to Exxon Mobil Stock and (5) a suspension, absence or material limitation of trading on the primary securities market on which options contracts related to Exxon
Mobil Stock are traded will not include any time when such securities market is itself closed for trading under ordinary circumstances.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD valign="bottom"><font size=2 face="serif">Alternate Exchange Calculation</font></TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P>&nbsp;&nbsp;<FONT size=2 face="serif">in Case of an Event of Default</FONT></P>
</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">In case an event of default with respect to the Securities shall have occurred and be continuing, the amount declared due and payable per Security upon any acceleration of the Securities (an
&#147;Event of Default Acceleration&#148;) shall be determined by the Calculation Agent and shall be an amount in cash equal to either (i) if the product of the Closing Price of Exxon Mobil Stock on the date of acceleration and the Exchange Factor
is greater than or equal to the Exchange Price, the &#36;75.69 principal amount of each Security plus accrued but unpaid interest to but excluding the date of acceleration or (ii) if the product of the Closing Price of Exxon Mobil Stock on the date
of acceleration and the Exchange Factor</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-22</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">is less than the Exchange Price, (x) an amount of cash with a value equal to a number of shares of Exxon Mobil Stock at the Exchange Ratio multiplied by the Exchange Factor as of the date of
acceleration and (y) accrued but unpaid interest to but excluding the date of acceleration.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Exxon Mobil Stock; Public Information</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Exxon Mobil Corporation&#146;s principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale
of crude oil, natural gas and petroleum products. Exxon Mobil Stock is registered under the Exchange Act. Companies with securities registered under the Exchange Act are required to file periodically certain financial and other information specified
by the Commission. Information provided to or filed with the Commission can be inspected and copied at the public reference facilities maintained by the Commission at Room 1580, 100 F Street, N.E., Washington, D.C. 20549, and copies of such material
can be obtained from the Public Reference Section of the Commission, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates. In addition, information provided to or filed with the Commission electronically can be accessed through a website
maintained by the Commission. The address of the Commission&#146;s website is http://www.sec.gov. Information provided to or filed with the Commission by Exxon Mobil pursuant to the Exchange Act can be located by reference to Commission file number
001-02256. In addition, information regarding Exxon Mobil may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. We make no representation or warranty as to the
accuracy or completeness of such information.</FONT></P>
<P><B><FONT size=2 face="serif">This pricing supplement relates only to the Securities offered hereby and does not relate to Exxon Mobil Stock or other securities of Exxon Mobil. We have derived all disclosures contained in this pricing supplement
regarding Exxon Mobil from the publicly available documents described in the preceding paragraph. In connection with the offering of the Securities, neither we nor the Agent has participated in the preparation of such documents or made any due
diligence inquiry with respect to Exxon Mobil. Neither we nor the Agent makes any representation that such publicly available documents or any other publicly available information regarding Exxon Mobil is accurate or complete. Furthermore, we cannot
give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described in the preceding paragraph) that would affect the trading price of
Exxon Mobil Stock (and therefore the price of Exxon Mobil Stock at the time we priced the Securities for initial sale to the public) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose
material future events concerning Exxon Mobil could affect the value received at maturity with respect to the Securities and therefore the trading prices of the Securities.</FONT></B></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-23</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><B><FONT size=2 face="serif">Neither we nor any of our affiliates makes any representation to you as to the performance of Exxon Mobil Stock.</FONT></B></P>
<P><FONT size=2 face="serif">We and/or our affiliates may presently or from time to time engage in business with Exxon Mobil, including extending loans to, or making equity investments in, Exxon Mobil or providing advisory services to Exxon Mobil,
such as merger and acquisition advisory services. In the course of such business, we and/or our affiliates may acquire non-public information with respect to Exxon Mobil, and neither we nor any of our affiliates undertakes to disclose any such
information to you. In addition, one or more of our affiliates may publish research reports with respect to Exxon Mobil, and the reports may or may not recommend that investors buy or hold Exxon Mobil Stock. The statements in the preceding two
sentences are not intended to affect the rights of investors in the Securities under the securities laws. As a prospective purchaser of Securities, you should undertake an independent investigation of Exxon Mobil as in your judgment is appropriate
to make an informed decision with respect to an investment in Exxon Mobil Stock.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Historical Information</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The following table sets forth the published high and low Closing Prices of Exxon Mobil Stock during 2003, 2004, 2005 and 2006 through December 7, 2006. The Closing Price of Exxon Mobil Stock on
December 7, 2006 was &#36;75.71. We obtained the Closing Prices and other information below from Bloomberg Financial Markets, without independent verification. You should not take the historical prices of Exxon Mobil Stock as an indication of future
performance. The price of Exxon Mobil Stock may not increase to or above the Exchange Price on the Determination Date, so that at maturity you will receive an amount of Exxon Mobil Stock worth less than the principal amount of the Securities. To the
extent that you receive an amount of Exxon Mobil Stock worth less than the &#36;75.69 Issue Price of the Securities, and the shortfall is not offset by the interest paid on the Securities, you will lose money on your investment.</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-24</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<B><FONT size=1 face="serif">High</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<B><FONT size=1 face="serif">Low</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<B><FONT size=1 face="serif">Dividends</FONT></B>
	</TD>
</TR>
<TR>
  <TD width="35%"></TD>
	<TD width="29%">
	</TD>
	<TD width="2%">
	</TD>
	<TD width="10%" align="center">
<HR noshade size=1>
	</TD>
	<TD width="2%">
	</TD>
	<TD width="10%" align="center">
<HR noshade size=1>
	</TD>
	<TD width="2%">
	</TD>
	<TD width="10%" align="center">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<B><FONT size=2 face="serif">(CUSIP 30231G102)</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<B><FONT size=2 face="serif">2003</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">First Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">36.3800</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">31.8200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2300</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Second Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">38.3100</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">34.3300</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2500</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Third Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">38.4700</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">34.9200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2500</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Fourth Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">41.0000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">35.1500</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2500</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<B><FONT size=2 face="serif">2004</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">First Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">42.7800</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">40.1000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2500</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Second Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">45.4600</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">41.5200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2700</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Third Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">49.4900</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">44.3600</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2700</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Fourth Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">51.9700</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">48.3100</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2700</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<B><FONT size=2 face="serif">2005</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">First Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">63.5700</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">49.4900</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2700</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Second Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">60.9000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">53.3500</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2900</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Third Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">64.9800</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">57.8900</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2900</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Fourth Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">62.4900</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">55.2000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.2900</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<B><FONT size=2 face="serif">2006</FONT></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">First Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">63.1100</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">58.2800</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.3200</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Second Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">65.0000</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">56.6500</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.3200</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Third Quarter</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">70.7200</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">62.1500</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>
<FONT size=2 face="serif">0.3200</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=35%>&nbsp;</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">Fourth Quarter (through</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=10%>&nbsp;</TD>
	<TD  width=2%>&nbsp;</TD>
	<TD align=center width=10%>&nbsp;</TD>
	<TD  width=2%>&nbsp;</TD>
	<TD align=center width=10%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right width=35%>&nbsp;</TD>
	<TD width=29% align=left valign="bottom">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;December 7, 2006)</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center> <FONT size=2 face="serif">78.0600</FONT> </TD>
	<TD>&nbsp; </TD>
	<TD align=center> <FONT size=2 face="serif">65.4100</FONT> </TD>
	<TD>&nbsp; </TD>
	<TD align=center> <FONT size=2 face="serif">0.3200</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">We make no representation as to the amount of dividends, if any, that Exxon Mobil will pay in the future. Adjustments to the Exchange Factor will be made in the event of certain ordinary cash
dividends and extraordinary dividends. See &#147;&#151;Antidilution Adjustments&#148; above. </FONT><B><FONT size=2 face="serif">In any event, as a holder of a Security, you will not be entitled to receive dividends, if any, that may be payable on
Exxon Mobil Stock.</FONT></B></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">Use of Proceeds and Hedging</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The net proceeds we receive from the sale of the Securities will be used for general corporate purposes and, in part, by us in connection with hedging our obligations under the Securities through
one or more of our subsidiaries. The original issue price of the Securities includes the Agent&#146;s Commissions (as shown on the cover page of this pricing supplement) paid with respect to the Securities and the cost of hedging our obligations
under the Securities. The cost of hedging includes the projected profit that our subsidiaries expect to realize in consideration for assuming the risks inherent in managing the hedging transactions. Since hedging our obligations entails risk and may
be influenced by market forces beyond our or our subsidiaries&#146; control, such hedging may result in a profit that is more or less than initially projected, or could result in a loss. See also &#147;Use of Proceeds&#148; in the accompanying
prospectus.</FONT></P>
<P><FONT size=2 face="serif">On the date of this pricing supplement we, through our subsidiaries or others, hedged our anticipated exposure in connection with the Securities by taking positions in Exxon Mobil Stock. Such purchase activity could
potentially have increased the Initial Share Price of Exxon Mobil Stock used as the basis of the calculation of the Exchange Price, and, accordingly, have potentially increased the price at which Exxon Mobil Stock must close before you would receive
at maturity the principal amount of &#36;75.69 per Security. In addition, through our subsidiaries, we</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-25</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">are likely to modify our hedge position throughout the life of the Securities by purchasing and selling Exxon Mobil Stock, options contracts on Exxon Mobil Stock listed on major securities
markets or positions in any other available securities or instruments that we may wish to use in connection with such hedging activities. We cannot give any assurance that our hedging activities will not affect the price of Exxon Mobil Stock and,
therefore, adversely affect the value of the Securities or the payment you will receive at maturity or upon any acceleration of the Securities.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD valign="bottom"><font size=2 face="serif">Supplemental Information Concerning</font></TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P>&nbsp;&nbsp;<FONT size=2 face="serif">Plan of Distribution</FONT></P>
</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Under the terms and subject to the conditions contained in the U.S. distribution agreement referred to in the prospectus supplement under &#147;Plan of Distribution,&#148; the Agent, acting as
principal for its own account, has agreed to purchase, and we have agreed to sell, the principal amount of Securities set forth on the cover of this pricing supplement. The Agent proposes initially to offer the Securities directly to the public at
the public offering price set forth on the cover page of this pricing supplement plus accrued interest, if any, from the Original Issue Date. After the initial offering of the Securities, the Agent may vary the offering price and other selling terms
from time to time.</FONT></P>
<P><FONT size=2 face="serif">We expect to deliver the Securities against payment therefor in New York, New York on December 14, 2006, which will be the fifth scheduled Business Day following the date of this pricing supplement and of the pricing of
the Securities. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in three Business Days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
Securities on the date of pricing or on or prior to the third Business Day prior to the Original Issue Date will be required to specify alternative settlement arrangements to prevent a failed settlement.</FONT></P>
<P><FONT size=2 face="serif">In order to facilitate the offering of the Securities, the Agent may engage in transactions that stabilize, maintain or otherwise affect the price of the Securities or Exxon Mobil Stock. Specifically, the Agent may sell
more Securities than it is obligated to purchase in connection with the offering, creating a naked short position in the Securities for its own account. The Agent must close out any naked short position by purchasing the Securities in the open
market. A naked short position is more likely to be created if the Agent is concerned that there may be downward pressure on the price of the Securities in the open market after pricing that could adversely affect investors who purchase in the
offering. As an additional means of facilitating the offering, the Agent may bid for, and purchase, Securities or Exxon Mobil Stock in the open market to stabilize the price of the Securities. Any of these activities may raise or maintain the market
price of the Securities above independent market levels or prevent or retard a decline in the market price of the Securities. The Agent is not required to engage in these activities, and may end any of these activities at any time. An affiliate of
the Agent has entered into a hedging transaction in connection with this offering of the Securities. See &#147;&#151;Use of Proceeds and Hedging&#148; above.</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-26</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">ERISA Matters for Pension Plans</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Each fiduciary of a pension, profit-sharing or other employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), (a &#147;Plan&#148;)
should consider the fiduciary standards of ERISA in the context of the Plan&#146;s particular circumstances before authorizing an investment in the Securities. Accordingly, among other factors, the fiduciary should consider whether the investment
would satisfy the prudence and diversification requirements of ERISA and would be consistent with the documents and instruments governing the Plan.</FONT></P>
<P><FONT size=2 face="serif">In addition, we and certain of our subsidiaries and affiliates, including MS &amp; Co. and Morgan Stanley DW Inc. (formerly Dean Witter Reynolds Inc.) (&#147;MSDWI&#148;), may each be considered a &#147;party in
interest&#148; within the meaning of ERISA, or a &#147;disqualified person&#148; within the meaning of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), with respect to many Plans, as well as many individual retirement accounts
and Keogh plans (also &#147;Plans&#148;). Prohibited transactions within the meaning of ERISA or the Code would likely arise, for example, if the Securities are acquired by or with the assets of a Plan with respect to which MS &amp; Co., MSDWI or
any of their affiliates is a service provider or other party in interest, unless the Securities are acquired pursuant to an exemption from the &#147;prohibited transaction&#148; rules. A violation of these prohibited transaction rules could result
in an excise tax or other liabilities under ERISA and/or Section 4975 of the Code for such persons, unless exemptive relief is available under an applicable statutory or administrative exemption.</FONT></P>
<P><FONT size=2 face="serif">The U.S. Department of Labor has issued five prohibited transaction class exemptions (&#147;PTCEs&#148;) that may provide exemptive relief for direct or indirect prohibited transactions resulting from the purchase or
holding of the Securities. Those class exemptions are PTCE 96-23 (for certain transactions determined by in-house asset managers), PTCE 95-60 (for certain transactions involving insurance company general accounts), PTCE 91-38 (for certain
transactions involving bank collective investment funds), PTCE 90-1 (for certain transactions involving insurance company separate accounts) and PTCE 84-14 (for certain transactions determined by independent qualified asset managers). In addition,
ERISA Section 408(b)(17) provides a limited exception for the purchase and sale of securities and related lending transactions, provided that neither the issuer of the securities nor any of its affiliates have or exercise any discretionary authority
or control or render any investment advice with respect to assets of any Plan involved in the transaction and provided further that the Plan pays no more than adequate consideration in connection with the transaction (the so-called &#147;service
provider exemption).</FONT></P>
<P><FONT size=2 face="serif">Because we may be considered a party in interest with respect to many Plans, the Securities may not be purchased, held or disposed of by any Plan, any entity whose underlying assets include &#147;plan assets&#148; by
reason of any Plan&#146;s investment in the entity (a &#147;Plan</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-27</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Asset Entity&#148;) or any person investing &#147;plan assets&#148; of any Plan, unless such purchase, holding or disposition is eligible for exemptive relief, including relief available under
PTCE 96-23, 95-60, 91-38, 90-1, or 84-14 or such purchase, holding or disposition is otherwise not prohibited. Any purchaser, including any fiduciary purchasing on behalf of a Plan, transferee or holder of the Securities will be deemed to have
represented, in its corporate and its fiduciary capacity, by its purchase and holding of the Securities that either (a) it is not a Plan or a Plan Asset Entity and is not purchasing such Securities on behalf of or with &#147;plan assets&#148; of any
Plan or with any assets of a governmental or church plan that is subject to any federal, state or local law that is substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code or (b) its purchase, holding and
disposition are eligible for exemptive relief or such purchase, holding and disposition are not prohibited by ERISA or Section 4975 of the Code (or in the case of a governmental or church plan, any substantially similar federal, state or local
law).</FONT></P>
<P><FONT size=2 face="serif">Under ERISA, assets of a Plan may include assets of certain commingled vehicles and entities in which the Plan has invested (including, in certain cases, the general account of an insurance company). Accordingly,
commingled vehicles and entities which include assets of a Plan must ensure that one of the foregoing exemptions is available. Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non- exempt prohibited
transactions, it is particularly important that fiduciaries or other persons considering purchasing the Securities on behalf of or with &#147;plan assets&#148; of any Plan consult with their counsel regarding the availability of exemptive relief
under any available exemptions, such as PTCEs 96-23, 95-60, 91-38, 90-1 or 84-14 or the service provider exemption.</FONT></P>
<P><FONT size=2 face="serif">Purchasers of the Securities have exclusive responsibility for ensuring that their purchase, holding and disposition of the Securities do not violate the prohibited transaction rules of ERISA or the Code or any similar
regulations applicable to governmental or church plans, as described above.</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=30%><P><FONT size=2 face="serif">United States Federal Income Taxation</FONT></P>

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">The following is a general discussion of the principal U.S. federal income tax consequences to initial investors in the Securities that purchase the Securities at the Issue Price and will hold
the Securities as capital assets within the meaning of Section 1221 of the Code. This summary is based on the Code, administrative pronouncements, judicial decisions and currently effective and proposed Treasury regulations, changes to any of which
subsequent to the date of this Pricing Supplement may affect the tax consequences described herein. This summary does not address all aspects of the U.S. federal income taxation that may be relevant to a particular investor in light of the
investor&#146;s individual circumstances or to certain types of holders subject to special treatment under the U.S. federal income tax laws (</FONT><I><FONT size=2 face="serif">e.g.</FONT></I><FONT size=2 face="serif">, certain financial
institutions, tax-exempt organizations, dealers in options or securities, or persons who hold a Security as a part of a hedging transaction, straddle, conversion or other integrated</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-28</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">transaction). As the law applicable to the U.S. federal income taxation of instruments such as the Securities is technical and complex, the discussion below necessarily represents only a general
summary. Moreover, the effect of any applicable state, local or foreign tax laws is not discussed.</FONT></P>
<P><B><FONT size=2 face="serif">General</FONT></B></P>
<P><FONT size=2 face="serif">Pursuant to the terms of the Securities and subject to the discussion below under &#147;&#151;Non-U.S. Holders,&#148; we and every investor in the Securities agree (in the absence of an administrative determination or
judicial ruling to the contrary) to characterize a Security for all tax purposes as a unit consisting of: (i) a put right (the &#147;Put Right&#148;) written by the investor to us that requires the investor in a Security to pay us, in exchange for
shares of Exxon Mobil Stock (and cash in lieu of any fractional shares), an amount equal to the Deposit (as defined below) if the Maturity Price is less than the Exchange Price and (ii) a deposit with us of a fixed amount of cash to secure the
investor&#146;s obligation to purchase the Exxon Mobil stock (the &#147;Deposit&#148;). Based on our determination of the relative fair market values of the Put Right and the Deposit at the time of issuance of the Securities, we will allocate 100%
of the Issue Price of the Securities to the Deposit and none to the Put Right. In accordance with this characterization, a portion of the monthly interest on the Securities will represent payments attributable to the investor&#146;s sale of the Put
Right (the &#147;Put Premium&#148;), which Put Premium we have determined to be 15.2% annually. The remainder of the monthly payments will be treated as qualified stated interest on the Deposit.</FONT></P>
<P><FONT size=2 face="serif">Our allocation of the Issue Price between the Put Right and the Deposit will be binding on investors in the Securities, unless an investor timely and explicitly discloses to the Internal Revenue Service (&#147;IRS&#148;)
that its allocation is different from ours. The treatment of the Securities described above is not, however, binding on the IRS or the courts. No statutory, judicial or administrative authority directly addresses the characterization of the
Securities or instruments similar to the Securities for U.S. federal income tax purposes, and no ruling is being requested from the IRS with respect to the Securities. </FONT><B><FONT size=2 face="serif">Due to the absence of authorities that
directly address instruments that are similar to the Securities, the proper U.S. federal income tax characterization or treatment of the Securities is unclear. Significant aspects of the U.S. federal income tax consequences of an investment in the
Securities are uncertain, and no assurance can be given that the IRS or the courts will agree with the characterization or treatment described herein. Accordingly, prospective purchasers are urged to consult their tax advisors regarding the U.S.
federal income tax consequences of an investment in the Securities (including alternative characterizations of the Securities) and with respect to any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction. Unless
otherwise stated, the following discussion is based on the treatment and the allocation described above.</FONT></B></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-29</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><B><FONT size=2 face="serif">U.S. Holders</FONT></B></P>
<P><FONT size=2 face="serif">As used herein, the term &#147;U.S. Holder&#148; means, for U.S. federal income tax purposes, a beneficial owner of a Security that is (i) a citizen or resident of the United States, (ii) a corporation created or
organized under the laws of the United States or any political subdivision thereof or (iii) an estate or trust the income of which is subject to United States federal income taxation regardless of its source.</FONT></P>
<P><B><FONT size=2 face="serif">Tax Treatment of the Securities</FONT></B></P>
<P><FONT size=2 face="serif">Assuming the characterization of the Securities as set forth above, the following U.S. federal income tax consequences should result.</FONT></P>
<P><I><FONT size=2 face="serif">Monthly Payments on the Securities. </FONT></I><FONT size=2 face="serif">To the extent attributable to interest on the Deposit, monthly payments on the Securities will generally be taxable to a U.S. Holder as ordinary
income at the time accrued or received in accordance with the U.S. Holder&#146;s method of accounting for U.S. federal income tax purposes.</FONT></P>
<P><FONT size=2 face="serif">The receipt of the Put Premium will not be taxable to a U.S. Holder.</FONT></P>
<P><I><FONT size=2 face="serif">Settlement at Maturity. </FONT></I><FONT size=2 face="serif">If a U.S. Holder receives Par per Security in cash at maturity, the Put Right will be deemed to have expired unexercised. In such case, a U.S. Holder will
not recognize income upon the return of the Deposit, but will recognize the total amount of Put Premium received by the Holder as short-term capital gain at such time.</FONT></P>
<P><FONT size=2 face="serif">If a U.S. Holder receives the Exxon Mobil Stock at maturity, the Put Right will be deemed to have been exercised. In such case, the U.S. Holder will not recognize any income or gain in respect of the total Put Premium
received and will not recognize any gain or loss with respect to any Exxon Mobil Stock received. Instead, the U.S. Holder will have an aggregate basis in the shares of Exxon Mobil Stock (including any fractional shares) received equal to the Deposit
less the total Put Premium received (the &#147;Net Purchase Price&#148;), and such basis will be allocated proportionately among the shares of Exxon Mobil Stock (including any fractional shares) received. A U.S. Holder&#146;s holding period for any
such shares of Exxon Mobil Stock received will start on the day after receipt. However, with respect to any cash received in lieu of fractional shares of Exxon Mobil Stock upon exercise of the Put Right, a U.S. Holder will recognize gain or loss.
The amount of such gain or loss will be equal to the difference between the amount of such cash received and the tax basis allocable to the fractional shares, as discussed above. In addition, the U.S. Holder will be deemed to have received interest
that has accrued on the Deposit through the date of exercise (and therefore would be required to recognize such accrued interest in accordance with the U.S. Holder&#146;s method of accounting).</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-30</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><I><FONT size=2 face="serif">Sale or Exchange of the Securities. </FONT></I><FONT size=2 face="serif">Upon a sale or exchange of a Security prior to maturity, a U.S. Holder will recognize taxable gain or loss equal to the
difference between the amount realized on such sale or exchange and such U.S. Holder's tax basis in the Securities so sold or exchanged. Any such gain or loss will generally be capital gain or loss, as the case may be. To the extent attributable to
such U.S. Holder&#146;s rights and obligations under the Put Right, any such capital gain or loss will be treated as short-term, while any such gain or loss that it is attributable to such U.S. Holder&#146;s disposition of the Deposit will be
treated as long-term capital gain or loss if such U.S. Holder has held the Security for more than one year. Such U.S. Holder&#146;s tax basis in the Security will generally equal the U.S. Holder&#146;s adjusted tax basis in the Deposit less any Put
Premium received. For these purposes, the amount realized does not include any amount attributable to accrued but unpaid interest on the Deposit, which would be taxed as described under &#147;Monthly Payments on the Securities&#148;
above.</FONT></P>
<P><B><FONT size=2 face="serif">Possible Alternative Tax Treatments of an Investment in the Securities</FONT></B></P>
<P><FONT size=2 face="serif">Due to the absence of authorities that directly address the proper characterization of the Securities, no assurance can be given that the IRS will accept, or that a court will uphold, the characterization and tax
treatment described above. In particular, the IRS could seek to analyze the U.S. federal income tax consequences of owning the Securities under the Contingent Payment Debt Regulations.</FONT></P>
<P><FONT size=2 face="serif">If the IRS were successful in asserting that the Contingent Payment Debt Regulations applied to the Securities or to the Deposit, the timing and character of income thereon would be significantly affected. Among other
things, a U.S. Holder would be required to accrue interest income as original issue discount, subject to adjustments, at a &#147;comparable yield&#148; on the Issue Price. Furthermore, if the Securities or Deposit were treated as contingent payment
debt instruments, any gain realized with respect to the Securities or the Deposit would generally be treated as ordinary income. In addition, if the Contingent Payment Debt Regulations applied to the Securities, a U.S. Holder would recognize income
upon maturity of the Securities to the extent that the fair market value of shares of Exxon Mobil Stock and cash (if any) received exceeded the adjusted issue price of the Securities.</FONT></P>
<P><FONT size=2 face="serif">Even if the Contingent Payment Debt Regulations do not apply to the Securities, other alternative U.S. federal income tax characterizations or treatments of the Securities are also possible, which if applied could
significantly affect the timing and character of the income or loss with respect to the Securities. It is possible, for example, that the Securities could be treated as constituting an &#147;open transaction&#148; with the result that the monthly
payments on the Securities might not be accounted for separately as giving rise to income to U.S. Holders until the sale, exchange</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-31</FONT></P>

<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">or retirement of the Securities. Other alternative characterizations are also possible. Accordingly, prospective purchasers are urged to consult their own tax advisors regarding the U.S. federal
income tax consequences of an investment in the Securities.</FONT></P>
<P><B><FONT size=2 face="serif">Backup Withholding and Information Reporting</FONT></B></P>
<P><FONT size=2 face="serif">Backup withholding and information reporting may apply in respect of the amounts paid to a U.S. Holder, unless such U.S. Holder provides proof of an applicable exemption or a correct taxpayer identification number, and
otherwise complies with applicable requirements of the backup withholding rules. The amounts withheld under the backup withholding rules are not an additional tax and may be refunded, or credited against the U.S. Holder&#146;s U.S. federal income
tax liability, provided the required information is furnished to the IRS.</FONT></P>
<P><B><FONT size=2 face="serif">Non-U.S. Holders</FONT></B></P>
<P><FONT size=2 face="serif">This section only applies to you if you are a Non-U.S. Holder. As used herein, the term &#147;Non-U.S. Holder&#148; means, for U.S. federal income tax purposes, a beneficial owner of a Security that is:</FONT></P>

	</TD>
</TR>
<TR valign="top">
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%"><li></li></td>
    <td width="60%"><font size=2 face="serif">a nonresident alien individual;</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><font size=2 face="serif">a foreign corporation; or</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><li></li></td>
    <td><font size=2 face="serif">a foreign trust or estate.</font></td>
  </tr>
  <tr valign="top">
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
</table>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=65% colspan=1><P><FONT size=2 face="serif">Notwithstanding our treatment of the Securities as a unit consisting of a Put Right and a Deposit, discussed above, significant aspects of the tax treatment of the Securities are uncertain.
Accordingly, we intend to withhold upon any monthly payments on the Securities made to a Non-U.S. Holder at a rate of 30%, or at a reduced rate specified by an applicable income tax treaty under an &#147;other income&#148; or similar provision. In
order to claim an exemption from or a reduction in the withholding, a Non-U.S. Holder of a Security needs to comply with certification requirements to establish that it is not a United States person and is eligible for a reduction of or an exemption
from withholding under an applicable tax treaty. If you are a Non-U.S. Holder, you are urged to consult your own tax advisor regarding the tax treatment of the Securities, including the possibility of obtaining a refund of any withholding tax and
the certification requirements described above.</FONT></P>

	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">PS-32</FONT></P>
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end
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</SUBMISSION>
