<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002870
<TYPE>424B2
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20061226
<DATE-OF-FILING-DATE-CHANGE>20061226
<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>061299244
</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>dp04319_424b2-ps149.htm
<TEXT>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="28" valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td height="28" colspan="5" align="center" valign="bottom"><B><I><FONT size="3" face="serif">CALCULATION OF REGISTRATION FEE</FONT></I></B></td>
  </tr>
  <tr>
    <td height="28" valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" height="28" valign="bottom"><font size="2" face="serif"><em>Title
          of Each Class of Securities Offered</em></font></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><font size="2" face="serif"><em>Maximum
          Aggregate<br>
      Offering Price</em></font></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><p><font size="2" face="serif"><em>Amount
            of Registration<br>
      Fee</em></font></p></td>
  </tr>
  <tr>
    <td width="46%" valign="bottom"><hr size="1" noshade></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><hr size="1" noshade></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td width="46%" valign="top"><font size="2" face="serif">Stock Participation
        Accreting Redemption Quarterly-pay Securities<SUP>SM</SUP> (&#147;SPARQS<SUP>&#174; </SUP>&#148;)</font></td>
    <td width="2%" valign="top"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="top"><font size="2" face="serif">&nbsp;$18,000,003.77</font></td>
    <td width="2%" valign="top"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="top"><font size="2" face="serif">$1,926.00</font></td>
  </tr>
</table>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><I><FONT size=2 face="serif">PROSPECTUS Dated January 25, 2006</FONT></I></B></TD>
	<TD width=100% align=right nowrap>
<B><I><FONT size=2 face="serif">Pricing Supplement No. 149</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><I><FONT size=2 face="serif">AMENDMENT NO. 1 to PROSPECTUS SUPPLEMENT</FONT></I></B></TD>
	<TD width=100% align=right nowrap>
<B><I><FONT size=2 face="serif">Registration Statement No. 333-131266</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><I><FONT size=2 face="serif">for SPARQS</FONT></I></B></TD>
	<TD width=100% align=right nowrap>
<B><I><FONT size=2 face="serif">Dated December 21, 2006</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><I><FONT size=2 face="serif">Dated December 21, 2006</FONT></I></B></TD>
	<TD width=100% align=right nowrap>
<B><I><FONT size=2 face="serif">Rule 424(b)(2)</FONT></I></B>	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=2>
<TR valign="bottom">
  <TD align=center><img src="mslogo.jpg"></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size="3" face="serif">GLOBAL MEDIUM-TERM NOTES, SERIES F</FONT></I></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size="3" face="serif">Senior Fixed Rate Notes</FONT></I></B></TD>
</TR>
<TR>
	<TD colspan=1 width=100%>
<HR width="25%" size=1 noshade>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size="3" face="serif">10% SPARQS due January 20, 2008</FONT></I></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size="3" face="serif">Mandatorily Exchangeable for</FONT></I></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size="3" face="serif">Shares of Common Stock of CIRCUIT CITY STORES, INC.</FONT></I></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
      <font size="3"><B><I><FONT face="serif">Stock Participation Accreting Redemption Quarterly-pay Securities<SUP>SM</SUP></FONT></I></B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
      <font size="3"><B><I><FONT face="serif">(&#147;SPARQS<SUP>&#174; </SUP>&#148;)</FONT></I></B></font></TD>
</TR>
<TR>
	<TD colspan=1 width=100%>
<HR width="25%" size=1 noshade>	</TD>
</TR>
<TR>
  <TD colspan=1><p align="left"> <i><font size=2 face="serif">The SPARQS offered
          are senior unsecured obligations of Morgan Stanley, will pay 10% interest
          per year and will have the terms described in the prospectus supplement
          for SPARQS and the prospectus, as supplemented or modified by this pricing
          supplement. At maturity, the SPARQS will pay a number of shares of Circuit
          City Stores, Inc. common stock, subject to our right to call the SPARQS
          for cash at any time beginning July 20, 2007. The SPARQS do not guarantee
    any return of principal at maturity.</font></i></p></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=2>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<B><I><FONT size=2 face="serif">Final Terms:</FONT></I></B>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Underlying company:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">Circuit City Stores, Inc., which we refer to as CC</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Underlying stock:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">The common stock of CC</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Aggregate principal amount:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">&#36;18,000,003.77</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Pricing date:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">December 21, 2006</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Original issue date (settlement date):</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">December 29, 2006, which is the fifth trading day following the pricing date</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Maturity date:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">January 20, 2008</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Issue price:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">&#36;9.73 per SPARQS, equal to the closing price of one share of the underlying stock on the</FONT></I>	<i><font size=2 face="serif">pricing
date times the exchange ratio</font></i></TD>
</TR>

<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Stated principal amount:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">&#36;9.73 per SPARQS</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Interest rate:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">10% per annum</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Interest payment dates:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">April 20, 2007, July 20, 2007, October 20, 2007 and the maturity date</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Denominations:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">&#36;9.73 (and integral multiples thereof)</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Exchange at maturity:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">Unless the SPARQS have been called or accelerated, you will receive shares of the underlying</FONT></I>	<i><font size=2 face="serif">stock
at the exchange ratio in exchange for each SPARQS</font></i></TD>
</TR>

<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Exchange ratio:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">0.5, subject to adjustment for certain corporate events</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Call right:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">The SPARQS are callable by us at any time on or after the first call date</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">First call date:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">July 20, 2007</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Final call notice date:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">January 10, 2008</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Yield to call:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">22% per annum on the stated principal amount. See &#147;Hypothetical
Call Price Calculations&#148;</FONT></I>	<i><font size=2 face="serif">beginning
on PS-8.</font></i></TD>
</TR>

<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">Listing:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">The SPARQS have been approved for listing on the AMEX subject to official notice of</FONT></I>	<i><font size=2 face="serif">issuance.
The AMEX listing symbol for the SPARQS is &#147;CKK&#148;. It is not possible to
predict</font></i> <i><font size=2 face="serif">whether any secondary market for
the SPARQS will develop.</font></i></TD>
</TR>

<TR valign="bottom">
	<TD width=28% align=left valign="top" nowrap>
<I><FONT size=2 face="serif">CUSIP:</FONT></I>	</TD>
	<TD  width=2% align="left" valign="top">&nbsp;	</TD>
	<TD width=70% align=left valign="top">
<I><FONT size=2 face="serif">61750V204</FONT></I>	</TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><p align="left"> <b><i><font size="3" face="serif">The SPARQS involve risks not associated
              with an investment in ordinary debt securities. See &#147;Risk Factors&#148; beginning
    on PS-5.</font></i></b></p></td>
  </tr>
  <tr>
    <td><p align="left"> <b><i><font size=2 face="serif">The Securities and Exchange
              Commission and state securities regulators have not approved or disapproved
              these securities, or determined if this pricing supplement or the accompanying
              prospectus supplement and prospectus is truthful or complete. Any representation
    to the contrary is a criminal offense.</font></i></b></p></td>
  </tr>
</table>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center><HR width="25%" size=1 noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size=2 face="serif">PRICE &#36;9.73 PER SPARQS</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
  <TD align=center><HR width="25%" size=1 noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=3%>&nbsp;	</TD>
	<TD align=left width=46%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
<B><I><FONT size=2 face="serif">Price to</FONT></I></B>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font> </TD>
	<TD align=center width=15%>
<B><I><FONT size=2 face="serif">Agent&#146;s</FONT></I></B>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font> </TD>
	<TD align=center width=15%>
<B><I><FONT size=2 face="serif">Proceeds to</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3%>&nbsp;	</TD>
	<TD align=left width=46%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=15%>
      <font size="2"><B><I><FONT face="serif">Public<SUP>(1)</SUP></FONT></I></B> </font></TD>
	<TD  width=2%><font size="2">&nbsp;</font> </TD>
	<TD align=center width=15%>
      <font size="2"><B><I><FONT face="serif">Commissions<SUP>(2)</SUP></FONT></I></B> </font></TD>
	<TD  width=2%><font size="2">&nbsp;</font> </TD>
	<TD align=center width=15%>
      <font size="2"><B><I><FONT face="serif">Company<SUP>(1)</SUP></FONT></I></B> </font></TD>
</TR>
<TR>
	<TD width="3%" align="left">	</TD>
	<TD rowspan="2">	</TD>
	<TD width="2%" rowspan="2">	</TD>
	<TD width="15%" rowspan="2" align="center">
<HR noshade size=1>	</TD>
	<TD width="2%" rowspan="2">	</TD>
	<TD width="15%" rowspan="2" align="center">
<HR noshade size=1>	</TD>
	<TD width="2%" rowspan="2">	</TD>
	<TD width="15%" rowspan="2" align="center">
<HR noshade size=1>	</TD>
</TR>
<TR align="left">
  <TD width="3%"></TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<I><FONT size=2 face="serif">Per SPARQS</FONT></I>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>	</TD>
	<TD align=center width=15%>
<I><FONT size=2 face="serif">&#36;9.73</FONT></I>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>	</TD>
	<TD align=center width=15%>
<I><FONT size=2 face="serif">&#36;0.1581</FONT></I>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>	</TD>
	<TD align=center width=15%>
<I><FONT size=2 face="serif">&#36;9.5719</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<I><FONT size=2 face="serif">Total</FONT></I>	<font size="2">&nbsp;</font>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>	</TD>
	<TD align=center width=15%>
<I><FONT size=2 face="serif">&#36;18,000,003.77</FONT></I>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>	</TD>
	<TD align=center width=15%>
<I><FONT size=2 face="serif">&#36;292,476.94</FONT></I>	</TD>
	<TD  width=2%><font size="2">&nbsp;</font>	</TD>
	<TD align=center width=15%>
<I><FONT size=2 face="serif">&#36;17,707,526.83</FONT></I>	</TD>
</TR>
<TR valign="bottom">
	<TD width=3% align=left valign="top" nowrap>
<I><FONT size=1 face="serif">(1)	&nbsp;&nbsp;</FONT></I></TD>
	<TD colspan="7" align=left valign="top">
<I><FONT size=1 face="serif">Plus accrued interest, if any, from the original issue
date.</FONT></I></TD>
  </TR>
<TR valign="bottom">
	<TD width=3% align=left valign="top">
<I><FONT size=1 face="serif">(2)</FONT></I></TD>
	<TD colspan=7 align=left valign="top">
<I><FONT size=1 face="serif">For additional information, see &#147;Plan of Distribution&#148; in
the prospectus supplement for SPARQS.</FONT></I></TD>
  </TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD colspan=7 align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=center valign="top"><b><i><font size=5 face="serif">MORGAN
    STANLEY</font></i></b></TD>
  </TR>
</TABLE>
<BR>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>



<P align="center">
<B><FONT size=2 face="serif">Where You Can Find More Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Morgan Stanley has filed a registration statement (including a prospectus, as supplemented by the amendment No. 1 to prospectus supplement for SPARQS) with the Securities and Exchange
Commission, or SEC, for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement for SPARQS and any other documents relating to this offering
that Morgan Stanley has filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley will
arrange to send you the prospectus and the prospectus supplement for SPARQS if you so request by calling toll-free 800-584-6837.</FONT></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You may access these documents on the SEC web site at www.sec.gov as follows:</FONT></P>
<UL>
  <LI> <I><FONT size=2 face="serif">Amendment No. 1 to Prospectus Supplement for
        SPARQS </FONT></I><FONT size=2 face="serif">dated December 21, 2006:</FONT><br>
      <U><FONT size=2
face="serif"> <a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306002841/dp04045_424b2.htm">http://www.sec.gov/Archives/edgar/data/895421/000095010306002841/dp04045_424b2.htm </a> <br>
      <br>
    </FONT></U></LI>
  <LI> <I><FONT size=2 face="serif">Prospectus </FONT></I><FONT size=2 face="serif">dated
      January 25, 2006:</FONT> <U><FONT size=2 face="serif"><br>
        <a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt">http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt </a> </FONT></U></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Terms used in this pricing supplement are defined in the prospectus supplement for SPARQS or in the prospectus. As used in this pricing supplement, the &#147;Company,&#148; &#147;we,&#148;
&#147;us,&#148; and &#147;our&#148; refer to Morgan Stanley.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;Stock Participation Accreting Redemption Quarterly-pay Securities&#148; is our service mark and &#147;SPARQS&#148; is our registered service mark.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Your Return on the SPARQS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">No guaranteed return of principal. </FONT></B><FONT size=2 face="serif">Unlike ordinary debt securities, the SPARQS do not guarantee any return of principal at maturity. Instead, the SPARQS
pay an amount of the underlying stock, subject to our prior call of the SPARQS for the applicable call price in cash.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Interest on the stated principal amount. </FONT></B><FONT size=2 face="serif">We will pay interest on the SPARQS at the rate of 10% of the stated principal amount per year on April 20, 2007,
July 20, 2007, October 20, 2007 and the maturity date. The 10% interest rate is higher than the current dividend rate on the underlying stock. If we call the SPARQS, we will pay accrued but unpaid interest on the SPARQS to but excluding the
applicable call date.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment at maturity. </FONT></B><FONT size=2 face="serif">If we have not called the SPARQS and the maturity of the SPARQS has not been accelerated, we will deliver to you at the maturity
date a number of shares of the underlying stock equal to the exchange ratio per SPARQS you hold.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Exchange ratio. </FONT></B><FONT size=2 face="serif">The exchange ratio is subject to adjustment over the term of the SPARQS for certain corporate events relating to the underlying
stock.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment if we exercise our call right. </FONT></B><FONT size=2 face="serif">Your return on the SPARQS may be limited by our call right. At any time beginning on the first call date,
including on the maturity date, we have the right to call the SPARQS for the cash call price, which will be calculated based on the call date. The call price will be an amount of cash per SPARQS that, together with all of the interest paid on the
SPARQS to and including the call date, gives you a return equal to the yield to call on the issue price of each SPARQS from and including the date of issuance to but excluding the call date. For more information on the calculation of the yield to
call, see the section called &#147;Hypothetical Call Price Calculations&#148; on PS-8 and the more detailed explanation in the prospectus supplement for SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Postponement of maturity date. </FONT></B><FONT size=2 face="serif">If we decide to call the SPARQS, we will give you 10 to 30 calendar days notice. If the final call notice date is not a
trading day or a market disruption event occurs on that day and we elect to call the SPARQS, both the final call notice date and the scheduled maturity date of the SPARQS will be postponed so that the maturity date will be the tenth calendar day
after we send notice of our election.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-2</FONT></P>

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



<P align="center">
<B><FONT size=2 face="serif">CC &#150; Public Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Circuit City Stores, Inc. is a specialty retailer of consumer electronics, home office products, entertainment software and related services. The underlying stock is registered under the
Exchange Act. Information provided to or filed with the Commission by the underlying company pursuant to the Exchange Act can be located by reference to Commission file number 001-05767 through the Commission&#146;s website at http://www.sec.gov. In
addition, information regarding the underlying company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. See the section called &#147;Underlying Company
and Stock&#151;Public Information&#148; in the prospectus supplement for SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">This pricing supplement relates only to the SPARQS offered hereby and does not relate to the underlying stock or other securities of the underlying company. We have derived all disclosures
contained in this pricing supplement regarding the underlying company from the publicly available documents described in the preceding paragraph. In connection with the offering of the SPARQS, neither we nor the Agent has participated in the
preparation of such documents or made any due diligence inquiry with respect to the underlying company. Neither we nor the Agent makes any representation that such publicly available documents or any other publicly available information regarding
the underlying company is accurate or complete.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Neither we nor any of our affiliates makes any representation to you as to the performance of the underlying stock.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Historical Information. </FONT></B><FONT size=2 face="serif">The following table sets forth the published high and low closing prices of the underlying stock for 2003, 2004, 2005 and 2006
through December 21, 2006. The closing price of the underlying stock on December 21, 2006 was &#36;19.46. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. You should not
take the historical prices of the underlying stock as an indication of future performance.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<B><FONT size=2 face="serif">High</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<B><FONT size=2 face="serif">Low</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<B><FONT size=2 face="serif">Dividends</FONT></B>	</TD>
</TR>
<TR>
  <TD width="15%"></TD>
	<TD width="40%" align="left">	</TD>
	<TD width="2%">	</TD>
	<TD width="13%" align="center">
<HR noshade size=1>	</TD>
	<TD width="2%">	</TD>
	<TD width="13%" align="center">
<HR noshade size=1>	</TD>
	<TD width="2%">	</TD>
	<TD width="13%" align="center">
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<B><FONT size=2 face="serif">(CUSIP 172737108)</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<B><FONT size=2 face="serif">2003</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">First Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">&nbsp;7.55</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">&nbsp;4.13</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Second Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">&nbsp;8.87</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">&nbsp;5.14</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Third Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">11.35</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">&nbsp;8.66</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Fourth Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center><FONT size=2 face="serif">13.02</FONT> </TD>
	<TD>&nbsp;</TD>
	<TD align=center><FONT size=2 face="serif">&nbsp;9.36</FONT> </TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>

<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<B><FONT size=2 face="serif">2004</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">First Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">11.90</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">&nbsp;8.84</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Second Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">13.21</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">10.60</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Third Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">15.59</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">12.09</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Fourth Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">17.49</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">14.45</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<B><FONT size=2 face="serif">2005</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">First Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center><FONT size=2 face="serif">16.53</FONT> </TD>
	<TD>&nbsp;</TD>
	<TD align=center><FONT size=2 face="serif">13.46</FONT> </TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>

<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Second Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">17.65</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">15.35</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Third Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">18.63</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">15.51</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Fourth Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">23.08</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">16.28</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<B><FONT size=2 face="serif">2006</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">First Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">25.57</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">22.79</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Second Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">31.29</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">23.41</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Third Quarter</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">26.85</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">22.50</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0175</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Fourth Quarter</FONT>	<font size=2 face="serif">(through </font></TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
	<TD align=left width=40%>
 &nbsp; &nbsp;<FONT size=2 face="serif">December 21, 2006)</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">28.82</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">19.01</FONT>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=13%>
<FONT size=2 face="serif">0.0400</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">PS-3</FONT></P>

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



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We make no representation
as to the amount of dividends, if any, that the underlying company will pay in the
future. </FONT><B><FONT size=2 face="serif">In any event, as an investor in the
SPARQS, you will not be entitled to receive dividends, if any, that may be payable
on the underlying stock.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Use of Proceeds and Hedging. </FONT></B><FONT size=2 face="serif">The net proceeds we receive from the sale of the SPARQS will be used for general corporate purposes and, in part, in
connection with hedging our obligations under the SPARQS through one or more of our subsidiaries.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On or prior to the date of this pricing supplement, we, through our subsidiaries or others, hedged our anticipated exposure in connection with the SPARQS by taking positions in the underlying
stock and in options contracts on the underlying stock listed on major securities markets. Such purchase activity could have increased the price of the underlying stock, and, accordingly, have increased the issue price of the SPARQS, and therefore,
the price at which the underlying stock must close before you would receive at maturity an amount of common stock worth as much as or more than the stated principal amount of the SPARQS. For further information on our use of proceeds and hedging,
see &#147;Use of Proceeds and Hedging&#148; in the prospectus supplement for SPARQS.</FONT></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">PS-4</FONT></P>

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



<P align="center">
<B><FONT size=2 face="serif">Risk Factors</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The SPARQS involve risks not associated with conventional debt securities, some of which are briefly summarized below:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The SPARQS do not guarantee return of principal at maturity. </FONT></B><FONT size=2 face="serif">If the closing price of the underlying stock at maturity (including upon an acceleration of
the SPARQS) is less than the closing price on the pricing date, and we have not called the SPARQS, we will pay you underlying stock or, under some circumstances, cash, with a value that is less than the stated principal amount of the SPARQS and
could be zero.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Your appreciation potential is limited by our call right. </FONT></B><FONT size=2 face="serif">If we exercise our call right, you will not receive underlying stock or an amount based upon
the closing price of the underlying stock. Instead, you will receive a call price, which will depend upon the call date, and will be an amount of cash per SPARQS that represents the yield to call. </FONT><B><FONT size=2 face="serif">You should not
expect to obtain a total yield (including interest payments) of more than the yield to call per annum on the issue price of the SPARQS to the call date. For more information on the calculation of the yield to call, see the section called
&#147;Hypothetical Call Price Calculations&#148; on PS-8 and the more detailed explanation in the prospectus supplement for SPARQS.</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Secondary trading may be limited. </FONT></B><FONT size=2 face="serif">There may be little or no secondary market for the SPARQS. You should be willing to hold your SPARQS to
maturity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Market price of the SPARQS will be influenced by many unpredictable factors. </FONT></B><FONT size=2 face="serif">Although we expect that generally the trading price of the underlying stock
on any day will affect the value of the SPARQS more than any other single factor, other factors that may influence the value of the SPARQS include: the volatility of the underlying stock, geopolitical conditions and economic, financial, political,
regulatory or judicial events, interest and yield rates in the market, the time remaining until we can call the SPARQS and until the SPARQS mature, the dividend rate on the underlying stock, our creditworthiness and the occurrence of certain events
affecting the underlying company that may or may not require an adjustment to the exchange ratio.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely affect secondary market prices. </FONT></B><FONT size=2
face="serif">Assuming no change in market conditions or any other relevant factors, the price, if any, at which MS &amp; Co. is willing to purchase SPARQS in secondary market transactions will likely be lower than the original issue price, since the
original issue price included, and secondary market prices are likely to exclude, commissions paid with respect to the SPARQS, as well as the projected profit included in the cost of hedging our obligations under the SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">If the SPARQS are accelerated, you may receive an amount worth substantially less than the stated principal amount of the SPARQS. </FONT></B><FONT size=2 face="serif">The amount payable to
you if the maturity of the SPARQS is accelerated will differ depending on whether it is due to a price event acceleration due to a decline in the price of the underlying stock for two consecutive trading days to the acceleration trigger price, which
is equal to the product of &#36;2.00 per share and the exchange ratio as of the original issue date, or an event of default acceleration, and may be substantially less than the stated principal amount of the SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Morgan Stanley is not affiliated with the underlying company. </FONT></B><FONT size=2 face="serif">The underlying company is not an affiliate of ours and is not involved with this offering
in any way.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Morgan Stanley may engage in business with or involving the underlying company without regard to your interests. </FONT></B><FONT size=2 face="serif">We or our affiliates may presently or
from time to time engage in business with the underlying company without regard to your interests, and thus may acquire non-public information about the underlying company. Neither we nor any of our affiliates undertakes to disclose any such
information to you. In addition, we or our affiliates from time to time have published and in the future may publish research reports with respect to the underlying company, which may or may not recommend that investors buy or hold the underlying
stock.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">You have no shareholder rights. </FONT></B><FONT size=2 face="serif">Investing in the SPARQS is not equivalent to investing in the underlying stock. As an investor in the SPARQS, you will
not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the underlying stock.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-5</FONT></P>

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



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The SPARQS may become exchangeable into the common stock of companies other than the underlying company. </FONT></B><FONT size=2 face="serif">Following certain corporate events relating to
the underlying stock, you will receive at maturity either the common stock of three companies in the same industry group as the underlying company in lieu of, or in addition to, the underlying stock or the common stock of a successor corporation to
the underlying company. The occurrence of such corporate events and the consequent adjustments may materially and adversely affect the market price of the SPARQS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stock. </FONT></B><FONT size=2 face="serif">For
example, the calculation agent is not required to make any adjustments if the underlying company or anyone else makes a partial tender or partial exchange offer for the underlying stock. If an event occurs that does not require the calculation agent
to adjust the amount of the underlying stock payable at maturity, the market price of the SPARQS may be materially and adversely affected.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The economic interests of MS &amp; Co., as the calculation agent, and of MS &amp; Co. and other affiliates of ours that will carry out hedging activities related to the SPARQS or that trade
the underlying stock on a regular basis are potentially adverse to your interests as an investor in the SPARQS. </FONT></B><FONT size=2 face="serif">The hedging or trading activities of our affiliates on or prior to the date of this pricing
supplement and on the valuation dates could adversely affect the price of the underlying stock on the pricing date and at maturity and, as a result, could decrease the value of the payment you receive on the SPARQS at maturity. Any of these hedging
or trading activities on or prior to the date of this pricing supplement could have increased the price of the underlying stock and, accordingly, have increased the issue price of the SPARQS and, therefore, the price at which the underlying stock
must close before you would receive at maturity an amount of underlying stock worth as much as or more than the stated principal amount of the SPARQS. Additionally, such hedging or trading activities during the term of the SPARQS could potentially
affect the price of the underlying stock at maturity and, accordingly, if we have not called the SPARQS, the value of underlying stock or in certain circumstances cash, you will receive at maturity, including upon an acceleration event.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The U.S. federal income tax consequences of an investment in the SPARQS are uncertain. </FONT></B><FONT size=2 face="serif">See the section called &#147;United States Federal Income
Taxation&#148; below.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">For further discussion of these and other risks you should read the section entitled &#147;Risk Factors&#148; beginning on S-8 of the prospectus supplement for SPARQS. We also urge you to
consult your investment, legal, tax, accounting and other advisers before you invest in the SPARQS.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">ERISA</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See &#147;ERISA&#148; in the prospectus supplement for SPARQS.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">United States Federal Income Taxation</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The U.S. federal income tax consequences of an investment in the SPARQS are uncertain.  There is no direct legal authority as to the proper tax treatment of the SPARQS, and consequently our
counsel is unable to render an opinion as to their proper characterization for U.S. federal income tax purposes. Pursuant to the terms of the SPARQS and subject to the discussion in the accompanying prospectus supplement under &#147;United States
Federal Taxation,&#148; you have agreed with us to treat a SPARQS as a unit consisting of (i) a terminable forward contract and (ii) a deposit with us of a fixed amount of cash to secure your obligation under the terminable forward contract. We have
determined that the Yield on the Deposit is 5.187% per annum compounded quarterly, and that the remainder of the stated interest payments on the SPARQS is attributable to the Contract Fees, as described in the section of the accompanying prospectus
supplement called &#147;United States Federal Taxation </FONT><B><FONT size=2 face="serif">&#151; </FONT></B><FONT size=2 face="serif">Tax Treatment of the SPARQS.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">Please read the discussion under &#147;United States Federal Taxation&#148; in the accompanying prospectus supplement concerning the U.S. federal income tax consequences of investing in the
SPARQS.  If the Internal Revenue Service (the &#147;IRS&#148;) were successful in asserting an alternative characterization for the SPARQS, the timing and character of income on the SPARQS might differ. We do not plan to request a ruling from the
IRS regarding the tax treatment of the SPARQS, and the IRS or a court may not agree with the tax treatment described in this pricing supplement and the prospectus supplement for SPARQS.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-6</FONT></P>

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



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Notwithstanding the foregoing, any stated interest payments on the SPARQS made to non-U.S. holders will generally be withheld upon at a rate of 30%.  See the section called &#147;United
States Federal Taxation &#151; Tax Consequences to Non-U.S. Holders&#148; in the accompanying prospectus supplement. Non-U.S. holders should also note that the discussion in the accompanying prospectus supplement does not address the tax
consequences to non-U.S. holders for whom income or gain in respect of the SPARQS is effectively connected with a trade or business in the United States or non-U.S. holders that hold, or will hold, actually or constructively, more than 5% of the
SPARQS or more than 5% of any Circuit City stock. Non-U.S. holders should consult their own tax advisors regarding the potential tax consequences of an investment in the SPARQS.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You are urged to consult your own tax advisors regarding all aspects of the U.S. federal income tax consequences of investing in the SPARQS, as well as any tax consequences arising under the laws of any state, local or
foreign taxing jurisdiction.</FONT></B></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">PS-7</FONT></P>

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



<P align="center">
<B><FONT size=2 face="serif">Hypothetical Call Price Calculations</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The following tables set forth sample calculations of the call price for hypothetical call dates of July 20, 2007 and January 20, 2008 (the scheduled maturity date) based on the following terms:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Original issue date: December 29, 2006</FONT></LI>
<LI>
<FONT size=2 face="serif">Interest payment dates: April 20, 2007, July 20, 2007, October 20, 2007 and the Maturity Date</FONT></LI>
<LI>
<FONT size=2 face="serif">Yield to call: 22% per annum (computed on the basis of a 360-day year of twelve 30-day months)</FONT></LI>
<LI>
<FONT size=2 face="serif">Issue price: &#36;9.73 per SPARQS</FONT></LI>
<LI>
<FONT size=2 face="serif">Interest rate: 10% per annum</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The call price with respect to any call date is an amount of cash per SPARQS such that the sum of the present values of all cash flows on each SPARQS to and including the call date
(</FONT><I><FONT size=2 face="serif">i.e.</FONT></I><FONT size=2 face="serif">, the call price and all of the interest payments on each SPARQS), discounted to the original issue date at the applicable discount factor, equals the issue price. The
discount factor is based on the yield to call rate of 22% per annum and the number of years (or fraction of a year) from the original issue date to and including the applicable payment date and is represented by the following formula:</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%" height="29">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="bottom"><FONT size=2 face="serif">1</FONT></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="82%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%" nowrap><FONT size=2 face="serif">Discount</FONT><FONT size=2 face="serif"> factor&nbsp;</FONT></td>
    <td width="2%" align="center"><FONT size=2 face="serif">=</FONT></td>
    <td width="4%" align="center"><FONT size=2 face="serif">
      <hr align="left" width="100%" size="1" noshade>
    </FONT></td>
    <td width="1%" valign="middle"><FONT size=2 face="serif">,</FONT></td>
    <td width="82%"><font size=2 face="serif">where x is the number of years from
    the original issue date to and including the applicable payment date.</font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="top"><font size="2">1.22</font><sup><em>x</em></sup></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="82%">&nbsp;</td>
  </tr>
</table>
<P align="left">
<FONT size=2 face="serif">The call price in each of the hypothetical examples shown below is determined as follows:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The known cash flows on the SPARQS (</FONT><I><FONT size=2 face="serif">i.e.</FONT></I><FONT size=2 face="serif">, the interest payments) are discounted to their present value on the original issue date at the applicable
discount</FONT> <FONT size=2 face="serif">factor. The sum of these present values equals the present value on the original issue date of all of the interest payments payable on the SPARQS to and</FONT> <FONT size=2 face="serif">including the
applicable call date.</FONT> <br>
<br>
<ul>
  <li><FONT size=2 face="serif">For example, the present value of all of the interest payments for the hypothetical call date of July 20, 2007 is &#36;0.4999 (&#36;0.2822 + &#36;0.2177).</FONT><br>
    <br>
  </li>
</ul>
</LI>

<LI>
  <FONT size=2 face="serif">Since the present value of all payments on the SPARQS to and including the call date (</FONT><I><FONT size=2 face="serif">i.e.</FONT></I><FONT size=2 face="serif">, the call price and all of the interest payment on each
    SPARQS)</FONT> <FONT size=2 face="serif">must equal the issue price, we can determine the present value of the applicable call price by subtracting the sum of the present values of the interest payments</FONT> <FONT size=2 face="serif">from the
  issue price.</FONT> <br>
  <br>
  <ul>
      <li><FONT size=2 face="serif">For example, for the hypothetical call date of July 20, 2007, the present value of the call price is &#36;9.2301 (&#36;9.7300 - &#36;0.4999).</FONT><br>
        <br>
      </li>
    </ul>
</LI>

<LI>
  <FONT size=2 face="serif">The call price is then derived by determining the amount that, when discounted to the original issue date from the applicable call date at the applicable</FONT> <FONT size=2 face="serif">discount factor, equals the present
  value of the call price.</FONT> <br>
  <br>
  <ul>
    <li><FONT size=2 face="serif">For the hypothetical call date of July 20, 2007, the call price is therefore &#36;10.3139, which is the amount that if paid on July 20, 2007 has a present value</FONT> <FONT size=2 face="serif">on the original issue date of
      &#36;9.2301, based on the applicable discount factor.</FONT></li>
  </ul>
</LI>
</UL>
<P align="center">
<FONT size=2 face="serif">&#149; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</FONT></P>
<P align="left">
<I><FONT size=2 face="serif">The call prices calculated in the following tables are based upon the terms set forth above and the two sample call dates. The actual amount you will receive if we call the SPARQS will depend upon the actual call
date.</FONT></I></P>

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



<P align="center">
<B><U><FONT size=2 face="serif">Call Date of July 20, 2007</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD align=center nowrap><B><FONT size=1 face="serif">Payment Date</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Issue Price<br>
  </FONT></B> <B><FONT size=1 face="serif">Paid</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
    </FONT></B> <B><FONT size=1 face="serif">Payments<br>
    </FONT></B> <B><FONT size=1 face="serif">Received</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Accrued but<br>
    </FONT></B> <B><FONT size=1 face="serif">Unpaid<br>
      </FONT></B> <B><FONT size=1 face="serif">Interest<br>
        </FONT></B> <B><FONT size=1 face="serif">Received on<br>
        </FONT></B> <B><FONT size=1 face="serif">Call Date</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Call Price<br>
  </FONT></B> <B><FONT size=1 face="serif">Received</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Total Cash<br>
    </FONT></B> <B><FONT size=1 face="serif">Received on<br>
    </FONT></B> <B><FONT size=1 face="serif">Payment Date</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Days from<br>
    </FONT></B> <B><FONT size=1 face="serif">Original Issue<br>
    </FONT></B><B><FONT size=1 face="serif">Date</FONT></B><B><SUP><FONT size=1 face="serif">2</FONT></SUP></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Years from<br>
    </FONT></B> <B><FONT size=1 face="serif">Original Issue<br>
      </FONT></B> <B><FONT size=1 face="serif">Date<br>
      </FONT></B> <B><FONT size=1 face="serif">(Days</FONT></B><B><SUP><FONT size=1 face="serif">2</FONT></SUP></B><B><FONT size=1 face="serif">/360)</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Discount<br>
    </FONT></B> <B><FONT size=1 face="serif">Factor at Yield<br>
    </FONT></B><B><FONT size=1 face="serif">to Call</FONT></B><B><SUP><FONT size=1 face="serif">3</FONT></SUP></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Present Value<br>
    at Original<br>
    Issue Date of<br>
    Cash Received<br>
    on Payment<br>
    Date at Yield<br>
    to Call</FONT></B></TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15%>
<FONT size=2 face="serif">December 29, 2006</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<B><FONT size=2 face="serif">(&#36;9.73)</FONT></B>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp; &nbsp;<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.3000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&nbsp;&nbsp;0</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.00000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">100.000%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15%>
<FONT size=2 face="serif">April 20, 2007</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">0.3000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp; &nbsp;<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">111</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.30833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">94.053%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2822</FONT>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15%>
<FONT size=2 face="serif">Call date (July 20, 2007)</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.0000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">201</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.55833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">89.492%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2177</FONT>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15%>
<FONT size=2 face="serif">Call date (July 20, 2007)</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp; &nbsp;<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp;<B><FONT size=2 face="serif">&#36;10.3139</FONT></B>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;10.3139</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">201</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.55833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">89.492%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;9.2301</FONT>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=9 align=left>
<B><FONT size=2 face="serif">Total amount received on the call date: &#36;10.5572</FONT></B>							</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total:</FONT></B>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;9.7300</FONT>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=19 align=left>
<B><FONT size=2 face="serif">Total amount received over the term of the SPARQS: &#36;10.8572</FONT></B>															</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=3% align=left valign="top"><FONT size=2 face="serif"><SUP>1</SUP></FONT></TD>
	<TD align=left width=97%><FONT size=2 face="serif">The call price of &#36;10.3139 is the dollar amount that has a present value of &#36;9.2301, which has been discounted to the original issue date from the call date at the yield to call
rate of 22%</FONT>	<font size=2 face="serif">so that the sum of the present values
of all of the interest payments on the SPARQS and the present value of the call price
is equal to the issue price of &#36;9.7300.</font></TD>
  </TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top"><font size="2">&nbsp;</font></TD>
	<TD align=left width=97%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=3% align=left valign="top"><FONT size=2 face="serif"><SUP>2</SUP></FONT></TD>
	<TD align=left width=97%><FONT size=2 face="serif">Based upon a 360-day year of twelve 30-day months.</FONT>	</TD>
</TR>
</table>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="middle"><FONT size=2 face="serif"><SUP>3</SUP></FONT></td>
    <td width="11%" align="left" valign="middle" nowrap><font size=2 face="serif">Discount factor
        =&nbsp;</font></td>
    <td width="5%" align="left" valign="middle" nowrap><font size=2 face="serif">1/1.22<SUP>x</SUP></font></td>
    <td width="81%" align="left" valign="middle" nowrap><p align="left"><font size=2 face="serif"> </font><font size=2 face="serif"> ,&nbsp;where
          x is years from the original issue date to and including the applicable
    payment date. </font></p></td>
  </tr>
</table>
<BR>

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



<P align="center">
<B><U><FONT size=2 face="serif">Call Date of January 20, 2008 (Maturity Date)</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center nowrap><B><FONT size=1 face="serif">Payment Date</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Issue Price<br>
  </FONT></B> <B><FONT size=1 face="serif">Paid</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Interest<br>
    </FONT></B> <B><FONT size=1 face="serif">Payments<br>
    </FONT></B> <B><FONT size=1 face="serif">Received</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Accrued but<br>
    </FONT></B> <B><FONT size=1 face="serif">Unpaid<br>
      </FONT></B> <B><FONT size=1 face="serif">Interest<br>
        </FONT></B> <B><FONT size=1 face="serif">Received on<br>
        </FONT></B> <B><FONT size=1 face="serif">Call Date</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Call Price<br>
  </FONT></B> <B><FONT size=1 face="serif">Received</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Total Cash<br>
    </FONT></B> <B><FONT size=1 face="serif">Received on<br>
    </FONT></B> <B><FONT size=1 face="serif">Payment Date</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Days from<br>
    </FONT></B> <B><FONT size=1 face="serif">Original Issue<br>
    </FONT></B><B><FONT size=1 face="serif">Date</FONT></B><B><SUP><FONT size=1 face="serif">2</FONT></SUP></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Years from<br>
    </FONT></B> <B><FONT size=1 face="serif">Original Issue<br>
      </FONT></B> <B><FONT size=1 face="serif">Date<br>
      </FONT></B> <B><FONT size=1 face="serif">(Days</FONT></B><B><SUP><FONT size=1 face="serif">2</FONT></SUP></B><B><FONT size=1 face="serif">/360)</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Discount<br>
    </FONT></B> <B><FONT size=1 face="serif">Factor at Yield<br>
    </FONT></B><B><FONT size=1 face="serif">to Call</FONT></B><B><SUP><FONT size=1 face="serif">3</FONT></SUP></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=1 face="serif">Present Value<br>
    at Original<br>
      Issue Date of<br>
        Cash Received<br>
          on Payment<br>
            Date at Yield<br>
            to Call</FONT></B></TD>
</TR>
<TR>
	<TD width="19%" align="left" nowrap>
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
	<TD width="1%">	</TD>
	<TD width="8%" align="center">
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left nowrap>
<FONT size=2 face="serif">December 29, 2006</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<B><FONT size=2 face="serif">(&#36;9.73)</FONT></B>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&nbsp;&nbsp;0</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.00000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">100.000%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left nowrap>
<FONT size=2 face="serif">April 20, 2007</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.3000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.3000</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">111</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.30833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">94.053%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2822</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left nowrap>
<FONT size=2 face="serif">July 20, 2007</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">201</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.55833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">89.492%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2177</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left nowrap>
<FONT size=2 face="serif">October 20, 2007</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">291</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">0.80833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">85.152%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2072</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left nowrap>
<FONT size=2 face="serif">Call date (January 20, 2008)</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">0.24330</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.2433</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">381</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">1.05833</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">81.022%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;0.1971</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left nowrap>
<FONT size=2 face="serif">Call date (January 20, 2008)</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%><FONT size=2 face="serif">--</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
 &nbsp;<FONT size=2 face="serif">&#36;10.8931</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;10.8931</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">381</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">1.05883</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">81.022%</FONT>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<FONT size=2 face="serif">&#36;8.8258</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD colspan=11 align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=11 align=left nowrap>
<B><FONT size=2 face="serif">Total amount received on the call date: &#36;11.1364</FONT></B>									</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total:</FONT></B>	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=center width=8%>
<B><FONT size=2 face="serif">&#36;9.7300</FONT></B>	</TD>
</TR>
<TR valign="bottom">
  <TD colspan=19 align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=19 align=left nowrap>
<B><FONT size=2 face="serif">Total amount received over the term of the SPARQS: &#36;11.9230</FONT></B>															</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=3% align=left valign="top"><FONT size=2 face="serif"><SUP>1</SUP></FONT></TD>
    <TD align=left width=97%><FONT size=2 face="serif">The call price of &#36;10.8931
        is the dollar amount that has a present value of &#36;8.8258 has been discounted
        to the original issue date from the call date at the yield to call rate of
        22% so that the sum of the present values of all of the interest payments
        on the SPARQS and the present value of the call price is equal to the issue
    price of &#36;9.7300.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=3% align=left valign="top"><font size="2">&nbsp;</font></TD>
    <TD align=left width=97%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=3% align=left valign="top"><FONT size=2 face="serif"><SUP>2</SUP></FONT></TD>
    <TD align=left width=97%><FONT size=2 face="serif">Based upon a 360-day
        year of twelve 30-day months.</FONT> </TD>
  </TR>
</table>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="middle"><FONT size=2 face="serif"><SUP>3</SUP></FONT></td>
    <td align="left" valign="middle" nowrap><font size=2 face="serif">Discount factor
        =&nbsp;</font></td>
    <td align="left" valign="middle" nowrap><font size=2 face="serif">1/1.22<SUP>x</SUP></font></td>
    <td align="left" valign="middle" nowrap><p align="left"><font size=2 face="serif"> </font><font size=2 face="serif"> ,&nbsp;where
          x is years from the original issue date to and including the applicable
          payment date. </font></p></td>
  </tr>
</table>

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end
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</DOCUMENT>
</SUBMISSION>
