<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002871
<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>061299254
</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>dp04311_424b2-ps150.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<p align="center">
<strong><em>CALCULATION OF REGISTRATION FEE</em></strong></p>
<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 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="bottom"><font size="2" face="serif">High Income Trigger Securities due 2008</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">&nbsp;$26,500,000.00</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">$2,835.50</font></td>
  </tr>
</table>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<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. 150</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">AMENDMENT NO. 1 TO PROSPECTUS SUPPLEMENT</FONT></I></B>	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Registration Statement No. 333-131266</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">For HITS</FONT></I></B>	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Dated December 21, 2006</FONT></I></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<B><I><FONT size=2 face="serif">Dated December 21, 2006</FONT></I></B>	</TD>
	<TD align=right width=50%>
<B><I><FONT size=2 face="serif">Rule 424(b)(2)</FONT></I></B>	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center><img src="ms_logo.jpg"></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">GLOBAL MEDIUM-TERM NOTES, SERIES F</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">Senior Fixed Rate Notes</FONT></I></B>
	</TD>
</TR>
<TR>
	<TD colspan=1 width=100%>
      <hr align=center width=25% size=1 noshade>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">9% HITS due January 20, 2008</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">Based on the Common Stock of Archer-Daniels-Midland Company</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT face="serif">High Income Trigger Securities<sup>SM</sup> (&#147;HITS<sup>SM</sup>&#148;)</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr align=center width=25% size=1 noshade></TD>
</TR>
</TABLE>
<P align="left">
<I><FONT size=2 face="serif">The HITS offered are senior unsecured obligations of Morgan Stanley, will pay a coupon of 9% per year and will have the terms described in the prospectus supplement for HITS and the prospectus, as supplemented or
modified by this pricing supplement. At maturity the HITS will pay either (i) an amount of cash equal to the stated principal amount of the HITS, or (ii) a number of shares of common stock of Archer-Daniels-Midland Company, if the trading price of
the common stock of Archer-Daniels-Midland Company decreases to or below the trigger price over the term of the HITS. The HITS do not guarantee any return of principal at maturity.</FONT></I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30% align=left>
<B><I><FONT size=2 face="serif">Final Terms:</FONT></I></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Underlying company:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">Archer-Daniels-Midland Company, which we refer to as ADM</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Underlying stock:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">The common stock of ADM</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Aggregate principal amount:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;26,500,000</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Pricing date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">December 21, 2006</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Original issue date (Settlement date):</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">December 29, 2006, which is the fifth trading day following the pricing date</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Maturity date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">January 20, 2008</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Issue price:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;10 per HITS</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Stated principal amount:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;10 per HITS</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Coupon rate:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">9% per annum</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Interest payment dates:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">April 20, 2007, July 20, 2007, October 20, 2007 and the maturity date</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Denominations:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;10 (and integral multiples thereof)</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Initial share price:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;31.51, the closing price of underlying stock on the pricing date</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Trigger level:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">80%</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Trigger price:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;25.208, equal to 80% of the initial share price</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Payment at maturity:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">If </FONT></I><B><I><FONT size=2 face="serif">at
any time on any trading day </FONT></I></B><I><FONT size=2 face="serif">from
and including the pricing date to and including the determination date:</FONT></I>
	</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="5%">&#149;</td>
    <td width="60%"><p><i><font size=2 face="serif">the trading price </font></i><b><i><font size=2 face="serif">has
              not </font></i></b><i><font size=2 face="serif">decreased to or
    below the trigger price, then you will receive an amount in</font></i> <i><font size=2
face="serif">cash equal to &#36;10 per HITS, or</font></i></p></td>
  </tr>
  <tr valign="top">
    <td width="30%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&#149;</td>
    <td width="60%"><i><font size=2 face="serif">the trading price </font></i><b><i><font size=2 face="serif">has </font></i></b><i><font size=2 face="serif">decreased
    to or below the trigger price, then you will receive shares of common</font></i> <i><font size=2
face="serif">stock in exchange for each HITS at the exchange ratio.</font></i></td>
  </tr>
</table>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Exchange ratio:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">0.31735, which is equal to &#36;10 divided by the initial share price</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Determination date:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">January 17, 2008, subject to postponement in the event of certain market disruption events</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Exchange right:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">The HITS are not exchangeable into cash or underlying stock prior to maturity.</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">Listing:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">The HITS have been approved for listing on the AMEX
subject to official notice of issuance. The AMEX listing symbol for the HITS
is &#147;AND&#148;.
It is not possible to predict whether any secondary market for the HITS will
develop.</FONT></I>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<I><FONT size=2 face="serif">CUSIP:</FONT></I>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<I><FONT size=2 face="serif">61748A189</FONT></I>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><I><FONT size=2 face="serif">The HITS involve risks not associated with an investment in ordinary debt securities. See &#147;Risk Factors&#148; beginning on PS-6.<br>
</FONT></I></B><B><I><FONT size=2 face="serif">The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this pricing supplement or the accompanying prospectus supplement and
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</FONT></I></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD colspan="7"><hr align=center width=20% size=1 noshade>    </TD>
</TR>
<TR align="center" valign="bottom">
  <TD colspan="7"><b><i><font size=2 face="serif">PRICE </font></i></b><b><i><font size=2 face="serif">&#36;10</font></i></b><b><i><font size=2 face="serif"> PER
    HITS</font></i></b></TD>
  </TR>
<TR align="center" valign="bottom">
  <TD colspan="7"><hr align=center width=20% size=1 noshade></TD>
  </TR>
<TR align="center" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<B><I><FONT size=2 face="serif">Price</FONT></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<B><I><FONT size=2 face="serif">Agent&#146;s</FONT></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<B><I><FONT size=2 face="serif">Proceeds</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<B><I><FONT size=2 face="serif">to Public</FONT></I></B><B><I><SUP><FONT size=2 face="serif">(1)</FONT></SUP></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<B><I><FONT size=2 face="serif">Commissions</FONT></I></B><B><I><SUP><FONT size=2 face="serif">(2)</FONT></SUP></I></B>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<B><I><FONT size=2 face="serif">to Company</FONT></I></B><B><I><SUP><FONT size=2 face="serif">(1)</FONT></SUP></I></B>
	</TD>
</TR>
<TR>
	<TD width="46%">
	</TD>
	<TD width="2%">
	</TD>
	<TD width="16%">
<HR noshade size=1>	</TD>
	<TD width="2%">
	</TD>
	<TD width="16%">
<HR noshade size=1>	</TD>
	<TD width="2%">
	</TD>
	<TD width="16%">
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46%>
<I><FONT size=2 face="serif">Per HITS</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;10.00</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;0.20</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;9.80</FONT></I>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46%>
<I><FONT size=2 face="serif">Total</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;</FONT></I><I><FONT size=2 face="serif">26,500,000</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;530,000</FONT></I>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;25,970,000</FONT></I>
	</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<I><FONT size=2 face="serif">(1)</FONT></I>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<I><FONT size=2 face="serif">Plus accrued coupon, if any, from the original issue date.</FONT></I>	</TD>
</TR><TR>
	<TD width="5%" valign=top nowrap>
<I><FONT size=2 face="serif">(2)</FONT></I>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<I><FONT size=2 face="serif">For additional information, see &#147;Plan of Distribution&#148; in the prospectus supplement for HITS.</FONT></I>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<B><I><FONT size=5 face="serif">MORGAN STANLEY</FONT></I></B></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="center">
<B><FONT size=2 face="serif">Where You Can Find More Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Morgan Stanley has filed a registration statement (including a prospectus, as supplemented by a amendment No. 1 to prospectus supplement for HITS) with the Securities and Exchange Commission,
or SEC, for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement for HITS and any other documents relating to this offering that Morgan
Stanley has filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley will arrange to send
you the prospectus and the prospectus supplement for HITS if you so request by calling toll-free 800-584-6837.</FONT></P>
<P align="left">
<FONT size=2 face="serif">You may access these documents on the SEC web site at www.sec.gov as follows:</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="serif">Amendment No. 1 to prospectus supplement for HITS </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/895421/000095010306002842/dp04046_424b2.htm">http://www.sec.gov/Archives/edgar/data/895421/000095010306002842/dp04046_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 HITS or in the prospectus. As used in this pricing supplement, the &#147;Company,&#148; &#147;we,&#148;
&#147;us,&#148; and &#147;our&#148; refer to Morgan Stanley.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;High Income Trigger Securities&#148; and &#147;HITS&#148; are service marks of Morgan Stanley.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Your Return on the HITS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">No guaranteed return of principal. </FONT></B><FONT size=2 face="serif">Unlike ordinary debt securities, the HITS do not guarantee any return of principal at maturity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Coupon on the principal
amount. </FONT></B><FONT size=2 face="serif">We will pay a coupon on the HITS
at a rate that will be 9% of the stated principal amount per year on April 20,
2007,  July 20, 2007, October 20, 2007 and the maturity date, which is more than
the current dividend rate on the underlying stock. For U.S. federal income tax
purposes, we and you will generally agree to treat a portion of the total coupon
as interest,  accruing at 5.187% per annum, and the remaining portion as option
premium, equivalent to 3.813% per annum. See &#147;United States Federal Income
Taxation&#148; below. You will be entitled to receive all coupon payments on
the stated principal  amount of your HITS whether we deliver cash or shares of
the underlying stock at maturity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment at maturity. </FONT></B><FONT size=2 face="serif">We will deliver to you on the maturity date for each &#36;10 stated principal amount of HITS that you hold:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">if the trading price of the underlying stock </FONT><B><FONT size=2 face="serif">has not </FONT></B><FONT size=2 face="serif">decreased to or below the trigger price </FONT><B><FONT size=2 face="serif">at any time
on</FONT></B> <B><FONT size=2 face="serif">any trading day </FONT></B><FONT size=2 face="serif">from and including the pricing date to and including the determination date, an amount in</FONT> <FONT size=2 face="serif">cash equal to &#36;10 per
HITS; or<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">if the trading price of the underlying stock </FONT><B><FONT size=2 face="serif">has </FONT></B><FONT size=2 face="serif">decreased to or below the trigger price </FONT><B><FONT size=2 face="serif">at any time on
any</FONT></B> <B><FONT size=2 face="serif">trading day </FONT></B><FONT size=2 face="serif">from and including the pricing date to and including the determination date, shares of the</FONT> <FONT size=2 face="serif">underlying stock in exchange for
each HITS at the applicable exchange ratio.</FONT> </LI>
</UL>
<blockquote>
  <p><I><FONT size=2 face="serif">where,</FONT></I></p>
  <blockquote>
    <p align="left">
      <FONT size=2 face="serif">exchange ratio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; = &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31735</FONT></p>
  </blockquote>
</blockquote>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Postponement of maturity date.</FONT></B><FONT size=2 face="serif"> If the scheduled determination date is postponed because that day is not a trading day or a market disruption event occurs
on that day and the actual determination date is less than two trading days prior to the scheduled maturity date, the maturity date will be the second trading day following the determination date as postponed.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-2</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<B><FONT size=2 face="serif">Hypothetical Payments on the HITS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following examples illustrate the payment at maturity on the HITS for a range of hypothetical closing prices for the underlying stock on a hypothetical determination date, which is
approximately one year from the issue date of the HITS, depending on whether an intraday trading price during the term of the HITS has or has not decreased to or below the trigger price.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The hypothetical examples are based on the following values:</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&#149;</TD>
	<TD width=15% align=left nowrap>
<FONT size=2 face="serif">Stated principal amount</FONT>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD align=left width=75%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
	<TD width=15% align=left nowrap>
<FONT size=2 face="serif">(per HITS):</FONT>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD align=left width=75%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&#149;</TD>
	<TD align=left width=15%>
<FONT size=2 face="serif">Initial share price:</FONT>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD align=left width=75%>
<FONT size=2 face="serif">&#36;31.51</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&#149;</TD>
	<TD align=left width=15%>
<FONT size=2 face="serif">Exchange ratio:</FONT>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD align=left width=75%>
<FONT size=2 face="serif">0.31735 (the &#36;10.00 price per HITS divided by the initial share price)</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&#149;</TD>
	<TD align=left width=15%>
<FONT size=2 face="serif">Trigger price:</FONT>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD align=left width=75%>
<FONT size=2 face="serif">&#36;25.208 (80% of the initial share price)</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&#149;</TD>
	<TD align=left width=15%>
<FONT size=2 face="serif">Annual coupon:</FONT>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD align=left width=75%>
<FONT size=2 face="serif">9.00%</FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">TABLE 1: This table represents the hypothetical payment at maturity and the total payment over the term of the HITS (assuming a one-year term) on a &#36;10.00 investment in the HITS if the
trading price of the underlying stock </FONT></B><B><I><FONT size=2 face="serif">has not</FONT></I></B><B><FONT size=2 face="serif"> decreased to or below the trigger price of &#36;25.208 </FONT></B><B><I><FONT size=2 face="serif">at any time on any
trading day </FONT></I></B><B><FONT size=2 face="serif">from and including the pricing date to and including the determination date. Consequently, the payment at maturity in each of these examples would be made in cash.</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width=25%>
<B><FONT size=1 face="serif">Hypothetical underlying stock closing<br>
price at determination date</FONT></B></TD>
	<TD align=center width=25%>
<B><FONT size=1 face="serif">Value of cash delivery amount<br>
at maturity per HITS</FONT></B></TD>
	<TD align=center width=25%>
<B><FONT size=1 face="serif">Total quarterly coupon payments</FONT></B></TD>
	<TD align=center width=25%>
<B><FONT size=1 face="serif">Value of total payment per HITS</FONT></B></TD>
</TR>
<TR>
	<TD width="25%">
<HR width="98%" size=1 noshade>
	</TD>
	<TD width="25%">
      <HR width="98%" size=1 noshade>
	</TD>
	<TD width="25%">
      <HR width="98%" size=1 noshade>
	</TD>
	<TD width="25%">
      <HR width="98%" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;27.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;35.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;40.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;45.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;50.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;55.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;60.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;65.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.00</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD align=center width=25%>
<FONT size=2 face="serif">&#36;10.90</FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">TABLE 2: This table represents the hypothetical payment at maturity and the total payment over the term of the HITS (assuming a one-year term) on a &#36;10.00 investment in the HITS if the
trading price of the underlying stock </FONT></B><B><I><FONT size=2 face="serif">has</FONT></I></B><B><FONT size=2 face="serif"> decreased to or below the trigger price of &#36;25.208 </FONT></B><B><I><FONT size=2 face="serif">at any time on any
trading day</FONT></I></B><B><FONT size=2 face="serif"> from and including the pricing date to and including the determination date. Consequently, the payment at maturity in each of these examples would be made by the delivery of shares of the
underlying stock.</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center> <B><FONT size=1 face="serif">Hypothetical underlying stock
        closing<br>
    price at determination date</FONT></B></TD>
  <TD align=center> <B><FONT size=1 face="serif">Value of cash delivery amount<br>
    at maturity per HITS</FONT></B></TD>
  <TD align=center> <B><FONT size=1 face="serif">Total quarterly coupon payments</FONT></B></TD>
  <TD align=center> <B><FONT size=1 face="serif">Value of total payment per HITS</FONT></B></TD>
</TR>
<TR>
  <TD>
    <HR width="98%" size=1 noshade>
  </TD>
  <TD>
    <HR width="98%" size=1 noshade>
  </TD>
  <TD>
    <HR width="98%" size=1 noshade>
  </TD>
  <TD>
    <HR width="98%" size=1 noshade>
  </TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;0.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;0.00</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;0.90</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;5.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;1.59</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;2.49</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 10.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;3.17</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;4.07</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 15.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;4.76</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;5.66</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 20.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;6.35</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;7.25</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 25.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;7.93</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;8.83</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 30.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;9.52</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; 10.42</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 31.51</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; 10.00</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; 10.90</FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">&#36; 35.00</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; 11.11</FONT>
	</TD>
	<TD width=25%><FONT size=2 face="serif">&#36;0.90</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">&#36; 12.01</FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Because the trading price of the underlying stock may be subject to significant fluctuation over the term of the HITS, it is not possible to present a chart or table illustrating the complete
range of possible payouts at maturity. The examples of the hypothetical payout calculations above are intended to illustrate how the amount payable to you at maturity will depend both on (a) whether the price of the underlying stock falls to or
below the trigger price from and including the pricing date to and including the determination date and (b) the closing price of the underlying stock on the determination date.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You can review the historical prices of the underlying stock in the section of this pricing supplement called &#147;Description of HITS&#151;Historical Information.&#148; The historical
performance of the underlying stock included in this pricing supplement should not be taken as an indication of the future performance of the underlying stock during the term of the HITS. It is impossible to predict whether the prices of the
underlying stock will rise or fall during the </FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-3</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=2 face="serif">term of the HITS, whether the price of the underlying stock will or will not decrease to or below the trigger price during the term of HITS, or the price of the underlying stock at maturity.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">ADM Common Stock &#150; Public Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">ADM is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. The common stock of ADM is registered under the Exchange
Act. Information provided to or filed with the Commission by ADM pursuant to the Exchange Act can be located by reference to Commission file number 001-00044 through the Commission&#146;s website at http://www.sec.gov. In addition, information
regarding ADM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. See the section called &#147;Underlying Company and Stock&#151;Public Information&#148; in
the prospectus supplement for HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">This pricing supplement relates only to the HITS offered hereby and does not relate to the underlying stock or other securities of ADM. We have derived all disclosures contained in this
prospectus supplement regarding ADM from the publicly available documents described in the preceding paragraph. In connection with the offering of the HITS, neither we nor the Agent has participated in the preparation of such documents or made any
due diligence inquiry with respect to ADM. Neither we nor the Agent makes any representation that such publicly available documents or any other publicly available information regarding ADM 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 $31.51. We obtained the closing
prices and other information below from Bloomberg Financial Markets, without
independent verification. You should not take  the historical prices of the underlying
stock as an indication of future performance.</FONT></P>
<div align="center">
  <TABLE border=0 width=85% cellspacing=0 cellpadding=0>
    <TR align="center" valign="bottom">
      <TD width=46%>&nbsp;

	</TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD width=16%>
    <B><FONT size=2 face="serif">High</FONT></B></TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD width=16%>
    <B><FONT size=2 face="serif">Low</FONT></B></TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD width=16%> <B><FONT size=2 face="serif">Dividends</FONT></B></TD>
    </TR>
    <TR>
      <TD width="46%">
      </TD>
      <TD width="2%">
      </TD>
      <TD width="16%">
    <HR noshade size=1>
      </TD>
      <TD width="2%">
      </TD>
      <TD width="16%">
    <HR noshade size=1>
      </TD>
      <TD width="2%">
      </TD>
      <TD width="16%">
    <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <B><FONT size=2 face="serif">(CUSIP 806857108)</FONT></B></TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=left width=16%>&nbsp;

	</TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=left width=16%>&nbsp;

	</TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=left width=16%>&nbsp;

	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <B><FONT size=2 face="serif">2003</FONT></B></TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">First Quarter</FONT></TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">12.76</FONT></TD>
      <TD  width=2% align="center">&nbsp;</TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">10.54</FONT></TD>
      <TD  width=2% align="center">&nbsp;</TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.060</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD width=46% align=left><FONT size=2 face="serif">Second Quarter</FONT></TD>
      <TD  width=2%>&nbsp;</TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">13.12</FONT></TD>
      <TD  width=2% align="center">&nbsp;</TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">10.78</FONT></TD>
      <TD  width=2% align="center">&nbsp;</TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.060</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">14.06</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">12.08</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.060</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">15.22</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">13.31</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.060</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <B><FONT size=2 face="serif">2004</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">17.59</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">14.95</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.075</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">17.56</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">16.21</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.075</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">16.98</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">15.43</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.075</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">22.36</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">16.80</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.075</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <B><FONT size=2 face="serif">2005</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">25.32</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">21.35</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.085</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">24.97</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">17.99</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.085</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">24.66</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">20.56</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.085</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">25.20</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">23.25</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.085</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <B><FONT size=2 face="serif">2006</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">35.26</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">24.38</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.100</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">45.25</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">35.21</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.100</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">44.00</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">37.17</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
<FONT size=2 face="serif">0.100</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=46% align=left>
    <FONT size=2 face="serif">Fourth Quarter (through December</FONT>      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>&nbsp;

	</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=46%>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;21, 2006)</FONT></TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">39.87</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%>
    <FONT size=2 face="serif">31.51</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=16%><FONT size=2 face="serif">0.100</FONT>
      </TD>
    </TR>
  </TABLE>
</div>
<P align="center">
<FONT size=2 face="serif">PS-4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We make no representation as to the amount of dividends, if any, that ADM will pay in the future. </FONT><B><FONT size=2 face="serif">In any event, as an investor in the HITS, you will not be
entitled to receive dividends, if any, that may be payable on 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 HITS will be used for general corporate purposes and, in part, in
connection with hedging our obligations under the HITS through one or more of our subsidiaries.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On or prior to the date of this pricing supplement, we, through our subsidiaries or others, hedged our anticipated exposure in connection with the HITS by taking positions in 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 trigger price relative to the price of the
underlying stock absent such hedging activity. For further information on our use of proceeds and hedging, see &#147;Use of Proceeds and Hedging&#148; in the prospectus supplement for HITS.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="center">
<B><FONT size=2 face="serif">Risk Factors</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The HITS involve risks not associated with conventional debt securities, some of which are briefly summarized below:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The HITS do not guarantee return of principal at maturity. </FONT></B><FONT size=2 face="serif">Our payment to you at maturity will either be (i) cash equal to the stated principal amount of
each HITS or (ii) a number of shares of the underlying stock, if the trading price of the underlying stock decreases below the trigger price over the term of the HITS. If we deliver shares of the underlying stock at maturity in exchange for each
HITS, the value of those shares may be less than the stated principal amount of each HITS and could be zero.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Except in certain circumstances, you will not participate in any appreciation in the value of the underlying stock. </FONT></B><FONT size=2 face="serif">Generally, you will not participate
in any appreciation in the price of the underlying stock, and your return on the HITS will be limited to the coupon payable on the HITS. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Secondary trading may be limited. </FONT></B><FONT size=2 face="serif">There may be little or no secondary market for the HITS. You should be willing to hold your HITS to maturity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Market price of the HITS will be influenced by many unpredictable factors. </FONT></B><FONT size=2 face="serif">Although we expect that generally the trading price of the underlying stock on
any day will affect the value of the HITS more than any other single factor, other factors that may influence the value of the HITS include: whether the trading price of the underlying stock has decreased to or below the trigger price at any time on
any trading day, the volatility, the dividend rate on the underlying stock, geopolitical conditions and economic, financial, political, regulatory or judicial events, interest and yield rates in the market, the time remaining to the maturity of the
HITS, our creditworthiness and the occurrence of certain events affecting ADM that may or may not require an adjustment to the exchange ratio. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely affect secondary market prices. </FONT></B><FONT size=2
face="serif">Assuming no change in market conditions or any other relevant factors, the price, if any, at which MS &amp; Co. is willing to purchase HITS in secondary market transactions will likely be lower than the original issue price, since the
original issue price included, and secondary market prices are likely to exclude, commissions paid with respect to the HITS, as well as the projected profit included in the cost of hedging our obligations under the HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">If the HITS are accelerated, you may receive an amount worth substantially less than the stated principal amount of the HITS. </FONT></B><FONT size=2 face="serif">The amount payable to you
if the maturity of the HITS is accelerated will differ depending on whether it is due to a price event acceleration due to a decline in the price of the underlying stock times the exchange factor for two consecutive trading days to the acceleration
trigger price of &#36;2.00 per share, or an event of default acceleration, and may be substantially less than the stated principal amount of the HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Morgan Stanley is not affiliated with ADM. </FONT></B><FONT size=2 face="serif">ADM 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 ADM 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 ADM without regard to your interests, and thus may acquire non-public information about ADM. 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 ADM, 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 HITS is not equivalent to investing in the underlying stock. As an investor in the HITS, you will not
have voting rights or rights to receive dividends or other distributions or any other rights with respect to the underlying stock.</FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-6</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The HITS may become exchangeable into the common stock of a company other than ADM. </FONT></B><FONT size=2 face="serif">Following certain corporate events relating to the underlying stock,
you may receive at maturity or the common stock of a successor corporation to ADM. The occurrence of such corporate events and the consequent adjustments may materially and adversely affect the market price of the HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stock. </FONT></B><FONT size=2 face="serif">For
example, the calculation agent is not required to make any adjustments if ADM 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 HITS may be materially and adversely affected.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The economic interests of MS &amp; Co., as the calculation agent and of MS &amp; Co. and other affiliates of ours that will carry out hedging activities related to the HITS or that trade the
underlying stock on a regular basis are potentially adverse to your interests as an investor in the HITS.</FONT></B><FONT size=2 face="serif"> The hedging or trading activities of our affiliates on or prior to the date of this pricing supplement and
during the term of the HITS could adversely affect the price of the underlying stock on the pricing date and at maturity and, as a result, could decrease the amount you may receive on the HITS at maturity. Any of these hedging or trading activities
on or prior to the date of this pricing supplement could potentially have increased the price of the underlying stock and, accordingly, potentially have increased the initial share price used to calculate the trigger price and, therefore,
potentially have raised the trigger price relative to the price of the underlying stock absent such hedging or trading activity. Additionally, such hedging or trading activities during the term of the HITS could potentially affect whether the price
of the underlying stock decreases to or below the trigger price and, therefore, whether or not you will receive the stated principal amount of the HITS or shares of the underlying stock at maturity. Furthermore, if the price of the underlying stock
has decreased to or below the trigger price such that you will receive shares of the underlying stock at maturity, our trading activities prior to or at maturity could adversely affect the value of the shares of underlying stock we will deliver at
maturity.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The U.S. federal income tax consequences of an investment in the HITS are uncertain. </FONT></B><FONT size=2 face="serif">See the section called &#147;United States Federal Income
Taxation&#148; below.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">For further discussion of these and other risks you should read the section entitled &#147;Risk Factors&#148; beginning on S-7 of the prospectus supplement for HITS. We also urge you to
consult your investment, legal, tax, accounting and other advisers before you invest in the HITS.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">ERISA</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">See &#147;ERISA&#148; in the prospectus supplement for HITS.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">United States Federal Income Taxation</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The U.S. federal income tax consequences of an investment in the HITS are uncertain. There is no direct legal authority as to the proper tax treatment of the HITS, and our counsel has not
rendered an opinion as to their proper characterization for U.S. federal income tax purposes. Pursuant to the terms of the HITS and subject to the discussion in the accompanying prospectus supplement under &#147;United States Federal Taxation,&#148;
you have agreed with us to treat a HITS as a unit consisting of (i) an option granted by you to us, to enter into, upon the occurrence of certain events, a forward contract pursuant to which you agree to purchase ADM common stock from us at maturity
and (ii) a deposit with us of a fixed amount of cash to secure your obligation under the forward contract. We have determined that the Yield on the Deposit is 5.187% per annum compounded quarterly, and that the remainder of the coupon on the HITS is
attributable to the Option Premium, as described in the section of the accompanying prospectus supplement called &#147;United States Federal Taxation&#151;Tax Treatment of the HITS.&#148;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Please read the discussion under &#147;United States Federal Taxation&#148; in the accompanying prospectus supplement concerning the U.S. federal income tax consequences of investing in the
HITS. If the Internal Revenue Service (the &#147;IRS&#148;) were successful in asserting an alternative characterization for the HITS, the timing and character of income </FONT></P>
<P align="center">
<FONT size=2 face="serif">PS-7</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=2 face="serif">on the HITS might differ. We do not plan to request a ruling from the IRS regarding the tax treatment of the HITS, and the IRS or a court may not agree with the tax treatment described in this pricing supplement and the
prospectus supplement for HITS.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">You are urged to consult your own tax advisors regarding all aspects of the U.S. federal income tax consequences of investing in the HITS, as well as any tax consequences arising under the
laws of any state, local or foreign taxing jurisdiction.</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">PS-8</FONT></P>

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

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end
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</SUBMISSION>
