<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002874
<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>061299281
</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>dp04310_424b2-ps147.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<p align="center">
  <strong><em>CALCULATION OF REGISTRATION FEE</em></strong><br>
</center></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">

  <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="top"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="top"><font size="2" face="serif"><em>Maximum
          Aggregate<br>
    Offering Price</em></font></td>
    <td width="2%" valign="top"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="top"><p><font size="2" face="serif"><em>Amount
            of Registration<br>
    Fee</em></font></p></td>
  </tr>
  <tr>
    <td width="46%" valign="top"><hr size="1" noshade></td>
    <td width="2%" valign="top"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="top"><hr size="1" noshade></td>
    <td width="2%" valign="top"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="top"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td width="46%" valign="top"><font size="2" face="serif">Stock Participation
        Accreting Redemption<br>
      Quarterly-pay Securities<sup>SM</sup> (&ldquo;SPARQS&reg;&rdquo;)</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">$17,000,004.42</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">$1,819.00</font></td>
  </tr>
</table>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=50%>
<B><I><FONT size=2 face="serif">PROSPECTUS Dated January 25, 2006</FONT></I></B>
        </TD>
        <TD align=right width=50%>
<B><I><FONT size=2 face="serif">Pricing Supplement No. 147</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 SPARQS</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=99%>
<B><I><FONT face="serif">GLOBAL MEDIUM-TERM NOTES, SERIES F</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>
<B><I><FONT face="serif">Senior Fixed Rate Notes</FONT></I></B>
        </TD>
</TR>
<TR>
        <TD colspan=1 width=99%>
      <hr align=center width=25% size=1 noshade>        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>
<B><I><FONT face="serif">7.5% SPARQS due January 20, 2008</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>
<B><I><FONT face="serif">Mandatorily Exchangeable for</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>
<B><I><FONT face="serif">Shares of Common Stock of COACH, INC.</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>
<B><I><FONT face="serif">Stock Participation Accreting Redemption Quarterly-pay Securities</FONT></I></B><B><I><SUP><FONT face="serif">SM</FONT></SUP></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>
<B><I><FONT face="serif">(&#147;SPARQS</FONT></I></B><B><I><SUP><FONT face="serif">&#174; </FONT></SUP></I></B><B><I><FONT face="serif">&#148;)</FONT></I></B>
        </TD>
</TR>
<TR>
        <TD colspan=1 width=99%>
      <hr align=center width=25% size=1 noshade>
        </TD>
</TR>
</TABLE>
<P align="left">
<I><FONT size=2 face="serif">The SPARQS offered are senior unsecured obligations of Morgan Stanley, will pay 7.5% 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 Coach, 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>
<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">Coach, Inc., which we refer to as Coach</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 Coach</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;17,000,004.42</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;10.965 per SPARQS, equal to the closing price
of one share of the underlying stock on the pricing date times the exchange ratio</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Stated principal amount:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">&#36;10.965 per SPARQS</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Interest rate:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">7.5% 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;10.965 (and integral multiples thereof)</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Exchange at maturity:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">Unless the SPARQS have been called or accelerated,
you will receive shares of the underlying stock at the exchange ratio in exchange
for each SPARQS</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Exchange ratio:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">0.25, subject to adjustment for certain corporate events</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Call right:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">The SPARQS are callable by us at any time on or after the first call date</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">First call date:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">July 20, 2007</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Final call notice date:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">January 10, 2008</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Yield to call:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">19% per annum on the 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="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">Listing:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">The SPARQS have been approved for listing on the
AMEX subject to official notice of issuance. The AMEX listing symbol for the
SPARQS is &#147;CFM&#148;. It is not possible to predict whether any secondary
market for the SPARQS will develop.</FONT></I>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<I><FONT size=2 face="serif">CUSIP:</FONT></I>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<I><FONT size=2 face="serif">61750V303</FONT></I>
        </TD>
</TR>
</TABLE>
<P align="left">
<B><I><FONT face="serif">The SPARQS involve risks not associated with an investment in ordinary debt securities. See &#147;Risk Factors&#148; beginning on PS-5.<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 valign="bottom">
  <TD colspan="7" align=left><hr align=center width=25% size=1 noshade></TD>
</TR>
<TR align="center" valign="bottom">
  <TD colspan="7"><b><i><font size=2 face="serif">PRICE &#36;10.965
    PER SPARQS</font></i></b></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr align=center width=25% size=1 noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&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 align=left width=46%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=16%>
<B><I><FONT size=2 face="serif">Price to</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 to</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">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">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 SPARQS</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;10.965</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;0.1782</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;10.7868</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;17,000,004.42</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;276,279.14</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=16%>
<I><FONT size=2 face="serif">&#36;16,273,725.28</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=93%>
<I><FONT size=2 face="serif">Plus accrued interest, 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=93%>
<I><FONT size=2 face="serif">For additional information, see &#147;Plan of Distribution&#148; in the prospectus supplement for SPARQS.</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 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">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You may access these documents on the SEC web site at www.sec.gov as follows:</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="serif">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>
</UL>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Terms used in this pricing supplement are defined in the prospectus supplement for SPARQS or in the</FONT>
  <FONT size=2 face="serif">prospectus. As used in this pricing supplement, the &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Morgan Stanley.</FONT></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> &#147;Stock Participation Accreting Redemption Quarterly-pay
  Securities&#148; is our service mark and &#147;SPARQS&#148; is our registered
  service mark.</FONT></p>
<P align="center">
<B><FONT size=2 face="serif">Your Return on the SPARQS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">No guaranteed return of principal. </FONT></B><FONT size=2 face="serif">Unlike ordinary debt securities, the SPARQS do not guarantee any return of principal at maturity. Instead, the SPARQS
pay an amount of the underlying stock, subject to our prior call of the SPARQS for the applicable call price in cash.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Interest on the stated principal amount. </FONT></B><FONT size=2 face="serif">We will pay interest on the SPARQS at the rate of 7.5% of the stated principal amount per year on April 20,
2007, July 20, 2007, October 20, 2007 and the maturity date. The 7.5% 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">Coach &#150; Public Information</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Coach, Inc. is a designer and marketer of premium handbags and accessories. 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 001-16153 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;43.86.  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=50% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD align=left width=56%>&nbsp;

        </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <B><FONT size=2 face="serif">High</FONT></B>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <B><FONT size=2 face="serif">Low</FONT></B>
      </TD>
    </TR>
    <TR>
      <TD width="56%">
      </TD>
      <TD width="2%">
      </TD>
      <TD width="20%" align="center">
    <HR noshade size=1>
      </TD>
      <TD width="2%" align="center">
      </TD>
      <TD width="20%" align="center">
    <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="serif">(CUSIP 189754104)</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="serif">2003</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">&nbsp;&nbsp;9.98</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">&nbsp;&nbsp;7.29</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">13.22</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">&nbsp;&nbsp;9.27</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">14.82</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">12.72</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">19.96</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">14.21</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="serif">2004</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">21.84</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">17.08</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">22.85</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">19.75</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">23.10</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">18.06</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">28.53</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">19.84</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="serif">2005</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">29.75</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">26.41</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">33.92</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">25.22</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">36.22</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">30.25</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">36.64</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">28.94</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <B><FONT size=2 face="serif">2006</FONT></B>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">First Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">36.97</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">31.75</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Second Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">35.35</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">27.75</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Third Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">34.65</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">25.58</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
    <FONT size=2 face="serif">Fourth Quarter</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>&nbsp;

        </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=56%>
 &nbsp; &nbsp;<FONT size=2 face="serif">(through December 21, 2006)</FONT>
      </TD>
      <TD  width=2%>&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">44.28</FONT>
      </TD>
      <TD  width=2% align="center">&nbsp;
      </TD>
      <TD align=center width=20%>
    <FONT size=2 face="serif">34.20</FONT>
      </TD>
    </TR>
  </TABLE>
</div>
<P align="left">
<FONT size=2 face="serif">Historical prices with respect to the underlying stock have been adjusted for two-for-one stock splits that were effected on April 4, 2005 and October 1, 2003. The underlying company has never declared or paid any cash
dividends on the underlying stock. We make no representation as to the amount of dividends, if any, that 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">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="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">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">See &#147;ERISA&#148; in the prospectus supplement for SPARQS.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">United States Federal Income Taxation</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The U.S. federal income tax consequences of an investment in the SPARQS are uncertain. There is no direct legal authority as to the proper tax treatment of the SPARQS, and 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;<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 </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">
<FONT size=2 face="serif">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="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 Coach 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">
&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 SPARQS, as well as any tax consequences arising under the
laws of any state, local or foreign taxing jurisdiction.</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">PS-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: 19% per annum (computed on the basis of a 360-day year of twelve 30-day months)</FONT></li>
  <li><FONT size=2 face="serif">Issue price: &#36;10.965 per SPARQS</FONT></li>
  <li><FONT size=2 face="serif">Interest rate: 7.5% per annum</FONT></li>
</ul>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The call price
        with respect to any call date is an amount of cash per SPARQS such that
        the sum of the present values of all cash flows on each SPARQS to and
        including the call date (</font><i><font size=2 face="serif">i.e.</font></i><font size=2 face="serif">,
        the call price and all of the interest payments on each SPARQS), discounted
        to the original issue date at the applicable discount factor, equals
        the issue price. The discount factor is based on the yield to call rate
        of 19% per annum and the number of years (or fraction of a year) from
        the original issue date to and including the applicable payment date
    and is represented by the following formula:</font></td>
  </tr>
</table>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%" height="29">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="bottom"><FONT size=2 face="serif">1</FONT></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="82%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%" nowrap><FONT size=2 face="serif">Discount</FONT><FONT size=2 face="serif"> factor&nbsp;</FONT></td>
    <td width="2%" align="center"><FONT size=2 face="serif">=</FONT></td>
    <td width="4%" align="center"><FONT size=2 face="serif">
      <hr align="left" width="100%" size="1" noshade>
    </FONT></td>
    <td width="1%" valign="middle"><FONT size=2 face="serif">,</FONT></td>
    <td width="82%"><FONT size=2 face="serif"> where x is the </FONT><FONT size=2 face="serif">number</FONT><FONT size=2 face="serif"> of
        years from the </FONT><FONT size=2 face="serif">original</FONT><FONT size=2
face="serif"> issue date to and </FONT><FONT size=2 face="serif">including</FONT><FONT size=2 face="serif"> the </FONT><FONT size=2 face="serif">applicable</FONT><FONT size=2 face="serif">&nbsp; </FONT><FONT size=2 face="serif">payment</FONT><FONT size=2
face="serif"> date.</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="4%" align="center" valign="top"><font size="2">1.19</font><sup><em>x</em></sup></td>
    <td width="1%" valign="middle">&nbsp;</td>
    <td width="82%">&nbsp;</td>
  </tr>
</table>
<P align="left">
<FONT size=2 face="serif">The call price in each of the hypothetical examples shown below is determined as follows:</FONT></P>
<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 factor. The sum of these present
      values equals the present value on the original issue date of all of the
      interest payments payable on the SPARQS to and including the applicable
      call date.</FONT> <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;0.4270 (&#36;0.2404 + &#36;0.1866).<br>
            <br>
      </FONT></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) must equal
      the issue price, we can determine the present value of the applicable call
      price by subtracting the sum of the present values of the interest payments
      from the issue price.</FONT> <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;10.5380
            (&#36;10.9650- &#36;0.4270).<br>
              <br>
        </FONT></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 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;11.6129, which is the amount
          that if paid on July 20, 2007 has a present value on the original issue
      date of &#36;10.5380, based on the applicable discount factor.</FONT></li>
    </ul>
  </LI>
</UL>
<div align="center"><FONT size=2 face="serif">&#149; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</FONT></div>
<P align="left">
<I><FONT size=2 face="serif">The call prices calculated in the following tables are based upon the terms set forth above and the two sample call dates. The actual amount you will receive if we call the SPARQS will depend upon the actual call
date.</FONT></I></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="center">
<B><U><FONT size=2 face="serif">Call Date of July 20, 2007</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
        <TD width=28%> <B><FONT size=1 face="serif">Payment Date</FONT></B></TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Stated<br>
Principal<br>
Amount</FONT></B></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Interest<br>
Payments<br>
Received</FONT></B></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Accrued but<br>
Unpaid<br>
Interest<br>
Received on<br>
Call Date</FONT></B></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Call Price<br>
Received</FONT></B><font size="1"><SUP><FONT face="serif">1</FONT></SUP></font></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Total Cash<br>
Received on<br>
Payment<br>
Date</FONT></B></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Days from<br>
Original<br>
Issue Date</FONT></B><font size="1"><SUP><FONT face="serif">2</FONT></SUP></font></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Years from<br>
Original<br>
Issue Date<br>
(Days</FONT></B><font size="1"><SUP><FONT face="serif">2</FONT></SUP><B><FONT face="serif">/360)</FONT></B></font></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Discount<br>
Factor at<br>
Yield to Call</FONT></B><font size="1"><SUP><FONT face="serif">3</FONT></SUP></font></TD>
        <TD  width=2% nowrap>&nbsp;
        </TD>
        <TD width=6% nowrap>
<B><FONT size=1 face="serif">Present Value at<br>
Original Issue<br>
Date of Call<br>
Received on<br>
Payment Date at<br>
Yield to Call</FONT></B></TD>
</TR>
<TR>
        <TD width="28%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">December 29, 2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">(&#36;10.97)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.00000</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">100.000%&nbsp;</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">April 20, 2007</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.2536</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.2536</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">111</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.30833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">94.778%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.2404</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">Call Date (July 20, 2007)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">201</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.55833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">90.744%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;0.1866</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">Call Date (July 20, 2007)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;11.6129</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;11.6129</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">201</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.55833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">90.744%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;10.5380</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align=left>
<B><FONT size=2 face="serif">Total amount received on the call date: &#36;11.8185</FONT></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<B><FONT size=2 face="serif">Total:</FONT></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;10.9650</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align=left>
<B><FONT size=2 face="serif">Total amount received over the term of the SPARQS: &#36;12.0721</FONT></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

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

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

        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width=95%>
<FONT size=2 face="serif">The call price of &#36;11.6129 is the dollar amount that has a present value of &#36;10.5380, which has been discounted to the original issue date from the call date at the yield to call rate of 19% so that the sum of the
present values of all of the interest payments on the SPARQS and the present value of the call price is equal to the stated principal amount of &#36;10.9650.</FONT>    </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width=95%>
<FONT size=2 face="serif">Based upon a 360-day year of twelve 30-day months.</FONT>     </TD>
</TR>
<TR>
  <TD valign=top nowrap><sup><font size=2 face="serif">3</font></sup><font size=2 face="serif">&nbsp;</font></TD>
  <TD><P align="left"> <SUP></SUP><FONT size=2 face="serif">Discount
        factor = 1 / 1.19 </FONT><SUP><FONT size=2 face="serif">x</FONT></SUP><FONT size=2 face="serif">,
        where </FONT><I><FONT size=2 face="serif">x </FONT></I><FONT size=2
face="serif">is years from 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 align="center" valign="bottom">
  <TD> <B><FONT size=1 face="serif">Payment Date</FONT></B></TD>
  <TD>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Stated<br>
    Principal<br>
    Amount</FONT></B></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Interest<br>
    Payments<br>
    Received</FONT></B></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Accrued but<br>
    Unpaid<br>
    Interest<br>
    Received on<br>
    Call Date</FONT></B></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Call Price<br>
    Received</FONT></B><font size="1"><SUP><FONT face="serif">1</FONT></SUP></font></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Total Cash<br>
    Received on<br>
    Payment<br>
    Date</FONT></B></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Days from<br>
    Original<br>
    Issue Date</FONT></B><font size="1"><SUP><FONT face="serif">2</FONT></SUP></font></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Years from<br>
    Original<br>
    Issue Date<br>
    (Days</FONT></B><font size="1"><SUP><FONT face="serif">2</FONT></SUP><B><FONT face="serif">/360)</FONT></B></font></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Discount<br>
    Factor at<br>
    Yield to Call</FONT></B><font size="1"><SUP><FONT face="serif">3</FONT></SUP></font></TD>
  <TD nowrap>&nbsp; </TD>
  <TD nowrap> <B><FONT size=1 face="serif">Present Value at<br>
    Original Issue<br>
    Date of Call<br>
    Received on<br>
    Payment Date at<br>
    Yield to Call</FONT></B></TD>
</TR>
<TR>
        <TD width="28%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">December 29, 2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">(&#36;10.97)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2536</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.00000</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">100.000%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">April 20, 2007</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2536</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">111</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.30833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">94.778%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2404</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">July 20, 2007</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">201</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.55833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">90.744%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.1866</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">October 20, 2007</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">291</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">0.80833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">86.883%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.1786</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">January 20, 2008</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.2056</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">381</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">1.05833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">83.185%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">0.1710</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=28%>
<FONT size=2 face="serif">January 20, 2008</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;12.2479</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">&#36;12.2479</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">381</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">1.05833</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">83.185%</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
<FONT size=2 face="serif">10.1884</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align=left>
<B><FONT size=2 face="serif">Total amount received on the Call Date: &#36;12.4535</FONT></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<B><FONT size=2 face="serif">Total:</FONT></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>
 <B><FONT size=2 face="serif">&#36;10.9650</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align=left>
<B><FONT size=2 face="serif">Total amount received over the term of the SPARQS: &#36;13.1183</FONT></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

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

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

        </TD>
</TR>
</TABLE>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width=95%>
<FONT size=2 face="serif">The call price of &#36;12.2479 is the dollar amount that has a present value of &#36;10.1884, which has been discounted to the original issue date from the call date at the yield to call rate of 19% so that the sum of the
present values of all of the interest payments on the SPARQS and the present value of the call price is equal to the state principal amount of &#36;10.9650.</FONT>     </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width=95%>
<FONT size=2 face="serif">Based upon a 360-day year of twelve 30-day months.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap><sup><font size=2 face="serif">3</font></sup></TD>
  <TD width=95%><p align="left"><font size=2 face="serif">Discount factor = 1
        / 1.19 </font><sup><font size=2 face="serif">x</font></sup><font size=2 face="serif">,
        where </font><i><font size=2 face="serif">x </font></i><font size=2
face="serif">is years from original issue date to and including the applicable
    payment date</font></p></TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width=95%>&nbsp;</TD>
</TR></TABLE>

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

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ms_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ms_logo.jpg
M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@,#`@(#`@("`P0#`P,#!`0$`@,$!`0$!`,$!`,!`@("`@("`@("`@,"
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$!
M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,`
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1
M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`"H`Y`,!$0`"$0$#$0'_V@`,
M`P$``A$#$0`_`/WB\1>(M#\(:#K'B?Q+JEIHGA[P_IUWJ^M:O?RB"RTS3+&%
M[B\O;N4\16\4*.[-V"DT`<-\,/C=\)/C/;:O=_"GX@>&O'=MH$]K;:S+X=OT
MO1ILU]'-+9QW84`Q&:.WG*$C#>2^#E3@`]"UC5]+\/:3J>NZW?VVE:-HFGWF
MJZMJ5[*L%GIVFZ?;R7=[>W4SD+#;PVT4DCN>`J$]J`/-?A?\>/@Y\:3K*_"C
MXB^&/'C>'A8MK:^';\7ITP:G]J%@;L!5\H3FRN]GK]G?^[0!ZW0`4`%`!0`4
M`%`!0`4`%`!0`4`?-WQ(_:__`&9?A%X@D\*?$/XS>#/#OB2W*K=Z&UY<:GJ6
MG.^"J:G::+:W;Z7(00VR[$+8(;&#F@#UWP%\1O`?Q0\/V_BKX<^+_#_C3P[<
MNT46K>'-3M=3M%G0`R6T[6TC&UNT#+O@F6.5-PW(,B@"UK'CGP7X=US0/#.O
M>+/#FB>(O%4LL/AC0=4UG3]/U?Q!-"R+-%HNG7-PD^I2(TL89;>.0@R*#]X4
M`=50`4`%`!0`4`>0_#OXZ_##XJ>*_B3X*\#>(6U?Q)\(]<3PYX]L#IFJ6(T7
M5Y+K5+-+9;F^LX8;\&YT;44\RTDF3_1\EL,NX`]>H`*`"@`H`*`/G+]K[_DU
MG]H/_LD/CO\`]1Z^H`_(?_@FZ5^"GQE^#FFKMM/"_P"U?^S>-;MU+F.&7XB_
M#GQ%KUO=*J\*9VT2QOIFQEF;5E]>0#]"/^"E7CJ_\+?LO:_X0\/MGQ;\:/$7
MAKX/^&;5'*37-QXNU%!JD<:H=Q#Z)::C;D@'!O$!^]0!\T_\$Q_`VG?#'X[?
MMN?#O255=/\`!/BGP#X8MR@VB3^QAXQL9;C']Z::&24^\IH`^O\`XY?MV_!S
MX(^-?^%81Z9X[^*GQ0CMDO+WP%\)O#;>*];T>V=(YE?62+J"&RE-O+'+]G62
M6=4EB>2)$E1G`.R_9X_:\^$'[2<NNZ1X+N-?\/>-O"JJ_B;X=>.M';PWXTT6
M)G2(W4VEO/-'<V:SR)$\UM/+Y3R1K.L331AP!?&?[8'P2^'7Q4\2_"/QKK>H
M^'->\(_#V3XG:]K&H:>L7A>S\,1F!05U-+EIKG4Y);F&**SAM'DFEE6*+?(R
MJ0"I\&OVQ_@W\:OAUX_^+.BW6M^$OAU\.=3N+#6O$_CW3[?PY93VUKIMKJ<F
MKV*B]N'?36CNXXT\P1SO+B,0^8RJP!X?IO\`P4^_9^U&_BN8_"GQLMOAS)?#
M3S\9;OX9ZC%\,;>5KD6OVF[UA+M[NUT\2-\TTEBK(,^9&H!(`/J7X$_M&?#7
M]HO2_&>M_#*[U*^T;P/XSU/P/J&J7]G#:6.I:CID%M=2:CH4\-Y.+_0Y[>[A
MD@NF\DR*V?+7N`?-WC7_`(*4?`7PUXMUOP?X0\/?%CXS7?A>Z>S\3ZM\(?`\
MGBKP[HD\+%;F.75Y-0M(KOR65PTMH)H"8V"3,5.`#Z<^!'[0GPL_:.\'R>-/
MA7K[ZKI]E?/I6LZ;?6DVEZ_X=U:-0[Z;KFD7($EE<&,AT=3)#*AW0RR!6(`/
M"-?_`."AW[-?A>_^*&CZUK7B2SU_X5^,(O`=_P"'$\.RW6O^+/%$USJ5JNG>
M!=*L[J6?7E632[@R7$BVD,2RV[2R()TW`&G\"_VZ?@]\<O'4OPNM=(^(7PU^
M)'V";5=.\&?%3PL?"FKZYIL$;SS7.C*M[=17+):QR3F!WBE,44LD:2)#(R`;
M>5CW3X^^(/$_A/X'?%[Q-X*BDD\6^'_AOXSU?PXL,9EFCU?3]`O[FRGAA4$R
MS0S1K,L8!WM$%P<XH`_.7_@F=\&OV;O'W[-FF>-M5\)^!?BA\4/$FK^))OBO
MK/C72=)\8>);/7Y==U/[/IU[_;UO=3:;;RZ0+&Z3:$%T;N2Y9I'D8J!MY'NG
M@7]C_6/@1^U-!\3?V?[GP]X/^!?CCPU>:?\`%WX5RWVIV]FGB"W69M%UWP3H
M\%C-9VLBW'V1FC>XME@1M0C@'E7HCA`V^1^?W[9?[4O@.Z_;;_9GUF/PK\35
MMOV?O'7C'2?%L,W@V2*\U^XL];TZV>;P);O>@^);0RZ;.R2J;<.LD++Q(#0!
M^S>G_'SX<R_!>T^/>OZA?>`_A[<:(=?N+GQS8OH.JZ79_:9+1(-1TK?-*FHR
MW$8CAM(3/+.TT2PJ[2J"`?'4/_!4_P#9]\R+4[SP5\=]*^'T\\5O!\5-0^&%
MW%X$D\Z588[D7T.HR7?V1W8;2+-I3G'D@\4`?</B/XN>!O#?PFU;XUG5/[;^
M'ND^#[CQW_:_AQ4U0ZCX;@T\ZG]LTF-)46[:2T&Y$WH23M)4YP`?(&K?\%+_
M`-GB#0_"^H^$=-^)WQ-UOQ1HO_"0KX)^'G@M_$/BOP[HYNY[5+KQ9:PZ@MKH
M;R?9Y)4MWNY)S$T4IC6.9'8`^E?V?_VC?A=^TKX0NO&'PPU2]G@TO47T?Q!H
M>M6+:3XD\-:O&GF?V?K>E/))]GE:,[XY(I9H9`KB.5FBD5`#X,_X)]?\G2?\
M%&O^RUV7_J2?$R@#Z[_:"_;(^$'[.FK:-X3\1CQ1XP^(GB&W-YHGPV^'.AOX
MG\97=F3*J7LVGI<016-I))#*L9GF227RI##'(L3E0#D?@K^WK\&_C#XZMOA9
M>:-\0OA'\3+^"2YT?P7\7/"S^$M1UU(XY)G31IOM=Q#<W/DPS2+;RO!+*L,G
MDI)Y;;0-O*Q[%H/[1?P_USX]>,/V<(X?$.F_$?P;X:L_%UPFK:;!::)K6@WJ
MZ6RWGAW4DOY'U'RSJ]JLJM;PE62<#=Y#[0-O*Q)\?OVB/A_^S?X:\/\`B7Q]
M'K]Y%XI\6:9X*\/Z3X6TV'5M<U/7M6ANI[:&VL9[VT5H@EI)O?S<AI(E"LT@
M%`'NBDE58J4)4$HV-RDC)5MI(R.AP2..M`'SI^U]_P`FL_M!_P#9(O'?_J/7
MU`'Y%ZQ9W?@G]@_]@;]IG1XC_:?[//CG1=7U9XHR9)/!/BGQ=J>E^([1V09$
M,]Q;Z3;L#P%NY/[QH#\#Z[^,^HVGQY_;W_98^&&EW":EX0^$'A#5OVB_$IB3
MS;62]U!(K;P09C]W>EW;Z-<(#UBU@D=:`.6_8SU(Z/\`M0_\%,-7\OS3I?Q"
MLM2\KG]X;&X^(%UY?'/S>5CCUH`L?\$E-$MO$'PK^*GQ^UQ4U'XC?%[XN>*9
MO$/B"Z59=2.GZ?\`8;R#2UN7!>*T_M75-2N6B4JK&6'((@BV`&9^VE;0?"3]
MM[]B3XT>%(TTS7_'_BV\^%WC=K%1;OXC\/SZCX<T=%U)8@/MTD>G>*[V-7E#
M$?8[(9_T:+8!MY'G7Q5^#WA?XU?\%;]'\->-+6/5/"NA?!_0?&FK:!<@M8>(
M#X>@F?2]+U*#[EWIW]M76FW<UO*&CE2Q,;@JY%`'I_\`P56N9IO!/[.'P0TQ
MAHWA;XK_`!N\/:!K]KIJ)90/HVF2Z?;6^G+%`$2.V2[UJVNEC4!1)IL!`^08
M`/U-T[PAX7TCPI9^!K#0=*@\'V&B1>'+;PW]AMWT=-#AM!8KI;V$D9AELS:#
MRFC=&5U+;@=QR`?E=_P2CT[1;7X0_M'Z3<6]E:^'+?X^>.=.GM)BD&FV^BQ:
M'I-M+;REV"0V4=BK(VY@%C4Y(`S0!-X&_:U^'/@6WUGX3?L#_LI>-_C%X=\.
MZSJCZCKOA!6\,_#==>OKN2>\<>,-8@OYM3&YT$4ER($-NL"6KFUCB(`./_X)
MUZOXUO/VN_VV?^$W\#VGPO\`$.LGP+XC\1_#S3M3MM6L/#NMW<NJ7.Q;^Q8V
MUY<RPZI)<2S1``R7L@P,;0`;'["7@GPCJO[8O[>7C75/#NE:CXK\+_%R73O#
MFN7MJEQ?:%::SK?B^354TIY@RV4MT;"S$D\2K*4A\L.$=U<`U_VR56S_`."@
M7_!/N_ME6WO;C5?$^GSW42A)Y;'[=I\8M9)%^9H`FHWX"$X`O)N/WAR`?K:Z
M*ZLCJKHZE'1P&5E8$,K*1AE()!!ZYH`_++XI?\$R=%C\7:E\4?V5OBKXJ_9M
M^(-]-)>SZ?H%S>OX(O[J24S2Q?8;&[M[O1[.61Y6-O&][9QE\16*I\M`?@<=
M\*?VL_VF/V?_`(V>"?V</VVM%T?6+;XAWD&B_#KXV>&UMK>TU;4+B>#3M.34
MQ96UK:7]O-J$]K:SM]CTV^M);^WEN8)H9A*`-O*QJ_MIDC]O'_@GF`2`OB;Q
M1@9P!NU'P\&X]P`#]*`/MW]JN3]GNT^#>MZC^TW;:1=_"[2+W3M4GL]6^W.]
MUKMI)(^C6ND6NF31W=]K,TQECAMH"?,6242CR/-(`/@/XE_M<_%KXT?!;QWH
M7P=_8?\`'%_\(-9\`>)M*7QI\1-0T;P-H-OX470KN'^V](\-36C17EE9V4?V
MJVCM+]O^/:$1`,``!MY%7X'75S=?\$=/$K7,TDQ@^#WQJM83(Q8QVUOKGBZ*
M"%">D<<8"JO0``"@#Z:_X)G^"?"7A;]C[X3:QX>\/:7I.K^,M(OM=\5ZI:6L
M<>HZ_JPUW5K)+S5+T@S7316EM!#$CN4BCC"QJH)R!MY'B_[%*)8_MQ_\%#=-
MLT6UL#XN\(7WV.!1%;B\N+GQ+-/<B%,*)I);B9V8#),K$]:`(/\`@GU_R=)_
MP4:_[+79?^I)\3*`/D_X(_M2:?X#_:Y_;!^+'BCX)_&?XP>*M2\>W7@7P[JW
MPS\'IXLC\%^%O#6JZOI`T>YFFNX#I3WMGH^AJB)S)'I;YZMN`-+]KW]HG4_V
MC9O@GJOP[_9=_:9\(_$?X6_%;P_XITKQ;XE^%UY8Q6VAQS"34]-6]TF:\N-L
MNH6^D7'ENJ0C[&Y9ADA@#ZL_;95O@=^T[^R9^UI:(UIHK>(V^"?Q1N(TVHOA
MOQ2+IM+NKUAP8[:WO_$<^7Q\^GVJ@YP*`+W[0T2_'#_@H)^R]\%XRMWX:^"^
M@:Q\>_&D`7S;==0^T1P^%H;D#Y=ZZAI>BE0?^6>ML1UH`_4V@#YS_:\5C^RW
M^T$JJS,?A%X["JBEF)/A^^P%5022?0"@#Y6_9]^&,?Q?_P""77A;X83PG[1X
ML^#/BC3=.61,-!KBZOK]YH%QL=>&AUJVT^8<?\LQB@#Q#_@D1X7\8>(K'XM_
M'7XB&]N/$5T/!?P3T&XU"%H+BW\/?#'P[I]G<6R+(-Q4+_8-O(X^_/I4Q;Y\
MX`_`]%_8@LUN/VLO^"CEK=V[FUO?B?HT$BR1ND<\$VH>/(ID5B`'5HW(.T]'
M![C(!Y'^S[\6=._X)N>+OBG^SS^T/8>(O#_PKUCQQJ?CKX,?%.RT'5-;\-ZG
MI.KQP6TNDWCZ1;3RP7JVMCIS/%%%(T%TEZLRK%);RR@'2:7KES_P4#_;!^$'
MQ)\$:!XAL_V:OV96N?$-IXV\0Z1=:-!X[\>7%Q:WUO;:#:7T:220)?Z9H98.
MHDC@TNY>=87N[:-@#MK2*0?\%@-3E\N01#]F>-?,V,(]QET_C?C;G\:`/7?^
M"C'P%\:?&7X/>'O$7POLFU/XF?!7QKIGQ+\*Z-%S<ZY'IH(U72;%./.U!HUM
M;R"$$-/)IBP)^\G4$`XS1O\`@J+\&-=\+6.G:-X6^(NJ?'Z]MX=*A^`MIX+U
M]?$K>-Y(5B?1VU&2S%A;Z2FI$A[Z6X62.V!D>W$JF$`'RQ^POX5\>?$;]B;]
MM?PAH<:Z9\1?%OCKXHZ7;65M<"%(_$FI>#]+2YTB"Z65A$DUT\]DLOF$`3!M
MV!F@#J_V/_V[OV<_V?\`]F[PI\(_B':^*O!'Q8^'3ZMH'B+X;VW@37)_$NO^
M))=9O[G[58);6*V\U_??:(4<7]S:21S*8WQ$L3N`2_L,>/O$&K?MV_M0ZA\2
M/`7B3X5^+/C+X5\,^-?"O@[7]/NQ=1^&-+6V>U>]OA"(([\Z)?Z1+,A*`7#W
M<&%DMGC4#;RL>I_L"1R1_M.?\%#2T<D:O\:;(HSQNBN/[7\=<HS*`PY!XSP0
M>A&0"A^V?%*?V]?^"?#I'(R1^(?$^]UC=D3.HZ'C<RC"]SSCIF@#]+?BCX4U
MKQS\._&?A#PWXLU?P+X@U_P_J.G:'XOT*YDL]4\.ZO+"QT[4[:>$>8BQ7:Q&
M58RKO$945E9@R@'Y:_!+]O>3]G71(_@1^W/IGC?P1\2/`+2:+8?$:YT37/%6
M@_$;0[:24:;K2ZOI\-S=W]\;40HU]'%<172JDTLL5RTT*`;>5CA_B#\08_\`
M@HS^T5^SMI'P2\*^*)/@S\#/&J?$'QS\6=>T&\T'2KJ6"_T:^_L313?(LC33
M0Z)%;QPNL=Q++J!E:!+>R:9@#L?^"C'B6Q^%G[4/[#OQF\6VVJ6WPZ\$^)?$
MQ\2^(+'3;K4(-,)OO#DWERQVD;.UP;4RSI`H,DJ6L_DH[1E:`V)O^"BUX?C-
M\#/V=?V@_AIIVH_$WX->"OB7I7Q$\8:)I^FW\<NM>#C)%;#5KC1KZVBG%C!]
MBU*PF:>!?)37#+(%@$KJ`=E\3?\`@H?\(/BE\-M>^&O[-.A>,OC1\4OB#X)U
MO0M%\%Z#X0UK3(?#<.KZ)=V5W?>*+[4+6"VL;;3;66>1HK22Y$CVZ1"1$E$P
M`/'/V<O$6G:M_P`$D/BWX8M8]0AU[P#X%^-/ACQ1IMYIMY97&GZS<2ZUXAAM
MHTGB4W(;2];T]RT6=LCR1,!)$P`!]T_\$\$:/]B[X`HZM&R^$KX%'4HRY\3:
M[U5@"/7WS0!\Y?L:QR)^W;_P4*=HY(T?Q'X+V.T;HC?O=?SL8J`WX'N#WH`\
M>_99^,W@7X"_MO?MD?#GXJW.K>$O%'QF^-6E'X<V]SH.K7-KKYOO$GBUM.V7
M5E:RK:Q7L/B;29K>XG"6[QS.3*IC((!O#Q1>_P#!.[]K#XU^)_B!X;\27/[,
MW[2.I6_C&R\>>'-(NM9M/!'C07%]>WMCKMK9*TD*?:]6UF,HH::2"2PFMTF,
M=S'&`>XI_P`%!K?XQ?$SX>_#7]C_`,&WGQ=-_P"(+:;XF^-/$&A^)/#7@KP9
MX+52+^==2NK>VGCUD>8)HWFMGA8VZV\4=S/=@0`'T/\`MK?!\?'#]F3XK^!;
M:V6?7!X<N/$GA5<'S%\4>%<:[I$<#`$I)=2V36)8?P7[CO0!\/?\$J(?%OQ4
ME^,7[4GQ$S/XF\6'P5\)=&NF5U']C?#CPOI%IJLT(DRRB\NQI+38;!N;&XX]
M`/P/V)H`:Z)(C1R(KQL"KHZAD96&"K*P((([$4`-BBBMXUBAC2"*,82.)%CC
M0$YPJ(`%&2>@'6@-O*P10PVZE((HX$+,Y2)%C4NYW.Q5`!N8\D]2>M`;>5AL
M=O!"\LD,$,4DS;IGCC2-Y6&<-*RJ"[<GEB>M`%?4-,TW5;8V>JZ?8ZE:%E=K
M34+2"\MBZYVN8+F-T+#)P=N1DXH`GMK:VLH(K6SMX+2VMT$<%O;11P001CHD
M4,2JD:>R@"@!?L]N)OM(@A%QL\OS_*03;/[GF[=VSVSB@#BOB=XQU#X>^`/%
M7C72_".N^/+[PSI,VJP>#_#,?G:_KOV=X_-LM)A$4AFO/):218PC%_**CDT`
M?G3J?_!2?X:/:WMSX&_9Q^/6L_&6ZM#8Z7X3O?A0=,U.?59E$5O9ZMKEK<7,
M\6G1SE/-:*.9]B'9$3C`&WE8]C_X)Y_`?QM\"_@9>+\2[6+3/B'\2_&NO?$O
MQ1HD4D<@T"?7EM(;+1YVA=X_ML=G9QS3I&[B*2[:#<Q@+,!MY'VI+X;\.S:K
M'KLV@:++KD(58M9ETJQ?58E0`(L>HM`;A`H```D&`.*`-8Q1>8LQCC\Y5*+*
M47S%1CED5\;@I."0#B@!L=O;P/(\,$,+S-OF>.)(WE;GYI&507;D\MGJ:`![
M>WDDBED@A>6`DPR/$C20D]3$[*3&3_LD4`34`9VI:1I.KQ+;ZMI>G:I`C;T@
MU*RMKV)'Z;UCN8G56QW`S0!9M;2UL8([6RMK>SM81MAMK6&.W@B7.=L<,*JB
M#))PH%`;>5B._P!.T_5+9[+4[&SU&SD(+VE_:P7=LY4Y4O!<(Z,0>1E>*`)(
M+2UM+:.SM;:WMK.&/R8K2"&.&VBA`P(HX(U")'@XVA0,=J`V\K&;I7ASP]H#
MW+Z'H.C:(]VV^[?2M+L=->Z?).^Y:S@C,S9).7W'F@-O(U/LUN$EC$$(2=F:
M=/*0),TGWVE7;B1F'4L#GO0&WD.BBBMXUBAC2"*,82.)%CC0$YPJ(`%&2>@'
M6@-O*PU+>"&226*"&*68@S2)&B22D=#(ZJ"YY/WB>M`%*YT71KN]MM2N])TR
MYU&RQ]CO[FPM9KVTP2P^S74L1E@PS,?D9>6)[T`7+BVM[N"6UN[>&YMID,<U
MO<1)-!*C=4EAE4HZ'T8$4`5M.TG2]&@-KI&FZ?I-L6+FWTZSM[&`N>"YBM8T
M4M[XS0!^=O[37[8VL6UWX^_9Q^!7PM^*WBWX^:E'+X-T?48?"4UGX*T&;7M.
MB5_%[^)I;DQ26&GV=^TR3-%'")X!Y\D<4;L0#ZE_9?\`@E9_L[_`OX??":WF
MBN[WPYH_F^(=1A5ECU3Q3JT\NJ^([^,O\S0/JUY<K"7^;R(H0W(-`'OM`!0`
M4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`
&!0`4`?_9
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
