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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>As filed with the Securities and Exchange Commission on [ </FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><B><FONT size=2>Registration No. [&#149;]</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=4>SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>Washington, D.C. 20549</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=4>FORM S-8</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=4>REGISTRATION STATEMENT</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=4>UNDER</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=4>THE SECURITIES ACT OF 1933</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>MORGAN STANLEY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2>(Exact name of registrant as specified in its charter)</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT size=2>Delaware</FONT></B><BR><FONT size=2>(</FONT><FONT size=2>State or other jurisdiction of</FONT><BR><FONT size=2>incorporation or organization)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT size=2>36-3145972</FONT></B><BR><FONT size=2>(I.R.S. Employer</FONT><BR><FONT size=2>Identification No.)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT size=2>1585 Broadway</FONT></B><BR><B><FONT size=2>New York, NY 10036</FONT></B><BR><FONT size=2>(Address of principal executive offices, including zip code)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT size=2>Morgan Stanley 2007 Equity Incentive Compensation Plan</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2>(Full title of the plan)</FONT></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2>___________________________________</FONT></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>Ronald T. Carman, Esq.</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>Vice President, Counsel and</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>Assistant Secretary</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>Morgan Stanley</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>1585 Broadway</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>New York, New York 10036</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>(212) 761-4000</FONT></B></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2>(Name, address and telephone number of agent for service)</FONT></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>CALCULATION OF REGISTRATION FEE</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>Title of Securities<BR>to be Registered </FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>Amount to be<BR>Registered (1)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>Proposed Maximum<BR>Offering Price<BR>Per Share (2)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>Proposed Maximum<BR>Aggregate<BR>Offering Price</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>Amount of Registration Fee</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: left"><FONT size=2>Common Stock, par value $0.01 per share</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>100,000,000</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>$ 85.12</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>$ 8,512,000,000</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 129.6%; TEXT-ALIGN: center"><FONT size=2>$ 261,318.40</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>(1)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;</FONT><I><FONT size=2>Securities Act</FONT></I><FONT size=2>&#148;), this registration statement on Form S-8 (this &#147;</FONT><I><FONT size=2>Registration Statement</FONT></I><FONT size=2>&#148;) also covers an indeterminate amount of additional shares of Common Stock, par value $0.01 per share (the &#147;</FONT><I><FONT size=2>Common Stock</FONT></I><FONT size=2>&#148;) of Morgan Stanley (the &#147;</FONT><I><FONT size=2>Registrant</FONT></I><FONT size=2>&#148;) that may be offered or delivered under the Morgan Stanley 2007 Equity Incentive Compensation Plan to prevent dilution resulting from any stock dividend, stock split, recapitalization or other similar transaction. No additional registration fee is included for these shares.</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>(2)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Estimated pursuant to Rule 457(h) under the Securities Act solely for purposes of calculating the amount of the registration fee based upon the average of the high and low prices reported for the shares of Common Stock on the New York Stock Exchange on May 8</FONT><FONT size=2>, 2007.</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>PART I</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT size=2>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 1.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Plan Information.</FONT></B><FONT size=2><SUP>*</SUP></FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 2.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Registrant Information and Employee Plan Annual Information.<SUP>*</SUP></FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2>_________________________</FONT></P>
<SUP>&nbsp;</SUP>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Information required by Part&nbsp;I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule&nbsp;428 under the Securities Act and the &#147;Note&#148; to Part I of Form S-8.</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>2</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>PART II</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT size=2>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 3.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Incorporation of Documents by Reference.</FONT></B></P>
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<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;), are incorporated as of their respective dates in this Registration Statement by reference:</FONT></P>

<P style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>(a) the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended November 30, 2006 (the &#147;Form 10-K&#148;);</FONT></P>

<P style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>(b) the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended February 28, 2007;</FONT></P>

<P style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>(c) the Registrant&#146;s Current Reports on Form 8-K dated December 1, 2006, December 19, 2006, January&nbsp;22, 2007, January 29, 2007, February 26, 2007, March 21, 2007, March 23, 2007,&nbsp;</FONT><FONT size=2>April&nbsp;10, </FONT><FONT size=2>2007 (2 reports),&nbsp;April 26, 2007 and May 1, 2007; and</FONT></P>

<P style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>(d) the description of the Registrant&#146;s Common Stock contained in the Registrant&#146;s Registration Statement on Form 10 filed with the Commission pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), on January 15, 1993, as amended by the description contained in the Registrant&#146;s Forms 8 dated February 11, February 21 and February 22, 1993.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT size=2>In addition, all documents that the Registrant files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all of the Common Stock offered hereby have been sold, or which deregisters all Common Stock then remaining unsold, shall be deemed to be incorporated herein by reference and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 4.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Description of Securities.</FONT></B></P>
</TD></TR>
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</DIV>
<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Not Applicable.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 5.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Interests of Named Experts and Counsel.</FONT></B></P>
</TD></TR>
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</DIV>
<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Not Applicable.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 6.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Indemnification of Directors and Officers.</FONT></B></P>
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</DIV>
<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Section 145 of the General Corporation Law of the State of Delaware, as amended, provides that under certain circumstances a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation or is or was serving at its request in such capacity in another corporation or business association, against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe such person&#146;s conduct was unlawful.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>3</FONT></P>
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<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Article VIII of the Amended and Restated Certificate of Incorporation of the Registrant (&#147;Certificate of Incorporation&#148;) and Section 6.07 of the Amended and Restated Bylaws of the Registrant (&#147;Bylaws&#148;), each as amended to date, provide for the indemnification of the Registrant&#146;s directors and officers. The Certificate of Incorporation provides that each person who is or was a director or officer of the Registrant shall be indemnified by the Registrant to the fullest extent permitted from time to time by applicable law. In addition, the Bylaws provide that each person who was or is made a party or is threatened to be made a party to or is involved in any manner in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she or a person of whom he or she is the legal representative
is or was a director or officer of the Registrant or a director or elected officer of any corporation, trust, limited liability company or other non-corporate business enterprise in which the Registrant directly or indirectly holds ownership interests representing (A) more than 50% of the voting power of all outstanding ownership interests of such entity (other than directors&#146; qualifying shares, in the case of a corporation) or (B) the right to receive more than 50% of the net assets of any such entity available for distribution to the holders of outstanding ownership interests upon a liquidation or dissolution of such entity (a &#147;Subsidiary&#148;) shall be indemnified and held harmless by the Registrant to the fullest extent permitted by applicable law. The right to indemnification under the Bylaws includes the right to be paid the expenses incurred in defending a proceeding in advance of its final disposition upon receipt (unless the Registrant upon authorization of the Board of Directors
waives said requirement to the extent permitted by applicable law) of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Registrant. Both the Certificate of Incorporation and the Bylaws provide that the Registrant shall be required to indemnify any person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors or is a proceeding to enforce such person's claim to indemnification pursuant to the rights granted by the Certificate of Incorporation or Bylaws or otherwise by the Registrant.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>The Registrant&#146;s Bylaws also provide that the Registrant may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification, and rights to be paid by the Registrant the expenses incurred in defending any proceeding in advance of its final disposition, to any person who is or was an employee or agent (other than a director or officer) of the Registrant or a Subsidiary and to any person who is or was serving at the request of the Registrant or a Subsidiary as a director, officer, partner, member, employee or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the Registrant or a Subsidiary, to the fullest extent as the Bylaws provide with respect to indemnification of, and advancement of expenses for, directors and
officers of the Registrant.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Under the Bylaws, the Registrant has the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, partner, member, employee or agent of the Registrant or a Subsidiary, or of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, against any expense, liability or loss whether or not the Registrant would have the power to indemnify that person against that expense, liability or loss under the provisions of applicable law.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>The Registrant has in effect insurance policies in the amount of $300 million for officers&#146; and directors&#146; liability insurance.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 7.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Exemption from Registration Claimed.</FONT></B></P>
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<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Not applicable.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 8.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Exhibits.</FONT></B></P>
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<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>See attached Exhibit list.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>4</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 9.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Undertakings.</FONT></B></P>
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<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><I><FONT size=2>provided</FONT></I><FONT size=2>, </FONT><I><FONT size=2>however</FONT></I><FONT size=2>, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liabilities under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><I><FONT size=2>bona fide</FONT></I><FONT size=2> offering thereof.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><I><FONT size=2>bona fide</FONT></I><FONT size=2> offering thereof.</FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>5</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT size=2>SIGNATURES</FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in The City of New York, State of New York, on this&nbsp;11th</FONT><FONT size=2> day of May, 2007.</FONT></P>

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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>MORGAN STANLEY</FONT><BR><FONT size=2>(Registrant)</FONT><BR><BR></P>
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<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=bottom width=31>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>By:</FONT></P>
</TD>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>/s/ John J. Mack</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top width=306>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=12>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=31>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=47>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Name:</FONT><BR><FONT size=2>Title:</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.05pt; TEXT-ALIGN: left"><FONT size=2>John J. Mack</FONT><BR><FONT size=2>Chairman of the Board and Chief Executive Officer</FONT></P>
</TD></TR>
</TABLE>

</DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT size=2>POWER OF ATTORNEY</FONT></B></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>KNOW ALL PERSONS BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Ronald T. Carman, Martin M. Cohen and&nbsp;William J. O&#146;Shaughnessey, Jr. and each of them singly, his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement (any of which amendments may make such changes and additions to this Registration Statement as such attorneys-in-fact may deem necessary or appropriate) and to file the same, with all exhibits thereto, and any other documents that may be required in connection therewith, granting unto said attorneys-in-fact and agents full power and authority to be done in and about the premises, as fully to all intents
and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

<P style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify"><FONT size=2>Pursuant to the requirement of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons on behalf of Registrant and in the capacities indicated as of this 11th</FONT><FONT size=2> day of May, 2007.</FONT></P>

<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2></FONT>&nbsp;</P>

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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><U><FONT size=2>Signature</FONT></U></P>
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<TD vAlign=bottom width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=bottom width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><U><FONT size=2>Title</FONT></U></P>
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<TR style="page-break-inside: avoid">
<TD style="BORDER-BOTTOM: black 1pt solid" vAlign=bottom width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>/s/ John J. Mack</FONT></P>
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<TD vAlign=bottom width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=bottom width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Chairman of the Board and Chief Executive Officer</FONT></P>
</TD></TR>
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<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>John J. Mack</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ David H. Sidwell</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Executive Vice President and Chief Financial Officer</FONT></P>
</TD></TR>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>David H. Sidwell</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>(Principal Financial Officer)</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Paul C. Wirth</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Controller and Principal Accounting Officer</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Paul C. Wirth</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
<TD style="BORDER-BOTTOM: black 1pt solid" vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Roy J. Bostock</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
</TD></TR>
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<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Roy J. Bostock</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
<TD style="BORDER-BOTTOM: black 1pt solid" vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Erskine B. Bowles</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
</TD></TR>
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<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Erskine B. Bowles</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=229>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=229>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>6</FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=229>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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</DIV>
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<DIV align=left>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Howard J. Davies</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Howard J. Davies</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ C. Robert Kidder</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
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<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>C. Robert Kidder</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Donald T. Nicolaisen</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Donald T. Nicolaisen</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Charles H. Noski</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
</TD></TR>
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<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Charles H. Noski</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=top width=358>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Hutham S. Olayan</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
</TD></TR>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Hutham S. Olayan</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Charles E. Phillips, Jr.</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Charles E. Phillips, Jr.</FONT></P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ O. Griffith Sexton</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>O. Griffith Sexton</FONT></P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Laura D. Tyson</FONT></P>
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<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
</TD></TR>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Laura D. Tyson</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>/s/ Klaus Zumwinkel</FONT></P>
</TD>
<TD vAlign=top width=20>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD vAlign=top width=358>
<P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><BR><FONT size=2>Director</FONT></P>
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<TD vAlign=top width=246>
<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Klaus Zumwinkel</FONT></P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=229>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>7</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT size=2>EXHIBIT INDEX</FONT></B></P>

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<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=639 border=0>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><FONT size=2>Number</FONT></U><U></U></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><FONT size=2>Title of Exhibit</FONT></U><U></U></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>4.1</FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Morgan Stanley 2007 Equity Incentive Compensation Plan (Exhibit 10 to Morgan Stanley&#146;s Current Report on Form 8-K&nbsp;dated&nbsp;April 10</FONT><FONT size=2>, 2007).</FONT></P>
</TD></TR>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>4.2</FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Amended and Restated Certificate of Incorporation of Morgan Stanley, as amended to date (Exhibit 3 to Morgan Stanley&#146;s Quarterly Report on Form 10-Q for the quarter ended February 28, 2007).</FONT></P>
</TD></TR>
<TR>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>4.3</FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Amended and Restated Bylaws of Morgan Stanley, as amended to date (Exhibit 3 to Morgan Stanley&#146;s Current Report on Form 8-K dated January 22, 2007).</FONT></P>
</TD></TR>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>5<SUP>*</SUP></FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Opinion of Shearman &amp; Sterling LLP regarding the validity of the securities being registered.</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>15<SUP>*</SUP></FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Letter of Awareness from Deloitte &amp; Touche LLP.</FONT></P>
</TD></TR>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>23.1<SUP>*</SUP></FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Consent of Shearman &amp; Sterling LLP (included in Exhibit 5).</FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>23.2<SUP>*</SUP></FONT></P>
</TD>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Consent of Deloitte &amp; Touche LLP.</FONT></P>
</TD></TR>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=148>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>24<SUP>*</SUP></FONT></P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=492>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Powers of Attorney&nbsp;(included on signature page).</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2>_________________________</FONT></P>
<SUP>&nbsp;</SUP>
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<TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" vAlign=top width=48>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2><SUP>*&nbsp;</SUP></FONT></P>
</TD>
<TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Filed herewith.</FONT></P>
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<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=689 border=0>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=229>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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<TD style="PADDING-RIGHT: 5.75pt; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width=229>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT size=2>8</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=1></FONT>&nbsp;</P>
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As filed with the Securities and Exchange Commission on [
].
Registration No. [•]
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
MORGAN STANLEY
(Exact name of registrant as specified in its charter)
Delaware
(
State or other jurisdiction of
incorporation or organization)
36-3145972
(I.R.S. Employer
Identification No.)
1585 Broadway
New York, NY 10036
(Address of principal executive offices, including zip code)
Morgan Stanley 2007 Equity Incentive Compensation Plan
(Full title of the plan)
___________________________________
Ronald T. Carman, Esq.
Vice President, Counsel and
Assistant Secretary
Morgan Stanley
1585 Broadway
New York, New York 10036
(212) 761-4000
(Name, address and telephone number of agent for service)
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to be
Registered (1)
Proposed Maximum
Offering Price
Per Share (2)
Proposed Maximum
Aggregate
Offering Price
Amount of Registration Fee
Common Stock, par value $0.01 per share
100,000,000
$ 85.12
$ 8,512,000,000
$ 261,318.40
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "
Securities Act
"), this registration statement on Form S-8 (this "
Registration Statement
") also covers an indeterminate amount of additional shares of Common Stock, par value $0.01 per share (the "
Common Stock
") of Morgan Stanley (the "
Registrant
") that may be offered or delivered under the Morgan Stanley 2007 Equity Incentive Compensation Plan to prevent dilution resulting from any stock dividend, stock split, recapitalization or other similar transaction. No additional registration fee is included for these shares.
(2)
Estimated pursuant to Rule 457(h) under the Securities Act solely for purposes of calculating the amount of the registration fee based upon the average of the high and low prices reported for the shares of Common Stock on the New York Stock Exchange on May 8
, 2007.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.
Plan Information.
*
Item 2.
Registrant Information and Employee Plan Annual Information.
*
_________________________
*
Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the "Note" to Part I of Form S-8.
2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents filed with the Securities and Exchange Commission (the "Commission"), are incorporated as of their respective dates in this Registration Statement by reference:
(a) the Registrant's Annual Report on Form 10-K for the fiscal year ended November 30, 2006 (the "Form 10-K");
(b) the Registrant's Quarterly Report on Form 10-Q for the quarter ended February 28, 2007;
(c) the Registrant's Current Reports on Form 8-K dated December 1, 2006, December 19, 2006, January 22, 2007, January 29, 2007, February 26, 2007, March 21, 2007, March 23, 2007,
April 10,
2007 (2 reports), April 26, 2007 and May 1, 2007; and
(d) the description of the Registrant's Common Stock contained in the Registrant's Registration Statement on Form 10 filed with the Commission pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on January 15, 1993, as amended by the description contained in the Registrant's Forms 8 dated February 11, February 21 and February 22, 1993.
In addition, all documents that the Registrant files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all of the Common Stock offered hereby have been sold, or which deregisters all Common Stock then remaining unsold, shall be deemed to be incorporated herein by reference and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
Item 4.
Description of Securities.
Not Applicable.
Item 5.
Interests of Named Experts and Counsel.
Not Applicable.
Item 6.
Indemnification of Directors and Officers.
Section 145 of the General Corporation Law of the State of Delaware, as amended, provides that under certain circumstances a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation or is or was serving at its request in such capacity in another corporation or business association, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful.
3
Article VIII of the Amended and Restated Certificate of Incorporation of the Registrant ("Certificate of Incorporation") and Section 6.07 of the Amended and Restated Bylaws of the Registrant ("Bylaws"), each as amended to date, provide for the indemnification of the Registrant's directors and officers. The Certificate of Incorporation provides that each person who is or was a director or officer of the Registrant shall be indemnified by the Registrant to the fullest extent permitted from time to time by applicable law. In addition, the Bylaws provide that each person who was or is made a party or is threatened to be made a party to or is involved in any manner in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she or a person of whom he or she is the legal representative
is or was a director or officer of the Registrant or a director or elected officer of any corporation, trust, limited liability company or other non-corporate business enterprise in which the Registrant directly or indirectly holds ownership interests representing (A) more than 50% of the voting power of all outstanding ownership interests of such entity (other than directors' qualifying shares, in the case of a corporation) or (B) the right to receive more than 50% of the net assets of any such entity available for distribution to the holders of outstanding ownership interests upon a liquidation or dissolution of such entity (a "Subsidiary") shall be indemnified and held harmless by the Registrant to the fullest extent permitted by applicable law. The right to indemnification under the Bylaws includes the right to be paid the expenses incurred in defending a proceeding in advance of its final disposition upon receipt (unless the Registrant upon authorization of the Board of Directors
waives said requirement to the extent permitted by applicable law) of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Registrant. Both the Certificate of Incorporation and the Bylaws provide that the Registrant shall be required to indemnify any person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors or is a proceeding to enforce such person's claim to indemnification pursuant to the rights granted by the Certificate of Incorporation or Bylaws or otherwise by the Registrant.
The Registrant's Bylaws also provide that the Registrant may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification, and rights to be paid by the Registrant the expenses incurred in defending any proceeding in advance of its final disposition, to any person who is or was an employee or agent (other than a director or officer) of the Registrant or a Subsidiary and to any person who is or was serving at the request of the Registrant or a Subsidiary as a director, officer, partner, member, employee or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the Registrant or a Subsidiary, to the fullest extent as the Bylaws provide with respect to indemnification of, and advancement of expenses for, directors and
officers of the Registrant.
Under the Bylaws, the Registrant has the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, partner, member, employee or agent of the Registrant or a Subsidiary, or of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, against any expense, liability or loss whether or not the Registrant would have the power to indemnify that person against that expense, liability or loss under the provisions of applicable law.
The Registrant has in effect insurance policies in the amount of $300 million for officers' and directors' liability insurance.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
See attached Exhibit list.
4
Item 9.
Undertakings.
(a)           The undersigned Registrant hereby undertakes:
(1)           To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)            to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)           to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and
(iii)          to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided
,
however
, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2)           That, for the purpose of determining any liabilities under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3)           To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)           The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)           Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in The City of New York, State of New York, on this 11th
day of May, 2007.
MORGAN STANLEY
(Registrant)
By:
/s/ John J. Mack
Name:
Title:
John J. Mack
Chairman of the Board and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Ronald T. Carman, Martin M. Cohen and William J. O'Shaughnessey, Jr. and each of them singly, his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement (any of which amendments may make such changes and additions to this Registration Statement as such attorneys-in-fact may deem necessary or appropriate) and to file the same, with all exhibits thereto, and any other documents that may be required in connection therewith, granting unto said attorneys-in-fact and agents full power and authority to be done in and about the premises, as fully to all intents
and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirement of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons on behalf of Registrant and in the capacities indicated as of this 11th
day of May, 2007.
Signature
Title
/s/ John J. Mack
Chairman of the Board and Chief Executive Officer
John J. Mack
/s/ David H. Sidwell
Executive Vice President and Chief Financial Officer
David H. Sidwell
(Principal Financial Officer)
/s/ Paul C. Wirth
Controller and Principal Accounting Officer
Paul C. Wirth
/s/ Roy J. Bostock
Director
Roy J. Bostock
/s/ Erskine B. Bowles
Director
Erskine B. Bowles
6
/s/ Howard J. Davies
Director
Howard J. Davies
/s/ C. Robert Kidder
Director
C. Robert Kidder
/s/ Donald T. Nicolaisen
Director
Donald T. Nicolaisen
/s/ Charles H. Noski
Director
Charles H. Noski
/s/ Hutham S. Olayan
Director
Hutham S. Olayan
/s/ Charles E. Phillips, Jr.
Director
Charles E. Phillips, Jr.
/s/ O. Griffith Sexton
Director
O. Griffith Sexton
/s/ Laura D. Tyson
Director
Laura D. Tyson
/s/ Klaus Zumwinkel
Director
Klaus Zumwinkel
7
EXHIBIT INDEX
Number
Title of Exhibit
4.1
Morgan Stanley 2007 Equity Incentive Compensation Plan (Exhibit 10 to Morgan Stanley's Current Report on Form 8-K dated April 10
, 2007).
4.2
Amended and Restated Certificate of Incorporation of Morgan Stanley, as amended to date (Exhibit 3 to Morgan Stanley's Quarterly Report on Form 10-Q for the quarter ended February 28, 2007).
4.3
Amended and Restated Bylaws of Morgan Stanley, as amended to date (Exhibit 3 to Morgan Stanley's Current Report on Form 8-K dated January 22, 2007).
5
*
Opinion of Shearman & Sterling LLP regarding the validity of the securities being registered.
15
*
Letter of Awareness from Deloitte & Touche LLP.
23.1
*
Consent of Shearman & Sterling LLP (included in Exhibit 5).
23.2
*
Consent of Deloitte & Touche LLP.
24
*
Powers of Attorney (included on signature page).
_________________________
*
Filed herewith.
8