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            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
            filed with the Securities and Exchange Commission on
            October&nbsp;26, 2007.</strong></font>
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            <br>
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            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
            No. 333-131266</strong></font>

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                <hr style="COLOR: black" align="left" width="100%" noshade size="2">
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
            AND EXCHANGE COMMISSION</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
            D.C. 20549</strong></font>
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            &nbsp;
        </div>

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            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_____________________</strong></font>
        </div>

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            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
            S-8</strong></font>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
            STATEMENT</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNDER</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
            SECURITIES ACT OF 1933</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_____________________</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>MORGAN
            STANLEY</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
            name of registrant as specified in its charter)</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            &nbsp;
        </div>

        <div align="left">
            <table cellspacing="0" cellpadding="0" width="100%" border="0">
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Delaware</strong></font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: medium none" valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>36-3145972</strong></font>
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                    <td style="BORDER-BOTTOM: medium none" valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            (State or other jurisdiction of</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: medium none" valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            (I.R.S. Employer</font>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-BOTTOM: medium none" valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            incorporation or organization)</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: medium none" valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Identification No.)</font>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="40%">&nbsp;</td>

                    <td valign="top" width="40%">&nbsp;</td>
                </tr>
            </table>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1585
            Broadway</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
            York, NY 10036</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
            of principal executive offices, including zip code)</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <br>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Morgan
            Stanley UK Share Ownership Plan</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
            title of the plan)</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font>
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Martin
            M. Cohen, Esq.</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Vice
            President, Counsel and</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assistant
            Secretary</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Morgan
            Stanley</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1585
            Broadway</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
            York, New York 10036</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
            761-4000</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name,
            address and telephone number of agent for service)</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CALCULATION
            OF REGISTRATION FEE</strong></font>
        </div>

        <div align="left">
            <table bordercolor="#000000" cellspacing="0" cellpadding="5" width="100%" border="1">
                <tr>
                    <td style="BORDER-BOTTOM: black thin solid" valign="bottom" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Title of Securities</font>
                        </div>

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            to be Registered</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="bottom" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Amount to be</font>
                        </div>

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Registered (1)</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="bottom" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Proposed Maximum</font>
                        </div>

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Offering Price</font>
                        </div>

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Per Share (2)</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="bottom" width="16%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Proposed Maximum</font>
                        </div>

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Aggregate</font>
                        </div>

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Offering Price</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="bottom" width="16%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Amount of Registration Fee</font>
                        </div>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-BOTTOM: black thin solid" valign="top" align="left" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Common Stock, par value $0.01 per share</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            2,500,000</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            $</font><font size="2">61.75</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="top" width="16%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            $154,375,000</font>
                        </div>
                    </td>

                    <td style="BORDER-BOTTOM: black thin solid" valign="top" width="16%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            $4,739.31</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <br>
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 18pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            (1)</font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Pursuant to Rule 416(a) under the Securities Act of 1933, as amended
                            (the &ldquo;<em>Securities Act</em>&rdquo;), this registration
                            statement on Form S-8 (this &ldquo;<em>Registration
                            Statement</em>&rdquo;) also covers an indeterminate amount of
                            additional shares of Common Stock, par value $0.01 per share (the
                            &ldquo;<em>Common Stock</em>&rdquo;) of Morgan Stanley (the
                            &ldquo;<em>Registrant</em>&rdquo;) that may be offered or delivered
                            under the Morgan Stanley UK Share Ownership Plan (the
                            &ldquo;<em>Plan</em>&rdquo;) 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>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 18pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            (2)</font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            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</font> October 24,
                            2007<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            .&nbsp;</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>

                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                </div>
            </div>

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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
            I</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
            REQUIRED IN THE SECTION 10(a) PROSPECTUS</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 1.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Plan Information.</strong><sup>*</sup></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 2.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Registrant Information and Employee Plan Annual
                            Information.</strong><sup><strong>*</strong></sup></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <br>
        </div>

        <div>
            <br>

            <div>
                <div>
                    &nbsp;
                </div>

                <div>
                    &nbsp;
                </div>

                <div>
                    &nbsp;
                </div>

                <div>
                    &nbsp;
                </div>

                <div>
                    &nbsp;
                </div>

                <div>
                    &nbsp;

                    <div>
                        <hr style="COLOR: black" align="left" width="15%" noshade size="1">
                    </div>
                </div>

                <div>
                    <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                        <tr style="LINE-HEIGHT: 1.25" valign="top">
                            <td style="WIDTH: 36pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                    <sup>*</sup></font>
                                </div>
                            </td>

                            <td>
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                    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 &ldquo;Note&rdquo; to Part I of Form S-8.</font>
                                </div>
                            </td>
                        </tr>
                    </table>
                </div>

                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    &nbsp;
                </div>

                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    &nbsp;
                </div>

                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                    </div>

                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font>
                        </div>

                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                        </div>
                    </div>

                    <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                    </div>
                </div>

                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    &nbsp;
                </div>

                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    PART II</strong></font>
                </div>
            </div>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
            REQUIRED IN THE REGISTRATION STATEMENT</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 3.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Incorporation of Documents by Reference.</strong></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            following documents filed with the Securities and Exchange Commission (the
            &ldquo;Commission&rdquo;), are incorporated as of their respective dates in this
            Registration Statement by reference:</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) the
            Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended November 30,
            2006, as&nbsp;updated by Exhibit 99.1 of our Current Report on Form 8-K dated October 25, 2007;</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) the
            Registrant&rsquo;s Quarterly Reports on Form 10-Q for the quarters ended February 28,
            2007 and May 31, 2007, each as updated by Exhibits Nos. 99.2 and 99.3, respectively, of
            our Current Report on Form 8-K dated October 25,&nbsp;2007;</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
                the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarter ended August
                31,&nbsp;2007;</font>
            </div>

            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                &nbsp;
            </div>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d) the
            Registrant&rsquo;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, April 10, 2007 (2 reports), April 26, 2007, May 1, 2007, May 31, 2007, June
            1, 2007, June 19, 2007, June 20, 2007, June 29, 2007, July 24, 2007, September 19,
            2007,&nbsp;October 11, 2007 and October 25, 2007; and</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e) the
            description of the Registrant&rsquo;s Common Stock contained in the Registrant&rsquo;s
            Registration Statement on Form 10 filed with the Commission pursuant to Section 12 of
            the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), on
            January 15, 1993, as amended by the description contained in the Registrant&rsquo;s
            Forms 8 dated February 11, 1993, February 21, 1993 and February 22, 1993.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <br>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 4.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Description of Securities.</strong></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
            Applicable.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 5.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Interests of Named Experts and Counsel.</strong></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
            Applicable.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 6.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Indemnification of Directors and Officers.</strong></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&rsquo;
            fees), judgments, fines and amounts paid in settlement actually and</font>
        </div>
        <br>

        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
            </div>

            <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font>
                </div>

                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                </div>
            </div>

            <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
            </div>
        </div>
        <br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&rsquo;s conduct
            was unlawful.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <br>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article
            VIII of the Amended and Restated Certificate of Incorporation of the Registrant
            (&ldquo;Certificate of Incorporation&rdquo;) and Section 6.07 of the Amended and
            Restated Bylaws of the Registrant (&ldquo;Bylaws&rdquo;), each as amended to date,
            provide for the indemnification of the Registrant&rsquo;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&rsquo; 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 &ldquo;Subsidiary&rdquo;) 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&rsquo;s claim to indemnification pursuant to the rights granted by the
            Certificate of Incorporation or Bylaws or otherwise by the Registrant.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            Registrant&rsquo;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>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            Registrant has in effect insurance policies in the amount of $350 million for
            officers&rsquo; and directors&rsquo; liability insurance.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <br>
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 63pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                    Item 7.</strong></font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            <strong>Exemption from Registration Claimed.</strong></font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
            applicable.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>
        <br>

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            <div id="FTR">
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                </div>
            </div>

            <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font>
                </div>

                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                </div>
            </div>

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                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
            </div>
        </div>
        <br>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2><strong>Item 8.</strong></font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2><strong>Exhibits.</strong></font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>See attached Exhibit list.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2><strong>Item 9.</strong></font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2><strong>Undertakings.</strong></font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(1)&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-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(i) &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-bottom:12pt; margin-top:0pt; margin-left:0.75in; text-indent:0.25in;text-align:justify;'><font size=2>(ii)&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-bottom:12pt; margin-top:0pt; margin-left:0.75in; text-indent:0.25in;text-align:justify;'><font size=2>(iii)&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-bottom:12pt; margin-top:0pt; margin-left:0.75in;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-bottom:12pt; margin-top:0pt; margin-left:0.75in; text-indent:0.25in;text-align:justify;'><font size=2>(2)&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-bottom:12pt; margin-top:0pt; margin-left:0.75in; text-indent:0.25in;text-align:justify;'><font size=2>(3)&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-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>(b)&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-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>(c)&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</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>
        <br>

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            <div id="FTR">
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                </div>
            </div>

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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">5</font>
                </div>

                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                </div>
            </div>

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                </div>
            </div>
        </div>
        <br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
            </div>

            <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">6</font>
                </div>

                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                </div>
            </div>

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                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
            </div>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 26th day of October, 2007.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 315pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MORGAN
            STANLEY</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 315pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 315pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 315pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 315pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&nbsp;&nbsp;&nbsp;/s/ John J. Mack</font>


            <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <hr style="COLOR: black" align="left" width="50%" noshade size="2">
            </div>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 333pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:&nbsp;
            John J. Mack</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 333pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&nbsp;</font>
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
            of the Board and Chief Executive Officer</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 333pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 333pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>POWER
            OF ATTORNEY</strong></font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KNOW ALL
            PERSONS BY THESE PRESENTS that each person whose signature appears below hereby
            constitutes and appoints Martin M. Cohen, Ola E. Lofty and Jeanne E. Greeley, 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>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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</font> 26th
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">day
            of</font>
            October<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
            2007.</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div>
                <table cellspacing="0" cellpadding="0" width="100%">
                    <tr>
                        <td style="BORDER-BOTTOM: medium none" valign="top" width="29%" colspan="2">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                <u>Signature</u></font>
                            </div>
                        </td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: medium none" valign="top" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                <u>Title</u></font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ John J. Mack</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                John J. Mack</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Chairman of the Board and Chief Executive Officer</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Thomas Colm Kelleher</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Thomas Colm Kelleher</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Executive Vice President and Chief Financial Officer (Principal
                                Financial Officer)</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Paul C. Wirth</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Paul C. Wirth</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Controller and Principal Accounting Officer</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Roy J. Bostock&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Roy J. Bostock</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Erskine B. Bowles&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Erskine B. Bowles</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Howard J. Davies&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Howard J. Davies</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>
                </table>
            </div>

            <div>
                &nbsp;
            </div>

            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                </div>

                <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">7</font>
                    </div>

                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                    </div>
                </div>

                <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                </div>
            </div>

            <div>
                &nbsp;
            </div>

            <div>
                <table cellspacing="0" cellpadding="0" width="100%">
                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ C. Robert Kidder&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                C. Robert Kidder</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Donald T. Nicolaisen&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Donald T. Nicolaisen</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="justify" width="29%" colspan="2">
                        &nbsp;/s/ Charles H. Noski&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="justify" width="29%" colspan="2">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                        Charles H. Noski</font></td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                        Director</font></td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="left" width="29%" colspan="2">
                        &nbsp;/s/ Hutham S. Olayan&nbsp;&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Hutham S. Olayan</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="left" width="29%" colspan="2">
                        &nbsp;/s/ Charles E. Phillips, Jr.</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Charles E. Phillips, Jr.</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="left" width="29%" colspan="2">
                        &nbsp;/s/ O. Griffith Sexton&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                O. Griffith Sexton</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="left" width="29%" colspan="2">
                        &nbsp;/s/ Laura D. Tyson&nbsp;&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Laura D. Tyson</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">&nbsp;</td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-BOTTOM: black thin solid" valign="top" align="left" width="29%" colspan="2">
                        &nbsp;/s/ Klaus Zumwinkel&nbsp;&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</td>

                        <td style="BORDER-BOTTOM: #ffffff solid" valign="top" align="justify" width="52%">
                        &nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" align="left" width="29%" colspan="2">
                            <div>
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Klaus Zumwinkel</font>
                            </div>
                        </td>

                        <td width="2%">&nbsp;</td>

                        <td valign="top" align="justify" width="52%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                Director</font>
                            </div>
                        </td>
                    </tr>
                </table>
            </div>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>
        <br>

        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
            </div>

            <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">8</font>
                </div>

                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                </div>
            </div>

            <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
            </div>
        </div>
        <br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
            INDEX</font>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt" align="left"><u><font size="2">Number</font></u></td>

                    <td align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>
                    Title of Exhibit</u></font></td>
                </tr>
            </table>

            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt" align="left">&nbsp;</td>

                    <td align="left">&nbsp;</td>
                </tr>
            </table>

            <table id="hangingindent" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">
                    </td>

                    <td style="WIDTH: 90pt" align="left">
                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1*</font></td>

                    <td align="left">
                        <div align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Morgan Stanley UK Share Ownership Plan.</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            4.2</font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Amended and Restated Certificate of Incorporation of Morgan Stanley, as
                            amended to date (Exhibit 3 to Morgan Stanley&rsquo;s Quarterly Report
                            on Form 10-Q for the quarter ended February 28, 2007).</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            4.3</font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Amended and Restated Bylaws of Morgan Stanley, as amended to date
                            (Exhibit 3 to Morgan Stanley&rsquo;s Current Report on Form 8-K dated
                            June 19, 2007).</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            15<sup>*</sup></font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Letter of Awareness from Deloitte &amp; Touche LLP.</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            23<sup>*</sup></font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Consent of Deloitte &amp; Touche LLP.</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div>
            <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="LINE-HEIGHT: 1.25" valign="top">
                    <td style="WIDTH: 45pt">&nbsp;</td>

                    <td style="WIDTH: 90pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            24<sup>*</sup></font>
                        </div>
                    </td>

                    <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                            Powers of Attorney (included on signature page).</font>
                        </div>
                    </td>
                </tr>
            </table>
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;
        </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            &nbsp;

            <div>
                <hr style="COLOR: black" align="left" width="15%" noshade size="1">
            </div>
        </div>

        <div>
            <div>
                <div>
                    <table id="hangingindent" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                        <tr style="LINE-HEIGHT: 1.25" valign="top">
                            <td style="WIDTH: 36pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                    <sup>*</sup>&nbsp;</font>
                                </div>
                            </td>

                            <td>
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                                    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                    Filed herewith.</font>
                                </div>
                            </td>
                        </tr>
                    </table>
                </div>

                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    &nbsp;
                </div>

                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    &nbsp;
                </div>

                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
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{"company-data": {"conformed-name": "MORGAN STANLEY", "cik": "0000895421", "assigned-sic": "6211", "irs-number": "363145972", "state-of-incorporation": "DE", "fiscal-year-end": "1130"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-146954", "film-number": "071193011"}, "business-address": {"street1": "1585 BROADWAY", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "212-761-4000"}, "mail-address": {"street1": "1585 BROADWAY", "city": "NEW YORK", "state": "NY", "zip": "10036"}, "former-company": [{"former-conformed-name": "MORGAN STANLEY DEAN WITTER & CO", "date-changed": "19980326"}, {"former-conformed-name": "DEAN WITTER DISCOVER & CO", "date-changed": "19960315"}]}
As
            filed with the Securities and Exchange Commission on
            October 26, 2007.
Registration
            No. 333-131266
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
36-3145972
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
1585
            Broadway
New
            York, NY 10036
(Address
            of principal executive offices, including zip code)
Morgan
            Stanley UK Share Ownership Plan
(Full
            title of the plan)
Martin
            M. Cohen, 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
2,500,000
$
61.75
$154,375,000
$4,739.31
(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 UK Share Ownership Plan (the
                            "
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
October 24,
                            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, as updated by Exhibit 99.1 of our Current Report on Form 8-K dated October 25, 2007;
(b) the
            Registrant's Quarterly Reports on Form 10-Q for the quarters ended February 28,
            2007 and May 31, 2007, each as updated by Exhibits Nos. 99.2 and 99.3, respectively, of
            our Current Report on Form 8-K dated October 25, 2007;
(c)
                the Registrant's Quarterly Report on Form 10-Q for the quarter ended August
                31, 2007;
(d) 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, May 1, 2007, May 31, 2007, June
            1, 2007, June 19, 2007, June 20, 2007, June 29, 2007, July 24, 2007, September 19,
            2007, October 11, 2007 and October 25, 2007; and
(e) 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, 1993, February 21, 1993 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
3
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.
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 $350 million for
            officers' and directors' liability insurance.
Item 7.
Exemption from Registration Claimed.
Not
            applicable.
4
Item 8.
Exhibits.
See attached Exhibit list.
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
5
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.
6
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 26th day of October, 2007.
MORGAN
            STANLEY
(Registrant)
By:   /s/ John J. Mack
Name: 
            John J. Mack
Title:
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 Martin M. Cohen, Ola E. Lofty and Jeanne E. Greeley, 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
26th
day
            of
October
,
            2007.
Signature
Title
/s/ John J. Mack
John J. Mack
Chairman of the Board and Chief Executive Officer
/s/ Thomas Colm Kelleher
Thomas Colm Kelleher
Executive Vice President and Chief Financial Officer (Principal
                                Financial Officer)
/s/ Paul C. Wirth
Paul C. Wirth
Controller and Principal Accounting Officer
/s/ Roy J. Bostock
Roy J. Bostock
Director
/s/ Erskine B. Bowles
Erskine B. Bowles
Director
/s/ Howard J. Davies
Howard J. Davies
Director
7
/s/ C. Robert Kidder
C. Robert Kidder
Director
/s/ Donald T. Nicolaisen
Donald T. Nicolaisen
Director
/s/ Charles H. Noski
Charles H. Noski
Director
/s/ Hutham S. Olayan
Hutham S. Olayan
Director
/s/ Charles E. Phillips, Jr.
Charles E. Phillips, Jr.
Director
/s/ O. Griffith Sexton
O. Griffith Sexton
Director
/s/ Laura D. Tyson
Laura D. Tyson
Director
/s/ Klaus Zumwinkel
Klaus Zumwinkel
Director
8
EXHIBIT
            INDEX
Number
Title of Exhibit
4.1*
Morgan Stanley UK Share Ownership Plan.
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
                            June 19, 2007).
15
*
Letter of Awareness from Deloitte & Touche LLP.
23
*
Consent of Deloitte & Touche LLP.
24
*
Powers of Attorney (included on signature page).
*
Filed herewith.
9