Morgan Stanley



   Morgan Stanley - Series 534 - ISIN XS0227457354 - Maturity Date 14 October

                              2013-EUR 188,010,000

Please be advised the following issue has been repurchased for EUR 5,117,500 on
28 APRIL 2008.

The outstanding balance will therefore be EUR 182,892,500

Please amend your records accordingly.


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