Morgan Stanley



Please be advised the following issue has been repurchased for GBP 602,000 on 22
Sept 2008

Morgan Stanley - Series 1731 - XS0339889742 - Maturity Date 21 Jan 2013 - O/S
Nominal GBP 1,250,000

The outstanding balance will therefore be GBP 648,000

Please amend your records accordingly.


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