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W 042/08 COB — Morgan Stanley & Co International plc

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MODIFICATION NOTICE

To Morgan Stanley & Co International plc
Address Level 5, The Gate — West Wing, PO Box 506501
DFSA Firm Reference No. F000168
Notice No. W42/2008

THE DFSA HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

RULES MODIFIED

The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

Rule Modified Text
COB 6.3.3 When an Authorised Firm publishes Investment Research, it must take reasonable steps to ensure that the Investment Research:
(a) clearly identifies the types of Clients for whom it is principally intended;
(b) distinguishes fact from opinion or estimates, and includes references to sources of data and any assumptions used;
(c) specifies the date when it was first published;
(d) specifies the period the ratings or recommendations are intended to cover;
(e) contains a clear and unambiguous explanation of the rating or recommendation system used;
(f) includes a distribution of the different ratings or recommendations, in percentage terms:
(i) for all Investments; and
(ii) for Investments in each sector covered; and
(iii) for Investments, if any, where the Authorised Firm has undertaken corporate finance business with or for the Issuer over the past 12 months; and
(g) if intended for use only by a Professional Client or Market Counterparty, contains a clear warning that it should not be relied upon by or distributed to Retail Clients.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

Name : Jane Coakley
Position : Acting Chief Executive
DATE OF ISSUE: 1st July 2008