CORPORATE EVENT: Morgan Stanley (MS) Contract Adjustment 7/2/07

Clearing House Advisory Notices

To	Clearing Member Firms
From	Clearing House Department
Subject	CORPORATE EVENT: Morgan Stanley (MS) Contract Adjustment 7/2/07
Notice Date	2007-06-22
Notice Number	07-149
Effective Date	2007-07-02
Morgan Stanley (MS) has announced a distribution of Discover Financial Services (DFS) Common Shares. The distribution ratio is .50 of a share of common stock of Discover Financial Services. The ex-date for the distribution will be Monday, July 2, 2007. Opening positions and start-of-day prices for July 2, 2007 will be based on final positions and settlement prices from Friday, June 29, 2007. This corporate action will be coordinated with the Options Clearing Corporation. For the full text of this advisory . . .