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As I have stated earlier, I am re-reviewing my Morgan Stanly material. I have taken take note that the FAS159 adjustment for 1Q2008 is not reported separately in the company’s earnings release though there is a mention of a valuation benefit of $547 mn from widening credit spreads in the 1Q2008 transcript (we have assumed this to be the total valuation FAS159 gain in the absence of detailed information). We have accordingly built the FAS159 valuation gains on the identified financial liabilities (the valuation loss on the financial assets is already a part of the FAS157 losses) based on assumed widening of credit spreads in 2008 and 2009.

So, there are non-economic gains to be found in MSs latest figures as well.