MORGAN STANLEY

--------------------------------------------------------------------------------

IMPORTANT INFORMATION AND IRS CIRCULAR 230 NOTICE

This material has been prepared for information purposes to support the
promotion or marketing of the transaction or matters addressed herein. This is
not a research report and was not prepared by the Morgan Stanley research
department. It was prepared by Morgan Stanley sales, trading, banking or other
non-research personnel. This material was not intended or written to be used,
and it cannot be used by any taxpayer, for the purpose of avoiding penalties
that may be imposed on the taxpayer under U.S. federal tax laws. Each taxpayer
should seek advice based on the taxpayer.s particular circumstances from an
independent tax advisor. Past performance is not necessarily a guide to future
performance. Please see additional important information and qualifications at
the end of this material.

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the depositor, issuing trust and this offering. You may get these
documents for free by visiting EDGAR on the SEC web site at www.sec.gov.
Alternatively, the depositor or any underwriter or any dealer participating in
the offering will arrange to send you the prospectus if you request it by
calling toll-free 1-866-718-1649.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of the
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these materials and should be disregarded. Such legends, disclaimers or other
notices have been automatically generated as a result of these materials having
been sent via Bloomberg or another email system.

--------------------------------------------------------------------------------



                                                                  MORGAN STANLEY



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07/31/2006   15:38:57   CARVE Version 73.0   /u/alexwong/deal/hq9/060731/hq9.060731.carve
MSCI   MSCI   SERIES **2006-HQ9 **FITCH/S&P (RED)   CLASS A4
--------------------------------------------------------------------------------------------------------------------------------
Class            A4               Settlement Date    08/17/2006 Coupon          5.82300              Cusip            N/A
Original Balance 1,134,200,000.00 Dated Date         08/01/2006 Delay           11                   Yield Table Date 07/31/2006
Current Balance  1,134,200,000.00 First Payment Date 09/12/2006 Lead Manager    Morgan Stanley & Co. Yield Frequency  SemiAnnual
Credit Rating    AAA/AAA          Next Payment Date  09/12/2006 Orig Deal Size  2,565,237,893.00     Yield Day Count  30/360
Market Desc      N/A              Payment Freq       Monthly    Num of Tranches 40
Factor           1.00000000       Interest Freq      Monthly    Deal Age        0




                                                       (_GROUP == 1)
CONDITION
PREPAY          CPR 0   (!YM) CPR 50   (!YM) CPR 100   CPR 0           CPR 0   CPR 0    CPR 0    (!YM) CPR 50
DEFAULT                                                                CDR 1   CDR 1   CDR 2.5   CDR 1.8
ADVANCES                                                               YES     YES     YES       YES
RECV MNTH                                                              12      12      12        12
RECV DISTR                                                             100 1   100 1   100 1     100 1
LOSSES                                                                 0.25    0.5     0.4       0.4
BALL EXT                                               24 MOS
PREPAY                                                 CPR 0




----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
----------------------------------------------------------------------------------------------------------------------------------
 99.9242                         5.8800       5.8798       5.8794       5.8801       5.8798       5.8799       5.8795       5.8795
 99.9867                         5.8713       5.8711       5.8704       5.8715       5.8710       5.8712       5.8706       5.8705
100.0492                         5.8627       5.8623       5.8614       5.8630       5.8622       5.8625       5.8617       5.8616
100.1117                         5.8541       5.8536       5.8525       5.8545       5.8535       5.8539       5.8528       5.8527
100.1742                         5.8455       5.8449       5.8435       5.8459       5.8448       5.8452       5.8440       5.8438
100.2367                         5.8369       5.8362       5.8345       5.8374       5.8360       5.8365       5.8351       5.8349
100.2992                         5.8283       5.8275       5.8256       5.8289       5.8273       5.8279       5.8262       5.8260
100.3617                         5.8197       5.8188       5.8167       5.8204       5.8186       5.8193       5.8174       5.8171
100.4242                         5.8111       5.8102       5.8077       5.8119       5.8099       5.8106       5.8085       5.8082
100.4867                         5.8026       5.8015       5.7988       5.8034       5.8012       5.8020       5.7997       5.7994
100.5492                         5.7940       5.7928       5.7899       5.7949       5.7925       5.7934       5.7909       5.7905
100.6117                         5.7854       5.7841       5.7810       5.7864       5.7838       5.7848       5.7820       5.7816
100.6742                         5.7769       5.7755       5.7721       5.7780       5.7751       5.7761       5.7732       5.7728
100.7367                         5.7683       5.7668       5.7632       5.7695       5.7664       5.7675       5.7644       5.7639
100.7992                         5.7598       5.7582       5.7543       5.7610       5.7578       5.7590       5.7556       5.7551
100.8617                         5.7513       5.7496       5.7454       5.7526       5.7491       5.7504       5.7468       5.7463
100.9242                         5.7427       5.7409       5.7365       5.7441       5.7405       5.7418       5.7380       5.7374
100.9867                         5.7342       5.7323       5.7276       5.7357       5.7318       5.7332       5.7292       5.7286
101.0492                         5.7257       5.7237       5.7188       5.7273       5.7232       5.7246       5.7204       5.7198
101.1117                         5.7172       5.7151       5.7099       5.7188       5.7145       5.7161       5.7116       5.7110
101.1742                         5.7087       5.7065       5.7011       5.7104       5.7059       5.7075       5.7029       5.7022
----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE                       9.72         9.57         9.22         9.84         9.54         9.64         9.35         9.30
MOD DURATION @ 100.5492            7.24         7.16         6.95         7.31         7.13         7.19         7.02         6.99
FIRST PRIN                   09/12/2015   06/12/2014   08/12/2013   10/12/2015   06/12/2013   11/12/2013   06/12/2013   06/12/2013
LAST PRIN                    06/12/2016   06/12/2016   03/12/2016   08/12/2016   06/12/2016   07/12/2016   07/12/2016   06/12/2016
PAYMENT WINDOW                       10           25           32           11           37           33           38           37
USD SWAP SPREAD @ 100.5492           24           24           25           24           24           24           24           24



                                                                     Page 1 of 6

--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. Werecommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                                                  MORGAN STANLEY



------------------------------------------------------------------------------------------------------------------------------
07/31/2006   15:38:57   CARVE Version 73.0   /u/alexwong/deal/hq9/060731/hq9.060731.carve
MSCI         MSCI       SERIES **2006-HQ9 **FITCH/S&P (RED)   CLASS AM
------------------------------------------------------------------------------------------------------------------------------
Class            AM             Settlement Date    08/17/2006 Coupon          5.86400              Cusip            N/A
Original Balance 256,524,000.00 Dated Date         08/01/2006 Delay           11                   Yield Table Date 07/31/2006
Current Balance  256,524,000.00 First Payment Date 09/12/2006 Lead Manager    Morgan Stanley & Co. Yield Frequency  SemiAnnual
Credit Rating    AAA/AAA        Next Payment Date  09/12/2006 Orig Deal Size  2,565,237,893.00     Yield Day Count  30/360
Market Desc      N/A            Payment Freq       Monthly    Num of Tranches 40
Factor           1.00000000     Interest Freq      Monthly    Deal Age        0




CONDITION                                           (_GROUP == 1)
PREPAY       CPR 0   (!YM) CPR 50   (!YM) CPR 100   CPR 0          CPR 0   CPR 0   CPR 0     (!YM) CPR 50
DEFAULT                                                            CDR 1   CDR 1   CDR 2.5   CDR 1.8
ADVANCES                                                           YES     YES     YES       YES
RECV MNTH                                                          12      12      12        12
RECV DISTR                                                         100 1   100 1   100 1     100 1
LOSSES                                                             0.25    0.5     0.4       0.4
BALL EXT                                            24 MOS
PREPAY                                              CPR 0




-----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
-----------------------------------------------------------------------------------------------------------------------------------

 99.9196                         5.9226       5.9225       5.9223       5.9022        5.9226       5.9226       5.9226       5.9226
 99.9821                         5.9141       5.9140       5.9135       5.8944        5.9141       5.9141       5.9141       5.9140
100.0446                         5.9055       5.9054       5.9048       5.8867        5.9055       5.9055       5.9055       5.9055
100.1071                         5.8970       5.8969       5.8961       5.8789        5.8970       5.8970       5.8970       5.8969
100.1696                         5.8885       5.8883       5.8874       5.8712        5.8885       5.8885       5.8885       5.8884
100.2321                         5.8800       5.8798       5.8787       5.8634        5.8800       5.8800       5.8800       5.8799
100.2946                         5.8715       5.8713       5.8700       5.8557        5.8715       5.8715       5.8715       5.8713
100.3571                         5.8630       5.8627       5.8613       5.8480        5.8630       5.8630       5.8630       5.8628
100.4196                         5.8546       5.8542       5.8526       5.8403        5.8546       5.8546       5.8546       5.8543
100.4821                         5.8461       5.8457       5.8440       5.8326        5.8461       5.8461       5.8461       5.8458
100.5446                         5.8376       5.8372       5.8353       5.8248        5.8376       5.8376       5.8376       5.8373
100.6071                         5.8292       5.8287       5.8266       5.8171        5.8292       5.8292       5.8292       5.8288
100.6696                         5.8207       5.8202       5.8180       5.8094        5.8207       5.8207       5.8207       5.8204
100.7321                         5.8123       5.8117       5.8093       5.8018        5.8123       5.8123       5.8123       5.8119
100.7946                         5.8038       5.8033       5.8007       5.7941        5.8038       5.8038       5.8038       5.8034
100.8571                         5.7954       5.7948       5.7921       5.7864        5.7954       5.7954       5.7954       5.7950
100.9196                         5.7870       5.7863       5.7834       5.7787        5.7870       5.7870       5.7870       5.7865
100.9821                         5.7785       5.7779       5.7748       5.7711        5.7785       5.7785       5.7785       5.7781
101.0446                         5.7701       5.7694       5.7662       5.7634        5.7701       5.7701       5.7701       5.7696
101.1071                         5.7617       5.7610       5.7576       5.7557        5.7617       5.7617       5.7617       5.7612
101.1696                         5.7533       5.7525       5.7490       5.7481        5.7533       5.7533       5.7533       5.7528
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE                       9.90         9.85         9.60        11.28          9.90         9.90         9.90         9.86
MOD DURATION @ 100.5446            7.33         7.29         7.16         8.05          7.33         7.33         7.33         7.30
FIRST PRIN                   07/12/2016   06/12/2016   03/12/2016   08/12/2016    07/12/2016   07/12/2016   07/12/2016   06/12/2016
LAST PRIN                    07/12/2016   07/12/2016   04/12/2016   04/12/2018    07/12/2016   07/12/2016   07/12/2016   07/12/2016
PAYMENT WINDOW                        1            2            2           21             1            1            1            2
USD SWAP SPREAD @ 100.5446           28           28           28           24            28           28           28           28



                                                                     Page 2 of 6

--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                                                  MORGAN STANLEY



------------------------------------------------------------------------------------------------------------------------------
07/31/2006   15:38:57   CARVE Version 73.0   /u/alexwong/deal/hq9/060731/hq9.060731.carve
MSCI         MSCI       SERIES **2006-HQ9 **FITCH/S&P (RED)   CLASS AJ
------------------------------------------------------------------------------------------------------------------------------
Class            AJ             Settlement Date    08/17/2006 Coupon          5.89400              Cusip            N/A
Original Balance 202,012,000.00 Dated Date         08/01/2006 Delay           11                   Yield Table Date 07/31/2006
Current Balance  202,012,000.00 First Payment Date 09/12/2006 Lead Manager    Morgan Stanley & Co. Yield Frequency  SemiAnnual
Credit Rating    AAA/AAA        Next Payment Date  09/12/2006 Orig Deal Size  2,565,237,893.00     Yield Day Count  30/360
Market Desc      N/A            Payment Freq       Monthly    Num of Tranches 40
Factor           1.00000000     Interest Freq      Monthly    Deal Age        0





CONDITION                                              (_GROUP == 1)
PREPAY          CPR 0   (!YM) CPR 50   (!YM) CPR 100   CPR 0           CPR 0   CPR 0   CPR 0     (!YM) CPR 50
DEFAULT                                                                CDR 1   CDR 1   CDR 2.5   CDR 1.8
ADVANCES                                                               YES     YES     YES       YES
RECV MNTH                                                              12      12      12        12
RECV DISTR                                                             100 1   100 1   100 1     100 1
LOSSES                                                                 0.25    0.5     0.4       0.4
BALL EXT                                               24 MOS
PREPAY                                                 CPR 0




----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
----------------------------------------------------------------------------------------------------------------------------------

 99.9231                         5.9527       5.9527       5.9525       5.9227       5.9527       5.9527       5.9527       5.9527
 99.9856                         5.9442       5.9442       5.9438       5.9151       5.9442       5.9442       5.9442       5.9442
100.0481                         5.9356       5.9356       5.9352       5.9076       5.9356       5.9357       5.9357       5.9356
100.1106                         5.9271       5.9271       5.9265       5.9000       5.9271       5.9271       5.9272       5.9271
100.1731                         5.9186       5.9186       5.9179       5.8925       5.9186       5.9186       5.9187       5.9186
100.2356                         5.9101       5.9101       5.9093       5.8850       5.9101       5.9101       5.9102       5.9101
100.2981                         5.9016       5.9016       5.9006       5.8774       5.9016       5.9016       5.9017       5.9016
100.3606                         5.8931       5.8931       5.8920       5.8699       5.8931       5.8931       5.8932       5.8931
100.4231                         5.8846       5.8846       5.8834       5.8624       5.8846       5.8846       5.8848       5.8846
100.4856                         5.8761       5.8761       5.8748       5.8549       5.8761       5.8761       5.8763       5.8761
100.5481                         5.8676       5.8676       5.8662       5.8474       5.8676       5.8677       5.8678       5.8676
100.6106                         5.8591       5.8591       5.8576       5.8399       5.8591       5.8592       5.8594       5.8591
100.6731                         5.8507       5.8507       5.8490       5.8324       5.8507       5.8507       5.8509       5.8507
100.7356                         5.8422       5.8422       5.8404       5.8249       5.8422       5.8423       5.8425       5.8422
100.7981                         5.8338       5.8338       5.8319       5.8174       5.8338       5.8338       5.8341       5.8338
100.8606                         5.8253       5.8253       5.8233       5.8100       5.8253       5.8254       5.8256       5.8253
100.9231                         5.8169       5.8169       5.8147       5.8025       5.8169       5.8169       5.8172       5.8169
100.9856                         5.8085       5.8085       5.8062       5.7950       5.8085       5.8085       5.8088       5.8085
101.0481                         5.8000       5.8000       5.7976       5.7876       5.8000       5.8001       5.8004       5.8000
101.1106                         5.7916       5.7916       5.7891       5.7801       5.7916       5.7917       5.7920       5.7916
101.1731                         5.7832       5.7832       5.7806       5.7727       5.7832       5.7833       5.7836       5.7832
----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE                       9.90         9.90         9.71        11.74         9.90         9.91         9.93         9.90
MOD DURATION @ 100.5481            7.31         7.31         7.21         8.27         7.31         7.32         7.33         7.31
FIRST PRIN                   07/12/2016   07/12/2016   04/12/2016   04/12/2018   07/12/2016   07/12/2016   07/12/2016   07/12/2016
LAST PRIN                    07/12/2016   07/12/2016   05/12/2016   06/12/2018   07/12/2016   08/12/2016   08/12/2016   07/12/2016
PAYMENT WINDOW                        1            1            2            3            1            2            2            1
USD SWAP SPREAD @ 100.5481           31           31           31           26           31           31           31           31



                                                                     Page 3 of 6

--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                                                  MORGAN STANLEY



-----------------------------------------------------------------------------------------------------------------------------
07/31/2006   15:38:57   CARVE Version 73.0   /u/alexwong/deal/hq9/060731/hq9.060731.carve
MSCI         MSCI       SERIES **2006-HQ9 **FITCH/S&P (RED)   CLASS B
-----------------------------------------------------------------------------------------------------------------------------
Class            B             Settlement Date    08/17/2006 Coupon          5.92300              Cusip            N/A
Original Balance 19,240,000.00 Dated Date         08/01/2006 Delay           11                   Yield Table Date 07/31/2006
Current Balance  19,240,000.00 First Payment Date 09/12/2006 Lead Manager    Morgan Stanley & Co. Yield Frequency  SemiAnnual
Credit Rating    AA+/AA+       Next Payment Date  09/12/2006 Orig Deal Size  2,565,237,893.00     Yield Day Count  30/360
Market Desc      N/A           Payment Freq       Monthly    Num of Tranches 40
Factor           1.00000000    Interest Freq      Monthly    Deal Age        0




CONDITION                                           (_GROUP == 1)
PREPAY       CPR 0   (!YM) CPR 50   (!YM) CPR 100   CPR 0           CPR 0   CPR 0   CPR 0     (!YM) CPR 50
DEFAULT                                                             CDR 1   CDR 1   CDR 2.5   CDR 1.8
ADVANCES                                                            YES     YES     YES       YES
RECV MNTH                                                           12      12      12        12
RECV DISTR                                                          100 1   100 1   100 1     100 1
LOSSES                                                              0.25    0.5     0.4       0.4
BALL EXT                                            24 MOS
PREPAY                                              CPR 0




----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
----------------------------------------------------------------------------------------------------------------------------------

 99.9192                         5.9828       5.9828       5.9825       5.9480       5.9828       5.9829       5.9829       5.9828
 99.9817                         5.9743       5.9743       5.9738       5.9405       5.9743       5.9744       5.9744       5.9743
100.0442                         5.9657       5.9657       5.9652       5.9329       5.9657       5.9659       5.9659       5.9657
100.1067                         5.9572       5.9572       5.9566       5.9254       5.9572       5.9574       5.9574       5.9572
100.1692                         5.9487       5.9487       5.9480       5.9179       5.9487       5.9490       5.9490       5.9487
100.2317                         5.9401       5.9401       5.9394       5.9104       5.9401       5.9405       5.9405       5.9401
100.2942                         5.9316       5.9316       5.9308       5.9029       5.9316       5.9320       5.9320       5.9316
100.3567                         5.9231       5.9231       5.9223       5.8954       5.9231       5.9236       5.9236       5.9231
100.4192                         5.9146       5.9146       5.9137       5.8879       5.9146       5.9151       5.9151       5.9146
100.4817                         5.9061       5.9061       5.9051       5.8804       5.9061       5.9067       5.9067       5.9061
100.5442                         5.8976       5.8976       5.8966       5.8729       5.8976       5.8982       5.8982       5.8976
100.6067                         5.8891       5.8891       5.8880       5.8654       5.8891       5.8898       5.8898       5.8891
100.6692                         5.8806       5.8806       5.8795       5.8580       5.8806       5.8814       5.8814       5.8806
100.7317                         5.8722       5.8722       5.8709       5.8505       5.8722       5.8729       5.8729       5.8722
100.7942                         5.8637       5.8637       5.8624       5.8430       5.8637       5.8645       5.8645       5.8637
100.8567                         5.8553       5.8553       5.8539       5.8356       5.8553       5.8561       5.8561       5.8553
100.9192                         5.8468       5.8468       5.8453       5.8281       5.8468       5.8477       5.8477       5.8468
100.9817                         5.8384       5.8384       5.8368       5.8207       5.8384       5.8393       5.8393       5.8384
101.0442                         5.8299       5.8299       5.8283       5.8133       5.8299       5.8309       5.8309       5.8299
101.1067                         5.8215       5.8215       5.8198       5.8058       5.8215       5.8226       5.8226       5.8215
101.1692                         5.8131       5.8131       5.8113       5.7984       5.8131       5.8142       5.8142       5.8131
----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE                       9.90         9.90         9.79        11.82         9.90         9.99         9.99         9.90
MOD DURATION @ 100.5442            7.30         7.30         7.24         8.29         7.30         7.35         7.35         7.30
FIRST PRIN                   07/12/2016   07/12/2016   05/12/2016   06/12/2018   07/12/2016   08/12/2016   08/12/2016   07/12/2016
LAST PRIN                    07/12/2016   07/12/2016   06/12/2016   06/12/2018   07/12/2016   08/12/2016   08/12/2016   07/12/2016
PAYMENT WINDOW                        1            1            2            1            1            1            1            1
USD SWAP SPREAD @ 100.5442           34           34           34           28           34           34           34           34



                                                                     Page 4 of 6

--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                                                  MORGAN STANLEY



-----------------------------------------------------------------------------------------------------------------------------
07/31/2006   15:38:57   CARVE Version 73.0   /u/alexwong/deal/hq9/060731/hq9.060731.carve
MSCI         MSCI       SERIES **2006-HQ9 **FITCH/S&P (RED)     CLASS C
-----------------------------------------------------------------------------------------------------------------------------
Class            C             Settlement Date    08/17/2006 Coupon          WAC                  Cusip            N/A
Original Balance 35,272,000.00 Dated Date         08/01/2006 Delay           11                   Yield Table Date 07/31/2006
Current Balance  35,272,000.00 First Payment Date 09/12/2006 Lead Manager    Morgan Stanley & Co. Yield Frequency  SemiAnnual
Credit Rating    AA/AA         Next Payment Date  09/12/2006 Orig Deal Size  2,565,237,893.00     Yield Day Count  30/360
Market Desc      N/A           Payment Freq       Monthly    Num of Tranches 40
Factor           1.00000000    Interest Freq      Monthly    Deal Age        0




CONDITION                                              (_GROUP == 1)
PREPAY          CPR 0   (!YM) CPR 50   (!YM) CPR 100   CPR 0           CPR 0   CPR 0   CPR 0     (!YM) CPR 50
DEFAULT                                                                CDR 1   CDR 1   CDR 2.5   CDR 1.8
ADVANCES                                                               YES     YES     YES       YES
RECV MNTH                                                              12      12      12        12
RECV DISTR                                                             100 1   100 1   100 1     100 1
LOSSES                                                                 0.25    0.5     0.4       0.4
BALL EXT                                               24 MOS
PREPAY                                                 CPR 0




----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
----------------------------------------------------------------------------------------------------------------------------------

 99.9215                         5.9929       5.9915       5.9932       5.9430       5.9941       5.9957       5.9958       5.9938
 99.9840                         5.9843       5.9829       5.9846       5.9355       5.9856       5.9872       5.9873       5.9853
100.0465                         5.9758       5.9744       5.9760       5.9279       5.9771       5.9787       5.9788       5.9768
100.1090                         5.9672       5.9658       5.9674       5.9204       5.9686       5.9702       5.9703       5.9683
100.1715                         5.9587       5.9573       5.9588       5.9129       5.9600       5.9617       5.9618       5.9598
100.2340                         5.9502       5.9488       5.9502       5.9054       5.9515       5.9532       5.9534       5.9513
100.2965                         5.9416       5.9402       5.9417       5.8979       5.9430       5.9447       5.9449       5.9428
100.3590                         5.9331       5.9317       5.9331       5.8903       5.9346       5.9363       5.9364       5.9343
100.4215                         5.9246       5.9232       5.9245       5.8829       5.9261       5.9278       5.9280       5.9259
100.4840                         5.9161       5.9147       5.9160       5.8754       5.9176       5.9194       5.9195       5.9174
100.5465                         5.9076       5.9062       5.9074       5.8679       5.9091       5.9109       5.9111       5.9090
100.6090                         5.8991       5.8977       5.8989       5.8604       5.9006       5.9025       5.9026       5.9005
100.6715                         5.8906       5.8893       5.8904       5.8529       5.8922       5.8941       5.8942       5.8921
100.7340                         5.8822       5.8808       5.8818       5.8455       5.8837       5.8857       5.8858       5.8836
100.7965                         5.8737       5.8723       5.8733       5.8380       5.8753       5.8772       5.8774       5.8752
100.8590                         5.8652       5.8639       5.8648       5.8305       5.8669       5.8688       5.8690       5.8668
100.9215                         5.8568       5.8554       5.8563       5.8231       5.8584       5.8604       5.8606       5.8584
100.9840                         5.8483       5.8469       5.8478       5.8156       5.8500       5.8520       5.8522       5.8499
101.0465                         5.8399       5.8385       5.8393       5.8082       5.8416       5.8436       5.8438       5.8415
101.1090                         5.8315       5.8301       5.8308       5.8008       5.8332       5.8353       5.8354       5.8331
101.1715                         5.8230       5.8216       5.8223       5.7934       5.8248       5.8269       5.8270       5.8248
----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE                       9.90         9.90         9.82        11.82         9.94         9.99         9.99         9.96
MOD DURATION @ 100.5465            7.30         7.30         7.26         8.29         7.32         7.35         7.35         7.33
FIRST PRIN                   07/12/2016   07/12/2016   06/12/2016   06/12/2018   07/12/2016   08/12/2016   08/12/2016   07/12/2016
LAST PRIN                    07/12/2016   07/12/2016   06/12/2016   06/12/2018   08/12/2016   08/12/2016   08/12/2016   08/12/2016
PAYMENT WINDOW                        1            1            1            1            2            1            1            2
USD SWAP SPREAD @ 100.5465           35           35           35           28           35           35           35           35



                                                                     Page 5 of 6

--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                                                  MORGAN STANLEY



-----------------------------------------------------------------------------------------------------------------------------
07/31/2006   15:38:57   CARVE Version 73.0   /u/alexwong/deal/hq9/060731/hq9.060731.carve
MSCI         MSCI       SERIES **2006-HQ9 **FITCH/S&P (RED)   CLASS D
-----------------------------------------------------------------------------------------------------------------------------
Class            D             Settlement Date    08/17/2006 Coupon          WAC                  Cusip            N/A
Original Balance 28,859,000.00 Dated Date         08/01/2006 Delay           11                   Yield Table Date 07/31/2006
Current Balance  28,859,000.00 First Payment Date 09/12/2006 Lead Manager    Morgan Stanley & Co. Yield Frequency  SemiAnnual
Credit Rating    AA-/AA-       Next Payment Date  09/12/2006 Orig Deal Size  2,565,237,893.00     Yield Day Count  30/360
Market Desc      N/A           Payment Freq       Monthly    Num of Tranches 40
Factor           1.00000000    Interest Freq      Monthly    Deal Age        0




CONDITION                                           (_GROUP == 1)
PREPAY       CPR 0   (!YM) CPR 50   (!YM) CPR 100   CPR 0           CPR 0   CPR 0   CPR 0     (!YM) CPR 50
DEFAULT                                                             CDR 1   CDR 1   CDR 2.5   CDR 1.8
ADVANCES                                                            YES     YES     YES       YES
RECV MNTH                                                           12      12      12        12
RECV DISTR                                                          100 1   100 1   100 1     100 1
LOSSES                                                              0.25    0.5     0.4       0.4
BALL EXT                                            24 MOS
PREPAY                                              CPR 0




----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
----------------------------------------------------------------------------------------------------------------------------------

99.9234                          6.0236       6.0208       6.0225       5.9724       6.0250       6.0250       6.0346       6.0239
99.9859                          6.0150       6.0122       6.0139       5.9649       6.0165       6.0165       6.0262       6.0154
100.0484                         6.0065       6.0037       6.0053       5.9573       6.0080       6.0080       6.0179       6.0069
100.1109                         5.9980       5.9951       5.9967       5.9498       5.9995       5.9995       6.0095       5.9984
100.1734                         5.9894       5.9866       5.9881       5.9423       5.9910       5.9910       6.0012       5.9899
100.2359                         5.9809       5.9780       5.9795       5.9347       5.9825       5.9825       5.9928       5.9814
100.2984                         5.9724       5.9695       5.9709       5.9272       5.9740       5.9740       5.9845       5.9730
100.3609                         5.9639       5.9610       5.9623       5.9197       5.9656       5.9655       5.9762       5.9645
100.4234                         5.9554       5.9524       5.9537       5.9122       5.9571       5.9571       5.9679       5.9560
100.4859                         5.9469       5.9439       5.9452       5.9047       5.9486       5.9486       5.9595       5.9476
100.5484                         5.9385       5.9354       5.9366       5.8972       5.9402       5.9401       5.9512       5.9391
100.6109                         5.9300       5.9269       5.9281       5.8897       5.9317       5.9317       5.9429       5.9307
100.6734                         5.9215       5.9184       5.9195       5.8822       5.9233       5.9233       5.9346       5.9222
100.7359                         5.9131       5.9099       5.9110       5.8747       5.9149       5.9148       5.9264       5.9138
100.7984                         5.9046       5.9015       5.9025       5.8673       5.9064       5.9064       5.9181       5.9054
100.8609                         5.8962       5.8930       5.8939       5.8598       5.8980       5.8980       5.9098       5.8969
100.9234                         5.8877       5.8845       5.8854       5.8523       5.8896       5.8896       5.9015       5.8885
100.9859                         5.8793       5.8761       5.8769       5.8449       5.8812       5.8811       5.8933       5.8801
101.0484                         5.8709       5.8676       5.8684       5.8374       5.8728       5.8727       5.8850       5.8717
101.1109                         5.8624       5.8592       5.8599       5.8300       5.8644       5.8644       5.8768       5.8633
101.1734                         5.8540       5.8507       5.8514       5.8226       5.8560       5.8560       5.8686       5.8549
----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE                       9.94         9.90         9.82        11.82         9.99         9.99        10.24         9.99
MOD DURATION @ 100.5484            7.31         7.29         7.25         8.27         7.34         7.34         7.47         7.34
FIRST PRIN                   07/12/2016   07/12/2016   06/12/2016   06/12/2018   08/12/2016   08/12/2016   08/12/2016   08/12/2016
LAST PRIN                    08/12/2016   07/12/2016   06/12/2016   06/12/2018   08/12/2016   08/12/2016   02/12/2019   08/12/2016
PAYMENT WINDOW                        2            1            1            1            1            1           31            1
USD SWAP SPREAD @ 100.5484           38           38           38           31           38           38           39           38



                                                                     Page 6 of 6

--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.



                                                                  MORGAN STANLEY

This material was prepared by sales, trading, banking or other non-research
personnel of one of the following: Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan Limited and/or Morgan
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