<SEC-DOCUMENT>0001839882-25-063815.txt : 20251104
<SEC-HEADER>0001839882-25-063815.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251104165634
ACCESSION NUMBER:		0001839882-25-063815
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY
		CENTRAL INDEX KEY:			0000895421
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				363145972
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275587
		FILM NUMBER:		251450365

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-761-4000

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER & CO
		DATE OF NAME CHANGE:	19980326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER DISCOVER & CO
		DATE OF NAME CHANGE:	19960315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Finance LLC
		CENTRAL INDEX KEY:			0001666268
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		ORGANIZATION NAME:           	Office of Structured Finance
		EIN:				363145972
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275587-01
		FILM NUMBER:		251450366

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		(212) 761-4000

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>ms11339_424b2-36915.htm
<DESCRIPTION>AMENDMENT NO. 1 DATED NOVEMBER 4 RELATING TO PRICING SUPPLEMENT NO. 11,339
<TEXT>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 19.80pt 39.60pt 0 39.60pt; min-height: 10.29pt; position: relative; ">
                <P style="line-height: 7.5pt; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #808080; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT></P>
                <P style="line-height: 7.5pt; text-align: right; margin-top: 0; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; color: #808080; "><font style='white-space: pre-wrap;'>Amendment No. 1 dated November 4 relating to</font></FONT></P>
                <P style="line-height: 7.5pt; text-align: right; margin-top: 0; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; color: #808080; "><font style='white-space: pre-wrap;'>Pricing Supplement No. 11,339</font></FONT></P>
                <P style="line-height: 8.0pt; text-align: right; margin-top: 0; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; color: #808080; "><font style='white-space: pre-wrap;'>Registration Statement Nos. 333-275587; 333-275587-01</font></FONT></P>
                <P style="line-height: 7.5pt; text-align: right; margin-top: 0; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; color: #808080; "><font style='white-space: pre-wrap;'>Dated October 31, 2025</font></FONT></P>
                <P style="line-height: 7.5pt; text-align: right; margin-top: 0; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; color: #808080; "><font style='white-space: pre-wrap;'>Filed pursuant to Rule 424(b)(2)</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 16.0pt; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'>M</font></FONT><FONT style="text-transform: none; color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>organ</font></FONT><FONT style="color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'> S</font></FONT><FONT style="text-transform: none; color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>tanley</font></FONT><FONT style="color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'> F</font></FONT><FONT style="text-transform: none; color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>inance</font></FONT><FONT style="color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'> LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 16.0pt; text-indent: -19.8pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; text-transform: uppercase; color: #296DC1; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>Structured Investments</font></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 10.0pt; text-indent: -19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Opportunities in U.S. Equities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="line-height: 11.0pt; margin-top: 0; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual</font></FONT><FONT style="font-family: Times New Roman, Times, serif; color: black; font-size: 8.0pt; "></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Directional Auto-Callable Trigger PLUS Based on the Performance of the iShares</font></FONT><FONT style="font-size: 8pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 8.0pt; margin-top: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; color: #808080; "><font style='white-space: pre-wrap;'>Fully and Unconditionally Guaranteed by Morgan Stanley</font></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 8.0pt; margin-top: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 1.1pt; line-height: 6.5pt; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The securities are unsecured obligations of </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC (&#8220;MSFL&#8221;) and are fully and unconditionally guaranteed by Morgan Stanley.</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>  The securities do not guarantee the repayment of principal, do not provide for the regular payment of interest and have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>T</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>he securities will be automatically redeemed if the determination closing price on </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the first determination date</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the initial share price, for an early redemption payment of $1,282 per security</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-style: italic; "><font style='white-space: pre-wrap;'>,</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> as described below.  No further payments will be made on the securities once they have been redeemed.  At maturity, </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>if the securities have not previously been redeemed and the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the initial share price, investors will receive the stated principal amount of their investment plus a return reflecting 150% of the upside performance of the underlying shares.  If the securities are not automatically redeemed prior to maturity and the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the initial share price but </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> 75% of the initial share price, which we refer to as the downside threshold level, investors will receive the stated principal amount of their investment </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> an unleveraged positive return based on the absolute value of the percentage decline, which will be effectively limited to a 25% return.  However, if the securities are not automatically redeemed prior to maturity and the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the downside threshold level, investors will be exposed to the decline in the underlying shares on a 1-to-1 basis and will receive a payment at maturity that is less than 75% of the stated principal amount of the securities and could be zero.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Accordingly,</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> i</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>nvestors in the securities must be willing to accept the risk of losing their entire initial investment.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The securities are for investors who are willing to risk their principal and forego current income in exchange for the possibility of receiving an early redemption payment or a payment at maturity greater than the stated principal amount if the underlying shares close at or above the initial share price on the first determination date or below the initial share price but at or above the downside threshold level on the final determination date, respectively, and the limited protection against loss that applies only if the final share price is greater than or equal to the downside threshold level. The securities are notes issued as part of MSFL&#8217;s Series A Global Medium-Term Notes program.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 1.1pt; line-height: 6.5pt; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Investors should be knowledgeable about the risks associated with cryptocurrencies and digital assets because the underlying seeks to reflect generally the performance of the price of bitcoin and therefore the securities involve significant risks in investments tracking cryptocurrencies. </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Bitcoin has historically exhibited high price volatility relative to more traditional asset classes and has experienced extreme volatility in recent periods and may continue to do so.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 1.1pt; line-height: 6.5pt; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>All payments are subject to our credit risk.  If we default on our obligations, you could lose some or all of your investment.  These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.</font></FONT></P>
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                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.5pt; color: #FFFFFF; "><font style='white-space: pre-wrap;'>FINAL TERMS</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Issuer: </font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                        </TD>
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                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Guarantor:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Underlying shares:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Shares of the iShares</font></FONT><FONT style="font-size: 5pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF (the &#8220;Fund&#8221;)</font></FONT></P>
                        </TD>
                    </TR>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Aggregate principal amount:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$104,096,000</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Stated principal amount:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 per security</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Issue price:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 per security</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Pricing date: </font></FONT></P>
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                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>October 31, 2025</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Original issue date: </font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>November 5, 2025 (3 business days after the pricing date)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Maturity date: </font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>November 3, 2027</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Early redemption:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If, on the first determination date, November 6, 2026&#8236;, the determination closing price of the underlying shares is </font></FONT><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> the initial share price, the securities will be automatically redeemed for the early redemption payment on the early redemption date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Early redemption payment:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The early redemption payment will be an amount in cash per stated principal amount of </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,282</font></FONT><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. See &#8220;Determination Dates, Early Redemption Date and Early Redemption Payment&#8221; below.</font></FONT></P>
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>No further payments will be made on the securities once they have been redeemed.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Determination dates:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>See &#8220;Determination Dates, Early Redemption Date and Early Redemption Payment&#8221; below. We also refer to October 29, 2027 as the final determination date.</font></FONT></P>
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The determination dates are subject to postponement for non-trading days and certain market disruption events.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Early redemption date:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>See &#8220;Determination Dates, Early Redemption Date and Early Redemption Payment&#8221; below.  If such day is not a business day, the early redemption payment, if payable, will be paid on the next business day, and no adjustment will be made to the early redemption payment.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Initial share price:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$62.30, which is the closing price of one underlying share on the pricing date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Final share price: </font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The determination closing price on the final determination date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Determination closing price:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The closing price of one underlying share on any determination date </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>multiplied by </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the adjustment factor on such determination date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Adjustment factor:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>1.0, subject to adjustment in the event of certain events affecting the underlying shares</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Payment at maturity:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the securities have not previously been redeemed, you will receive at maturity a cash payment per security as follows:</font></FONT></P>
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; margin-left: 16.12pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the initial share price:</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></FONT></P>
                            <P style="line-height: 7.0pt; padding-left: 47.52pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; share percent change &#215; 150%)</font></FONT></P>
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; margin-left: 16.12pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the final share price is</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> less than </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the initial share price but is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the downside threshold level:</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></FONT></P>
                            <P style="line-height: 7.0pt; padding-left: 48.45pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; absolute share return)</font></FONT></P>
                            <P style="line-height: 7.0pt; padding-left: 16.45pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the underlying shares. In no event will this amount exceed the stated principal amount </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> $250.</font></FONT></P>
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; margin-left: 16.12pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the final share price is</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the downside threshold level:</font></FONT></FONT></P>
                            <P style="line-height: 7.0pt; padding-left: 47.52pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,000 &#215; share performance factor</font></FONT></P>
                            <P style="line-height: 7.0pt; padding-left: 16.45pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Under these circumstances, you will lose at least 25%, and possibly all, of your investment.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Downside threshold level:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$46.725, which is equal to 75% of the initial share price</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Share performance factor:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Final share price </font></FONT><FONT style="font-style: italic; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>divided by</font></FONT><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> the initial share price</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Share percent change:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>(final share price &#8211; initial share price) / initial share price</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 7.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Absolute share return:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The absolute value of the share percent change. For example, a -5% share percent change will result in a +5% absolute share return.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>CUSIP:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>61779PYD1</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.30pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>ISIN:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="line-height: 7.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>US61779PYD13</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Listing:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The securities will not be listed on any securities exchange.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Agent:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley &amp; Co. LLC (&#8220;MS &amp; Co.&#8221;), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley.  See &#8220;Supplemental information regarding plan of distribution; conflicts of interest.&#8221;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; text-align: left; "><FONT style="font-size: 7.0pt; font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Estimated value on the pricing date:</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$961.70 per security.  See &#8220;Investment Summary&#8221; beginning on page 3.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 8.36pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Commissions and issue price:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Price to public</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Agent&#8217;s commissions and fees</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Proceeds to us</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>(3)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 8.36pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 28.71pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Per security</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$20</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>(1)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 8.36pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 28.71pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$5</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>(2)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$975</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 8.36pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 28.71pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Total</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$104,096,000</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$2,602,400</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="line-height: 7.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$101,493,600</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -9.90pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-style: italic; font-size: 6.5pt; ">(1)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-style: italic; font-size: 6.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Selected dealers, including Morgan Stanley Wealth Management (an affiliate of the agent), and their financial advisors will collectively receive from the agent, MS &amp; Co., a fixed sales commission of $20 for each security they sell. See &#8220;Supplemental information regarding plan of distribution; conflicts of interest.&#8221; For additional information, see &#8220;Plan of Distribution (Conflicts of Interest)&#8221; in the accompanying product supplement.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -9.90pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-style: italic; font-size: 6.5pt; ">(2)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-style: italic; font-size: 6.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5 for each security.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -9.90pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-style: italic; font-size: 6.5pt; ">(3)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-style: italic; font-size: 6.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>See &#8220;Use of proceeds and hedging&#8221; on page 21.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities involve risks not associated with an investment in ordinary debt securities.  See &#8220;Risk Factors&#8221; beginning on page 9.</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement and prospectus is truthful or complete.  Any representation to the contrary is a criminal offense.</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>You should read this document together with the related product supplement and prospectus, each of which can be accessed via the hyperlinks below.  When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see &#8220;Additional Terms of the Securities&#8221; and &#8220;Additional Information About the Securities&#8221; at the end of this document.</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 6.0pt; margin-bottom: 0; margin-left: -19.8pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>As used in this document, &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.</font></FONT></P>

                <P style="margin-top: 1.65pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-indent: -19.8pt; text-align: center; "><A href="https://www.sec.gov/Archives/edgar/data/895421/000095010323016333/dp202676_424b2-epsacallsec.htm"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "></FONT><FONT style="font-weight: bold; color: #296DC1; font-size: 7.0pt; font-family: Arial, sans-serif; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Product Supplement for Auto-Callable Securities dated </font></U><U><font style='white-space: pre-wrap;'>November 16, 2023</font></U><U><font style='white-space: pre-wrap;'>&#8236;</font></U></FONT></A><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; color: black; "></FONT><FONT style="font-weight: bold; color: #296DC1; font-size: 7.0pt; text-decoration: none; display: inline-block; font-family: Arial, sans-serif; width: 23.93pt; ">&nbsp;</FONT><FONT style="font-weight: bold; color: #296DC1; font-size: 7.0pt; text-decoration: none; display: inline-block; font-family: Arial, sans-serif; "></FONT><A href="https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm" style="word-break: break-all; "><FONT style="font-weight: bold; color: #296DC1; font-size: 7.0pt; font-family: Arial, sans-serif; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Prospectus dated </font></U><U><font style='white-space: pre-wrap;'>April 12, 2024</font></U><U><font style='white-space: pre-wrap;'>&#8236;</font></U></FONT></A></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 30.09pt 39.60pt; min-height: 0.00pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>1</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 0.0pt; line-height: 1.2; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Determination Dates, Early Redemption Date and Early Redemption Payment</font></FONT></P>
                <TABLE width="98.60%" style="margin-left: 4.950000000000001pt; width: 98.60%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="22.84%" style="width: 22.84%; border: 0; margin: 0; padding: 0; height: 0; ">
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                        <TD width="19.03%" style="width: 19.03%; border: 0; margin: 0; padding: 0; height: 0; ">
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                        <TD width="22.81%" style="width: 22.81%; border: 0; margin: 0; padding: 0; height: 0; ">
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                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD colspan="2" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #FFFFFF; border-bottom:  0.50pt solid #FFFFFF; border-left:  0.50pt solid #FFFFFF; border-right:  0.50pt solid #FFFFFF; background-color: #296DC1; vertical-align: middle; ">
                            <P style="text-align: center; margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Determination Dates</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #FFFFFF; border-bottom:  0.50pt solid #FFFFFF; border-left:  0.50pt solid #FFFFFF; border-right:  0.50pt solid #FFFFFF; background-color: #296DC1; vertical-align: middle; ">
                            <P style="text-align: center; margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Early Redemption Date</font></FONT></P>
                        </TD>
                        <TD colspan="2" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #FFFFFF; border-bottom:  0.50pt solid #FFFFFF; border-right:  0.50pt solid #FFFFFF; border-left:  0.50pt solid #FFFFFF; background-color: #296DC1; ">
                            <P style="text-align: center; margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Early Redemption Payment (per $1,000 Security)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; text-align: right; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> determination date:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>November 6, 2026&#8236;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; text-align: right; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> early redemption date:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>November 12, 2026&#8236;</font></FONT></P>
                        </TD>
                        <TD colspan="2" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,282&#8236;</font></FONT></P>
                        </TD>
                        <TD>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; text-align: right; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Final determination date:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>October 29, 2027</font></FONT></P>
                        </TD>
                        <TD colspan="3" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>See &#8220;Maturity date&#8221; </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>above</font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>.</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; width: 2.48pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "></FONT></P>
                        </TD>
                        <TD colspan="2" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>See &#8220;Payment at maturity&#8221; above.</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>2</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Investment Summary</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 12.0pt; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #A6A6A6; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 11.0pt; margin-top: 0; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS Based on the Performance of the iShares</font></FONT><FONT style="font-size: 7pt; vertical-align: super; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027 (the &#8220;securities&#8221;) do not provide for the regular payment of interest and do not guarantee the repayment of principal.</font></FONT><FONT style="font-family: Arial, sans-serif; color: black; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>Instead, the securities will be automatically redeemed if the determination closing price on the first determination date is </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>greater than or equal</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>to</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> the initial share price, for an early redemption payment of $1,282, as described below.  At maturity, if the securities have not previously been redeemed and the final share price is </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> the initial share price, investors will receive the stated principal amount of their investment </font></FONT><FONT style="font-style: italic; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> a return reflecting 150% of the upside performance of the underlying shares.  If the final share price is </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> the initial share price but </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> the downside threshold level, which is 75% of the initial share price, investors will receive the stated principal amount of their investment </font></FONT><FONT style="font-style: italic; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> an unleveraged positive return based on the absolute value of the percentage decline, which will be effectively limited to a 25% return.  However, if the final share price is </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> the downside threshold level, investors will be exposed to the decline in the underlying shares on a 1-to-1 basis and will receive a payment at maturity that is less than 75% of the stated principal amount of the securities and could be zero.  </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>Accordingly,</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> i</font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>nvestors in the securities must be willing to accept the risk of losing their entire initial investment.</font></FONT></P>
                <TABLE width="534.21pt" style="margin-left: 39.99pt; width: 534.21pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="118.42pt" style="width: 118.42pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="415.80pt" style="width: 415.80pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; font-weight: bold; color: #296DC1; "><font style='white-space: pre-wrap;'>Maturity:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Approximately 2 years</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; font-weight: bold; color: #296DC1; "><font style='white-space: pre-wrap;'>Automatic early redemption:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If, on the first determination date, the determination closing price of the underlying shares is </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> the initial share price, the securities will be automatically redeemed for the early redemption payment on the early redemption date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; font-weight: bold; color: #296DC1; "><font style='white-space: pre-wrap;'>Early redemption payment: </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 2.2pt; line-height: 11.0pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The early redemption payment will be an amount in cash per stated principal amount, as follows: </font></FONT></P>
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #000000; font-size: 9.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> determination </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>date</font></FONT><FONT style="font-family: Times New Roman, Times, serif; color: black; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>:</font>&nbsp;&nbsp;&nbsp;&nbsp;<font style='white-space: pre-wrap;'>$1,282&#8236;  </font></FONT></FONT></P>
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; padding-left: 39.6pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                            <P style="margin-top: 2.2pt; margin-bottom: 0.0pt; line-height: 11.0pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>No further payments will be made on the securities once they have been redeemed.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; font-weight: bold; color: #296DC1; "><font style='white-space: pre-wrap;'>Payment at maturity:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the securities have not previously been redeemed, you will receive at maturity a cash payment per security as follows:</font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price:</font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 59.4pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; share percent change &#215; 150%)</font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the final share price is</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> less than </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>the initial share price but</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level:</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> </font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 59.4pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; absolute share return)</font></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 39.6pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the underlying shares. In no event will this amount exceed the stated principal amount </font></FONT><FONT style="font-style: italic; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $250.</font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level:</font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 59.4pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 &#215; share performance factor </font></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 0.0pt; line-height: 11.0pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the final share price is less than the downside threshold level, investors will be fully exposed to the negative performance of the underlying shares and will receive a payment at maturity that is less than 75% of the stated principal amount of the securities and could be zero.  </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Accordingly,</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>investors in the securities must be willing to accept the risk of losing their entire initial investment.</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>3</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 2.2pt; margin-bottom: 6.6pt; line-height: 10.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The original issue price of each security is $1,000.  This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date is less than $1,000.  We estimate that the value of each security on the pricing date is $961.70.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; padding-left: 0.0pt; "><FONT style="font-style: italic; color: black; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>What goes into the estimated value on the pricing date?</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlying shares.  The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlying shares, instruments based on the underlying shares, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; padding-left: 0.0pt; "><FONT style="font-style: italic; color: black; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>What determines the economic terms of the securities?</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In determining the economic terms of the securities, including the early redemption payment amount and the downside threshold level, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us.  If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; padding-left: 0.0pt; "><FONT style="font-style: italic; color: black; font-size: 9.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The price at which MS &amp; Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlying shares, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS &amp; Co. would charge in a secondary market transaction of this type and other factors.  However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to the extent that MS &amp; Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlying shares, and to our secondary market credit spreads, it would do so based on values higher than the estimated value.  We expect that those higher values will also be reflected in your brokerage account statements.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 11.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>MS &amp; Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time.</font></FONT></P>
                <P style="margin-top: 1.1pt; line-height: 1.2; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>4</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-weight: bold; color: #296DC1; font-size: 10.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Key Investment Rationale</font></FONT></P>
                <P style="margin-bottom: 6.6pt; line-height: 12.0pt; margin-top: 0; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>The securities do not provide for the regular payment of interest.  Instead, the securities will be automatically redeemed for an early redemption amount if the determination closing price on the first determination date is </font></FONT><FONT style="font-weight: bold; font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'> the initial share price.</font></FONT></P>
                <P style="margin-bottom: 6.6pt; line-height: 12.0pt; margin-top: 0; "><FONT style="font-size: 9.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>The following scenarios are for illustrative purposes only to demonstrate how an automatic early redemption payment or the payment at maturity (if the securities have not previously been redeemed) are calculated, and do not attempt to demonstrate every situation that may occur.  Accordingly, the securities may or may not be redeemed prior to maturity and the payment at maturity may be less than the stated principal amount of the securities and may be zero.</font></FONT></P>
                <TABLE width="584.10pt" style="margin-left: 0.0pt; width: 584.10pt; table-layout: fixed; border-collapse: collapse; ">
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                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-bottom:  1.50pt solid #FFFFFF; border-top:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; color: #296DC1; "><font style='white-space: pre-wrap;'>Absolute Return Feature</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-left:  1.50pt solid #FFFFFF; ">
                            <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The securities enable investors to obtain an unleveraged positive return if the final share price is </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price but is </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-bottom:  1.50pt solid #FFFFFF; border-top:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; color: #296DC1; "><font style='white-space: pre-wrap;'>Automatic Early Redemption</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-left:  1.50pt solid #FFFFFF; ">
                            <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>at or above</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price on the first determination date, the securities will be automatically redeemed for the early redemption payment on the early redemption date.  Investors do not participate in any appreciation of the underlying shares.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-bottom:  1.50pt solid #FFFFFF; border-top:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; color: #296DC1; "><font style='white-space: pre-wrap;'>Upside Scenario if the Underlying Shares Appreciate</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-left:  1.50pt solid #FFFFFF; ">
                            <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>This scenario assumes that the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price on the first determination date.  Consequently, the securities are not redeemed prior to maturity.  On the final determination date, the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>at or above</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price.  At maturity, investors will receive the stated principal amount of their investment plus a return reflecting 150% of the upside performance of the underlying shares.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-bottom:  1.50pt solid #FFFFFF; border-top:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; color: #296DC1; "><font style='white-space: pre-wrap;'>Absolute Return Scenario</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-left:  1.50pt solid #FFFFFF; vertical-align: middle; ">
                            <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>This scenario assumes that the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price on the first determination date.  Consequently, the securities are not redeemed prior to maturity.  On the final determination date, the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>the initial share price but </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>at or above</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level of 75% of the initial share price.  In this case, investors receive a 1% positive return on the securities for each 1% negative return on the underlying shares. For example, if the final share price is 10% less than the initial share price, the securities will provide a total positive return of 10% at maturity. The maximum return investors may receive in this scenario is a positive 25% return at maturity.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-bottom:  1.50pt solid #FFFFFF; border-top:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; color: #296DC1; "><font style='white-space: pre-wrap;'>Downside Scenario</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 1.59pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 1.59pt; border-left:  1.50pt solid #FFFFFF; vertical-align: middle; ">
                            <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>This scenario assumes that the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price on the first determination date.  Consequently, the securities are not redeemed prior to maturity.  On the final determination date, the underlying shares close </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level.  At maturity, investors will receive an amount equal to the stated principal amount </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>multiplied by</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the share performance factor.  Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-bottom: 2.2pt; line-height: 9.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 8.0pt; color: black; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>5</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 6.6pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Hypothetical Examples</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 8.8pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The following hypothetical examples are for illustrative purposes only.  Whether the securities are redeemed prior to maturity will be determined by reference to the determination closing price on the first determination date, and the payment at maturity will be determined by reference to the determination closing price on the final determination date.  The actual initial share price and downside threshold level are set forth on the cover of this document.  Some numbers appearing in the examples below have been rounded for ease of analysis.  All payments on the securities are subject to our credit risk.  The below examples are based on the following terms:</font></FONT></P>
                <TABLE width="98.08%" style="margin-left: -0.9900000000000002pt; background-color: #DCEBF4; width: 98.08%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
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                        </TD>
                        <TD width="80.50%" style="width: 80.50%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
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                    <TR style="vertical-align: top; min-height: 8.31pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Hypothetical Initial Share Price:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: middle; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>$80.00</font></FONT></P>
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                    <TR style="vertical-align: top; min-height: 7.04pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: normal; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Hypothetical Downside Threshold Level:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 11.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$60.00, which is 75% of the hypothetical initial share price</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 7.04pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF5; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: normal; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Early Redemption Payment:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF5; vertical-align: middle; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 11.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The early redemption payment will be an amount in cash per stated principal amount, as follows: </font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 8.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> determination </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>date</font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>:</font>&nbsp;&nbsp;&nbsp;&nbsp;<font style='white-space: pre-wrap;'>$1,282&#8236;</font></FONT></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>No further payments will be made on the securities once they have been redeemed.</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: normal; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Payment at Maturity:</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: middle; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If the securities have not previously been redeemed, you will receive at maturity a cash payment per security as follows:</font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 8.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>greater than or equal to </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>the initial share price:</font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 59.4pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; share percent change &#215; 150%)</font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 8.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If the final share price is</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> the initial share price but</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level:</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> </font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 59.4pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; absolute share return)</font></FONT></P>
                            <P style="padding-left: 39.6pt; margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 10.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the underlying shares. In no event will this amount exceed the stated principal amount </font></FONT><FONT style="font-style: italic; font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $250.</font></FONT></P>
                            <P style="margin-top: 1.1pt; margin-bottom: 2.2pt; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 8.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If the final share price is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>less than</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level:</font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 59.4pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 &#215; share performance factor </font></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 33.94pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Under these circumstances, you will lose a significant portion or all of your investment.</font></FONT></P>
                        </TD>
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                    <TR style="vertical-align: top; min-height: 8.31pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF5; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Stated Principal Amount:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF5; vertical-align: middle; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 8.31pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Adjustment Factor:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>1.0</font></FONT></P>
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                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>6</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Automatic Call:</font></U></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Example 1 &#8212; The securities are redeemed following the first determination date.</font></FONT></P>
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                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Determination Closing Price</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Payment (per Security)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$100.00 (</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>at or above</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price, securities are automatically redeemed)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,282&#8236;</font></FONT></P>
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                    </TR>
                </TABLE>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In this example, the determination closing price on the first determination date is at or above the initial share price.  Therefore the securities are automatically redeemed on the early redemption date.  Investors will receive a payment of $1,282&#8236;&#8236; per security on the early redemption date.  No further payments will be made on the securities once they have been redeemed, and investors do not participate in the appreciation of the underlying shares.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Payment at Maturity</font></U></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; line-height: 10.0pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In the following examples, the determination closing price on the first determination date is less than the initial share price, and, consequently, the securities are not automatically redeemed prior to, and remain outstanding until, maturity.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Example 1 &#8212; The final share price is above the initial share price.</font></FONT></P>
                <TABLE width="558.36pt" style="margin-left: -5.94pt; width: 558.36pt; table-layout: fixed; border-collapse: collapse; ">
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                        </TD>
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                        </TD>
                        <TD width="205.92pt" style="width: 205.92pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Determination Closing Price</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Payment (per Security)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$70.00 (</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price, securities are not redeemed)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>--</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Final Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$88.00 (</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>above</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; 10% &#215; 150%) = $1,150</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; line-height: 10.0pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In this example, the determination closing price is below the initial share price on the first determination date, and therefore the securities are not redeemed prior to maturity.  On the final determination date, the underlying shares have appreciated 10% from the hypothetical initial share price.  At maturity, investors receive the stated principal amount plus a return reflecting 150% of the appreciation of the underlying shares.  Investors receive $1,150 per security at maturity. </font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Example 2 &#8212; The final share price is below the initial share price but at or above the downside threshold level.</font></FONT></P>
                <TABLE width="558.36pt" style="margin-left: -5.94pt; width: 558.36pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="144.54pt" style="width: 144.54pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="207.90pt" style="width: 207.90pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="205.92pt" style="width: 205.92pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Determination Closing Price</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Payment (per Security)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$75.00 (</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price, securities are not redeemed)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>--</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Final Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$64.00 (</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>at or below</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the initial share price but </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>at or above</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> the downside threshold level)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; 20%) = $1,200</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; line-height: 10.0pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>In this example, the determination closing price is below the initial share price on the first determination date, and therefore the securities are not redeemed prior to maturity.  On the final determination date, the final share price is below the initial share price but at or above the downside threshold level, and accordingly, investors receive the stated principal amount </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'> a return reflecting the absolute value of the percentage decline. Investors receive $1,200 per security at maturity. In this example, investors receive a positive return even though the underlying shares have declined by 20% due to the absolute return feature of the securities and because the underlying shares have not declined beyond the downside threshold level.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Example 3 &#8212; The final share price is below the downside threshold level.</font></FONT></P>
                <TABLE width="558.36pt" style="margin-left: -5.94pt; width: 558.36pt; table-layout: fixed; border-collapse: collapse; ">
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                        <TD width="144.54pt" style="width: 144.54pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="207.90pt" style="width: 207.90pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="205.92pt" style="width: 205.92pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Determination Closing Price</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Payment (per Security)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>st</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$70.00 (below the initial share price, securities are not redeemed)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>--</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Final Determination Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$24.00 (below the downside threshold level)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-align: center; text-indent: 19.8pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000 &#215; share performance factor = $1,000 &#215; 30% = $300</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>7</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In this example, the determination closing price is below the initial share price on the first determination date, and therefore the securities are not redeemed prior to maturity.  On the final determination date, because the final share price is below the downside threshold level, the absolute return feature is no longer available and accordingly, investors are fully exposed to the negative performance of the underlying shares over the term of the securities, and will receive a payment at maturity that is significantly less than the stated principal amount of the securities.  The payment at maturity is $300 per security, representing a loss of 70% on your investment.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 5.5pt; text-indent: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the securities are not redeemed prior to maturity and the final share price is less than the downside threshold level, the absolute return feature will no longer be available and you will lose a significant portion or all of your investment in the securities.</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>8</FONT></FONT></P>
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                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 6.6pt; margin-top: 0; "><FONT style="color: #296DC1; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Risk Factors</font></FONT></P>
                <P style="margin-bottom: 6.6pt; line-height: 12.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; font-style: italic; color: black; "><font style='white-space: pre-wrap;'>This section describes the material risks relating to the securities.  For further discussion of these and other risks, you should read the section entitled &#8220;Risk Factors&#8221; in the accompanying product supplement and prospectus.  We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.</font></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 12.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-style: normal; color: #296DC1; font-size: 12.0pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to an Investment in the Securities</font></U></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The securities do not pay interest or guarantee the return of any principal.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The terms of the securities differ from those of ordinary debt securities in that they do not pay interest or guarantee the return of any of the principal amount at maturity.  If the securities have not been automatically redeemed prior to maturity and if the final share price is less than the downside threshold level, the absolute return feature will no longer be available and you will be exposed to the decline in the closing price of the underlying shares, as compared to the initial share price, on a 1-to-1 basis, and you will receive for each security that you hold at maturity an amount equal to the stated principal amount </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>multiplied by </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>the share performance factor.  In this case, the payment at maturity will be less than 75% of the stated principal amount and could be zero.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>If the securities are redeemed prior to maturity, the appreciation potential of the securities is limited by the fixed early redemption payment specified for the first determination date.</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: normal; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  If the underlying shares close at or above the initial share price on the first determination date, the securities will be automatically redeemed. In this scenario, the appreciation potential of the securities is limited to the fixed early redemption payment specified for the first determination date, and no further payments will be made on the securities once they have been redeemed. In addition, if the securities are redeemed prior to maturity, you will not participate in any appreciation of the underlying shares, which could be significant. Moreover, the fixed early redemption payment may be less than the payment at maturity you would receive for the same level of appreciation of the underlying shares had the securities not been automatically redeemed and instead remained outstanding until maturity.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The market price will be influenced by many unpredictable factors.</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: normal; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS &amp; Co. may be willing to purchase or sell the securities in the secondary market.  We expect that generally the level of interest rates available in the market and the closing price of the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>underlying shares</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: normal; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> on any day will affect the value of the securities more than any other factors.  Other factors that may influence the value of the securities include:</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Times New Roman, Times, serif; font-size: 9.5pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>the trading price, volatility (frequency and magnitude of changes in value),</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Times New Roman, Times, serif; font-size: 9.5pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>interest and yield rates in the market, </font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Times New Roman, Times, serif; font-size: 9.5pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>the time remaining until the securities mature, </font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Times New Roman, Times, serif; font-size: 9.5pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying shares or the markets generally and which may affect the final share price of the underlying shares, </font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Times New Roman, Times, serif; font-size: 9.5pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>the occurrence of certain events affecting the underlying shares that may or may not require an adjustment to the adjustment factor, and </font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Times New Roman, Times, serif; font-size: 9.5pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; background-color: #FFFFFF; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>any actual or anticipated changes in our credit ratings or credit spreads.  </font></FONT></FONT></P>
                <P style="padding-left: 19.8pt; margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: normal; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity.  </font></FONT></P>
                <P style="padding-left: 19.8pt; margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>You cannot predict the future performance of the iShares</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF based on its historical performance.  There can be no assurance that the closing value of the underlying shares will be at or above the initial share price on the first determination date or at or above the downside threshold level on the final determination date so that you do not suffer a significant loss on your initial investment in the securities.  The underlying fund began trading on January 11, 2024 and therefore has limited historical performance. See &#8220;iShares</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF Overview&#8221; below.</font></FONT></P>
                <P style="padding-left: 19.8pt; margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The price of the underlying shares may be, and has recently been, volatile, and we can give you no assurance that the volatility will lessen.  See &#8220;iShares</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF Overview&#8221; below.  You may receive less, and possibly significantly less, than the stated principal amount per security if you try to sell your securities prior to maturity.</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>9</FONT></FONT></P>
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            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  You are dependent on our ability to pay all amounts due on the securities upon an early redemption or at maturity and therefore you are subject to our credit risk.  If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment.  As a result, the market value of the securities prior to maturity will be affected by changes in the market&#8217;s view of our creditworthiness.  Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; background-color: #FFFFFF; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>As a finance subsidiary, MSFL has no independent operations and will have no independent assets</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>.  As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding.  Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank </font></FONT><FONT style="font-style: italic; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>pari passu</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated </font></FONT><FONT style="font-style: italic; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>pari passu</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Reinvestment risk.</font></FONT><FONT style="font-weight: normal; font-size: 9.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>  </font></FONT><FONT style="font-weight: normal; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The term of your investment in the securities may be shortened due to the automatic early redemption feature of the securities.  If the securities are redeemed prior to maturity, you will receive no further payments on the securities and may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns.</font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-size: 12.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The securities will not be listed on any securities exchange and secondary trading may be limited, and accordingly, you should be willing to hold your securities for the entire 2-year term of the securities.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  The securities will not be listed on any securities exchange.  Therefore, there may be little or no secondary market for the securities.  MS &amp; Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time.  When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities.  Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily.  Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS &amp; Co. is willing to transact.  If, at any time, MS &amp; Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities.  Accordingly, you should be willing to hold your securities to maturity.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Not equivalent to investing in the underlying shares or its underlying asset. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Investing in the securities is not equivalent to investing in the underlying shares or its underlying asset.  Investors in the securities will not have voting rights or any other rights with respect to the underlying shares or the underlying asset. As a result, the return will not reflect the return investors would realize if they actually owned and held the underlying or the underlying asset for a period similar to the term of the investment, because the investors will not receive any dividend payments, distributions or any other payments made on such shares or asset, as applicable.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us.  Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS &amp; Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.</font></FONT></FONT></P>
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                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>10</FONT></FONT></P>
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            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; line-height: 1.2; padding-left: 19.8pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.</font></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 1.2; padding-left: 19.8pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to the extent that MS &amp; Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlying shares, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.</font></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect.  As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities.  In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS &amp; Co., would be willing to purchase your securities in the secondary market (if any exists) at any time.  The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions.  See also &#8220;The market price will be influenced by many unpredictable factors&#8221; above.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Hedging and trading activity by our affiliates could potentially affect the value of the securities.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the securities (and to other instruments linked to the underlying shares or its underlying asset), including trading in the underlying shares as well as in other instruments related to the underlying shares or the underlying asset.  As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the final determination date approaches.  Some of our affiliates also trade the underlying shares, the underlying asset and/or other financial instruments related to the underlying shares or the underlying asset on a regular basis as part of their general broker-dealer and other businesses.  Any of these hedging or trading activities on or prior to the pricing date could potentially increase the initial share price, and, therefore, could increase (i) the price at or above which the underlying shares must close on the first determination date so that the securities are redeemed prior to maturity for the early redemption payment, and (ii) the downside threshold level, which is the price at or above which the underlying shares must close on the final determination date so that you are not exposed to the negative price performance of the underlying shares at maturity.  Additionally, such hedging or trading activities during the term of the securities could potentially affect the price of the underlying shares on the determination dates, and, accordingly, whether we redeem the securities prior to maturity and the amount of cash you will receive at maturity, if any.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  As calculation agent, MS &amp; Co. will determine the initial share price, the downside threshold level, whether the securities will be redeemed on the early redemption date, the final share price, whether to make any adjustments to the adjustment factor and the payment you will receive at maturity, if any.  Moreover, certain determinations made by MS &amp; Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events and certain adjustments to the adjustment factor, may adversely affect the payout to you upon an early redemption or at maturity, if any.  For further information regarding these types of determinations, see "Description of Auto-Callable Securities&#8212;Postponement of Determination Dates," "&#8212;Alternate Exchange Calculation in Case of an Event of Default&#8221; and "&#8212;Calculation Agent and Calculations" in the accompanying product supplement and &#8220;Additional Terms of the Securities&#8212;Discontinuance of the underlying shares; alteration of method of calculation&#8221; below.  In addition, MS &amp; Co. has determined the estimated value of the securities on the pricing date.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The U.S. federal income tax consequences of an investment in the securities are uncertain.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Please read the discussion under &#8220;Additional Information&#8212;Tax considerations&#8221; in this document and the discussion under &#8220;United States Federal Taxation&#8221; in the accompanying product supplement for auto-callable securities (together, the &#8220;Tax Disclosure Sections&#8221;) concerning the U.S. federal income tax consequences of an investment in the securities.  As discussed in the Tax Disclosure Sections, there is a risk that the &#8220;constructive ownership&#8221; rule could apply, in which case all or a portion of any long-term capital gain recognized by a U.S. Holder could be recharacterized as ordinary income and an interest charge could be imposed.  In addition, there is no direct legal authority regarding the proper U.S. federal tax treatment of the </font></FONT></FONT></P>
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                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>11</FONT></FONT></P>
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            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; margin-left: 19.80pt; "><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>securities, and we do not plan to request a ruling from the Internal Revenue Service (the &#8220;IRS&#8221;).  Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the tax treatment of a security as a single financial contract that is an &#8220;open transaction&#8221; for U.S. federal income tax purposes.  If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities, including the timing and character of income recognized by U.S. Holders and the withholding tax consequences to Non-U.S. Holders, might be materially and adversely affected.  Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.  </font></FONT></FONT></P>
                <P style="padding-left: 19.8pt; margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.</font></FONT></P>
                <P style="padding-left: 19.8pt; margin-top: 6.6pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-style: normal; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 12.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-style: normal; color: #296DC1; font-size: 12.0pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to </font></U><U><font style='white-space: pre-wrap;'>the Underlying Shares</font></U></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Governmental regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the underlying stock, or engaging in transactions therein, and any such action could adversely affect the value of the underlying stock or the securities. These regulatory actions could result in restrictions on the securities and could result in the loss of a significant portion or all of your initial investment in the securities, including if you are forced to divest the securities due to the government mandates, especially if such divestment must be made at a time when the value of the securities has declined.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The securities are subject to risks associated with bitcoin and digital assets.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The investment objective of the iShares</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF is to reflect generally the performance of the price of bitcoin, less the iShares</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF&#8217;s expenses. Bitcoin is a digital asset, and use of bitcoin in the retail and commercial marketplace is relatively limited. Bitcoin generally operates without central authority or banks and is not backed by any government or organized governing body. Digital assets such as bitcoin represent new, novel and rapidly evolving products, and their value is influenced by a wide variety of factors that are uncertain and difficult to evaluate. The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Digital asset markets in the United States exist in a state of regulatory uncertainty and the exchanges on which bitcoin trades globally, including in the United States, are relatively new and, in most cases, largely unregulated. Legislative or regulatory developments could significantly affect the value of bitcoin, as could competition from other digital assets. Political or economic crises may motivate large-scale sales of bitcoin, resulting in a reduction in the price of bitcoin. The value of bitcoin could be adversely affected by the actions of bitcoin miners and changes in the block rewards and transaction fees miners earn. Bitcoin is susceptible to theft, loss and fraud. The Bitcoin Network, bitcoin custodians and trading platforms are subject to risks relating to operational problems, technical glitches, internet disruptions, shutdowns, hackers and malware, all of which may also affect the price of bitcoin. Over the past several years, some digital asset platforms have been closed, been subject to criminal and civil litigation and have entered into bankruptcy proceedings due to fraud and manipulative activity, business failure and/or security breaches. Negative perception, a lack of stability and standardized regulation in the digital asset markets and/or the closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, security breaches or government mandated regulation, and associated losses by customers, may reduce confidence in digital asset networks and result in greater volatility in the prices of digital assets, including bitcoin. These and other factors could have an adverse effect on the price of bitcoin and, therefore, the value of the securities. </font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Investments linked to bitcoin are subject to specific risks relating to security threats.</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Security breaches, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets, including bitcoin. The sponsor of the Underlier has stated that it believes that the bitcoins held in the Underlier&#8217;s account at its bitcoin custodian or trading balance held with its prime execution agent will be an appealing target to hackers or malware distributors seeking to steal the Underlier&#8217;s bitcoins and will only become more appealing as the amount or value of the Underlier&#8217;s assets grow. To the extent that the Underlier is unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the Underlier&#8217;s bitcoins may be subject to theft, loss or other attack.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Investments linked to bitcoin are subject to specific risks relating to fraud and manipulation. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Many digital asset platforms, both in the United States and abroad, are unlicensed, not subject to, or not in compliance with, regulation in relevant jurisdictions, or operate without extensive supervision by governmental authorities, and therefore may be more susceptible to fraudulent or manipulative acts and practices. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions and may take the </font></FONT></FONT></P>
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                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>12</FONT></FONT></P>
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                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; "><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>position that they are not subject to laws and regulations that would apply to a regulated financial market in the United States, or may, as a practical matter, be beyond the ambit of U.S. regulators. Furthermore, many bitcoin trading venues lack certain safeguards put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges, such as circuit breakers. Tools to detect and deter fraudulent or manipulative trading activities such as market manipulation, front-running of trades, and wash-trading may not be available to or employed by digital asset platforms, or may not exist at all. Sources of fraud and manipulation in the bitcoin market generally include, among others (1) wash trading&#894; (2) persons with a dominant position in bitcoin manipulating bitcoin pricing&#894; (3) hacking of the bitcoin network and trading platforms&#894; (4) malicious control of the bitcoin network&#894; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in bitcoin, new sources of demand for bitcoin) or based on the dissemination of false and misleading information&#894; (6) manipulative activity involving purported &#8220;stablecoins,&#8221; and (7) fraud and manipulation at bitcoin trading platforms. The effect of potential market manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes actually present in crypto market and/or cause distortions in price, which could adversely impact the Underlier&#8217;s creation and redemption arbitrage mechanism and affect the value of the Underlier and, consequently, the securities.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Fund has very limited historical performance. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Fund began trading on January 11, 2024 and therefore has very limited historical performance. Past performance should not be considered indicative of future performance.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The performance and market price of the Fund, particularly during periods of market volatility, may not correlate with the performance of its underlying asset or the net asset value per share of the Fund.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Fund does not fully replicate the performance of its underlying asset due to the fees and expenses charged by the Fund or by restrictions on access to its underlying asset due to other circumstances. The Fund does not generate any income, and as the Fund regularly sells its underlying asset to pay for ongoing expenses, the amount of the underlying asset represented by each share of the Fund gradually declines over time. The Fund sells its underlying asset to pay expenses on an ongoing basis irrespective of whether the trading price of shares of the Fund rises or falls in response to changes in the price of its underlying asset. The sale by the Fund of underlying asset to pay expenses at a time of relatively low prices for such underlying asset could adversely affect the value of the securities. Additionally, there is a risk that part or all of the holdings of the Fund in its underlying asset could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise. Finally, because the shares of the Fund are traded on an exchange and are subject to market supply and investor demand, the market price of one share of the Fund may differ from the net asset value per share of the Fund.</font></FONT></FONT></P>
                <P style="text-indent: 0.0pt; margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt;"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In particular, during periods of market volatility or unusual trading activity, trading in the Fund's underlying asset may be disrupted or limited, or such underlying asset may be unavailable in the secondary market. Under these circumstances, the liquidity of the Fund may be adversely affected, market participants may be unable to calculate accurately the net asset value per share of the Fund, and their ability to create and redeem shares of the Fund may be disrupted. Under these circumstances, the market price of the Fund may vary substantially from the net asset value per share of the Fund or the performance of its underlying asset.</font></FONT></P>
                <P style="text-indent: 0.0pt; margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt;"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>For all of the foregoing reasons, the performance of the Fund may not correlate with the performance of its underlying asset or the net asset value per share of the Fund. Any of these events could materially and adversely affect the price of the Fund and, therefore, the value of the securities. Additionally, if market volatility or these events were to occur on the valuation date, the calculation agent would maintain discretion to determine whether such market volatility or events have caused a market disruption event to occur, and such determination would affect the payment at maturity on the securities. If the calculation agent determines that no market disruption event has taken place, the payment at maturity would be based on the published closing price per share of the Fund on the valuation date, even if the Fund is underperforming its underlying asset and/or trading below the net asset value per share of the Fund. </font></FONT></P>
                <P style="margin-top: 6.6pt; line-height: 11.5pt; margin-bottom: 0; margin-left: 19.64pt; text-indent: -19.64pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.64pt; text-indent: -19.64pt; "><![endif]--><FONT style="display: inline-block; width: 19.64pt; text-indent: 0; text-align: left; color: #A3C4EB; font-size: 12.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The antidilution adjustments the calculation agent is required to make do not cover every event that could affect the Fund.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>  MS &amp; Co., as calculation agent, will adjust the adjustment factor for certain events affecting the Fund.  However, the calculation agent will not make an adjustment for every event that could affect the Fund.  If an event occurs that does not require the calculation agent to adjust the adjustment factor, the market price of the securities may be materially and adversely affected.</font></FONT></FONT></P>
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                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>13</FONT></FONT></P>
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                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>iShares</font></FONT><FONT style="font-family: Arial, sans-serif; vertical-align: super; color: #296DC1; font-size: 14pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF Overview</font></FONT></P>
                <P style="margin-top: 2.64pt; margin-bottom: 2.64pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The iShares</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF (&#8220;the Trust&#8221;) is a Delaware statutory trust sponsored by iShares</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Delaware Trust Sponsor LLC that seeks to reflect generally the performance of the price of bitcoin, which is its underlying asset, less the Trust&#8217;s expenses and liabilities. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. Information provided to or filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to the Securities Act of 1933 can be located by reference to Commission file number 001- 41914 through the Commission&#8217;s website at www.sec.gov. In addition, information may be obtained from other publicly available sources. </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Neither the issuer nor the agent makes any representation that any such publicly available information regarding the iShares</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF is accurate or complete. </font></FONT></P>
                <P style="margin-top: 2.64pt; margin-bottom: 2.64pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>We have derived all information regarding the Trust, including its composition and method of calculation, from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, iShares</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Delaware Trust Sponsor LLC, a indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors is the trustee of the Trust; Coinbase Custody Trust Company, LLC is the custodian of the Trust&#8217;s bitcoin holdings; Coinbase, Inc., an affiliate of Coinbase Custody Trust Company, LLC, is the prime exchange agent; the Bank of New York Mellon is the custodian for the Trust&#8217;s cash holdings and the administrator of the trust; and Wilmington Trust Company, a Delaware trust company, serves as the trustee of the Trust.</font></FONT></P>
                <P style="margin-top: 2.64pt; margin-bottom: 2.64pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Trust issues (in blocks of 40,000 shares, each of which is referred to as a &#8220;basket&#8221;) shares representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The shares of the Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform. The trustee of the Trust sells bitcoin held by the Trust to pay the Trust&#8217;s expenses on an as-needed basis irrespective of then-current bitcoin prices.</font></FONT></P>
                <P style="margin-top: 2.64pt; margin-bottom: 2.64pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of bitcoin. The Trust pays the sponsor&#8217;s fee, which accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, at least quarterly in arrears. The trustee of the Trust will, when directed by the sponsor of the Trust, and, in the absence of such direction, may in its discretion, sell bitcoin in such quantity and at such times as may be necessary to permit payment of the Trust sponsor&#8217;s fee and Trust expenses or liabilities not assumed by the sponsor. As a result of the recurring sales of bitcoin necessary to pay the Trust sponsor&#8217;s fee and Trust expenses or liabilities not assumed by the Trust sponsor, the net asset value of the Trust will decrease over the life of the trust.  New purchases of bitcoin utilizing cash proceeds from new shares issued by the Trust do not reverse this trend. A decrease in the amount of bitcoin represented by each share is expected to result in a decrease in the price of the shares, even if the price of bitcoin has not changed. To retain the share&#8217;s original price, the price of bitcoin would likely have to increase. Without that increase, the lesser amount of bitcoin represented by the share would be expected to cause the shares to have a correspondingly lower price. If these increases do not occur, or are not sufficient to counter the lesser amount of bitcoin represented by each share, the price of the shares will likely decrease.</font></FONT></P>
                <P style="margin-top: 2.64pt; margin-bottom: 2.64pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Information as of market close on October 31, 2025:</font></FONT></P>
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                            <P style="margin-top: 3.3pt; margin-bottom: 0.0pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Bloomberg Ticker Symbol:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>IBIT UQ</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 0.0pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Current Share Price:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$62.30</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 0.0pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>52 Weeks Ago:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$39.78</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 0.0pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>52 Week High (on 10/6/2025):</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$71.29</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 0.0pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>52 Week Low (on 11/4/2024):</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$38.25</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 0.0pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The following graph sets forth the daily closing price of the underlying shares for the period from January 11, 2024 through October 31, 2025. The related table sets forth the published high and low closing prices, as well as the end-of-quarter closing prices, of the underlying shares for each quarter in the same period. The closing price of the underlying shares on October 31, 2025 was $62.30. The underlying fund began trading on January 11, 2024 and therefore has limited historical performance. We obtained the information in the graph and table below from Bloomberg Financial Markets, without independent verification. The historical performance of the underlying shares should not be taken as an indication of future performance, and no assurance can be given as to the price of the underlying shares at any time, including on the determination dates.</font></FONT></P>
                <P style="line-height: 12.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>14</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <DIV style="float: left; padding-top: 0.05pt; ">
                    <TABLE width="534.44pt" style="margin-left: 28.94pt; width: 534.44pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="534.44pt" style="width: 534.44pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 18.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: center; "><FONT style="color: #000000; font-size: 9.5pt; font-weight: bold; font-family: Arial, sans-serif; "></FONT><FONT style="font-size: 9.5pt; font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>iShares</font></FONT><FONT style="font-size: 7pt; vertical-align: super; font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 9.5pt; font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF</font></FONT></P>
                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: center; "><FONT style="font-size: 9.5pt; font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Daily Closing Prices</font></FONT></P>
                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: center; "><FONT style="font-size: 9.5pt; font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>January 11, 2024* to October 31, 2025</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 249.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                                <P style="margin-top: 0.0pt; line-height: 1.2; text-indent: -3.96pt; padding-left: 3.96pt; text-align: center; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: normal; font-size: 12.0pt; "><FONT style="width: 509.03pt; height: 261.53pt; ">                                            <IMG width="509.03pt" height="261.53pt" src="image1.gif" style="width: 509.03pt; height: 261.53pt; ">
                                            </FONT></FONT></P>
                                <P style="margin-top: 0.0pt; line-height: 1.2; text-indent: -3.96pt; padding-left: 3.96pt; margin-bottom: 0; "><FONT style="font-weight: normal; font-style: italic; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>*The underlying fund began trading on January 11, 2024 and therefore has limited historical performance.</font></FONT></P>
                                <P style="margin-top: 0.0pt; line-height: 1.2; text-indent: -3.96pt; padding-left: 3.96pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; ">&nbsp;</FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
            </DIV>
	    <BR clear="all" style="font-size: 1px; ">
            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>15</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: right; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <TABLE width="101.58%" style="margin-left: -5.67pt; width: 101.58%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="47.98%" style="width: 47.98%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="20.44%" style="width: 20.44%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="20.42%" style="width: 20.42%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="21.16%" style="width: 21.16%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  1.50pt solid #FFFFFF; border-bottom:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #296DC1; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>iShares</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 7pt; vertical-align: super; font-weight: bold; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF (CUSIP 46438F101) </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  1.50pt solid #FFFFFF; border-bottom:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #296DC1; ">
                            <P style="text-align: center; margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>High ($)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  1.50pt solid #FFFFFF; border-bottom:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; background-color: #296DC1; ">
                            <P style="text-align: center; margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Low ($)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; border-top:  1.50pt solid #FFFFFF; border-bottom:  1.50pt solid #FFFFFF; border-right:  1.50pt solid #FFFFFF; border-left:  1.50pt solid #FFFFFF; background-color: #296DC1; ">
                            <P style="text-align: center; margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; margin-left: -1.59pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Period End ($)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>2024</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 9.0pt; font-family: Times New Roman, Times, serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 9.0pt; font-family: Times New Roman, Times, serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>First Quarter (beginning January 11, 2024)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>41.95</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>22.32</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>40.47</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Second Quarter</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>40.95</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>32.39</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>34.14</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Third Quarter</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>38.93</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>30.41</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>36.13</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Fourth Quarter</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>60.73</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>33.95</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>53.05</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>2025</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>First Quarter </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>60.42</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>44.91</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>46.81</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Second Quarter</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>63.23</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>43.59</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>61.21</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Third Quarter </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>69.84</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>59.84</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>65.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 3.47pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Fourth Quarter </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>(through October 31, 2025)</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>71.29</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>60.40</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; vertical-align: bottom; ">
                            <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>62.30</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 5.5pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>This document relates only to the securities referenced hereby and does not relate to the underlying shares.  We have derived all disclosures contained in this document regarding the Trust from the publicly available documents described above.  In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the Trust.  Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the Trust is accurate or complete.  Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlying shares (and therefore the price of the underlying shares at the time we priced the securities) have been publicly disclosed.  Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Trust could affect the value received with respect to the securities and therefore the value of the securities.</font></FONT></P>
                <P style="margin-top: 5.5pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Neither we nor any of our affiliates makes any representation to you as to the performance of the underlying shares.</font></FONT></P>
                <P style="margin-top: 5.5pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>We and/or our affiliates may presently or from time to time engage in business with the Trust.  In the course of such business, we and/or our affiliates may acquire non-public information with respect to the Trust, and neither we nor any of our affiliates undertakes to disclose any such information to you.  In addition, one or more of our affiliates may publish research reports with respect to the underlying shares.  The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws.  As a purchaser of the securities, you should undertake an independent investigation of the Trust as in your judgment is appropriate to make an informed decision with respect to an investment linked to the underlying shares.</font></FONT></P>
                <P style="margin-top: 5.5pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Bitcoin</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> Bitcoin is a digital asset, the ownership and behavior of which are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or &#8220;open source,&#8221; software that follows the rules and procedures governing the Bitcoin Network, commonly referred to as the Bitcoin Protocol.  The value of bitcoin, like the value of other digital assets, is not backed by any government, corporation or other identified body.  Ownership and the ability to transfer or take other actions with respect to bitcoin are protected through public-key cryptography.  The supply of bitcoin is constrained or formulated by its protocol instead of being explicitly delegated to an identified body (e.g., a central bank) to control.  Units of bitcoin, called tokens, are treated as fungible.  Bitcoin and certain other types of digital assets are often referred to as digital currencies or cryptocurrencies.  No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as &#8220;miners&#8221;), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose what bitcoin software to run.  </font></FONT></P>
                <P style="margin-top: 5.5pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Bitcoin was released in 2009 and, as a result, there is little data on its long-term investment potential.  Bitcoin is not backed by a government-issued legal tender or any other currency or asset.  Bitcoin is &#8220;stored&#8221; or reflected on a digital transaction ledger commonly known as a &#8220;blockchain.&#8221;  A blockchain is a type of shared and continually reconciled database, stored in a decentralized manner on the computers of certain users of the digital asset. Bitcoin is created by &#8220;mining.&#8221;  Mining involves miners using a sophisticated computer program to repeatedly solve very complex mathematical problems on specialized computer hardware.  Miners can range from bitcoin enthusiasts to professional mining operations that design and build dedicated machines and data centers.</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 455.73pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>16</FONT></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 574.20pt; padding: 10pt 49.50pt 10pt 49.50pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 5.5pt; line-height: 12.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Additional Terms of the Securities</font></FONT></P>
                <P style="margin-bottom: 6.6pt; line-height: 12.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Please read this information in conjunction with the terms on the front cover of this document.</font></FONT></P>
                <TABLE width="99.52%" style="margin-left: -3.4699999999999998pt; width: 99.52%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="31.77%" style="width: 31.77%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="78.23%" style="width: 78.23%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD colspan="2" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #296DC1; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Additional Terms:</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD colspan="2" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If the terms described herein are inconsistent with those described in the accompanying product supplement or prospectus, the terms described herein shall control.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Share underlying asset:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Bitcoin (&#8220;underlying asset&#8221;)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Denominations:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>$1,000 per security and integral multiples thereof</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Postponement of the maturity date and early redemption date:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If any determination date is postponed due to a non-trading day or certain market disruption events so that it falls less than two business days prior to the relevant scheduled early redemption date or maturity date, the early redemption date or maturity date will be postponed to the second business day following that determination date as postponed, and no adjustment will be made to any early redemption payment or the payment at maturity made on such postponed date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Dual directional Auto-Callable Trigger PLUS:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>The accompanying product supplement refers to these dual directional Auto-Callable Trigger PLUS as the &#8220;auto-callable securities.&#8221;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Market disruption event:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 6.6pt; line-height: 9.5pt; "><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>The following replaces in its entirety the section entitled &#8220;Market Disruption Event&#8221; in the accompanying product supplement for auto-callable securities:</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>With respect to the underlying shares, market disruption event means:</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>(i) the occurrence or existence of any of:</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; padding-left: 31.52pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>(a) a suspension, absence or material limitation of trading of the underlying shares on the primary market for the underlying shares for more than two hours of trading or during the one-half hour period preceding the close of the principal trading session in such market; or</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; padding-left: 31.52pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>(b) a breakdown or failure in the price and trade reporting systems of the primary market for the underlying shares as a result of which the reported trading prices for the underlying shares during the last one-half hour preceding the close of the principal trading session in such market are materially inaccurate; or</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; padding-left: 31.52pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>(c) the suspension, absence or material limitation of trading on the primary market for trading in futures or options contracts related to the underlying shares, if available, during the one-half hour period preceding the close of the principal trading session in the applicable market, </font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>in each case as determined by the calculation agent in its sole discretion; and</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.0pt; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>(ii) a determination by the calculation agent in its sole discretion that any event described in clause (i) above materially interfered with our ability or the ability of any of our affiliates to unwind or adjust all or a material portion of the hedge position with respect to the securities.</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>For the purpose of determining whether a market disruption event has occurred with respect to the underlying shares: (1) a limitation on the hours or number of days of trading will not constitute a market disruption event if it results from an announced change in the regular business hours of the primary market, (2) a decision to permanently discontinue trading in the underlying shares or in the futures or options contract related to the underlying shares will not constitute a market disruption event, (3) a suspension of trading in futures or options contracts on the underlying shares by the primary securities market trading in such contracts by reason of (a) a price change exceeding limits set by such securities exchange or market, (b) an imbalance of orders relating to such contracts or (c) a disparity in bid and ask quotes relating to such contracts will constitute a suspension, absence or material limitation of trading in futures or options contracts related to the underlying shares and (4) a &#8220;suspension, absence or material limitation of trading&#8221; on the relevant exchange or primary market on which futures or options contracts related to the underlying shares are traded will not include any time when such securities market is itself closed for trading under ordinary circumstances. Regarding any permanent discontinuance of trading in the underlying shares, see &#8220;Discontinuance of the underlying shares; alteration of method of calculation&#8221; below. </font></FONT></P>
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            <DIV style="width: 574.20pt; padding: 0 49.50pt 10.00pt 49.50pt; min-height: 39.60pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>17</FONT></FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 574.20pt; padding: 10pt 49.50pt 10pt 49.50pt; position: relative; margin-bottom: 20pt; ">
                <TABLE width="99.52%" style="margin-left: -3.4699999999999998pt; width: 99.52%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="31.77%" style="width: 31.77%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="78.23%" style="width: 78.23%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 265.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Discontinuance </font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-weight: normal; color: black; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>of the underlying shares; alteration of method of calculation:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>The following replaces in its entirety the section entitled &#8220;Discontinuance of the Underlying Shares of an Exchange-Traded Fund and/or Share Underlying Index; Alteration of Method of Calculation&#8221; in the accompanying product supplement for auto-callable securities:</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>If trading in the underlying shares on every applicable national securities exchange, on the OTC Bulletin Board and in the over-the-counter market is permanently discontinued or the Fund is liquidated or otherwise terminated (a &#8220;discontinuance or liquidation event&#8221;), the calculation agent will, in its discretion, either (i)  substitute an exchange-traded fund that the calculation agent determines, in its sole discretion, to be comparable to the discontinued Fund (the &#8220;successor fund&#8221;), after which any subsequent closing price for the underlying shares on any trading day following a discontinuance or liquidation event will be determined by reference to the published price of such successor fund at the regular weekday close of trading on such trading day, or (ii) accelerate the securities on the fifth business day following the date notice of such liquidation event is provided to holders of the underlying shares (the date of such notice, the &#8220;liquidation announcement date,&#8221; and the fifth business day following the liquidation announcement date, the &#8220;acceleration date&#8221;), after which the payment to you on the acceleration date will be equal to the fair market value of the securities on the trading day immediately following the liquidation announcement date, as determined by the calculation agent in its sole discretion based on its internal models, which will take into account the reasonable costs incurred by us or any of our affiliates in unwinding any related hedging arrangements. </font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Upon any selection by the calculation agent of a successor fund, the calculation agent will cause written notice thereof to be furnished to the trustee, to us and to the depositary, as holder of the securities, within three business days of such selection. We expect that such notice will be made available to you, as a beneficial owner of the securities, in accordance with the standard rules and procedures of the depositary and its direct and indirect participants.</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Trustee:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>The Bank of New York Mellon</font></FONT></P>
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                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Calculation agent:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>MS &amp; Co.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Issuer notice to registered security holders, the trustee and the depositary:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>In the event that the early redemption date or the maturity date is postponed due to postponement of the relevant determination date, the issuer shall give notice of such postponement and, once it has been determined, of the date to which the early redemption date or the maturity date, as applicable, has been rescheduled (i) to the holder of the securities by mailing notice of such postponement by first class mail, postage prepaid, to the holder&#8217;s last address as it shall appear upon the registry books, (ii) to the trustee by facsimile confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York office and (iii) to The Depository Trust Company (the &#8220;depositary&#8221;) by telephone or facsimile confirmed by mailing such notice to the depositary by first class mail, postage prepaid. Any notice that is mailed to the holder of the securities in the manner herein provided shall be conclusively presumed to have been duly given to such holder, whether or not such holder receives the notice. The issuer shall give such notice as promptly as possible, and in no case later than (i) with respect to notice of postponement of the early redemption date or the maturity date, as applicable, the business day immediately preceding the scheduled early redemption date or maturity date, as applicable, and (ii) with respect to notice of the date to which the early redemption date or the maturity date, as applicable, has been rescheduled, the business day immediately following the relevant determination date as postponed.</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>In the event that the securities are subject to early redemption, the issuer shall, (i) on the business day following the first determination date, give notice of the early redemption of the securities and the early redemption payment, including specifying the payment date of the amount due upon the early redemption, (x) to each registered holder of the securities by mailing notice of such early redemption by first class mail, postage prepaid, to such registered holder&#8217;s last address as it shall appear upon the registry books, (y) to the trustee by facsimile, confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York office and (z) to the depositary by telephone or facsimile confirmed by mailing such notice to the depositary by first class mail, postage prepaid and (ii) on or prior to the early redemption date, deliver the aggregate cash amount due with respect to the securities to the trustee for delivery to the depositary, as holder of the securities. Any notice that is mailed to a registered holder of the securities in the manner herein provided shall be conclusively presumed to have been duly given to such holder, whether or not such registered holder receives the notice.</font></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>The issuer shall, or shall cause the calculation agent to, (i) provide written notice to the trustee, on </font></FONT></P>
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            <DIV style="width: 574.20pt; padding: 0 49.50pt 10.00pt 49.50pt; min-height: 39.60pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>18</FONT></FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 574.20pt; padding: 10pt 49.50pt 10pt 49.50pt; position: relative; margin-bottom: 20pt; ">
                <TABLE width="99.52%" style="margin-left: -3.4699999999999998pt; width: 99.52%; table-layout: fixed; border-collapse: collapse; ">
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                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
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                        <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>which notice the trustee may conclusively rely, and to the depositary of the amount of cash, if any, to be delivered with respect to each stated principal amount of the securities, on or prior to 10:30 a.m. (New York City time) on the business day preceding the maturity date, and (ii) deliver the aggregate cash amount due with respect to the securities, if any, to the trustee for delivery to the depositary, as holder of the securities, on the maturity date.</font></FONT></P>
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            <DIV style="width: 574.20pt; padding: 0 49.50pt 10.00pt 49.50pt; min-height: 39.60pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>19</FONT></FONT></P>
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            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
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                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Additional Information About the Securities</font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 10.5pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Additional Information:</font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Minimum ticketing size:</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>$1,000 / 1 security</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; font-weight: bold; "><font style='white-space: pre-wrap;'>Tax considerations:</font></FONT></P>
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                            <TD rowspan="5" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>securities</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> due to the lack of governing authority, in the opinion of our counsel, Davis Polk &amp; Wardwell LLP, under current law, and based on current market conditions, it is reasonable to treat a security</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>as a single financial contract that is an &#8220;open transaction&#8221; for U.S. federal income tax purposes.  </font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-indent: 0.66pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Assuming this treatment of the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>securities</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> is respected and subject to the discussion in &#8220;United States Federal Taxation&#8221; in the accompanying product supplement for auto-callable securities, the following U.S. federal income tax consequences should result based on current law:</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 26.90pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 11.0pt; color: #000000; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>A U.S. Holder should not be required to recognize taxable income over the term of the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>securities</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'> prior to settlement, other than pursuant to a sale or exchange.  </font></FONT></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 26.90pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 11.0pt; color: #000000; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Upon sale, exchange or settlement of the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>securities</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized and the U.S. Holder&#8217;s tax basis in the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>securities</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>.  Subject to the discussion below concerning the potential application of the &#8220;constructive ownership&#8221; rule, such gain or loss should be long-term capital gain or loss if the investor has held the securities for more than one year, and short-term capital gain or loss otherwise.</font></FONT></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Because the securities are linked to shares of exchange-traded funds, although the matter is not clear, there is a risk that an investment in the securities will be treated as a &#8220;constructive ownership transaction&#8221; under Section 1260 of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).  If this treatment applies, all or a portion of any long-term capital gain of the U.S. Holder in respect of the securities could be recharacterized as ordinary income (in which case an interest charge will be imposed).  As a result of certain features of the securities, including the leveraged upside payment, it is unclear how to calculate the amount of gain that would be recharacterized if an investment in the securities were treated as a constructive ownership transaction.  Due to the lack of governing authority, our counsel is unable to opine as to whether or how Section 1260 of the Code applies to the securities.  U.S. investors should read the section entitled &#8220;United States Federal Taxation&#8212;Tax Consequences to U.S. Holders&#8212;Possible Application of Section 1260 of the Code&#8221; in the accompanying product supplement for auto-callable securities for additional information and consult their tax advisers regarding the potential application of the &#8220;constructive ownership&#8221; rule.</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>We do not plan to request a ruling from the Internal Revenue Service (the &#8220;IRS&#8221;) regarding the treatment of the securities.  An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized.  In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of &#8220;prepaid forward contracts&#8221; and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance.  Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts.  Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>As discussed in the accompanying product supplement for auto-callable securities, Section 871(m) of the Code and Treasury regulations promulgated thereunder (&#8220;Section 871(m)&#8221;) generally impose a 30% (or a lower applicable treaty rate) withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities (each, an &#8220;Underlying Security&#8221;).  Subject to certain exceptions, Section 871(m) generally applies to securities that substantially replicate the economic performance of one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations (a &#8220;Specified Security&#8221;).  However, pursuant to an IRS notice, Section 871(m) will not apply to securities </font></FONT></P>
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                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>20</FONT></FONT></P>
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            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
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                    <TABLE width="99.52%" style="margin-left: -3.19pt; width: 99.52%; table-layout: fixed; border-collapse: collapse; ">
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                            <TD width="75.72%" style="width: 75.72%; border: 0; margin: 0; padding: 0; height: 0; ">
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
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                            <TD rowspan="5" style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>issued before January 1, 2027 that do not have a delta of one with respect to any Underlying Security.  Based on our determination that the securities do not have a delta of one with respect to any Underlying Security, our counsel is of the opinion that the securities should not be Specified Securities and, therefore, should not be subject to Section 871(m).</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Our determination is not binding on the IRS, and the IRS may disagree with this determination.  Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security.  If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld.  You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 6.6pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Both U.S. and non-U.S. investors considering an investment in the securities should read the discussion under &#8220;Risk Factors&#8221; in this document and the discussion under &#8220;United States Federal Taxation&#8221; in the accompanying product supplement for auto-callable securities and consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, the potential application of the constructive ownership rule, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.  </font></FONT></P>
                                <P style="margin-top: 4.4pt; text-align: justify; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>The discussion in the preceding paragraphs under &#8220;Tax considerations&#8221; and the discussion contained in the section entitled &#8220;United States Federal Taxation&#8221; in the accompanying product supplement for auto-callable securities, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk &amp; Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the securities.</font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                        <TR style="vertical-align: top; ">
                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Use of proceeds and hedging:</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #FFFFFF; ">
                                <P style="margin-top: 0.0pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="color: #000000; font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The proceeds from the sale of the securities will be used by us for general corporate purposes.  We will receive, in aggregate, $1,000 per security issued, because, when we enter into hedging transactions in order to meet our obligations under the securities, our hedging counterparty will reimburse the cost of the agent&#8217;s commissions.  The costs of the securities borne by you and described beginning on page 4 above comprise the agent&#8217;s commissions and the cost of issuing, structuring and hedging the securities.</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 0.0pt; line-height: 1.2; "><FONT style="color: #000000; font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>On or prior to the pricing date, we will hedge our anticipated exposure in connection with the securities by entering into hedging transactions with our affiliates and/or third-party dealers.  We expect our hedging counterparties to take positions in the underlying shares, in futures and/or options contracts on the underlying shares, or positions in any other available securities or instruments that they may wish to use in connection with such hedging.  Such purchase activity could potentially increase the initial share price, and, therefore, could increase (i) the price at or above which the underlying shares must close on the determination dates so that the securities are redeemed prior to maturity for the early redemption payment, and (ii) the downside threshold level, which is the price at or above which the underlying shares must close on the final determination date so that you are not exposed to the negative price performance of the underlying shares at maturity.  In addition, through our affiliates, we are likely to modify our hedge position throughout the term of the securities, including on the determination dates, by purchasing and selling the underlying shares, options contracts relating to the underlying shares or any other available securities or instruments that we may wish to use in connection with such hedging activities. As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the final determination date approaches.  Additionally, our hedging activities, as well as our other trading activities, during the term of the securities could potentially affect the price of the underlying shares on the determination dates, and, accordingly, whether we redeem the securities prior to maturity and the amount of cash you will receive at maturity, if any.  For further information on our use of proceeds and hedging, see &#8220;Use of Proceeds and Hedging&#8221; in the accompanying product supplement.</font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; text-align: left; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Additional considerations:</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are </font></FONT><FONT style="font-weight: bold; font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>not</font></FONT><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> permitted to purchase the securities, either directly or indirectly.</font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; text-align: left; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Supplemental information regarding plan of distribution; conflicts of </font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>The agent may distribute the securities through Morgan Stanley Smith Barney LLC (&#8220;Morgan Stanley Wealth Management&#8221;), as selected dealer, or other dealers, which may include </font></FONT></P>
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            <DIV style="width: 574.20pt; padding: 0 49.50pt 10.00pt 49.50pt; min-height: 39.60pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>21</FONT></FONT></P>
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            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; text-align: left; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>interest:</font></FONT></P>
                            </TD>
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                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Morgan Stanley &amp; Co. International plc (&#8220;MSIP&#8221;) and Bank Morgan Stanley AG. Morgan Stanley Wealth Management, MSIP and Bank Morgan Stanley AG are affiliates of ours. Selected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from the agent, Morgan Stanley &amp; Co. LLC, a fixed sales commission of $20 for each security they sell. In addition, Morgan Stanley Wealth Management will receive a structuring fee of $5 for each security. The costs included in the original issue price of the securities will include a fee paid by MS &amp; Co. to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering.</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>MS &amp; Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities.  </font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>MS &amp; Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm&#8217;s distribution of the securities of an affiliate and related conflicts of interest. MS &amp; Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See &#8220;Plan of Distribution (Conflicts of Interest)&#8221; and &#8220;Use of Proceeds and Hedging&#8221; in the accompanying product supplement for auto-callable securities.</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; font-weight: bold; color: #296DC1; "><font style='white-space: pre-wrap;'>Validity of the securities:</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; background-color: #DCEBF4; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In the opinion of Davis Polk &amp; Wardwell LLP, as special counsel to MSFL and Morgan Stanley, when the securities offered by this pricing supplement have been issued by MSFL pursuant to the MSFL Senior Debt Indenture (as defined in the accompanying prospectus), the trustee and/or paying agent has made, in accordance with the instructions from MSFL, the appropriate entries or notations in its records relating to the master note that represents such securities (the &#8220;master note&#8221;), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of MSFL and the related guarantee will be a valid and binding obligation of Morgan Stanley, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith),&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>provided&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (ii) any provision of the MSFL Senior Debt Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of Morgan Stanley&#8217;s obligation under the related guarantee.&#160;&#160;This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act.&#160;&#160;In addition, this opinion is subject to customary assumptions about the trustee&#8217;s authorization, execution and delivery of the MSFL Senior Debt Indenture and its authentication of the master note and the validity, binding nature and enforceability of the MSFL Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated September 23, 2025, which was filed as an exhibit to a Current Report on Form 8-K by the Company on September 23, 2025. </font></FONT></P>
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; "><font style='white-space: pre-wrap;'>Where you can find more information:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 3.19pt; padding-right: 3.19pt; padding-bottom: 0.0pt; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>MSFL and Morgan Stanley have filed a registration statement (including a prospectus, as supplemented by the product supplement for auto-callable securities) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates.  You should read the prospectus in that registration statement, the product supplement for auto-callable securities and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about MSFL, Morgan Stanley and this offering.  When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC web site at</font></FONT><FONT style="color: #FFFFFF; font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>.</font></FONT><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>www.sec.gov.  Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, the product supplement for auto-callable securities if you so request by calling toll-free 1-(800)-584-6837.</font></FONT></P>
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            <DIV style="width: 574.20pt; padding: 0 49.50pt 10.00pt 49.50pt; min-height: 39.60pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>22</FONT></FONT></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 574.20pt; padding: 39.60pt 49.50pt 0 49.50pt; min-height: 10.00pt; position: relative; ">
                <P style="text-align: right; margin-bottom: 15.4pt; margin-top: 0; "><FONT style="color: #595959; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                <P style="margin-top: 0.0pt; border-top:  0.50pt solid #296DC1; margin-bottom: 0; "><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Dual Directional Auto-Callable </font></FONT><FONT style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>Trigger PLUS</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Based on the Performance of the iShares</font></FONT><FONT style="font-size: 9pt; vertical-align: super; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 11.0pt; font-family: Arial, sans-serif; color: #296DC1; "><font style='white-space: pre-wrap;'> Bitcoin Trust ETF due November 3, 2027</font></FONT></P>
                <P style="border-bottom:  0.50pt solid #296DC1; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; font-weight: bold; color: #808080; "><font style='white-space: pre-wrap;'>Principal at Risk Securities</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 12.0pt; font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
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                    <TABLE width="99.52%" style="margin-left: -3.19pt; width: 99.52%; table-layout: fixed; border-collapse: collapse; ">
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>You may access these documents on the SEC web site at</font></FONT><FONT style="color: #FFFFFF; font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>.</font></FONT><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>www.sec.gov as follows:</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><A href="https://www.sec.gov/Archives/edgar/data/895421/000095010323016333/dp202676_424b2-epsacallsec.htm" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Product Supplement for Auto-Callable Securities dated </font></U><U><font style='white-space: pre-wrap;'>November 16, 2023</font></U><U><font style='white-space: pre-wrap;'>&#8236;</font></U></FONT></A></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><A href="https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U></U><U><font style='white-space: pre-wrap;'>Prospectus dated </font></U><U><font style='white-space: pre-wrap;'>April 12, 2024</font></U></FONT></A></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U></U></FONT><FONT style="font-size: 8.5pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Terms used but not defined in this document are defined in the product supplement for auto-callable securities or in the prospectus. </font></FONT></P>
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            <DIV style="width: 574.20pt; padding: 0 49.50pt 10.00pt 49.50pt; min-height: 39.60pt; position: relative; ">
                <P style="margin-top: 13.2pt; padding-left: 0.0pt; margin-bottom: 0; margin-right: -19.80pt; "><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>October 2025</font></FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; width: 451.27pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Page </font><FONT>23</FONT></FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
