<SEC-DOCUMENT>0001140361-25-040344.txt : 20251104
<SEC-HEADER>0001140361-25-040344.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251104161921
ACCESSION NUMBER:		0001140361-25-040344
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251104

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275587
		FILM NUMBER:		251449386

	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

FILED BY:		

	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:		FWP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ef20058267_fwp.htm
<DESCRIPTION>GLOBAL MEDIUM-TERM NOTES, SERIES J
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 25.10.1.5333
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; color: rgb(0, 0, 0);">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: right;">Filed pursuant to Rule 433</div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: right;">Dated November 4, 2025</div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: right;"> <br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: right;">Relating to</div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: right;">Preliminary Pricing Supplement No. 11,392 dated November 4, 2025 to</div>
      <div style="text-align: right; margin-bottom: 6pt; font-size: 10pt; font-style: italic; font-weight: bold;">Registration Statement No. 333-275587</div>
      <div style="text-align: center;"><img src="image00001.jpg"></div>
      <div style="text-align: center; margin-bottom: 6pt; font-size: 10pt; font-style: italic; font-variant: small-caps; font-weight: bold;">Global Medium-Term Notes, Series J</div>
      <div style="text-align: center; font-size: 10pt; font-style: italic; font-weight: bold;">Euro Floating Rate Senior Registered Notes Due 2029</div>
      <div style="text-align: center; font-size: 10pt; font-style: italic; font-weight: bold;">Euro Fixed/Floating Rate Senior Registered Notes Due 2031</div>
      <div style="text-align: center; font-size: 10pt; font-style: italic; font-weight: bold;">Euro Fixed/Floating Rate Senior Registered Notes Due 2036</div>
      <div><br>
      </div>
      <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"><u>Euro Floating Rate Senior Registered Notes Due 2029</u></div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zaadb0aa3c11442ff826de7923a0f1c2e">

          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issuer:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Morgan Stanley</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Principal Amount:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;1,250,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Maturity Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">May 4, 2029</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Trade Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 4, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Original Issue Date (Settlement):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2025 (T+3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Accrual Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issue Price (Price to Public):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">100.000%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Agents&#8217; Commission:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">0.250%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">All-in Price:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">99.750%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Net Proceeds to Issuer:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;1,246,875,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Base Rate:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">EURIBOR</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Spread (plus or minus):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Plus 0.600%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Index Maturity:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Three months</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Payment Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Payment Dates:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Each February 4, May 4, August 4 and November 4, commencing February 4, 2026</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Initial Interest Rate:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">The Base Rate plus 0.600%; to be determined by the Calculation Agent on the second TARGET Settlement Day immediately preceding the Original Issue Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Initial Interest Reset Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">February 4, 2026</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Reset Dates:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Each Interest Payment Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Reset Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Day Count Convention:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Actual/360</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Optional Redemption:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">The Issuer may, at its option, redeem the notes, (i) in whole but not in part, on May 4, 2028, or (ii) in whole at any time or in part from time to time, on or after April 4, 2029, on at least
                5 but not more than 30 days&#8217; prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the notes to but excluding the redemption date. See &#8220;Description of Debt Securities &#8211; Redemption
                and Repurchase of Debt Securities &#8211; Notice of Redemption&#8221; in the below-referenced Prospectus.&#160; If the notes are redeemed prior to their stated maturity date, you may have to re-invest the proceeds in a lower interest rate environment.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="font-size: 10pt; font-weight: bold;">Tax Redemption and Payment of </div>
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Additional Amounts:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: bottom;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Yes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Specified Currency:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Euro (&#8220;&#8364;&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Minimum Denominations:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;100,000 and integral multiples of &#8364;1,000 in excess thereof</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Business Days:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">London, TARGET Settlement Day and New York</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Listing:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Application will be made for listing on the Official List of the Financial Conduct Authority and for admission to trading on the London Stock Exchange&#8217;s Main Market <br>
              </div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td rowspan="1" style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 72%; vertical-align: top;">after the Original Issue Date.&#160; No assurance can be given that such applications will be granted.</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">ISIN:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">XS3215634570</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Common Code:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">321563457</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Form:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Registered; issued under the New Safekeeping Structure (intended to be Eurosystem eligible)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issuer Ratings*:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="font-size: 10pt;">A1 (Moody&#8217;s) / A- (Standard &amp; Poor&#8217;s) / A+ (Fitch) / A+ (R&amp;I) / AA (low) (DBRS)</div>
              <div style="margin-bottom: 3pt; font-size: 10pt;">(Stable / Stable / Stable / Stable / Stable)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Agents:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Morgan Stanley &amp; Co. International plc (&#8220;MSIP&#8221;) and such other agents as shall be named in the pricing supplement.&#160; MSIP is not a U.S. registered broker-dealer and, therefore, to the
                extent that it intends to effect any sales of the notes in the United States, it will do so through Morgan Stanley &amp; Co. LLC (&#8220;MS&amp;Co.&#8221;).&#160; MS&amp;Co. is our wholly-owned subsidiary. MS&amp;Co. will therefore conduct this offering in
                compliance with the requirements of 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.&#160; MS&amp;Co. or any of our other affiliates may not make sales in this offering to any discretionary account without the prior written approval of the customer.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">No EEA PRIIPs KID:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">No EEA PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors in EEA.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="font-size: 10pt; font-weight: bold;">UK MiFIR professionals/ECPs-only / </div>
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">No UK PRIIPs KID:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Manufacturer target market (MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).&#160; No UK PRIIPs key information document (KID) has
                been prepared as the notes are not available to retail investors in UK.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 3pt; font-size: 10pt; font-style: italic; font-weight: bold;">The Euro Floating Rate Senior Registered Notes Due 2029 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.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"><u>Euro Fixed/Floating Rate Senior Registered Notes Due 2031</u></div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z1400766131694ed6a1d7e0a7b0fc56d4">

          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issuer:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Morgan Stanley</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Principal Amount:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;1,750,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Maturity Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2031</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Trade Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 4, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Original Issue Date (Settlement):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2025 (T+3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Accrual Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issue Price (Price to Public):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">100.000%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Agents&#8217; Commission:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">0.350%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">All-in Price:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">99.650%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Net Proceeds to Issuer:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;1,743,875,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Fixed Rate Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">From and including the Original Issue Date to but excluding November 7, 2030</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Floating Rate Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">From and including November 7, 2030 to but excluding the Maturity Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Rate:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">During the Fixed Rate Period, 3.149% per annum; during the Floating Rate Period, the Base Rate plus 0.857% (to be determined by the Calculation Agent on the second TARGET Settlement Day
                immediately preceding each Interest Reset Date)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Base Rate:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">EURIBOR</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Spread (plus or minus):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Plus 0.857%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Index Maturity:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Three months</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;" rowspan="1">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Reset Dates:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 72%; vertical-align: top;" rowspan="1">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Each Interest Payment Date commencing November 7, 2030, provided that the November 7, 2030 Interest Reset Date shall not be adjusted for a non-Business Day</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%3%%%-->
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Reset Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Payment Periods:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">During the Fixed Rate Period, annual; during the Floating Rate Period, quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Payment Dates:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">With respect to the Fixed Rate Period, each November 7, commencing November 7, 2026 to and including November 7, 2030; with respect to the Floating Rate Period, each February 7, May 7, August
                7 and November 7, commencing February 7, 2031 to and including the Maturity Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Day Count Convention:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">During the Fixed Rate Period, Actual/Actual (ICMA); during the Floating Rate Period, Actual/360</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Optional Redemption:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Optional Make-Whole Redemption, on or after May 11, 2026 and prior to November 7, 2030, in whole at any time or in part from time to time, as described in the below-referenced pricing
                supplement (spread to reinvestment rate: plus 15 basis points).</div>
              <div style="margin-bottom: 3pt; font-size: 10pt;">In addition, the Issuer may, at its option, redeem the notes, (i) in whole but not in part, on November 7, 2030, or (ii) in whole at any time or in part from time to time, on or after August
                7, 2031, on at least 5 but not more than 30 days&#8217; prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the notes to but excluding the redemption date. See &#8220;Description of Debt
                Securities &#8211; Redemption and Repurchase of Debt Securities &#8211; Notice of Redemption&#8221; in the below-referenced Prospectus.&#160; If the notes are redeemed prior to their stated maturity date, you may have to re-invest the proceeds in a lower interest
                rate environment.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="font-size: 10pt; font-weight: bold;">Tax Redemption and Payment of </div>
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Additional Amounts:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: bottom;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Yes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Specified Currency:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Euro (&#8220;&#8364;&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Minimum Denominations:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;100,000 and integral multiples of &#8364;1,000 in excess thereof</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Business Days:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">London, TARGET Settlement Day and New York</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Listing:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Application will be made for listing on the Official List of the Financial Conduct Authority and for admission to trading on the London Stock Exchange&#8217;s Main Market after the Original Issue
                Date.&#160; No assurance can be given that such applications will be granted.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">ISIN:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">XS3215634810</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Common Code:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">321563481</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Form:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Registered; issued under the New Safekeeping Structure (intended to be Eurosystem eligible)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issuer Ratings*:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="font-size: 10pt;">A1 (Moody&#8217;s) / A- (Standard &amp; Poor&#8217;s) / A+ (Fitch) / A+ (R&amp;I) / AA (low) (DBRS)</div>
              <div style="margin-bottom: 3pt; font-size: 10pt;">(Stable / Stable / Stable / Stable / Stable)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Agents:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Morgan Stanley &amp; Co. International plc (&#8220;MSIP&#8221;) and such other agents as shall be named in the pricing supplement.&#160; MSIP is not a U.S. registered broker-dealer and, therefore, to the
                extent that it intends to effect any sales of the notes in the United States, it will do so through Morgan Stanley &amp; Co. LLC (&#8220;MS&amp;Co.&#8221;).&#160; MS&amp;Co. is our wholly-owned subsidiary. MS&amp;Co. will therefore conduct this offering in
                compliance with the requirements of 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.&#160; MS&amp;Co. or any of our other affiliates may not make sales in this offering to any discretionary account without the prior written approval of the customer.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">No EEA PRIIPs KID:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">No EEA PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors in EEA.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="font-size: 10pt; font-weight: bold;">UK MiFIR professionals/ECPs-only / </div>
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">No UK PRIIPs KID:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Manufacturer target market (MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).&#160; No UK PRIIPs key information document (KID) has
                been prepared as the notes are not available to retail investors in UK.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">The Euro Fixed/Floating Rate Senior Registered Notes Due 2031 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.</div>
      <div style="margin-bottom: 3pt;"><br>
      </div>
      <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"><u>Euro Fixed/Floating Rate Senior Registered Notes Due 2036</u></div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zddb89786b6ab4562a7482602c92965b4">

          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issuer:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Morgan Stanley</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Principal Amount:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;1,500,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Maturity Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2036</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Trade Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 4, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Original Issue Date (Settlement):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2025 (T+3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Accrual Date:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">November 7, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issue Price (Price to Public):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">100.000%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Agents&#8217; Commission:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">0.450%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">All-in Price:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">99.550%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Net Proceeds to Issuer:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;1,493,250,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Fixed Rate Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">From and including the Original Issue Date to but excluding November 7, 2035</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Floating Rate Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">From and including November 7, 2035 to but excluding the Maturity Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Rate:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">During the Fixed Rate Period, 3.749% per annum; during the Floating Rate Period, the Base Rate plus 1.120% (to be determined by the Calculation Agent on the second TARGET Settlement Day
                immediately preceding each Interest Reset Date)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Base Rate:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">EURIBOR</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Spread (plus or minus):</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Plus 1.120%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Index Maturity:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Three months</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Reset Dates:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Each Interest Payment Date commencing November 7, 2035, provided that the November 7, 2035 Interest Reset Date shall not be adjusted for a non-Business Day</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Reset Period:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Payment Periods:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">During the Fixed Rate Period, annual; during the Floating Rate Period, quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Interest Payment Dates:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">With respect to the Fixed Rate Period, each November 7, commencing November 7, 2026 to and including November 7, 2035; with respect to the Floating Rate Period, each February 7, May 7, August
                7 and November 7, commencing February 7, 2036 to and including the Maturity Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Day Count Convention:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">During the Fixed Rate Period, Actual/Actual (ICMA); during the Floating Rate Period, Actual/360</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Optional Redemption:</div>
              <div>&#160;</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Optional Make-Whole Redemption, on or after May 11, 2026 and prior to November 7, 2035, in whole at any time or in part from time to time, as described in the below-referenced pricing
                supplement (spread to reinvestment rate: plus 20 basis points).</div>
              <div style="margin-bottom: 3pt; font-size: 10pt;">In addition, the Issuer may, at its option, redeem the notes, (i) in whole but not in part, on November 7, 2035, or (ii) in whole at any time or in part from time to time, on or after August
                7, 2036, on at least 5 but not more than 30 days&#8217; prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the notes to but excluding the redemption date. See &#8220;Description of Debt
                Securities &#8211; Redemption and Repurchase of Debt Securities &#8211; Notice of Redemption&#8221; in the below-referenced Prospectus.&#160; If the notes are redeemed prior to their stated maturity date, you may have to re-invest the proceeds in a lower interest
                rate environment.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="font-size: 10pt; font-weight: bold;">Tax Redemption and Payment of </div>
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Additional Amounts:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: bottom;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Yes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Specified Currency:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Euro (&#8220;&#8364;&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Minimum Denominations:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">&#8364;100,000 and integral multiples of &#8364;1,000 in excess thereof</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;" rowspan="1">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Business Days:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 72%; vertical-align: top;" rowspan="1">
              <div style="margin-bottom: 3pt; font-size: 10pt;">London, TARGET Settlement Day and New York</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;" rowspan="1">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Listing:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 72%; vertical-align: top;" rowspan="1">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Application will be made for listing on the Official List of the Financial Conduct Authority and for admission to trading on the London Stock Exchange&#8217;s Main Market<br>
              </div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"><br>
              </div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">after the Original Issue Date.&#160; No assurance can be given that such applications will be granted.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">ISIN:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">XS3215634901</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Common Code:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">321563490</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Form:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Registered; issued under the New Safekeeping Structure (intended to be Eurosystem eligible)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Issuer Ratings*:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="font-size: 10pt;">A1 (Moody&#8217;s) / A- (Standard &amp; Poor&#8217;s) / A+ (Fitch) / A+ (R&amp;I) / AA (low) (DBRS)</div>
              <div style="margin-bottom: 3pt; font-size: 10pt;">(Stable / Stable / Stable / Stable / Stable)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Agents:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Morgan Stanley &amp; Co. International plc (&#8220;MSIP&#8221;) and such other agents as shall be named in the pricing supplement.&#160; MSIP is not a U.S. registered broker-dealer and, therefore, to the
                extent that it intends to effect any sales of the notes in the United States, it will do so through Morgan Stanley &amp; Co. LLC (&#8220;MS&amp;Co.&#8221;).&#160; MS&amp;Co. is our wholly-owned subsidiary. MS&amp;Co. will therefore conduct this offering in
                compliance with the requirements of 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.&#160; MS&amp;Co. or any of our other affiliates may not make sales in this offering to any discretionary account without the prior written approval of the customer.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">No EEA PRIIPs KID:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">No EEA PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors in EEA.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="font-size: 10pt; font-weight: bold;">UK MiFIR professionals/ECPs-only /</div>
              <div style="margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"> No UK PRIIPs KID:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 72%; vertical-align: top;">
              <div style="margin-bottom: 3pt; font-size: 10pt;">Manufacturer target market (MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).&#160; No UK PRIIPs key information document (KID) has
                been prepared as the notes are not available to retail investors in UK.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
      <div><br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">The Euro Fixed/Floating Rate Senior Registered Notes Due 2036 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.</div>
      <div style="margin-bottom: 3pt;"><br>
      </div>
      <div style="font-size: 10pt;"><font style="font-weight: bold; font-style: italic;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offerings to which this communication relates. Before you invest, you
          should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and these offerings.&#160; You may get these documents for free by visiting EDGAR on the SEC
          web site at www.sec.gov.&#160; Alternatively, the issuer, any underwriter or any dealer participating in the offerings will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649</font>.</div>
      <div><br>
      </div>
      <div style="font-size: 10pt; font-style: italic;"><a href="https://www.sec.gov/Archives/edgar/data/895421/000114036125040278/ef20057342_424b2.htm">Preliminary Pricing Supplement No. 11,392 dated November 4, 2025</a></div>
      <div style="font-size: 10pt; font-style: italic;"><a href="https://www.sec.gov/Archives/edgar/data/895421/000095010323016328/dp202717_424b2-seriesjk.htm">Prospectus Supplement dated November 16, 2023</a></div>
      <div style="font-size: 10pt; font-style: italic;"><a href="https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm">Prospectus dated April 12, 2024</a></div>
      <div><br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">When you read the prospectus supplement, please note that all references in such prospectus supplement to the prospectus dated November 16, 2023, or to any sections therein, should
        refer instead to the prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable.</div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-size: 10pt; font-style: italic; font-weight: bold;"> <font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">5</font></div>
      <div style="font-size: 10pt; font-style: italic; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  J .,# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#USXK_ !@T
MSX;ZK86.HZ;?7DEW TZM;;<*JG!SD^Q->AZ3?0ZII=G?VIW6]U"D\9]58 C]
M#7@WQHTJ'7?C[X&TFZ ,-[IE];MD?WHI176_LT:M+??#&WTV](^W:+<2Z;.N
M<E2C<?H0/PH M_%OXOZ1\-;RPM=1LKN]N+N-I@EOM^1 <9.3W.?RKOM$U!-6
MT>QU&%&2.[A2=5;J P! /YU\F?&C_BJ-1^*7B%OGM=$BL]'M23D;S,ID(_$'
M_OJOH.V\4Z=X,^#^EZYK$A6UMM-@.U?O2,44*J^Y- '>T5X3%\1/BO=:/_PD
MEIX$T[^P2GGI;/<-]L>'KN SU(Y^[^%>B^$_'NG>+/A_)XGT924C@D>2WD.&
MBD123&W^/H0: .QHKYZTGX\:_P"*-#LHO!OA,:GXCE#274*NQM[.,-M4NW&2
MW7&179>//B??:)JVE>&/#NB_VSXROH5E>T$FR*V!&2SMZ=>XX'7ID ]3HKP+
MQ9\7/'?@'09[CQKX/LEN)-HL[FQG+VS/N&4DY)4[<D<\XKT;QS\0+;P?X(M-
M=O+.>ZN+L1);VENI)DF=<A<]A[G]30!V]%>%:C\1OBGX?TQO$'B+P+IRZ!&!
M)-#;W1-U#&>[<D9'?Y1^%>AZ[XY@M_A9<^--'C%W;BQ^VP1R'9O! ^4^A['Z
M4 =E17A>B_%;QQXVT>TNO '@ZWE B!NKO493'!YO>.+E2^/[V?PKLOA!\0W\
M=6>IV^I:<=+UW29_LU]:;MRJW/S*?3@_EWH ZKQ;XDTOPEH-SK&NW*VUC;C+
M,1DL3T51W)["O)?^%_.(1J+^ ?$Z^'CR-1\GC;_>VXQC_@5,_:XLKV7P;HFH
MPV\EUIVFZDEQ?0H,YCP0"1Z=O^!5Z5X)\<^&/&FFQ/H&HVLX9,-:DA9(^/NM
M&>1C\J -3PGXCTOQ9H5MJ^A72W5C./E<<%2.JL.H([BLGP[X^TG7_&>N^&;*
M.[74='Q]I:2,",Y./E())Z]P*S?#G@9?A_8>)Y_!PENIM0E:[@TV>14@CEYP
MJ$ ;0<@<D]!7A/PLU7QPGQS\936GAVPEU.XDC&J6[78"VJ;QDHV?F- 'UK17
MGGQ/^(=QX5O],T30-%GUOQ)J>XVUJI*1JJ]7=\=!Z?GBN2F^*/C;P=J&G?\
M"SO"]A9Z/?SBW6_TV<N('/3>"6SW/4< ]<4 >X45Y[\:_B%)\./#-AJT5G%>
M+<7T=JX=RH565V+#'4C;TKD]0^)'Q%O;*?7O#'@>W/AF%3*K:A,8[JYB R71
M 1M!'(R#0![#KE]_9FBW]_L\S[+;R3[,XW;5+8S^%<U\)?&G_"?^"K;7S9?8
MO.DDC\GS-^-K8SG JG8^+K/QS\'+_7].1XXKG3;D-$YRT;JC!E/T(Z]ZYO\
M9-_Y(MIO_7Q/_P"AF@#V*BO%)/BAXN\6:WJ-M\+/#MC?Z9ITI@FU/49BD4L@
MZB, C(]\GUXK8^'?Q+U+4_%ESX/\;Z,FB^)HHO/B$4F^"YC[E#S]<9/0^E '
MJ=%>>_#'Q[=>*==\5:)K%E#8ZGH=WY)CB8D21'.U^?7'ZBCQ1X\N].^*OAKP
M;I=E!<OJ,3W-W*[$&")<\@#O\K=?:@#T*BBB@#PWXB_\G/?#3_KUNO\ T"2J
M>E:M%\.?B]\1K2Y;R]/O=..OVXQA=R+\X'J22?RK>\=:'JMY^T+\/]6M=/N9
M=,L[:X6XNDC)CB)20 ,W09R/SKGOVI? .L>*+OPW?^&[2YN+K>]A=>0"2L+\
MY;_9'S9^M '(7^DRV/[(>K:E> ?;M:NTU*=O[Q>X7;^@%:OQS9I?AG\*K&7/
MV*ZN[19QV(\L#!_ G\J]$^.GAF[F^!=YH'AZRGO)X8[:&&"WCW.RHZ= /89I
M/&OP]G\:_!?2=%YL]9L[:WGMC*-OESH@&UO3/(]LT >K1HL<:H@"JH"@#L*^
M</@N!:77QITVT&-.@N[CR@/NK_K1Q^ 'Y5KVWQ/^(5IHR:+<?#C5IO$\<7DB
MZ49M7<<"0G&,=^N/>N@^&'P]O/!GPRUN#4&^U>(M6CGN;PQ_-F5D(5 >^,_F
M30!E_LA:9;6?PDCNX447%[=RO,^.6VG:H_ #]35'X4(+O]I+XF75V,W5ND<,
M.XY*QDC./;Y5KJ_V:]'U'0?A/I]AK-C<6-ZDTS-#.A1P"Y(.#6#XZ\.>(O!G
MQ0/Q!\&:6VLVU[ +?5=,B.)6QC$B>IX'KT]#0!/^UU_R1F[_ .ORW_\ 0JW/
M'/CZR\"> ]"DELFU+4[Z.&"PL$ZS2[%P?8#CGW%>,_M!>+?%?C'X<R3R^&+O
MP]X=MKB(S'4#B>YE)PJJN.%'))]0*[SXQ>%==U'1O 7BGPQ:?VA?>'?+F:Q'
MWID98R=H[D%!QUY]J ,WQK:?&'7/ ^MW>N7VA:%IGV2666P@B,LK1["2A8Y
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M:CID8EMKW.6DCXX8]3E65@3SU!JI\'_^3C_BC]$_]"%;7P9\'^(6\8:]X_\
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M8> M5^('BWQQ_;.J:=-X:\)00-''IMRH,UTYZ.W&5QZ\=,<Y)H Q?$@/@O\
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))10 4444 ?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
