<SEC-DOCUMENT>0001839882-25-063395.txt : 20251104
<SEC-HEADER>0001839882-25-063395.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251103183537
ACCESSION NUMBER:		0001839882-25-063395
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251103

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:		251445719

	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>ms11677_fwp-36469.htm
<DESCRIPTION>FREE WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 11,677
<TEXT>
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                    <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Free Writing Prospectus to Preliminary Pricing Supplement No. 11,677</font></FONT></P>
                    <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Registration Statement Nos. 333-275587; 333-275587-01</font></FONT></P>
                    <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Dated November 3, 2025; Filed pursuant to Rule 433</font></FONT></P>
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                <P style="border-bottom:  0.50pt solid black; text-indent: -4.73pt; padding-left: 4.73pt; margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "></FONT><FONT style="color: black; font-size: 18.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'>M</font></FONT><FONT style="text-transform: none; color: black; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>organ</font></FONT><FONT style="color: black; font-size: 18.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'> S</font></FONT><FONT style="text-transform: none; color: black; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>tanley</font></FONT></P>
            </DIV>
            <DIV style="width: 792.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; min-height: 594.00pt; ">
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 15.0pt; "><font style='white-space: pre-wrap;'>SPUMP40</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; font-weight: bold; color: black; font-size: 15.0pt; "><font style='white-space: pre-wrap;'> Contingent Income Memory Auto-Callable Securities due November 29, 2030</font></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the &#8220;Risk Considerations&#8221; on the following page, prior to making an investment decision.</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'> </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; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #296DC1; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Terms</font></FONT></P>
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                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Issuer:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Guarantor:</font></FONT></P>
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                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Underlier:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>S&amp;P</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'> U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40)</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Automatic early redemption:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>If, on any redemption determination date, the closing level of the underlier is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'> the call threshold level, the securities will be automatically redeemed. No further payments will be made on the securities once they have been automatically 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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Call threshold level:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>100% of the initial level</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Redemption determination dates:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Beginning after 6 months, quarterly</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Contingent coupon:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>10.50% to 11.50% </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>per annum</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>, with a memory feature. See the accompanying preliminary pricing supplement.</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Coupon payment dates:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Monthly</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Coupon barrier level:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>70% of the initial level</font></FONT></P>
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                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Downside threshold level:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>60% of the initial level</font></FONT></P>
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                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Pricing date:</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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>November 24, 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; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Final observation date:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>November 25, 2030</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Maturity date:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>November 29, 2030</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>CUSIP:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>61779PV36</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Estimated value:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$904.10 per security, or within $54.10 of that estimate</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Preliminary pricing supplement:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; line-height: 12.0pt; "><A href="https://www.sec.gov/Archives/edgar/data/895421/000183988225062941/ms11677_424b2-36468.htm" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>https://www.sec.gov/Archives/edgar/data/895421/000183988225062941/ms11677_424b2-36468.htm</font></U></FONT></A><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 10.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>All payments are subject to our credit risk </font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
                <P style="line-height: 0.7pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; display: none; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <DIV style="float: right; padding-top: 11.30pt; ">
                    <TABLE width="388.08pt" style="margin-left: -5.94pt; width: 388.08pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="194.04pt" style="width: 194.04pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="194.04pt" style="width: 194.04pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #296DC1; vertical-align: middle; ">
                                <P style="margin-top: 4.4pt; margin-bottom: 4.4pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: *.0pt; "><font style='white-space: pre-wrap;'>Hypothetical Payment at Maturity1</font></FONT></P>
                                <P style="margin-top: 4.4pt; margin-bottom: 4.4pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>(if the securities have not been automatically redeemed)</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>% Change in Closing Level of the Underlier</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Payment at Maturity per Security (excluding any contingent coupon payable at maturity)</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>+100.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>+80.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>+60.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>+40.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>+20.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>-20.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>-40.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>-41.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #D9D9D9; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$590.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>-60.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$400.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>-80.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$200.00</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>-100.00%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="margin-top: 8.8pt; margin-bottom: 8.8pt; line-height: 12.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>$0.00</font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
            </DIV>
            <DIV style="width: 792.00pt; padding: 0 39.60pt 15.84pt 39.60pt; min-height: 23.76pt; position: relative; ">
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 871.20pt; padding: 36pt 0; ">
            <DIV style="width: 792.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 792.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; min-height: 594.00pt; ">
                <P style="border-top:  0.50pt solid black; margin-top: 0.0pt; line-height: 8.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.</font></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 12.0pt; "><font style='white-space: pre-wrap;'>Underlier(s)</font></FONT></P>
                <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;'>For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.</font></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 13.0pt; "><font style='white-space: pre-wrap;'>Risk Considerations</font></FONT></P>
                <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;'>The risks set forth below are discussed in more detail in the &#8220;Risk Factors&#8221; section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.</font></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 10.5pt; 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: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities do not guarantee the return of any principal.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities do not provide for the regular payment of interest.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Payment of the contingent coupon is based on the closing level of the underlier on only the related observation date at the end of the related interest period.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Investors will not participate in any appreciation in the value of the underlier.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities are subject to early redemption risk.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The market price of the securities may be influenced by many unpredictable factors.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>As a finance subsidiary, MSFL has no independent operations and will have no independent assets.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities will not be listed on any securities exchange and secondary trading may be limited.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The U.S. federal income tax consequences of an investment in the securities are uncertain.</font></FONT></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 10.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to the Underlier(s)</font></U></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Because your return on the securities will depend upon the performance of the underlier, the securities are subject to the following risks, as discussed in more detail in the accompanying index supplement. The accompanying index supplement refers to the underlier as the &#8220;Index.&#8221;</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>No assurance can be given that the investment strategy used to construct the Index will achieve its intended results or that the Index will be successful or will outperform any alternative index or strategy that might reference the Index Components.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The decrement of 4% </font></FONT><FONT style="font-style: italic; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>per annum</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Index is subject to risks associated with the use of significant leverage.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Index may not be fully invested.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Index was established on March 14, 2022 and therefore has very limited operating history.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>As the Index is new and has very limited historical performance, any investment in the Index may involve greater risk than an investment in an index with longer actual historical performance and a proven track record. </font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Higher future prices of the futures contract to which the Index is linked relative to its current prices may adversely affect the value of the Index and the value of instruments linked to the Index.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Suspensions or disruptions of market trading in futures markets could adversely affect the price of instruments linked to the Index.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Legal and regulatory changes could adversely affect the return on and value of your securities.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The E-mini Russell 2000 futures contracts are one of the Index Components and are subject to risks associated with small-capitalization companies.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; margin-left: 35.64pt; 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: 8.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Adjustments to the Index could adversely affect the value of instruments linked to the Index.</font></FONT></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 10.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to Conflicts of Interest</font></U></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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></P>
                <P style="margin-top: 0.0pt; text-align: left; 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: #296DC1; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.</font></FONT></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 13.0pt; "><font style='white-space: pre-wrap;'>Tax Considerations</font></FONT></P>
                <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;'>You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption &#8220;Additional Information About the Securities&#8211;United States federal income tax considerations&#8221; concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.</font></FONT></P>
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