<SEC-DOCUMENT>0001839882-25-063386.txt : 20251104
<SEC-HEADER>0001839882-25-063386.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251103182836
ACCESSION NUMBER:		0001839882-25-063386
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:		251445701

	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>ms11681_fwp-36310.htm
<DESCRIPTION>FREE WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 11,681
<TEXT>
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            <DIV style="width: 792.00pt; padding: 30.09pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
                <DIV style="position: absolute; width: 297.39pt; height: 29.70pt; z-index: 251657728; left: 531.41pt; top: 22.61pt; ">
                    <P style="line-height: 1.1; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Free Writing Prospectus to Preliminary Pricing Supplement No. 11,681</font></FONT></P>
                    <P style="line-height: 1.1; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Registration Statement Nos. 333-275587; 333-275587-01</font></FONT></P>
                    <P style="line-height: 1.1; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Dated November 3, 2025; Filed pursuant to Rule 433</font></FONT></P>
                </DIV>
                <P style="border-bottom:  0.50pt solid black; padding-left: 0.0pt; margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #595959; font-size: 18.0pt; 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; margin-bottom: 20pt; ">
                <DIV>
                    <P style="margin-top: 6.6pt; line-height: 18.0pt; padding-left: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 16.0pt; "><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: 16.0pt; "><font style='white-space: pre-wrap;'> Jump Notes with Auto-Callable Feature due November 30, 2032</font></FONT></P>
                    <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; "><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 notes. 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></P>
                </DIV>
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                    <TABLE width="388.08pt" style="margin-left: 0.0pt; width: 388.08pt; table-layout: fixed; border-collapse: collapse; ">
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                            <TD colspan="5" 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: 3.3pt; margin-bottom: 3.3pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 18.0pt; "><font style='white-space: pre-wrap;'>Terms</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Issuer:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Guarantor:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Underlier:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 6.05pt; margin-bottom: 6.05pt; line-height: 13.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>S&amp;P</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'> U.S. Equity Momentum 40% VT 4% Decrement Index (&#8220;SPUMP40&#8221;)</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD rowspan="7" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Automatic early redemption:</font></FONT></P>
                            </TD>
                            <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-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Determination 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-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><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; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Early redemption payment (per note):</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#1</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 24, 2026</font></FONT></P>
                            </TD>
                            <TD rowspan="6" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>100% of the initial level </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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>At least $1,085</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#2</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 24, 2027</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>At least $1,170</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#3</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-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 24, 2028</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>At least $1,255</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#4</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-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 26, 2029</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>At least $1,340</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#5</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-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 25, 2030</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>At least $1,425</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#6</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-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 24, 2031</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>At least $1,510</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Pricing date:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 24, 2025</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Final determination date:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 24, 2032</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Maturity date:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>November 30, 2032</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>CUSIP:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>61779PW27</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; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Estimated value:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>$925.80 per note, or within $55.00 of that estimate</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: #D9D9D9; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Preliminary pricing supplement:</font></FONT></P>
                            </TD>
                            <TD colspan="4" 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; ">
                                <P style="margin-top: 0; margin-bottom: 0; word-break: break-all; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'><A HREF="https://www.sec.gov/Archives/edgar/data/895421/000183988225063084/ms11681_424b2-36309.htm">https://www.sec.gov/Archives/edgar/data/895421/000183988225063084/ms11681_424b2-36309.htm</A></font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                    <P style="margin-top: 3.3pt; margin-bottom: 11.0pt; line-height: 13.0pt; text-align: left; "><FONT style="color: #000000; font-size: 7pt; background-color: #FFFFFF; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="color: #000000; font-size: 9.0pt; background-color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>All payments are subject to our credit risk</font></FONT></P>
                </DIV>
                <DIV style="width: 39.60pt; float: left; ">
                    <P>&nbsp;</P>
                </DIV>
                <DIV style="width: 375.20pt; float: left; ">
                    <P style="margin-top: 3.3pt; margin-bottom: 3.0pt; line-height: 13.0pt; text-align: center; "><FONT style="font-weight: bold; font-size: 15.0pt; font-family: Arial, sans-serif; color: black; "><font style='white-space: pre-wrap;'>Hypothetical Examples</font></FONT></P>
                    <TABLE width="380.16pt" style="margin-left: -5.94pt; width: 380.16pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="126.72pt" style="width: 126.72pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="63.36pt" style="width: 63.36pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="63.36pt" style="width: 63.36pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="126.72pt" style="width: 126.72pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 17.27pt; ">
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>Automatic Early Redemption</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 12pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Determination Date</font></FONT></P>
                            </TD>
                            <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-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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 10.0pt; "><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; background-color: #D9D9D9; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Early Redemption Payment (per note)</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#1</font></FONT></P>
                            </TD>
                            <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-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>-20%</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>--</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>#2</font></FONT></P>
                            </TD>
                            <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-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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>+20%</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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>1,170</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD colspan="4" 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: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The notes are automatically redeemed on the second early redemption date. Investors will receive a payment of $</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>1,170 </font></FONT><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>per note on the related early redemption date.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD colspan="4" 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; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD colspan="4" 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: #296DC1; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>Hypothetical Payment at Maturity</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 12pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 11.0pt; background-color: #296DC1; "><font style='white-space: pre-wrap;'>(if the notes have not been automatically redeemed prior to maturity)</font></FONT></P>
                            </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-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>% Change in Closing Level of the Underlier</font></FONT></P>
                            </TD>
                            <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-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Return on Notes</font></FONT></P>
                            </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-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="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">+60.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">+60.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">+40.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">+40.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">+20.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">+20.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">-20.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">-40.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">-60.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">-80.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 1.1pt">
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; text-align: center"><FONT STYLE="font-size: 10pt; font-family: Arial, sans-serif"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">-100.00%</font></FONT></P>
                            </TD>
                            <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                                <P STYLE="font-size: 10pt; margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 11pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, sans-serif; color: black; font-size: 10pt"><FONT STYLE="font-size: 10pt; white-space: pre-wrap">0.00%</font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
<BR clear="all" style="font-size: 1px; ">
            </DIV>
            <DIV style="width: 792.00pt; padding: 0 39.60pt 18.21pt 39.60pt; min-height: 21.40pt; 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: 30.09pt 39.60pt 0 39.60pt; min-height: 10.00pt; 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; margin-bottom: 20pt; ">
                <P style="border-top:  0.50pt solid black; margin-top: 6.6pt; line-height: 9.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><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: 6.6pt; margin-bottom: 3.3pt; line-height: 9.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Underlier(s)</font></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Risk Considerations</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 9.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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: 6.6pt; line-height: 9.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to an Investment in the </font></U><U><font style='white-space: pre-wrap;'>Notes</font></U></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The notes may not pay more than the stated principal amount at maturity.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The notes do not pay interest.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the notes are automatically redeemed prior to maturity, the appreciation potential of the notes is limited by the fixed early redemption payment specified for each determination date.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The notes are subject to early redemption risk.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The market price of the notes may be influenced by many unpredictable factors.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The notes 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 notes.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>As a finance subsidiary, MSFL has no independent operations and will have no independent assets.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The estimated value of the notes 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The notes will not be listed on any securities exchange and secondary trading may be limited.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s).</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>You may be required to recognize taxable income on the notes prior to maturity.</font></FONT></FONT></P>
                <P style="margin-top: 3.3pt; line-height: 9.0pt; padding-left: 0.0pt; text-align: left; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; 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; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Because your return on the notes will depend upon the performance of the underlier, the notes 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The decrement of 4% </font></FONT><FONT style="font-style: italic; font-size: 7.0pt; background-color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>per annum</font></FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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 notes.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; margin-left: 49.89pt; 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: 7.0pt; background-color: #FFFFFF; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 7.0pt; background-color: #FFFFFF; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; text-align: left; margin-left: 49.89pt; 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: 7.0pt; ">o</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Adjustments to the Index could adversely affect the value of instruments linked to the Index</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>.</font></FONT></FONT></P>
                <P style="margin-top: 3.3pt; line-height: 9.0pt; padding-left: 0.0pt; text-align: left; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; 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: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.</font></FONT></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; 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: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.</font></FONT></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Tax Considerations</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 9.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><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 Notes&#8211;United States federal income tax considerations&#8221; concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.</font></FONT></P>
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