<SEC-DOCUMENT>0001839882-25-069210.txt : 20251202
<SEC-HEADER>0001839882-25-069210.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251202104635
ACCESSION NUMBER:		0001839882-25-069210
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251202

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:		251541968

	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>ms12420_fwp-40015.htm
<DESCRIPTION>FREE WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 12,420
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                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.35; "><FONT style="font-family: Arial, sans-serif; color: #BB0826; font-size: 17.0pt; "><font style='white-space: pre-wrap;'>Morgan</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; color: #BB0826; font-size: 17.0pt; "><font style='white-space: pre-wrap;'> Stanley Finance LLC</font></FONT><FONT style="font-size: 17.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.35; "><FONT style="font-family: Arial, sans-serif; color: #BB0826; font-size: 16.5pt; "><font style='white-space: pre-wrap;'>Structured Investments</font></FONT></P>
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                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: right; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #A6A6A6; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Free Writing Prospectus to Preliminary Pricing Supplement No. 12,420</font></FONT></P>
                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: right; "><FONT style="font-family: Arial, sans-serif; color: #A6A6A6; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Filed pursuant to Rule 433</font></FONT></P>
                                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 10.0pt; text-align: right; "><FONT style="font-family: Arial, sans-serif; color: #A6A6A6; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Registration Statement Nos. 333-275587; 333-275587-01</font></FONT></P>
                                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.35; text-align: right; "><FONT style="font-family: Arial, sans-serif; color: #A6A6A6; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>December 2, 2025</font></FONT></P>
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                    <DIV STYLE="background-color: #979797; padding: 3pt 12pt 3pt 6pt; width: 97%">
                    <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 10.5pt; "><font style='white-space: pre-wrap;'>Market</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 10.5pt; "><font style='white-space: pre-wrap;'> Linked Securities&#8212;Callable with Contingent Coupon with Daily Observation and Contingent Downside</font></FONT></P>
                    <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; padding-left: 3.96pt; "><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Principal at Risk Securities Linked to the Lowest Performing of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Nasdaq-100 Index</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> due June 29, 2028</font></FONT></P>
                    <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; line-height: 1.2; padding-left: 3.96pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; color: #FFFFFF; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Fully and Unconditionally Guaranteed by Morgan Stanley</font></FONT></P>
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                <DIV style="width: 285.85pt; float: left; ">
                    <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #808080; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Summary of terms</font></FONT></P>
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                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Issuer and guarantor</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor)</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Underlyings</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> Index (the &#8220;SPX Index&#8221;), Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> Index (the &#8220;RTY Index&#8221;) and the Nasdaq-100 Index</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> (the &#8220;NDX Index&#8221;)</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Pricing date*</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>December 30, 2025</font></FONT></P>
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                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Original issue date*</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>January 5, 2026</font></FONT></P>
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                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Face amount</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>$1,000 per security</font></FONT></P>
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                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Contingent coupon payments</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>With respect to each observation period, unless previously redeemed, the securities will pay a contingent coupon on the contingent coupon payment date immediately following such observation period at a </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>per annum</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> rate equal to the contingent coupon rate if, and only if, the closing level of the lowest performing underlying on each eligible trading day during such observation period is greater than or equal to its coupon threshold level. Each &#8220;contingent coupon payment&#8221;, if any, will be calculated per security as follows: ($1,000 &#215; contingent coupon rate) / 4.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Contingent coupon rate</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>At least 8.75% </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>per annum</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>, to be determined on the pricing date</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Call feature</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>On any redemption date, we will redeem the securities for a redemption price per security equal to the face amount plus a final contingent coupon payment, if any, if and only if the output of a risk neutral valuation model on a business day, as selected by the calculation agent, that is no earlier than three business days before the observation period end-date preceding such redemption date and no later than such observation period end-date (the &#8220;determination date&#8221;), taking as input: (i) prevailing reference market levels, volatilities and correlations, as applicable and in each case as of such business day and (ii) Morgan Stanley&#8217;s credit spreads as of the pricing date, indicates that redeeming on such redemption date is economically rational for us as compared to not redeeming on such redemption date. If we call the securities, we will give you notice no later than the observation period end-date preceding the redemption date specified in the notice. No further payments will be made on the securities once they have been redeemed.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Observation periods</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Each observation period will consist of each day that is a trading</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>day for at least one underlying (each such day, an &#8220;eligible</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>trading day&#8221;) from but excluding an observation period end-date</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>to and including the following observation period end-date,</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>provided that the first observation period will consist of each</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>eligible trading day from but excluding the pricing date to and</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>including the first observation period end-date.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Observation period end-dates</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Quarterly, on the 24</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>th</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> of each March, June, September and December, commencing March 2026 and ending on the final calculation day. We refer to June 26, 2028 as the &#8220;final calculation day.&#8221;</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Contingent coupon payment dates</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Three business days after the applicable observation period end-date; provided that the coupon payment date for the final calculation day is the maturity date.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Redemption dates</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Quarterly, beginning approximately three months after the issue date, on the contingent coupon payment date following each observation period end-date scheduled to occur from March 2026 to March 2028, inclusive.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Maturity payment amount (per security)</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 1.5pt; line-height: 7.0pt; margin-top: 0; margin-left: 13.86pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-size: 6.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>if the closing level of </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>each underlying</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> on the final calculation day is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>greater than or equal to </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>its downside threshold level:</font></FONT></FONT></P>
                                <P style="margin-bottom: 1.5pt; line-height: 7.0pt; padding-left: 39.6pt; margin-top: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>$1,000; or</font></FONT></P>
                                <P style="margin-bottom: 1.5pt; line-height: 7.0pt; margin-top: 1.5pt; margin-left: 13.86pt; text-indent: -9.90pt; "><!--[if IE]<FONT style="display: inline-block; width: 9.90pt; text-indent: -9.90pt; "><![endif]--><FONT style="display: inline-block; width: 9.90pt; text-indent: 0; text-align: left; font-size: 6.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>if the closing level of </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>any underlying</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> on the final calculation day is </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>less than </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>its downside threshold level: </font></FONT></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 39.6pt; margin-top: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>$1,000 &#215; performance factor of the lowest performing underlying on the final calculation day</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Maturity date*</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>June 29, 2028</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Starting level</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>For each underlying, its closing level on the pricing date</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Lowest performing underlying</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>For any eligible trading day during an observation period (including the final calculation day), the underlying with the lowest performance factor on that eligible trading day</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Performance factor</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>With respect to each underlying, on any eligible trading day during an observation period, its closing level on that eligible trading day </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>divided by</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'> its starting level</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Coupon threshold level</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>70% of the starting level for each underlying</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Downside threshold level</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>60% of the starting level for each underlying</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Calculation agent</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley &amp; Co. LLC, an affiliate of the issuer</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Denominations</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>$1,000 and any integral multiple of $1,000</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Agent discount**</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley &amp; Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering.  Wells Fargo Securities, LLC will receive a commission of up to $23.25 for each security it sells.  Dealers, including Wells Fargo Advisors (&#8220;WFA&#8221;), may receive a selling concession of up to $15.00 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>CUSIP</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>61779T5M5</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>Tax considerations</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; 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-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>See preliminary pricing supplement</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 0.0pt; padding-right: 0.0pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; ">
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>*Subject to change</font></FONT></P>
                                <P style="margin-bottom: 0.0pt; line-height: 7.0pt; padding-left: 3.96pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>** In addition, selected dealers may receive a fee of up to 0.20% for marketing and other services</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
                <DIV style="width: 20.30pt; float: left; ">
                    <P>&nbsp;</P>
                </DIV>
                <DIV style="width: 285.85pt; float: left; ">
                    <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #808080; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Hypothetical payout profile (excluding contingent coupon payments)</font></FONT></P>
                    <P style="margin-bottom: 0.0pt; line-height: 1.35; margin-top: 0; "><FONT style="font-size: 1.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;<IMG SRC="image_002.jpg" ALT="" STYLE="height: 306px; width: 380px"></font></FONT></P>
                    <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 8.5pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>If the securities are not called prior to the maturity date and the closing level of any underlying on the final calculation day is less than its downside threshold level, you will lose more than 40%, and possibly all, of the face amount of your securities at the maturity date.</font></FONT></P>
                    <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 8.5pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of any underlying, but you will have full downside exposure to the lowest performing underlying on the final calculation day if the closing level of that underlying on the final calculation day is less than its downside threshold level.</font></FONT></P>
                    <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 8.5pt; "><FONT style="font-family: Arial, sans-serif; color: #808080; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>The face amount of each security is $1,000.  This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000 per security.  We estimate that the value of each security on the pricing date will be approximately $966.40, or within $35.00 of that estimate.  Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement.  See &#8220;Investment Summary&#8221; and &#8220;Risk Factors&#8221; in the accompanying preliminary pricing supplement for further information.</font></FONT></P>
                    <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 8.5pt; "><FONT style="font-family: Arial, sans-serif; color: #808080; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index supplement and prospectus before making a decision to invest in the securities. </font></FONT></P>
                    <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 8.5pt; word-break: break-all; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>Preliminary pricing supplement:</font></FONT><BR><FONT style="font-family: Arial, sans-serif; font-size: 7.5pt; "><font style='white-space: pre-wrap;'><A HREF="https://www.sec.gov/Archives/edgar/data/895421/000183988225069207/ms12420_424b2-40014.htm">https://www.sec.gov/Archives/edgar/data/895421/000183988225069207/ms12420_424b2-40014.htm</A></font></FONT></P>
                    <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 8.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                </DIV>

                <DIV style="width: 285.85pt; float: left; ">
                </DIV>
<BR clear="all" style="font-size: 1px; ">
                <DIV>
                    <P style="margin-bottom: 0.0pt; line-height: 7.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities.  See &#8220;Risk Factors&#8221; in the accompanying preliminary pricing supplement. All payments on the securities are subject to our credit risk.</font></FONT></P>
                    <P style="margin-bottom: 0.0pt; line-height: 7.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #C00000; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision. </font></FONT></P>
                    <P style="margin-bottom: 0.0pt; line-height: 7.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6.0pt; "><font style='white-space: pre-wrap;'>The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.</font></FONT></P>
                </DIV>
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            </DIV>

        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 23.76pt 39.60pt 0 39.60pt; min-height: 15.84pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #808080; font-size: 12.0pt; "><font style='white-space: pre-wrap;'>Selected risk considerations </font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><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, product supplement for principal at risk securities, index supplement and prospectus.  Please review those risk factors carefully.</font></FONT></P>
                <TABLE width="594.00pt" style="margin-left: auto; width: 594.00pt; table-layout: fixed; border-collapse: collapse; margin-right: auto; ">
                    <TR>
                        <TD width="297.00pt" style="width: 297.00pt; border: 0; margin: 0; padding: 0; height: 0; ">
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                        <TD width="297.00pt" style="width: 297.00pt; border: 0; margin: 0; padding: 0; height: 0; ">
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                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 10.0pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to an Investment in the Securities</font></U></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities do not guarantee the return of the face amount of your securities at maturity. </font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities have early redemption risk.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The contingent coupon payment, if any, is based on the closing level of the lowest performing underlying on each eligible trading day during the related observation period.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Investors will not participate in any appreciation in any underlying. </font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The market price will be influenced by many unpredictable factors.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Investing in the securities is not equivalent to investing in the underlyings.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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 face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount and will adversely affect secondary market prices.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The maturity date may be postponed if the final calculation day is postponed.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; 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>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 10.0pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to the Underlyings</font></U></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>You are exposed to the price risk of each underlying.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Because the securities are linked to the performance of the lowest performing underlying, you are exposed to greater risks of receiving no contingent coupon payments and sustaining a significant loss on your investment than if the securities were linked to just one underlying.</font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The securities are linked to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'> Index and are subject to risks associated with small-capitalization companies.  </font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Adjustments to the underlyings could adversely affect the value of the securities. </font></FONT></FONT></P>
                            <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 9.0pt; 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; font-size: 8.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Historical levels of the underlyings should not be taken as an indication of the future performance of the underlyings during the term of the securities. </font></FONT></FONT></P>
                            <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; ">&nbsp;</FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>For more information about the underlyings, including historical performance information, see the accompanying preliminary pricing supplement.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #909090; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the applicable product supplement and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates.  You should read the prospectus in that registration statement, the applicable product supplement, the index supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>.</font></FONT><FONT style="font-family: Arial, sans-serif; color: #909090; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>www.sec.gov.  Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable product supplement, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 11.0pt; "><FONT style="font-family: Arial, sans-serif; color: #919191; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo &amp; Company.</font></FONT></P>
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                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 1.2; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; "><FONT>2</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 11.0pt; ">&nbsp;</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
