<SEC-DOCUMENT>0001839882-25-069546.txt : 20251203
<SEC-HEADER>0001839882-25-069546.hdr.sgml : 20251203
<ACCEPTANCE-DATETIME>20251203130923
ACCESSION NUMBER:		0001839882-25-069546
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251203
DATE AS OF CHANGE:		20251203

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:		251545887

	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>ms12523_fwp-40662.htm
<DESCRIPTION>FREE WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 12,523
<TEXT>
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                    <P style="line-height: 1.1; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Free Writing Prospectus to Preliminary Pricing Supplement No. 12,523</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: 9.0pt; "><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: 9.0pt; "><font style='white-space: pre-wrap;'>Dated December 3, 2025; Filed pursuant to Rule 433</font></FONT></P>
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                <P style="border-bottom:  0.50pt solid black; margin-top: 0.0pt; margin-bottom: 11.0pt; padding-left: 0.0pt; "><FONT style="color: #595959; font-size: 20.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "></FONT><FONT style="color: black; font-size: 18.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'>M</font></FONT><FONT style="text-transform: none; color: black; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>organ</font></FONT><FONT style="color: black; font-size: 18.0pt; font-family: Arial, sans-serif; text-transform: uppercase; "><font style='white-space: pre-wrap;'> S</font></FONT><FONT style="text-transform: none; color: black; font-size: 18.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>tanley</font></FONT></P>
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                    <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: black; font-size: 18.0pt; "><font style='white-space: pre-wrap;'>3</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: 18.0pt; "><font style='white-space: pre-wrap;'>-Year C Contingent Income Auto-Callable Securities</font></FONT></P>
                    <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; padding-left: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; color: black; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>This document provides a summary of the terms of the securities.  Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the &#8220;Risk Considerations&#8221; on the following page, prior to making an investment decision.</font></FONT></P>
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                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Summary Terms</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Issuer:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
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                            <TD>
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                        <TR style="vertical-align: top; min-height: 7.92pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Guarantor:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Morgan Stanley</font></FONT></P>
                            </TD>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Underlying stock:</font></FONT></P>
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                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Citigroup Inc. common stock (&#8220;C&#8221;)</font></FONT></P>
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                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Stated principal amount:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,000 per security</font></FONT></P>
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                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Issue price:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>$1,000 per security</font></FONT></P>
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                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Pricing date:</font></FONT></P>
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                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 12, 2025</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Original issue date:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 17, 2025 (3 business days after the pricing date)</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Maturity date:</font></FONT></P>
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                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 15, 2028</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Early redemption:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If, on any of the first eleven determination dates, beginning on March 12, 2026, the determination closing price of the underlying stock is greater than or equal to the initial share price, the securities will be automatically redeemed for an early redemption payment on the third business day following the related determination date.  No further payments will be made on the securities once they have been redeemed.</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Early redemption payment:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The early redemption payment will be an amount equal to (i) the stated principal amount </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>plus</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> (ii) the contingent quarterly coupon with respect to the related determination date.</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Determination closing price:</font></FONT></P>
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                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The closing price of the underlying stock on any determination date other than the final determination date </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>multiplied by</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the adjustment factor on such determination date.</font></FONT></P>
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                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Contingent quarterly coupon:</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: 0; margin-bottom: 1.5pt; margin-left: 12.16pt; text-indent: -7.81pt; "><!--[if IE]<FONT style="display: inline-block; width: 7.81pt; text-indent: -7.81pt; "><![endif]--><FONT style="display: inline-block; width: 7.81pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If, on any determination date, the determination closing price or the final share price, as applicable, is greater than or equal to the downside threshold price, we will pay a contingent quarterly coupon at an annual rate of 10.81% (corresponding to approximately $27.025 per quarter per security) on the related contingent payment date.</font></FONT></FONT></P>
                                <P style="margin-top: 1.5pt; margin-bottom: 0; margin-left: 12.16pt; text-indent: -7.81pt; "><!--[if IE]<FONT style="display: inline-block; width: 7.81pt; text-indent: -7.81pt; "><![endif]--><FONT style="display: inline-block; width: 7.81pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If, on any determination date, the determination closing price or the final share price, as applicable, is less than the downside threshold price, no contingent quarterly coupon will be paid with respect to that determination </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>date</font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>.</font>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.58pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Determination dates:</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Quarterly, beginning on March 12, 2026, as set forth below, subject to postponement for non-trading days and certain market disruption events.  We also refer to December 12, 2028 as the final determination date.</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 43.51pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Contingent payment dates:</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>With respect to each determination date other than the final determination date, the third business day after the related determination date.  The payment of the contingent quarterly coupon, if any, with respect to the final determination date will be made on the maturity date.</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 34.10pt; ">
                            <TD rowspan="2" style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Payment at maturity</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; border-top:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; margin-left: 8.42pt; text-indent: -8.42pt; "><!--[if IE]<FONT style="display: inline-block; width: 8.42pt; text-indent: -8.42pt; "><![endif]--><FONT style="display: inline-block; width: 8.42pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the final share price is</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> greater than or equal to </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the downside threshold price:</font></FONT></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; border-top:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>(i) the stated principal amount</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> plus </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>(ii) the contingent quarterly coupon with respect to the final determination date</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 29.26pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; margin-left: 8.42pt; text-indent: -8.42pt; "><!--[if IE]<FONT style="display: inline-block; width: 8.42pt; text-indent: -8.42pt; "><![endif]--><FONT style="display: inline-block; width: 8.42pt; text-indent: 0; text-align: left; font-size: 7.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>If the final share price is</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> less than </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>the downside threshold price:</font></FONT></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>(i) the stated principal amount</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> multiplied by </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>(ii) the share performance factor</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.58pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Share performance factor:</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Final share price </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>divided</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> by the initial share price</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.58pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Adjustment factor:</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>1.0, subject to adjustment in the event of certain corporate events affecting the underlying stock</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.58pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Downside threshold price:</font></FONT></P>
                            </TD>
                            <TD colspan="2" style="padding-top: 2.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.5pt; 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; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>70% of the initial share price</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
                <DIV style="width: 9.90pt; float: left; ">
                    <P>&nbsp;</P>
                </DIV>
                <DIV style="width: 390.05pt; float: left; ">
                    <TABLE width="366.30pt" style="margin-left: 19.799999999999997pt; width: 366.30pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="118.80pt" style="width: 118.80pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="247.50pt" style="width: 247.50pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 7.92pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Initial share price:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The closing price of the underlying stock on the pricing date</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 7.92pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Final share price:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>The closing price of the underlying stock on the final determination date </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>multiplied by</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'> the adjustment factor on such date</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 7.92pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>CUSIP / ISIN:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; 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: #DCEBF4; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>61779TJ57 / US61779TJ576</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.58pt; ">
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>Preliminary pricing supplement:</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 2.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; word-break: break-all; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'><A HREF="https://www.sec.gov/Archives/edgar/data/895421/000183988225069521/ms12523_424b2-40661.htm">https://www.sec.gov/Archives/edgar/data/895421/000183988225069521/ms12523_424b2-40661.htm</A></font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                    <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 4.0pt; font-weight: bold; color: #FFFFFF; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                    <TABLE width="366.30pt" style="margin-left: 19.799999999999997pt; width: 366.30pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="55.00%" style="width: 55.00%; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="55.00%" style="width: 55.00%; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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: #DCEBF4; vertical-align: middle; ">
                                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Determination Dates</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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: #DCEBF4; vertical-align: middle; ">
                                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; line-height: 9.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Contingent Payment Dates / Early Redemption Dates</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>March 12, 2026</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>March 17, 2026</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>June 12, 2026</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>June 17, 2026</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>September 14, 2026</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>September 17, 2026</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 14, 2026</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 17, 2026</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>March 12, 2027</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>March 17, 2027</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>June 14, 2027</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>June 17, 2027</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>September 13, 2027</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>September 16, 2027</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 13, 2027</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 16, 2027</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>March 13, 2028</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>March 16, 2028</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>June 12, 2028</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>June 15, 2028</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>September 12, 2028</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>September 15, 2028</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 2.37pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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; ">
                                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 12, 2028 (final determination date)</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; 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="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.0pt; "><font style='white-space: pre-wrap;'>December 15, 2028 (maturity date)</font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                    <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; line-height: 1.2; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 4.0pt; font-weight: bold; color: #FFFFFF; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                    <TABLE width="366.30pt" style="margin-left: 19.799999999999997pt; width: 366.30pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="182.93pt" style="width: 182.93pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="182.93pt" style="width: 182.93pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="0.44pt" style="width: 0.44pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 20.57pt; ">
                            <TD colspan="2" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #296DC1; vertical-align: middle; ">
                                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 10pt; "><font style='white-space: pre-wrap;'>Hypothetical Payout at Maturity</font></FONT><FONT style="font-family: Arial, sans-serif; color: #FFFFFF; vertical-align: super; font-size: 9pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>(if the securities have not previously been redeemed)</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Change in Underlying Stock</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="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Payment at Maturity (excluding any coupon payable at maturity)</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>+40%</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: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>+30%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>+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: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>+10%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>0%</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: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-10%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-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: #BFBFBF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-30%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$1,000</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-31%</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: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$690</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-40%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$600</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-50%</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: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$500</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-60%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$400</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-70%</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: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$300</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-80%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$200</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-90%</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: #D0CECE; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$100</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 1.10pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>-100%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: middle; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>$0</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 13.70pt; ">
                            <TD colspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>All payments are subject to our credit risk</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: 8.0pt; "><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: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>Underlying Stock</font></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>For more information about the underlying stock, including historical performance information, see the accompanying preliminary pricing supplement.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>Risk Considerations</font></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><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; margin-bottom: 3.3pt; line-height: 12.0pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 12.0pt; text-decoration-style: solid; text-decoration-line: underline; color: black; "><U><font style='white-space: pre-wrap;'>Risks Relating to an Investment in the Securities</font></U></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The securities do not guarantee the return of any principal.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You will not receive any contingent quarterly coupon for any quarterly period where the determination closing price is less than the downside threshold price.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The contingent quarterly coupon, if any, is based solely on the determination closing price or the final share price, as applicable.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Investors will not participate in any appreciation in the price of the underlying stock.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The automatic early redemption feature may limit the term of your investment to approximately three months.  If the securities are redeemed early, you may not be able to reinvest at comparable terms or returns.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The market price will be influenced by many unpredictable factors.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>As a finance subsidiary, MSFL has no independent operations and will have no independent assets.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Investing in the securities is not equivalent to investing in the common stock of Citigroup Inc.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The securities will not be listed on any securities exchange and secondary trading may be limited.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us.  Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The estimated value of the securities is approximately $968.10 per security, or within $45.00 of that estimate, and is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><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: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The U.S. federal income tax consequences of an investment in the securities are uncertain.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; line-height: 12.0pt; text-align: justify; "><FONT style="font-family: Arial, sans-serif; font-size: 12.0pt; text-decoration-style: solid; text-decoration-line: underline; color: black; "><U><font style='white-space: pre-wrap;'>Risks Relating to the Underlying Stock</font></U></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>No affiliation with Citigroup Inc.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>We may engage in business with or involving Citigroup Inc. without regard to your interests.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.</font></FONT></FONT></P>
                <P style="margin-top: 0.55pt; margin-bottom: 0.55pt; line-height: 10.5pt; text-align: left; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stock.</font></FONT></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>Tax Considerations</font></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 12.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><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 Securities&#8211;Tax considerations&#8221; concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.</font></FONT></P>
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