<SEC-DOCUMENT>0001839882-25-070931.txt : 20251212
<SEC-HEADER>0001839882-25-070931.hdr.sgml : 20251212
<ACCEPTANCE-DATETIME>20251212163807
ACCESSION NUMBER:		0001839882-25-070931
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251212
DATE AS OF CHANGE:		20251212

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:		251568668

	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>ms12696_fwp-41624.htm
<DESCRIPTION>FREE WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 12,696
<TEXT>
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            <DIV style="width: 806.85pt; padding: 30.09pt 39.60pt 0 24.75pt; min-height: 10.00pt; position: relative; ">
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                    <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Free Writing Prospectus to Preliminary Pricing Supplement No. 12,696</font></FONT></P>
                    <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Registration Statement Nos. 333-275587; 333-275587-01</font></FONT></P>
                    <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Dated December 12, 2025; Filed pursuant to Rule 433 </font></FONT></P>
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                <P style="padding-left: 0.0pt; margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: black; font-size: 15.0pt; 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: 15.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>organ</font></FONT><FONT style="color: black; font-size: 15.0pt; 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: 15.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>tanley</font></FONT></P>
                <P style="border-bottom:  0.50pt solid black; padding-left: 0.0pt; margin-top: 0.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; text-transform: uppercase; color: #296DC1; font-size: 14.0pt; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 806.85pt; padding: 10pt 39.60pt 10pt 24.75pt; position: relative; min-height: 612.21pt; ">
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 16.5pt; "><font style='white-space: pre-wrap;'>5</font></FONT><FONT style="font-family: Times New Roman, Times, serif; color: black; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 16.5pt; "><font style='white-space: pre-wrap;'>-Year Market-Linked Notes Based on the Value of a Basket Composed of 5 Indices</font></FONT></P>
                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; color: black; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary terms referenced below, product supplement, index supplement and prospectus, and the &#8220;Risk Considerations&#8221; on the following page, prior to making an investment decision.</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 11.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></P>
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                            <TD colspan="4" style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #0070C0; ">
                                <P style="padding-left: 0.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FFFFFF; font-size: 12.0pt; "><font style='white-space: pre-wrap;'>Summary Terms</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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-bottom: 1.1pt; line-height: 8.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Issuer:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Morgan Stanley Finance LLC</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-bottom: 1.1pt; line-height: 8.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Guarantor:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Morgan Stanley</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Issue price:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 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 per note</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Stated principal amount:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 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 per note</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Pricing date:</font></FONT></P>
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                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>December 30, 2025</font></FONT></P>
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                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Original issue date:</font></FONT></P>
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                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>January 6, 2026 (4 business days after the pricing date)</font></FONT></P>
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                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Maturity date:</font></FONT></P>
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                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>January 3, 2031</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Interest:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>None</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 4.57pt; ">
                            <TD rowspan="4" 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Basket:</font></FONT></P>
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                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; border-left:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="margin-bottom: 1.1pt; line-height: 9.0pt; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Basket component</font></FONT></P>
                                <P style="margin-bottom: 1.1pt; line-height: 9.0pt; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                                <P style="margin-bottom: 1.1pt; line-height: 9.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>EURO STOXX 50</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'> Index (SX5E)</font></FONT></P>
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Tokyo Stock Price Index (TPX) </font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-size: 12.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>FTSE</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'> 100 Index (UKX )</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; border-right:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="margin-bottom: 1.1pt; line-height: 9.0pt; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Basket component weighting</font></FONT></P>
                                <P style="margin-bottom: 1.1pt; line-height: 9.0pt; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>40.00%</font></FONT></P>
                                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>25.00%</font></FONT></P>
                                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>17.50%</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 4.57pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; 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: 8.0pt; "><font style='white-space: pre-wrap;'>Swiss Market Index</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'> (SMI)</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; border-right:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>10.00%</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 4.57pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; 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: 8.0pt; "><font style='white-space: pre-wrap;'>S&amp;P</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 6pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>/ASX 200 Index (AS51)</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; border-right:  0.50pt solid black; background-color: #DCEBF4; ">
                                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>7.50%</font></FONT></P>
                            </TD>
                            <TD>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 4.57pt; ">
                            <TD colspan="3" style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; 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-style: italic; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>We refer to each of the SX5E Index, the TPX Index, the UKX Index, the SMI Index and the AS51 Index as an underlying index and, together, as the underlying indices.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Payment at maturity:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 10.0pt; 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;'>The payment due at maturity per $1,000 stated principal amount will equal:</font></FONT></P>
                                <P style="line-height: 10.0pt; padding-left: 19.8pt; 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 + supplemental redemption amount, if any.</font></FONT></P>
                                <P style="line-height: 10.0pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In no event will the payment due at maturity be less than the stated principal amount, regardless of the performance of the underlying indices.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Supplemental redemption amount:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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="line-height: 10.0pt; 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;'>(i) $1,000 </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>times</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> (ii) the basket percent change </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>times</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> (iii) the participation rate, </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>provided </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>that</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>the supplemental redemption amount will not be less than $0.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Participation rate:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 10.0pt; 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;'>113.53%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Basket percent change:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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="line-height: 10.0pt; 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;'>(final basket closing value &#8211; initial basket value) / initial basket value</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Initial basket value:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 10.0pt; 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;'>The initial basket value will equal 100, which is equal to the sum of the products of (i) the initial index value of each basket component and (ii) the multiplier for such basket component, each as determined on the pricing date.</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Final basket closing value:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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="line-height: 10.0pt; 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;'>The basket closing value on the determination date</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Determination date:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 10.0pt; 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;'>December 30, 2030, subject to postponement for non-index business days and certain market disruption events</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; 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: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>CUSIP / ISIN:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 1.5pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 1.5pt; 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; vertical-align: middle; ">
                                <P style="line-height: 10.0pt; 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;'>61780ABH7 /</font></FONT><FONT style="font-family: Times New Roman, Times, serif; "><font style='white-space: pre-wrap;'>  </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>US61780ABH77</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #296DC1; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Preliminary terms:</font></FONT></P>
                            </TD>
                            <TD colspan="3" style="padding-top: 2pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 2pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 0; margin-bottom: 0; word-break: break-all; "><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'><A HREF="https://www.sec.gov/Archives/edgar/data/895421/000183988225070899/ms12696_424b2-41623.htm">https://www.sec.gov/Archives/edgar/data/895421/000183988225070899/ms12696_424b2-41623.htm</A></font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 15.84pt; ">
                            <TD colspan="4" style="padding-top: 0.0pt; padding-left: 6.33pt; padding-right: 6.33pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; vertical-align: middle; ">
                                <P style="margin-top: 6.6pt; line-height: 1.2; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All payments are subject to our credit risk</font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
                </DIV>
                <DIV style="float: right; padding-top: 3.75pt; ">
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; padding-left: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 16.0pt; "><font style='white-space: pre-wrap;'>Hypothetical Payout at Maturity</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: black; font-size: 9pt; vertical-align: super; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                <P style="text-align: center; margin-bottom: 11.0pt; line-height: 13.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font><FONT style="width: 374.55pt; height: 264.00pt; ">                            <IMG width="374.55pt" height="264.00pt" src="image1.gif" style="width: 374.55pt; height: 264.00pt; ">
                            </FONT></FONT></P>
                <TABLE width="296.95pt" style="margin-left: 50pt; width: 296.95pt; table-layout: fixed; border-collapse: collapse; ">
                        <TR>
                            <TD width="146.14pt" style="width: 146.14pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                            <TD width="150.81pt" style="width: 150.81pt; border: 0; margin: 0; padding: 0; height: 0; ">
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 8.75pt; ">
                            <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: #0070C0; 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; color: #FFFFFF; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Change in Basket Value</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #0070C0; 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; color: #FFFFFF; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>Return on Notes</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 8.75pt; ">
                            <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; font-size: 10.0pt; "><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: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>102.177%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 8.75pt; ">
                            <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; font-size: 10.0pt; "><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: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>90.824%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 5.78pt; ">
                            <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: 10.0pt; "><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: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>79.471%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 5.78pt; ">
                            <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: 10.0pt; "><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: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>68.118%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 11.77pt; ">
                            <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: 10.0pt; "><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: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>56.765%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.29pt; ">
                            <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: 10.0pt; "><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: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>45.412%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 11.71pt; ">
                            <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: 10.0pt; "><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: #D0CECE; vertical-align: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>34.059%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 11.71pt; ">
                            <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: 10.0pt; "><font style='white-space: pre-wrap;'>+20%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>22.706%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 11.71pt; ">
                            <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: 10.0pt; "><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: #D0CECE; vertical-align: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>11.353%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.23pt; ">
                            <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: 10.0pt; "><font style='white-space: pre-wrap;'>+5%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #FFFFFF; vertical-align: bottom; ">
                                <P style="line-height: 11.0pt; text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>5.6765%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.51pt; ">
                            <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: 10.0pt; "><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: #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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.51pt; ">
                            <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: 10.0pt; "><font style='white-space: pre-wrap;'>-5%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.51pt; ">
                            <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: 10.0pt; "><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: #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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.51pt; ">
                            <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: 10.0pt; "><font style='white-space: pre-wrap;'>-20%</font></FONT></P>
                            </TD>
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 10.51pt; ">
                            <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: 10.0pt; "><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: #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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 11.71pt; ">
                            <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: 10.0pt; "><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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                        <TR style="vertical-align: top; min-height: 11.71pt; ">
                            <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #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: 10.0pt; "><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-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #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: 10.0pt; "><font style='white-space: pre-wrap;'>0%</font></FONT></P>
                            </TD>
                        </TR>
                    </TABLE>
            </DIV>
        </div>
            <DIV style="width: 806.85pt; padding: 0 39.60pt 10.00pt 24.75pt; min-height: 21.40pt; position: relative; ">
            </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: 806.85pt; padding: 30.09pt 39.60pt 0 24.75pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 806.85pt; padding: 10pt 39.60pt 10pt 24.75pt; position: relative; min-height: 612.21pt; ">
                <P style="border-top:  0.50pt solid black; margin-top: 1.5pt; line-height: 9.0pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at </font></FONT><FONT style="font-family: Arial, sans-serif; color: black; font-size: 7.5pt; text-decoration: none; display: inline-block; "><font style='white-space: pre-wrap;'>www.sec.gov</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>. 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: 3.3pt; line-height: 1.2; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 13.0pt; "><font style='white-space: pre-wrap;'>Underlying Indices</font></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 11.5pt; "><font style='white-space: pre-wrap;'>For more information about the underlying indices, including historical performance information, see the accompanying preliminary terms.</font></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 17.0pt; "><font style='white-space: pre-wrap;'>Risk Considerations</font></FONT></P>
                <P style="margin-top: 0.0pt; line-height: 1.2; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The risks set forth below are discussed in more detail in the &#8220;Risk Factors&#8221; section in the accompanying preliminary terms.  Please review those risk factors carefully prior to making an investment decision. </font></FONT></P>
                <P style="margin-top: 3.3pt; line-height: 1.2; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to an Investment in the Notes</font></U></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The notes do not pay interest and may not pay more than the stated principal amount at maturity.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The market price of the notes will be influenced by many unpredictable factors.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The notes are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the notes.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>As a finance subsidiary, MSFL has no independent operations and will have no independent assets.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The estimated value of the notes is approximately $947.00 per note, or within $55.00 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: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The amount payable on the notes is not linked to the value of the underlying indices at any time other than the determination date.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us.  Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>Investing in the notes is not equivalent to investing in the basket components; you have no shareholder or other rights in the basket components and are exposed to the credit risk of Morgan Stanley.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The notes will not be listed on any securities exchange and secondary trading may be limited.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.</font></FONT></FONT></P>
                <P style="padding-left: 0.0pt; text-align: left; margin-top: 3.3pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Risks Relating to the </font></U><U><font style='white-space: pre-wrap;'>Basket Components</font></U></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>Changes in the value of one or more of the basket components may offset each other.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>The basket components are not equally weighted.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>There are risks associated with investments in notes linked to the value of foreign equity securities.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>Governmental regulatory actions, such as sanctions, could adversely affect your investment in the notes.</font></FONT></FONT></P>
                <P style="margin-top: 0.0pt; text-align: left; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #00B0F0; font-size: 12.5pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>Adjustments to the basket components could adversely affect the value of the notes.</font></FONT></FONT></P>
                <P style="margin-top: 2.2pt; line-height: 1.2; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 12.5pt; "><font style='white-space: pre-wrap;'>Tax Considerations</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 3.3pt; line-height: 1.2; "><FONT style="font-family: Arial, sans-serif; font-size: 11.5pt; "><font style='white-space: pre-wrap;'>You should review carefully the discussion in the accompanying preliminary terms under the caption &#8220;Additional Information About the Notes &#8211;Tax considerations&#8221; concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser. </font></FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
