<SEC-DOCUMENT>0001140361-26-024355.txt : 20260608
<SEC-HEADER>0001140361-26-024355.hdr.sgml : 20260608
<ACCEPTANCE-DATETIME>20260608065417
ACCESSION NUMBER:		0001140361-26-024355
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260608
DATE AS OF CHANGE:		20260608

FILER:

	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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-293641
		FILM NUMBER:		261070987

	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>424B2
<SEQUENCE>1
<FILENAME>ef20075611_424b2.htm
<DESCRIPTION>PRICING SUPPLEMENT NO. 16,507
<TEXT>
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      <div style="color: rgb(255, 0, 0); text-align: center;">
        <div style="text-align: left; color: #FF0000; font-size: 8.5pt; font-weight: bold;">The information in this pricing supplement is not complete and may be changed.&#160; We may not deliver these securities until a final pricing supplement is delivered.&#160;
          This pricing supplement and the accompanying prospectus supplement and prospectus do not constitute an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not
          permitted.</div>
      </div>
      <div style="color: rgb(255, 0, 0); text-align: center;"><font style="font-weight: bold;"> <br>
        </font></div>
      <div style="color: rgb(255, 0, 0); text-align: center;"> <font style="font-weight: bold; font-size: 8.5pt;">Subject to Completion, Preliminary Pricing Supplement dated June 8, 2026</font></div>
      <table cellspacing="0" cellpadding="0" border="0" id="zf1dd0bdecd5c442fb17d03127d9cb543" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            <td style="width: 50%; vertical-align: top;">
              <div style="font-size: 10pt; font-style: italic; font-weight: bold;">PROSPECTUS Dated April 8, 2026</div>
              <div style="font-size: 10pt; font-style: italic; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
              <div style="font-size: 10pt; font-style: italic; font-weight: bold;">Dated April 8, 2026</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: right; font-size: 10pt; font-style: italic; font-weight: bold;">Pricing Supplement No. 16,507 to</div>
              <div style="text-align: right; font-size: 10pt; font-style: italic; font-weight: bold;">Registration Statement No. 333-293641</div>
              <div style="text-align: right; font-size: 10pt; font-style: italic; font-weight: bold;">Dated June&#160; &#160; &#160;&#160; , 2026</div>
              <div style="text-align: right; font-size: 10pt; font-style: italic; font-weight: bold;">Rule 424(b)(2)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center;"><img src="image00001.jpg"></div>
      <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">GLOBAL MEDIUM-TERM NOTES, SERIES J</div>
      <div style="text-align: center; font-size: 11pt; font-style: italic; font-weight: bold;">Euro Fixed/Floating Rate Senior Registered Notes Due 2030</div>
      <div><br>
      </div>
      <div style="text-indent: 18pt; margin-right: 2.15pt; margin-bottom: 6pt;"><font style="font-style: italic;">We, Morgan Stanley, may redeem the Global Medium-Term Notes, Series J, Euro Fixed/Floating Rate Senior Registered Notes Due 2030 (the &#8220;notes&#8221;)
          (i) in whole or in part at any time on or after December&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2026 and prior to June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029 in accordance with the provisions described in the accompanying prospectus under the heading &#8220;Description of Debt
          Securities&#8212;Redemption and Repurchase of Debt Securities&#8212;Optional Make-whole Redemption of Debt Securities,&#8221; as supplemented by the provisions below, (ii) (a) in whole but not in part, on June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029, or (b) in whole at any time or in
          part from time to time, on or after May&#160; &#160; &#160; &#160;&#160; , 2030, in each case at a redemption price equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to but excluding the redemption date, in accordance with the
          provisions described in the accompanying prospectus under the heading &#8220;Description of Debt Securities&#8212;Redemption and Repurchase of Debt Securities&#8212;Notice of Redemption,&#8221; as supplemented by the provisions below under the heading &#8220;Optional
          Redemption&#8221; and (iii) under the circumstances described under &#8220;Description</font>&#160;<font style="font-style: italic;">of</font>&#160;<font style="font-style: italic;">Notes&#8212;Tax</font>&#160;<font style="font-style: italic;">Redemption&#8221; in the accompanying
          prospectus supplement.</font></div>
      <div style="text-indent: 18pt; margin-right: 1.8pt; margin-bottom: 6pt; font-style: italic;">Application will be made to the Financial Conduct Authority (the &#8220;FCA&#8221;) (in its capacity as competent authority for the purposes of Part VI of the Financial
        Services and Markets Act 2000, as amended (the &#8220;FSMA&#8221;)) for the notes described herein to be admitted to the Official List of the FCA and application will also be made to the London Stock Exchange plc for such notes to be admitted to trading on the
        Main Market of the London Stock Exchange plc after the original issue date. No assurance can be given that such applications will be granted.</div>
      <div style="text-indent: 18pt; margin-bottom: 3pt; font-style: italic;">We describe the basic features of the notes in the section of the accompanying prospectus supplement called &#8220;Description of Notes,&#8221; subject to and as modified by the provisions
        described below. In addition, we describe the basic features of the notes during the Fixed Rate Period (as defined below) in the section of the accompanying prospectus called &#8220;Description of Debt Securities&#8212;Fixed Rate Debt Securities&#8221; and during
        the Floating Rate Period (as defined below) in the section of the accompanying prospectus called &#8220;Description of Debt Securities&#8212;Floating Rate Debt Securities,&#8221; in each case subject to and as modified by the provisions described below.</div>
      <div>
        <div style="margin-bottom: 3pt;">
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 1px; width: 20%; color: #000000; text-align: center;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 3pt; color: #000000; font-style: italic; font-weight: bold;">Investing in the notes involves risks. See &#8220;Risk Factors&#8221; on page PS-5.</div>
      <div style="text-align: center; margin-bottom: 3pt; color: #000000; font-style: italic; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-indent: 18pt; margin-bottom: 6pt; font-style: italic;">We describe how interest is calculated, accrued and paid during the Fixed Rate Period, including where a scheduled interest payment date is not a business day (the following
        unadjusted business day convention), under &#8220;Description of Debt Securities&#8212;Fixed Rate Debt Securities&#8221; in the accompanying prospectus. We describe how interest is calculated, accrued and paid during the Floating Rate Period, including the
        adjustment of scheduled interest payment dates for business days (except at maturity), under &#8220;Description of Debt Securities&#8212;Floating Rate Debt Securities&#8221; in the accompanying prospectus.</div>
      <div style="text-indent: 18pt; margin-bottom: 6pt; font-style: italic;">Terms not defined herein have the meanings given to such terms in the accompanying prospectus supplement and prospectus, as applicable.</div>
      <div style="text-indent: 18pt; margin-bottom: 6pt; font-style: italic;">Concurrently with this offering, we are offering &#163;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; aggregate principal amount of Global Medium-Term Notes, Series J, Pounds Sterling Fixed/Floating Rate
        Senior Registered Notes Due 2032 (the &#8220;new Sterling notes&#8221;) in a separate registered public offering (the &#8220;concurrent offering&#8221;). We may sell more or fewer new Sterling notes in the concurrent offering depending on market and other conditions. The
        closing of this offering is not conditioned on the closing of the concurrent offering, and the closing of the concurrent offering is not conditioned on the closing of this offering. There can be no assurance that the concurrent offering will be
        consummated on the terms described above or at all. The foregoing description and other information regarding the concurrent offering is included herein solely for informational purposes. Nothing in this pricing supplement should be construed as an
        offer to sell, or a solicitation of an offer to buy, any new Sterling notes, and no part of the concurrent offering is incorporated by reference in this pricing supplement.</div>
      <div style="text-indent: 18pt; margin-bottom: 6pt; font-style: italic; font-weight: bold;">The notes are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or
        instrumentality, nor are they obligations of, or guaranteed by, a bank.</div>
      <div style="text-indent: 18pt; margin-bottom: 6pt; font-style: italic; font-weight: bold;">The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this pricing
        supplement or the accompanying prospectus supplement or prospectus is truthful or complete.&#160; Any representation to the contrary is a criminal offense.</div>
      <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">MORGAN STANLEY</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
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      </div>
      <!--PROfilePageNumberReset%Num%2%PS-%%-->
      <div style="text-indent: 18pt; margin-top: 6pt; font-style: italic;">Neither Morgan Stanley nor any of the managers has authorized anyone to provide you with information other than that contained or incorporated by reference in this pricing
        supplement, the accompanying prospectus supplement, the accompanying prospectus and any free writing prospectus relating to this offering prepared by Morgan Stanley or on its behalf. Morgan Stanley and the managers take no responsibility for, and
        can provide no assurance as to the reliability of, any other information that others may give you. You should assume that the information appearing in this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus and
        any related free writing prospectus and the documents incorporated herein or therein is accurate only as of their respective dates. Morgan Stanley is offering to sell the notes and is seeking offers to buy the notes, only in jurisdictions where
        such offers and sales are permitted.</div>
      <div style="text-indent: 18pt; margin-top: 6pt; font-style: italic; font-weight: bold;">NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA</div>
      <div style="text-indent: 18pt; margin-top: 6pt; font-style: italic;">None of this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus or any related free writing prospectus is a &#8220;prospectus&#8221; for the purposes of
        Regulation (EU) 2017/1129, as amended.</div>
      <div><br>
      </div>
      <div style="text-indent: 18pt; font-style: italic;"><font style="font-weight: bold;">Prohibition of sales to EEA retail investors</font> &#8211; The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold
        or otherwise made available to any retail investor in the European Economic Area (the &#8220;EEA&#8221;). For these purposes, a &#8220;retail investor&#8221; means a person who is one (or both) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive
        2014/65/EU, as amended (&#8220;MiFID II&#8221;); or (ii) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no
        key information document required by Regulation (EU) No 1286/2014, as amended (the &#8220;PRIIPs Regulation&#8221;) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or
        selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</div>
      <div style="text-indent: 18pt; margin-top: 6pt; font-style: italic; font-weight: bold;">NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM</div>
      <div style="text-indent: 18pt; margin-top: 6pt; font-style: italic;"><font style="font-weight: bold;">Prohibition of sales to United Kingdom retail investors</font> &#8211; The notes are not intended to be offered, sold, distributed or otherwise made
        available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom. For these purposes, a &#8220;retail investor&#8221; means a person who is not a professional client, as defined in point (8) of
        Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law in the United Kingdom (&#8220;UK MiFIR&#8221;). Consequently, no disclosure document required by the FCA Product Disclosure Sourcebook (&#8220;DISC&#8221;) for offering, selling or distributing
        the notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful
        under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024.<br>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 18pt; font-style: italic;"><font style="font-weight: bold;">UK MiFIR product governance / Professional investors and ECPs only target market</font> &#8211; Solely for the purposes of the manufacturer&#8217;s product approval process, the
        target market assessment in respect of the notes has led to the conclusion that: (i) the target market for the notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, and professional clients, as
        defined in UK MiFIR; and (ii) all channels for distribution of the notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the notes (a &#8220;distributor&#8221;) should take into
        consideration the manufacturer&#8217;s target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market assessment in respect of the
        notes (by either adopting or refining the manufacturer&#8217;s target market assessment) and determining appropriate distribution channels.</div>
      <div><br>
      </div>
      <div style="text-indent: 18pt; font-style: italic;">The communication of this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus, any related free writing prospectus and any other document or materials relating to
        the issue of the notes offered hereby is not being made, and this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus, any related free writing prospectus and such other documents and/or materials have not been
        approved, by an authorized person for the purposes of section 21 of the FSMA. Accordingly, this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus, any related free writing prospectus and such other documents
        and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. This pricing supplement, the accompanying prospectus supplement, the accompanying prospectus, any related free writing prospectus
        and such other documents and/or materials are for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of
        the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;Financial Promotion Order&#8221;)), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv)
        are other persons to whom it may otherwise lawfully be communicated or distributed under the Financial Promotion Order (all such persons together being referred to as &#8220;relevant persons&#8221;). This pricing supplement, the accompanying prospectus
        supplement, the accompanying prospectus, any related free writing prospectus and any such other documents and/or materials are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any
        investment or investment activity to which this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus, any related free writing prospectus and any such other documents and/or materials relate will be engaged in
        only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this pricing supplement, the accompanying prospectus supplement, the accompanying prospectus, any related free writing prospectus
        or any other documents and/or materials relating to the issue of the notes offered hereby or any of their contents.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">PS-2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="1" border="0" id="z3307ec5569a1429ab92a40dd68dfa017" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="border-top: 1px solid #000000; vertical-align: top; width: 1%;" colspan="1">&#160;</td>
            <td style="border-top: 1px solid #000000; vertical-align: top; width: 18%;">
              <div style="font-style: italic;">Principal Amount:</div>
            </td>
            <td style="border-top: 1px solid #000000; vertical-align: top; width: 81%;">
              <div><font style="font-style: italic;">&#8364;&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Maturity Date:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">June&#160; &#160; &#160; &#160; &#160; , 2030</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Settlement Date</div>
            </td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic; margin-left: 9pt;">(Original Issue Date):</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">June&#160; &#160; &#160; &#160; &#160; , 2026 (T+3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Interest Accrual Date:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">June&#160; &#160; &#160; &#160; &#160; , 2026</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Issue Price:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Specified Currency:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">Euro (&#8220;&#8364;&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Redemption Percentage</div>
            </td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic; margin-left: 9pt;">at Maturity:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">100%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Fixed Rate Period:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">The period from and including the Settlement Date to but excluding June&#160; &#160; &#160; &#160; &#160; , 2029</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Floating Rate Period:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div><font style="font-style: italic;">The period from and including June&#160; &#160; &#160; &#160; &#160; , 2029</font>&#160;<font style="font-style: italic;">to but excluding the Maturity Date</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Interest Rate:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div><font style="font-style: italic;">During the Fixed Rate Period, </font>&#160; &#160; &#160; &#160; <font style="font-style: italic;"> % per annum (calculated on an actual/actual (ICMA) day count basis); during the Floating Rate Period, the Base Rate plus&#160;
                  &#160; &#160; &#160; &#160; % (to be determined by the Calculation Agent on the second TARGET Settlement Day immediately preceding each Interest Reset Date, calculated on an Actual/360 day count basis)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Base Rate:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">EURIBOR</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Spread (Plus or Minus):</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div><font style="font-style: italic;">Plus &#160;</font>&#160; &#160; &#160; &#160; <font style="font-style: italic;"> %</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Index Maturity:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">Three months</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Interest Reset Period:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Interest Reset Dates:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Each Interest Payment Date commencing June&#160; &#160; &#160; &#160; &#160; , 2029, provided that the June&#160; &#160; &#160; &#160; &#160; , 2029 Interest Reset Date shall not be adjusted for a non-Business Day</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Interest Determination</div>
            </td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic; margin-left: 9pt;">Dates:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">The second TARGET Settlement Day immediately preceding each Interest Reset Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Reporting Service:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Page EURIBOR01</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Calculation Agent:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">The Bank of New York Mellon, London Branch (as successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank))</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Interest Payment Periods:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">During the Fixed Rate Period, annual; during the Floating Rate Period, quarterly</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Interest Payment Dates:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">
                <div>
                  <div>With respect to the Fixed Rate Period, each June&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, commencing June&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2027 to and including June&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2029; with respect to the Floating Rate Period, each March&#160; &#160; &#160; &#160; &#160;&#160; , June&#160; &#160; &#160; &#160; &#160;&#160; , September&#160; &#160;
                    &#160; &#160; &#160; &#160; and December&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, commencing September&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2029 to and including the Maturity Date</div>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Business Days:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="font-style: italic;">London, TARGET Settlement Day and New York</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-style: italic;">Tax Redemption and</div>
            </td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 2.4pt; font-style: italic; margin-left: 9pt;">Payment of Additional</div>
              <div style="margin-bottom: 2.4pt; font-style: italic; margin-left: 9pt;">Amounts:</div>
            </td>
            <td style="width: 81%; vertical-align: bottom;">
              <div style="margin-bottom: 2.4pt; font-style: italic;">Yes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Minimum Denominations:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">&#8364;100,000 and integral multiples of &#8364;1,000 in excess thereof</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-top: 2pt; margin-bottom: 2.4pt; font-style: italic;">ISIN:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Common Code:</div>
            </td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Form of Notes:</div>
              <div>&#160;</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Global note registered in the name of a nominee of a common safekeeper for Euroclear and Clearstream, Luxembourg; issued under the New Safekeeping Structure</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Eurosystem Eligibility:</div>
              <div>&#160;</div>
            </td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Intended to be Eurosystem eligible, which means that the notes are intended upon issue to be deposited with an international central securities depository (&#8220;ICSD&#8221;) as common safekeeper, and
                registered in the name of a nominee of an ICSD acting as common safekeeper, and does not necessarily mean that the notes will be recognized as eligible collateral for Eurosystem monetary policy and intra&#8209;day credit operations by the
                Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the European Central Bank being satisfied that Eurosystem eligibility criteria have been met.</div>
            </td>
          </tr>
          <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 1%;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 18%;">
              <div style="margin-bottom: 1pt; font-style: italic;">Other Provisions:</div>
              <div>&#160;</div>
            </td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 81%;">
              <div style="margin-bottom: 1pt;"><font style="font-style: italic;">Optional make-whole redemption on or after December&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2026 and prior to June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029, on at least 3 business days&#8217; but not more than 60 calendar days&#8217;
                  prior notice, as described in the accompanying prospectus under the heading &#8220;Description of Debt Securities&#8212;Redemption and Repurchase of Debt Securities&#8212;Optional Make-whole Redemption of Debt Securities,&#8221; provided that, for purposes of
                  the notes, the make-whole redemption price shall be equal to the greater of: (i) 100% of the principal amount of such notes to be redeemed and (ii) the sum of (a) the present value of the payment of principal on such notes to be redeemed
                  and (b) the present values of the scheduled payments of interest on such notes to be redeemed that would have been payable from the date of redemption to June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029 (not including any portion of such payments of interest
                  accrued to the date of redemption), each discounted to the date of redemption on an annual basis (actual/actual (ICMA)) at the reinvestment rate plus </font>&#160;<font style="font-weight: bold;">&#160; &#160; &#160; &#160; &#160;&#160; </font><font style="font-style: italic;"> basis points, as calculated by the premium calculation agent specified below; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the redemption date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">PS-3</font></div>
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      </div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="border-top: 1px solid #000000; vertical-align: top; width: 1%;" colspan="1">&#160;</td>
            <td style="border-top: 1px solid #000000; vertical-align: top; width: 18%;">&#160;</td>
            <td style="border-top: 1px solid #000000; vertical-align: top; width: 81%;">
              <div style="margin-bottom: 1pt; font-style: italic;">&#8220;Reinvestment rate&#8221; means the mid-market annual yield on the reference security (or if the reference security is no longer outstanding, a similar security). The reinvestment rate will be
                calculated on the third business day preceding the redemption date.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">&#160;</td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">&#8220;Reference security&#8221; means the German government bond bearing interest at a rate of 2.10 per cent per annum and maturing on 12 April 2029 with ISIN DE000BU25026.<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">&#160;</td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">&#8220;Similar security&#8221; means the reference bond or reference bonds issued by the German Federal Government having an actual or interpolated maturity of June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029 that would be
                utilized, at the time of selection and in accordance with customary financial practice, in pricing new issuances of corporate debt securities maturing on June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">&#160;</td>
            <td style="width: 81%; vertical-align: top;">
              <div style="margin-bottom: 1pt; font-style: italic;">Notwithstanding the terms set forth under &#8220;Description of Debt Securities&#8212;Redemption and Repurchase of Debt Securities&#8212;Optional Make-whole Redemption of Debt Securities&#8221; in the accompanying
                prospectus, &#8220;premium calculation agent&#8221; means Morgan Stanley &amp; Co. International plc (&#8220;MSIP&#8221;). Because MSIP is an affiliate of the issuer, the economic interests of MSIP may be adverse to your interests as an owner of the notes subject
                to the issuer&#8217;s redemption, including with respect to certain determinations and judgments that it must make as premium calculation agent in the event the issuer redeems the notes before their maturity. MSIP is obligated to carry out its
                duties and functions as premium calculation agent in good faith and using its reasonable judgment.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 18%; vertical-align: top;">&#160;</td>
            <td style="width: 81%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 1%;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 18%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 81%;">
              <div style="margin-bottom: 1pt; font-style: italic;">See also &#8220;Optional Redemption&#8221; below.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">PS-4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin-bottom: 12pt; font-size: 10pt; font-style: italic; font-weight: bold;">Risk Factors</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">For a discussion of the risk factors affecting Morgan Stanley and its business, including market risk, credit risk, operational risk, liquidity risk, risk management strategies,
        models and processes, legal, regulatory and compliance risk, competitive environment, and other risks, see &#8220;Risk Factors&#8221; in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and our current and periodic
        reports filed pursuant to the Securities Exchange Act of 1934, as amended (file number 001-11758) that are incorporated by reference into this pricing supplement and the accompanying prospectus supplement and prospectus.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">This section describes certain selected risk factors relating to the notes.&#160; Please see &#8220;Risk Factors&#8221; in the accompanying prospectus for a complete list of risk factors
        relating to the notes.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Early Redemption Risks</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;"><font style="font-weight: bold;">The notes have early redemption risk</font>. In addition to the optional make-whole redemption discussed above under &#8220;&#8212;Other Provisions,&#8221; we
        have the option to redeem the notes, (i) in whole but not in part, on June&#160; &#160; &#160; &#160; &#160; , 2029 or (ii) in whole at any time or in part from time to time, on or after May&#160; &#160; &#160; &#160;&#160; , 2030, on at least 3 business days&#8217; but not more than 60 calendar days&#8217;
        prior notice.&#160; It is more likely that we will redeem the notes prior to the stated maturity date to the extent that the interest payable on such notes is greater than the interest that would be payable on other instruments of ours of a comparable
        maturity, of comparable terms and of a comparable credit rating trading in the market.&#160; If the notes are redeemed prior to the stated maturity date, you may have to re-invest the proceeds in a lower interest rate environment.</div>
      <div style="margin-bottom: 12pt; font-size: 10pt; font-style: italic; font-weight: bold;">Optional Redemption</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">In addition to the optional make-whole redemption discussed above under &#8220;&#8212;Other Provisions,&#8221; we may, at our option, redeem the notes, (i) in whole but not in part, on June&#160; &#160; &#160;
        &#160; &#160; , 2029 or (ii) in whole at any time or in part from time to time, on or after May&#160; &#160; &#160; &#160;&#160; , 2030, on at least 3 business days&#8217; but not more than 60 calendar days&#8217; prior notice, at a redemption price equal to 100% of their principal amount, plus
        accrued and unpaid interest on the notes to but excluding the redemption date. If fewer than all of the notes are to be redeemed, the trustee will select, not more than 60 calendar days prior to the redemption date, the particular notes or portions
        thereof for redemption from the outstanding notes not previously called for redemption in accordance with its procedures at the time of selection; provided, that if the notes are represented by one or more global securities, beneficial interests in
        such notes will be selected for redemption by the applicable depositary in accordance with its standard procedures therefor.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">&#160;On or before the redemption date, we will deposit with the trustee money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on that
        date.&#160; If such money is so deposited, on and after the redemption date interest will cease to accrue on such notes (unless we default in the payment of the redemption price and accrued interest) and such notes will cease to be outstanding.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">For information regarding notices of redemption, see &#8220;Description of Debt Securities&#8212;Redemption and Repurchase of Debt Securities&#8212;Notice of Redemption&#8221; in the accompanying
        prospectus.</div>
      <div style="font-style: italic; text-indent: 18pt;">The notes do not contain any provisions affording the holders the right to require us to purchase the notes after the occurrence of any change in control event affecting us.</div>
      <div style="font-style: italic; text-indent: 18pt;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">PS-5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin-bottom: 12pt; font-size: 10pt; font-style: italic; font-weight: bold;">United States Federal Taxation</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">In the opinion of our counsel, Davis Polk &amp; Wardwell LLP, the notes should be treated as &#8220;variable rate debt instruments&#8221; denominated in a currency (the &#8220;denomination
        currency&#8221;) other than the U.S. dollar for U.S. federal tax purposes, and should therefore be subject to special rules under Section 988 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. See the discussion in
        the section of the accompanying prospectus supplement called &#8220;United States Federal Taxation&#8213;Tax Consequences to U.S. Holders&#8213; Notes Treated as Foreign Currency Notes&#8221; for further information about the treatment of the notes. Although there is
        uncertainty regarding their treatment (and subject to the discussion below regarding deemed exercise of our optional redemption right), the notes should be treated as providing for a single fixed rate followed by a single qualified floating rate
        (&#8220;QFR&#8221;), as described in the sections of the accompanying prospectus supplement called &#8220;United States Federal Taxation&#8213;Tax Consequences to U.S. Holders&#8213; Notes Treated as Variable Rate Debt Instruments&#8213;Interest on a VRDI That Provides for Multiple
        Rates.&#8221; Under this treatment, in order to determine the amount of qualified stated interest (&#8220;QSI&#8221;) and original issue discount (&#8220;OID&#8221;) in respect of the notes, an equivalent fixed rate debt instrument (denominated in euro) must be constructed for
        the entire term of the notes. The equivalent fixed rate debt instrument is constructed in the following manner: (i) first, the initial fixed rate is converted to a QFR that would preserve the fair market value of the notes, and (ii) second, each
        QFR (including the QFR determined under (i) above) is converted to a fixed rate substitute (which should generally be the value of that QFR as of the issue date of the notes). Under Treasury Regulations applicable to certain options arising under
        the terms of a debt instrument, in determining the amount of QSI and OID, we should be deemed to exercise our optional redemption right if doing so would reduce the yield on the equivalent fixed rate debt instrument. For the purpose of determining
        QSI and OID, the optional make-whole redemption should not be deemed to be exercised. However, if, as of the issue date, redeeming the notes on June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029 would reduce the yield of the equivalent fixed rate debt instrument, the notes
        should be treated as fixed rate debt instruments maturing on June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029 (the &#8220;instrument maturing June 2029&#8221;). Under those circumstances, if the notes are not actually redeemed by us on June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029, solely for purposes of
        the OID rules, they should be deemed retired and reissued for their principal amount, and should thereafter be treated as floating rate debt instruments with a term of one year (the &#8220;1-year instrument&#8221;). The instrument maturing June 2029 would be
        treated as issued without OID, and all payments of interest thereon would be treated as QSI. Interest on the 1-year instrument should generally be taken into account when received or accrued, according to your method of tax accounting, but it is
        possible that the 1-year instrument could be subject to the rules described under &#8220;United States Federal Taxation&#8213;Tax Consequences to U.S. Holders&#8213;Notes Treated as Short-term Notes&#8221; in the accompanying prospectus supplement.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">If, as of the issue date, redeeming the notes on June&#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2029 would not reduce the yield on the equivalent fixed rate debt instrument, the rules under &#8220;United States
        Federal Taxation&#8213;Tax Consequences to U.S. Holders&#8213;General&#8213;Original Issue Discount&#8221; should be applied to the equivalent fixed rate debt instrument to determine the amounts of QSI and OID on the notes. Under those circumstances, the notes may be
        issued with OID.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">A U.S. holder is required to include any QSI in income in accordance with the U.S. holder&#8217;s regular method of accounting for U.S. federal income tax purposes. U.S. holders will
        be required to include any OID in income for U.S. federal income tax purposes as it accrues, in accordance with a constant yield method based on a compounding of interest.&#160; All amounts will be determined in the denomination currency and then
        translated into U.S. dollars according to the rules described in the section of the accompanying prospectus supplement called &#8220;United States Federal Taxation&#8212;Tax Consequences to U.S. Holders&#8212;Notes Treated as Foreign Currency Notes.&#8221; QSI allocable
        to an accrual period must be increased (or decreased) by the amount, if any, which the interest actually accrued or paid during an accrual period (including the fixed rate payments made during the initial period) exceeds (or is less than) the
        interest assumed to be accrued or paid during the accrual period under the equivalent fixed rate debt instrument.</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Both U.S. and non-U.S. holders of the notes should read the section of the accompanying prospectus supplement entitled &#8220;United States Federal Taxation.&#8221;</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">You should consult your tax adviser regarding all aspects of the U.S. federal tax consequences of an investment in the notes, as well as any tax consequences
        arising under the laws of any state, local or non-U.S. taxing jurisdiction.</div>
      <div style="font-style: italic; font-weight: bold; text-indent: 18pt;">The discussion in the preceding paragraphs under &#8220;United States Federal Taxation,&#8221; and the discussion contained in the section entitled &#8220;United States Federal Taxation&#8221; in the
        accompanying prospectus supplement, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk &amp; Wardwell LLP regarding the material U.S.
        federal tax consequences of an investment in the notes.</div>
      <div style="font-style: italic; font-weight: bold;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">PS-6</font></div>
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      </div>
      <div style="margin-bottom: 12pt; font-size: 10pt; font-style: italic; font-weight: bold;">Supplemental Information Concerning Plan of Distribution; Conflicts of Interest</div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">On June <font style="font-weight: bold;">&#160;</font>&#160;&#160; &#160; &#160; &#160;&#160; , 2026, we agreed to sell to the managers listed in this pricing supplement, and they severally agreed to purchase,
        the principal amounts of notes set forth opposite their respective names below at a net price of <font style="font-weight: bold;">&#160;</font>&#160;&#160; &#160; &#160; &#160;&#160; %, plus accrued interest, if any, which we refer to as the &#8220;purchase price&#8221; for the notes.&#160; The
        purchase price equals the stated issue price of <font style="font-weight: bold;">&#160;</font>&#160;&#160; &#160; &#160; &#160;&#160; %, plus accrued interest, if any, less a combined management and underwriting commission of <font style="font-weight: bold;">&#160;</font>&#160;&#160; &#160; &#160; &#160;&#160; % of
        the principal amount of the notes.</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" id="z6623c76c61a94682a22f203fe7e45e1f" style="border-collapse: collapse; width: 90%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 9pt; text-align: left;">

          <tr>
            <td style="width: 75%; vertical-align: bottom;">
              <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;"><u>Name</u></div>
            </td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 15%;">
              <div>
                <div style="font-style: italic; font-weight: bold; text-align: center;">Principal Amount of </div>
                <div style="text-align: center; margin-bottom: 6pt; font-style: italic; font-weight: bold;">Notes</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 75%; vertical-align: top;">
              <div style="margin-right: 12.4pt; margin-top: 2pt; margin-bottom: 2pt; font-style: italic;">Morgan Stanley &amp; Co. International plc<font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"><br>
                </font></div>
            </td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 15%;">
              <div>
                <div style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt; margin-left: 54pt;"><font style="font-style: italic;">&#8364;</font><font style="font-size: 9pt;"> <br>
                  </font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 75%; vertical-align: top;">
              <div style="margin-right: 12.4pt; margin-top: 4pt; font-style: italic;">Total<font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;"><br>
                </font></div>
            </td>
            <td style="border-bottom: 4px double #000000; vertical-align: top; width: 15%;">
              <div style="font-size: 10pt; margin-left: 54pt;"><font style="font-style: italic;">&#8364;</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 18pt; margin-bottom: 12pt; font-style: italic;">Morgan Stanley &amp; Co. International plc (&#8220;MSIP&#8221;) is our wholly-owned subsidiary.</div>
      <div style="font-style: italic; text-indent: 18pt;">MSIP is not a U.S. registered broker-dealer and, therefore, to the extent that it intends to effect any sales of the notes in the United States, it will do so through Morgan Stanley &amp; Co. LLC
        (&#8220;MS &amp; Co.&#8221;).&#160; MS &amp; Co. is our wholly-owned subsidiary.&#160; MS &amp; Co. will conduct this offering in compliance with the requirements of Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA,
        regarding a FINRA member firm&#8217;s distribution of the securities of an affiliate and related conflicts of interest.&#160; MS &amp; Co. or any of our other affiliates may not make sales in this offering to any discretionary account without the prior
        written approval of the customer.</div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">PS-7</font></div>
  <div style="text-align: center;" class="BRPFPageNumberArea">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber"> </font></div>
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