Obbligazione Morgan Stanleigh 0% ( US61761S5964 ) in USD

Emittente Morgan Stanleigh
Prezzo di mercato 100 USD  ▲ 
Paese  Stati Uniti
Codice isin  US61761S5964 ( in USD )
Tasso d'interesse 0%
Scadenza 28/06/2024 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Morgan Stanley US61761S5964 in USD 0%, scaduta


Importo minimo 10 USD
Importo totale 2 625 000 USD
Cusip 61761S596
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata Morgan Stanley è una società globale di servizi finanziari che offre servizi di investimento bancario, gestione patrimoniale e trading a clienti istituzionali e privati.

The Obbligazione issued by Morgan Stanleigh ( United States ) , in USD, with the ISIN code US61761S5964, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 28/06/2024







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424B2 1 dp47452_424b2-ps1477.htm FORM 424B2

CALCULATION OF REGISTRATION FEE


Maximum Aggregate

Amount of Registration
Title of Each Class of Securities Offered

Offering Price

Fee





Trigger Performance Securities due 2024

$2,625,000

$338.10

Pricing Supplement No. 1,477
Registration Statement No. 333-178081
Dated June 26, 2014
Filed Pursuant to Rule 424(b)(2)

Morgan Stanley $2,625,000 Trigger Performance Securities
Linked to the EURO STOXX 50® Index due June 28, 2024
Principal at Risk Securities
Investment Description
These Trigger Performance Securities (the "Securities") are unsecured and unsubordinated debt securities issued by Morgan Stanley with
returns linked to the performance of the EURO STOXX 50® Index (the "Index"). If the Index Return is greater than zero, Morgan Stanley will pay
the Principal Amount at maturity plus a return equal to the product of (i) the Principal Amount multiplied by (ii) the Index Return multiplied by (iii)
the Participation Rate of 216%. If the Index Return is less than or equal to zero, Morgan Stanley will either pay the full Principal Amount at
maturity or, if the Final Level is less than the Trigger Level, Morgan Stanley will pay less than the full Principal Amount at maturity, if anything,
resulting in a loss of principal that is proportionate to the negative Index Return. These long-dated Securities are for investors who seek an
equity index-based return and who are willing to risk a loss on their principal and forgo current income in exchange for the Participation Rate
feature and the contingent repayment of principal, which applies only if the Final Level is not less than the Trigger Level, each as applicable at
maturity. Investing in the Securities involves significant risks. You will not receive interest or dividend payments during the term of
the Securities. You may lose some or all of your Principal Amount. The contingent repayment of principal applies only if you hold
the Securities to maturity.
All payments are subject to the credit risk of Morgan Stanley. If Morgan Stanley defaults on its obligations, you could lose some or
all of your investment. These Securities are not secured obligations and you will not have any security interest in, or otherwise
have any access to, any underlying reference asset or assets.
Features
Key Dates
q Participation in Positive Index Returns: If the Index Return is Trade Date
June 26, 2014
greater than zero, Morgan Stanley will pay the Principal
Amount at maturity plus pay a return equal to the Index Return
Settlement Date
June 30, 2014
multiplied by the Participation Rate. If the Index Return is less
Final Valuation Date*
June 24, 2024
than zero, investors may be exposed to the negative Index
Return at maturity.
Maturity Date*
June 28, 2024
q Contingent Repayment of Principal at Maturity: If the Index


Return is equal to or less than zero and the Final Level is not
less than the Trigger Level, Morgan Stanley will pay the
*Subject to postponement in the event of a Market Disruption Event or for
Principal Amount at maturity. However, if the Final Level is less
non-Index Business Days. See "Postponement of Final Valuation Date
than the Trigger Level, Morgan Stanley will pay less than the
and Maturity Date" under "Additional Terms of the Securities."
full Principal Amount, if anything, resulting in a loss of principal
that is proportionate to the negative Index Return. The

contingent repayment of principal applies only if you hold the

Securities to maturity. Any payment on the Securities, including
any repayment of principal, is subject to the creditworthiness

of Morgan Stanley.
THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE SECURITIES MAY
NOT OBLIGATE MORGAN STANLEY TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES. THE SECURITIES CAN HAVE
DOWNSIDE MARKET RISK SIMILAR TO THE INDEX, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF YOUR INVESTMENT AT
MATURITY. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF MORGAN
STANLEY. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE
SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES. THE SECURITIES WILL NOT BE LISTED ON ANY SECURITIES
EXCHANGE.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ``KEY RISKS'' BEGINNING ON PAGE 5 OF THIS PRICING
SUPPLEMENT IN CONNECTION WITH YOUR PURCHASE OF THE SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR
OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR
SECURITIES.
Security Offering
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Morgan Stanley is offering Trigger Performance Securities linked to the EURO STOXX 50® Index. The Securities are not subject to a
predetermined maximum gain and, accordingly, any return at maturity will be determined by the performance of the Index. The Securities are
offered at a minimum investment of 100 Securities at the Price to Public listed below.
Index
Initial Level
Participation Rate
Trigger Level
CUSIP
ISIN
1,616.60, which is
EURO STOXX 50®
3,233.19
216%
approximately 50% of
61761S596
US61761S5964
Index
the Initial Level
See "Additional Information about Morgan Stanley and the Securities" on page 2. The Securities will have the terms set forth in the
accompanying prospectus, prospectus supplement and index supplement and this pricing supplement.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these Securities or passed
upon the adequacy or accuracy of this pricing supplement or the accompanying prospectus supplement, index supplement and prospectus. Any
representation to the contrary is a criminal offense. The Securities are not bank deposits and are not insured by the Federal Deposit Insurance
Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
Estimated value on the Trade Date
$9.250 per Security. See "Additional Information about Morgan Stanley and the Securities" on
page 2.
Proceeds to Morgan

Price to Public
Underwriting Discount(1)
Stanley(2)
Per Security
$10.00
$0.50
$9.50
Total
$2,625,000
$131,250
$2,493,750
(1) UBS Financial Services Inc., acting as dealer, will receive from Morgan Stanley & Co. LLC, the agent, a fixed sales commission of $0.50 for
each Security it sells. For more information, please see "Supplemental Plan of Distribution; Conflicts of Interest" on page 21 of this pricing
supplement.
(2) See "Use of Proceeds and Hedging" on page 20.
The agent for this offering, Morgan Stanley & Co. LLC, is our wholly-owned subsidiary. See "Supplemental Plan of Distribution; Conflicts of
Interest" on page 21 of this pricing supplement.
Morgan Stanley
UBS Financial Services Inc.


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Additional Information about Morgan Stanley and the Securities

Morgan Stanley has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement and an index
supplement) with the SEC for the offering to which this communication relates. In connection with your investment, you should read the
prospectus in that registration statement, the prospectus supplement, the index supplement and any other documents relating to this offering that
Morgan Stanley has filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents for
free by visiting EDGAR on the SEC website at.www.sec.gov. Alternatively, Morgan Stanley, any underwriter or any dealer participating in this
offering will arrange to send you the prospectus, the prospectus supplement and the index supplement if you so request by calling toll-free
1-(800)-584-6837.

You may access the accompanying prospectus supplement, index supplement and prospectus on the SEC website at.www.sec.gov as follows:

t
Prospectus supplement dated November 21, 2011:

http://www.sec.gov/Archives/edgar/data/895421/000095010311004876/dp27245_424b2-seriesf.htm

t
Index supplement dated November 21, 2011:

http://www.sec.gov/Archives/edgar/data/895421/000095010311004850/dp27202_424b2.htm

t
Prospectus dated November 21, 2011:

http://www.sec.gov/Archives/edgar/data/895421/000095010311004877/dp27266_424b2-debt.htm

References to "Morgan Stanley," "we," "our" and "us" refer to Morgan Stanley. In this document, the "Securities" refers to the Trigger
Performance Securities that are offered hereby. Also, references to the accompanying "prospectus", "prospectus supplement" and "index
supplement" mean the Morgan Stanley prospectus dated November 21, 2011, the Morgan Stanley prospectus supplement dated November 21,
2011 and the Morgan Stanley index supplement dated November 21, 2011, respectively.

You should rely only on the information incorporated by reference or provided in this pricing supplement or the accompanying prospectus
supplement, index supplement and prospectus. We have not authorized anyone to provide you with different information. We are not making an
offer of these securities in any state where the offer is not permitted. You should not assume that the information in this pricing supplement or the
accompanying prospectus supplement, index supplement and prospectus is accurate as of any date other than the date on the front of this
document.

If the terms discussed in this pricing supplement differ from those discussed in the prospectus supplement, index supplement or prospectus, the
terms contained in this pricing supplement will control.

The Issue Price of each Security is $10. This price includes costs associated with issuing, selling, structuring and hedging the Securities, which
are borne by you, and, consequently, the estimated value of the Securities on the Trade Date is less than $10. We estimate that the value of
each Security on the Trade Date is $9.250.

What goes into the estimated value on the Trade Date?

In valuing the Securities on the Trade Date, we take into account that the Securities comprise both a debt component and a performance-based
component linked to the Index. The estimated value of the Securities is determined using our own pricing and valuation models, market inputs
and assumptions relating to the Index, instruments based on the Index, volatility and other factors including current and expected interest rates, as
well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt
trades in the secondary market.

What determines the economic terms of the Securities?

In determining the economic terms of the Securities, including the Participation Rate and the Trigger Level, we use an internal funding rate, which
is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging
costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the Securities would be more
favorable to you.

What is the relationship between the estimated value on the Trade Date and the secondary market price of the Securities?

The price at which MS & Co. purchases the Securities in the secondary market, absent changes in market conditions, including those related to
the Index, may vary from, and be lower than, the estimated value on the Trade Date, because the secondary market price takes into account our
secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and
other factors. However, because the costs associated with issuing, selling, structuring and hedging the Securities are not fully deducted upon
issuance, for a period of up to 17 months following the Settlement Date, to the extent that MS & Co. may buy or sell the Securities in the
secondary market, absent changes in market conditions, including those related to the Index, and to our secondary market credit spreads, it would
do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account
statements.
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MS & Co. may, but is not obligated to, make a market in the Securities, and, if it once chooses to make a market, may cease doing so at any time.


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Investor Suitability
The Securities may be suitable for you if:

The Securities may not be suitable for you if:


¨ You ful y understand the risks inherent in an investment in
¨ You do not ful y understand the risks inherent in an
the Securities, including the risk of loss of your entire initial
investment in the Securities, including the risk of loss of
investment.
your entire initial investment.


¨ You can tolerate a loss of all or a substantial portion of your
¨ You cannot tolerate a loss of all or a substantial portion of
Principal Amount and are willing to make an investment
your Principal Amount, and you are not willing to make an
that may have the same downside market risk as the
investment that may have the same downside market risk
Index.
as the Index.


¨ You are willing to hold the Securities to maturity, a term of
¨ You require an investment designed to provide a ful return
approximately 10 years, and accept that there may be
of principal at maturity.
little or no secondary market for the Securities.


¨ You are unable or unwil ing to hold the Securities to
¨ You believe the Index will appreciate over the term of the
maturity, a term of approximately 10 years, or you seek an
Securities and you are wil ing to invest in the Securities
investment for which there will be an active secondary
based on the Participation Rate of 216%.
market.


¨ You can tolerate fluctuations of the price of the Securities
¨ You believe that the level of the Index will decline during the
prior to maturity that may be similar to or exceed the
term of the Securities and is likely to close below the
downside fluctuations in the level of the Index.
Trigger Level on the Final Valuation Date.


¨ You do not seek current income from your investment and
¨ You are unwil ing to invest in the Securities based on the
are willing to forgo dividends paid on the stocks included in
Participation Rate of 216%.
the Index.


¨ You prefer the lower risk, and, therefore, accept the
¨ You seek an investment with returns based on the
potential y lower returns, of conventional debt securities
performance of companies located in the Eurozone.
with comparable maturities issued by Morgan Stanley or

another issuer with a similar credit rating.
¨ You are willing to assume the credit risk of Morgan Stanley,

as issuer of the Securities, and understand that if Morgan
¨ You seek current income from your investment or prefer to
Stanley defaults on its obligations you may not receive any
receive the dividends paid on the stocks included in the
amounts due to you including any repayment of principal.
Index.

¨ You do not seek an investment with returns based on the
performance of companies located in the Eurozone.

¨ You are not wil ing or are unable to assume the credit risk
associated with Morgan Stanley, as issuer of the
Securities, for any payment on the Securities, including
any repayment of principal.
The investor suitability considerations identified above are not exhaustive. Whether or not the Securities are a suitable
investment for you will depend on your individual circumstances, and you should reach an investment decision only after
you and your investment, legal, tax, accounting and other advisors have carefully considered the suitability of an
investment in the Securities in light of your particular circumstances. You should also review "Key Risks" on page 5 of
this pricing supplement and "Risk Factors" beginning on page 5 of the accompanying prospectus for risks related to an
investment in the Securities.


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Final Terms

Investment Timeline
Issuer
Morgan Stanley

Issue Price (per Security) $10.00 per Security

Principal Amount
$10.00 per Security

Term
Approximately 10 years

Index
EURO STOXX 50® Index

Trigger Level
1,616.60, which is approximately 50% of the Initial

Level.
Participation Rate
216%

Payment at Maturity (per
If the Index Return is greater than zero, Morgan

Security)
Stanley will pay you an amount calculated as
follows:

$10 + [$10 × (Index Return × Participation
Rate)]

If the Index Return is less than or equal to zero
and the Final Level is greater than or equal to
the Trigger Level, Morgan Stanley will pay you a
cash payment of:

$10 per Security

If the Final Level is less than the Trigger Level,
Morgan Stanley will pay you an amount calculated
as follows:

$10 + ($10 × Index Return)

In this case, you could lose up to all of your
Principal Amount in an amount proportionate to
the negative Index Return.
Index Return
Final Level ­ Initial Level


Initial Level
Initial Level
3,233.19, which is the Closing Level of the Index on

the Trade Date.
Final Level
The Closing Level of the Index on the Final

Valuation Date.
Final Valuation Date
June 24, 2024, subject to postponement in the event
of a Market Disruption Event or for non-Index
Business Days.
CUSIP / ISIN
61761S596 / US61761S5964

Calculation Agent
Morgan Stanley & Co. LLC






INVESTING IN THE SECURITIES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE YOUR ENTIRE PRINCIPAL AMOUNT. ANY
PAYMENT ON THE SECURITIES IS SUBJECT TO THE CREDITWORTHINESS OF MORGAN STANLEY. IF MORGAN
STANLEY WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU
UNDER THE SECURITIES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.


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Key Risks

An investment in the Securities involves significant risks. Some of the risks that apply to the Securities are summarized here, but we
urge you to also read the "Risk Factors" section of the accompanying prospectus. You should also consult your investment, legal,
tax, accounting and other advisers in connection with your investment in the Securities.

¨
The Securities do not guarantee any return of principal ­ The terms of the Securities differ from those of ordinary debt
securities in that Morgan Stanley is not necessarily obligated to repay any of the Principal Amount at maturity. If the Final
Level is less than the Trigger Level (which is 50% of the Initial Level), you will be exposed to the full negative Index Return and
the payout owed at maturity by Morgan Stanley wil be an amount in cash that is at least 50% less than the $10 Principal
Amount of each Security, resulting in a loss proportionate to the decrease in the value of the Index from the Initial Level to the
Final Level. There is no minimum payment at maturity on the Securities, and, accordingly, you could lose al of your Principal
Amount in the Securities.

¨
You may incur a loss on your investment if you sell your Securities prior to maturity ­ The Trigger Level is observed on
the Final Valuation Date and applies only at maturity. If you are able to sel your Securities in the secondary market prior to
maturity, you may have to sell them at a loss relative to your initial investment even if the Closing Level of the Index is above
the Trigger Level at that time.

¨
The Participation Rate applies only if you hold the Securities to maturity ­ You should be willing to hold your Securities
to maturity. If you are able to sell your Securities prior to maturity in the secondary market, the price you receive will likely not
reflect the ful economic value of the Participation Rate or the Securities themselves, and the return you realize may be less
than the Index's return even if such return is positive. You can receive the ful benefit of the Participation Rate from Morgan
Stanley only if you hold your Securities to maturity.

¨
The Securities are subject to the credit risk of Morgan Stanley, and any actual or anticipated changes to its credit
ratings or credit spreads may adversely affect the market value of the Securities ­ You are dependent on Morgan
Stanley's ability to pay all amounts due on the Securities at maturity, if any, and therefore you are subject to the credit risk of
Morgan Stanley. If Morgan Stanley defaults on its obligations under the Securities, your investment would be at risk and you
could lose some or all of your investment. As a result, the market value of the Securities prior to maturity will be affected by
changes in the market's view of Morgan Stanley's creditworthiness. Any actual or anticipated decline in Morgan Stanley's
credit ratings or increase in the credit spreads charged by the market for taking Morgan Stanley credit risk is likely to
adversely affect the market value of the Securities.

¨
The Securities do not pay interest ­ Morgan Stanley wil not pay any interest with respect to the Securities over the term of
the Securities.

¨
The market price of the Securities may be influenced by many unpredictable factors ­ Several factors, many of which
are beyond our control, will influence the value of the Securities in the secondary market and the price at which MS & Co. may
be willing to purchase or sell the Securities in the secondary market (if at all), including:


o
the value of the Index at any time,


o
the volatility (frequency and magnitude of changes in value) of the Index,


o
interest and yield rates in the market,


o
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the Index or stock
markets generally and which may affect the Initial Level and/or the Final Level,


o
the time remaining until the Securities mature, and


o
any actual or anticipated changes in our credit ratings or credit spreads.

Some or al of these factors will influence the price that you will receive if you are able to sell your Securities prior to
maturity. General y, the longer the time remaining to maturity, the more the market price of the Securities wil be affected by
the other factors described above. For example, you may have to sel your Securities at a substantial discount from the
principal amount of $10 per Security if the value of the Index at the time of sale is at or below or moderately above its Initial
Level, and especially if it is near or below the Trigger Level, or if market interest rates rise. You cannot predict the future
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performance of the Index based on its historical performance.

¨
The amount payable on the Securities is not linked to the level of the Index at any time other than the Final Valuation
Date ­ The Final Level wil be based on the Closing Level of the Index on the Final Valuation Date, subject to postponement
for non-Index Business Days and certain Market Disruption Events. Even if the level of the Index appreciates prior to the Final
Valuation Date but then drops by the Final Valuation Date, the Payment at Maturity may be significantly less than it would have
been had the Payment at Maturity been linked to the level of the Index prior to such drop. Although the actual level of the
Index on the stated Maturity Date or at other times during the term of the Securities may be higher than the Final Level, the
Payment at Maturity will be based solely on the Closing Level of the Index on the Final Valuation Date as compared to the
Initial Level.


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¨
The Securities are linked to the EURO STOXX 50® Index and are subject to risks associated with investments in
securities linked to the value of foreign equity securities ­ The Securities are linked to the value of foreign equity
securities. Investments in securities linked to the value of foreign equity securities involve risks associated with the securities
markets in those countries, including risks of volatility in those markets, governmental intervention in those markets and cross-
shareholdings in companies in certain countries. Although the equity securities included in the EURO STOXX 50® Index are
traded in foreign currencies, the value of your Securities (as measured in U.S. dollars) will not be adjusted for any exchange
rate fluctuations. Also, there is general y less publicly available information about foreign companies than about U.S.
companies that are subject to the reporting requirements of the United States Securities and Exchange Commission, and
foreign companies are subject to accounting, auditing and financial reporting standards and requirements different from those
applicable to U.S. reporting companies. The prices of securities issued in foreign markets may be affected by political,
economic, financial and social factors in those countries, or global regions, including changes in government, economic and
fiscal policies and currency exchange laws. Local securities markets may trade a smal number of securities and may be
unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or
impossible at times. Moreover, the economies in such countries may differ favorably or unfavorably from the economy in the
United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources,
self-sufficiency and balance of payment positions.

¨
Investing in the Securities is not equivalent to investing in the Index or the stocks composing the Index ­ Investing in
the Securities is not equivalent to investing in the Index or the stocks that constitute the Index. Investors in the Securities wil
not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the stocks that
constitute the Index.

¨
The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate
implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of
costs associated with issuing, selling, structuring and hedging the Securities in the Issue Price reduce the economic
terms of the Securities, cause the estimated value of the Securities to be less than the Issue Price and will adversely
affect secondary market prices ­ Assuming no change in market conditions or any other relevant factors, the prices, if any,
at which dealers, including MS & Co., may be willing to purchase the Securities in secondary market transactions will likely be
significantly lower than the Issue Price, because secondary market prices will exclude the issuing, selling, structuring and
hedging-related costs that are included in the Issue Price and borne by you and because the secondary market prices wil
reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market
transaction of this type as wel as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the Securities in the Issue Price and the lower rate we
are willing to pay as issuer make the economic terms of the Securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the Securities are not fully deducted upon
issuance, for a period of up to 17 months fol owing the Settlement Date, to the extent that MS & Co. may buy or sel the
Securities in the secondary market, absent changes in market conditions, including those related to the Index, and to our
secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those
higher values will also be reflected in your brokerage account statements.

¨
The estimated value of the Securities is determined by reference to our pricing and valuation models, which may
differ from those of other dealers and is not a maximum or minimum secondary market price ­ These pricing and
valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about
future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of
securities, our models may yield a higher estimated value of the Securities than those generated by others, including other
dealers in the market, if they attempted to value the Securities. In addition, the estimated value on the Trade Date does not
represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your Securities in
the secondary market (if any exists) at any time. The value of your Securities at any time after the date of this pricing
supplement will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and
changes in market conditions. See also "The market price of the Securities may be influenced by many unpredictable factors"
above.

¨
Adjustments to the Index could adversely affect the value of the Securities ­ The index publisher of the Index is
responsible for calculating and maintaining the Index. The index publisher may add, delete or substitute the stocks constituting
the Index or make other methodological changes required by certain corporate events relating to the stocks constituting the
Index, such as stock dividends, stock splits, spin-offs, rights offerings and extraordinary dividends, that could change the value
of the Index. The index publisher may discontinue or suspend calculation or publication of the Index at any time. In these
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circumstances, the Calculation Agent will have the sole discretion to substitute a Successor Index that is comparable to the
discontinued Index, and is permitted to consider indices that are calculated and published by the Calculation Agent or any of
its affiliates. Any of these actions could adversely affect the value of the Index and, consequently, the value of the Securities.

¨
The Securities will not be listed on any securities exchange and secondary trading may be limited ­ The Securities wil
not be listed on any securities exchange. Therefore, there may be little or no secondary market for the Securities. MS & Co.
may, but is not obligated to, make a market in the Securities and, if it once chooses to make a market, may cease doing so at
any time. When it does make a market, it will generally do so for transactions of routine secondary market size at


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