CALCULATION
OF REGISTRATION FEE
|
|
Maximum
Aggregate |
|
Amount
of Registration |
Title
of Each Class of Securities Offered |
|
Offering
Price |
|
Fee |
Market
Plus Notes due 2017 |
|
$1,100,000 |
|
$110.77 |
Pricing
Supplement
To prospectus dated November 19, 2014 and
product supplement for knock-out notes dated November 19, 2014
|
Pricing Supplement No. 674
Registration
Statement No. 333-200365
Dated November 20, 2015; Rule 424(b)(2)
|
|
Structured
Investments |
Morgan Stanley
$1,100,000
Market Plus Notes Linked to the STOXX®
Europe 600 Real Estate Index due May 31, 2017
Principal at Risk Securities
|
General
| · | The securities are designed for investors who seek exposure to the performance of the STOXX®
Europe 600 Real Estate Index. Investors should be willing to forgo interest and dividend payments, and, if the Final Index Value
is less than the Initial Index Value by more than 13%, be willing to lose a significant portion or all of their principal. If the
Final Index Value is not less than the Initial Index Value by more than 13%, investors will receive a return reflecting the greater
of (a) the Underlying Index Return and (b) the Contingent Minimum Return of 0% at maturity. However, if the Final Index Value is
less than the Initial Index Value by more than 13%, investors will be fully exposed to the negative performance of the Underlying
Index over the term of the securities, and will lose a significant portion or all of their investment. |
| · | Unsecured obligations of Morgan Stanley maturing May 31, 2017†. |
| · | Minimum purchase of $10,000. Minimum denominations of $1,000 and integral multiples thereof. |
| · | The securities priced on November 20, 2015 and are expected to settle on November 25, 2015. |
| · | 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. |
Key Terms
Issuer: |
Morgan Stanley |
Underlying Index: |
STOXX® Europe 600 Real Estate Index |
Knock-Out Event: |
A Knock-Out Event occurs if the Final Index Value is less than the Initial Index Value by
an amount greater than the Knock-Out Buffer Amount. Therefore, a Knock-Out Event will occur if the Final Index
Value is less than the Knock-Out Level. |
Knock-Out Buffer Amount: |
13% |
Knock-Out Level: |
168.806, which is approximately 87% of the Initial Index Value |
Payment at Maturity: |
If a Knock-Out Event HAS NOT occurred,
you will receive a cash payment at maturity per security equal to $1,000 plus a return equal to $1,000 times the greater
of (i) the Contingent Minimum Return and (ii) the Underlying Index Return. Since the Contingent Minimum Return
is 0%, you will receive only the repayment of your principal at maturity, without any positive return on your investment,
if the Underlying Index declines in value but without triggering a Knock-Out Event. For additional clarification,
please see “What is the Return on the Securities at Maturity Assuming a Range of Performance for the Underlying Index?”
beginning on page 3. |
|
If a Knock-Out Event HAS occurred, you will receive a cash payment at maturity that
will reflect the percentage depreciation in the value of the Underlying Index over the term of the securities on a 1 to 1
basis. Under these circumstances, your payment at maturity per $1,000 principal amount security will be calculated
as follows: $1,000 + ($1,000 x Underlying Index Return) |
|
If a Knock-Out Event has occurred, you will lose more than 13% of your investment. There
is no minimum payment at maturity, and you could lose your entire investment. |
Contingent Minimum Return: |
0% |
Underlying Index Return: |
Final
Index Value – Initial Index Value
Initial
Index Value |
Initial Index Value: |
194.03, which is the Index Closing Value on the Pricing Date |
Final Index Value: |
The arithmetic average of the Index Closing Values on each of the five Averaging Dates. |
Averaging Dates:† |
May 22, 2017, May 23, 2017, May 24, 2017, May 25, 2017 and May 26, 2017. |
Maturity Date: |
May 31, 2017† |
Pricing Date: |
November 20, 2015 |
Issue Date: |
November 25, 2015 (3 business days after the Pricing Date) |
Listing: |
The securities will not be listed on any securities exchange. |
Estimated value on the Pricing Date: |
$966.10 per security. See “Additional Terms Specific
To The Securities” on page 2. |
CUSIP / ISIN: |
61761JQ85 / US61761JQ851 |
†
Subject to postponement for non-index business days or in the event of a market disruption event and as described under
“Description of Notes — Postponement of Valuation Date(s) or Review Date(s)” in the accompanying product supplement
for knock-out notes.
Investing in the securities involves a number of risks. See
“Risk Factors” beginning on page S-20 of the accompanying product supplement and “Selected Risk Considerations”
beginning on page 7 of this pricing supplement.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of
this pricing supplement or the accompanying product supplement for knock-out notes and prospectus. Any representation to the contrary
is a criminal offense.
|
Price
to Public (1) |
Fees
and Commissions (1)(2) |
Proceeds
to Issuer (3) |
Per
security |
$1,000 |
$12.50 |
$987.50 |
Total |
$1,100,000 |
$13,750 |
$1,086,250 |
| 1) | J.P. Morgan Securities LLC
and JPMorgan Chase Bank, N.A. will act as placement agents for the securities. The placement agents will forgo fees for sales
to certain fiduciary accounts. The total fees represent the amount that the placement agents receive from sales to accounts other
than such fiduciary accounts. The placement agents will receive a fee from the Issuer or one of its affiliates that will not exceed
$12.50 per $1,000 principal amount of securities. |
| (2) | Please see “Supplemental
Plan of Distribution; Conflicts of Interest” in this pricing supplement for information about fees and commissions. |
| (3) | See “Use of Proceeds
and Hedging” on page 10. |
The
agent for this offering, Morgan Stanley & Co. LLC (“MS & Co.”), is our wholly-owned subsidiary. See “Supplemental
Plan of Distribution; Conflicts of Interest” below.
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.
November 20, 2015
Additional
Terms Specific to the Securities
You
should read this pricing supplement together with the prospectus dated November 19, 2014, as supplemented by the product supplement
for knock-out notes dated November 19, 2014. This pricing supplement, together with the
documents listed below, contains the terms of the securities, supplements the preliminary terms related hereto dated November
18, 2015 and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary
or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures
or other educational materials of ours. You should carefully consider, among other things, the matters set forth in “Risk
Factors” in the accompanying product supplement for knock-out notes, as the securities involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers in connection
with your investment in the securities.
You
may access these documents on the SEC website at .ww.w.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
| · | Prospectus dated November 19, 2014: |
http://www.sec.gov/Archives/edgar/data/895421/000095010314008169/dp51151_424b2-base.htm
Terms
used in this pricing supplement are defined in the product supplement for knock-out notes or in the prospectus. As used in this
pricing supplement, the “Company,” “we,” “us” or “our” refer to Morgan Stanley.
The
original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging
the securities, which are borne by you, and, consequently, the estimated value of the securities on the Pricing Date is less than
$1,000. We estimate that the value of each security on the Pricing Date is $966.10.
What
goes into the estimated value on the Pricing Date?
In
valuing the securities on the Pricing Date, we take into account that the securities comprise both a debt component and a performance-based
component linked to the Underlying Index. The estimated value of the securities is determined using our own pricing and valuation
models, market inputs and assumptions relating to the Underlying Index, instruments based on the Underlying 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 Knock-Out Buffer Amount, the Knock-Out Level and the Contingent
Minimum Return, 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 Pricing 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 Underlying Index, may vary from, and be lower than, the estimated value on the Pricing 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 6 months following the issue
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 Underlying 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.
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.
What
is the Return on the Securities at Maturity Assuming a Range of Performance for the Underlying Index?
The
following table and graph illustrate the hypothetical return at maturity on the securities. The “Return on Securities”
as used in this pricing supplement is the number, expressed as a percentage, that results from comparing the payment at maturity
per $1,000 principal amount security to $1,000. The hypothetical returns set forth below assume an Initial Index Value of 150.00
and a Knock-Out Level of 130.50 (which is 87% of the hypothetical Initial Index Value) and reflect the Contingent Minimum Return
of 0%. The actual Initial Index Value and Knock-Out Level are set forth on the cover page of this pricing supplement. If a Knock-Out
Event occurs, your investment will be fully exposed to the decline in the Underlying Index over the term of the securities. The
hypothetical returns set forth below are for illustrative purposes only and may not reflect the actual returns applicable to a
purchaser of the securities.
Final Index Value |
Underlying Index Return |
Return on Securities |
240.00 |
60.00% |
60.00% |
225.00 |
50.00% |
50.00% |
210.00 |
40.00% |
40.00% |
195.00 |
30.00% |
30.00% |
180.00 |
20.00% |
20.00% |
165.00 |
10.00% |
10.00% |
157.50 |
5.00% |
5.00% |
150.00 |
0% |
0% |
142.50 |
-5.00% |
0% |
135.00 |
-10.00% |
0% |
130.50 |
-13.00% |
0% |
129.00 |
-14.00% |
-14.00% |
120.00 |
-20.00% |
-20.00% |
90.00 |
-40.00% |
-40.00% |
60.00 |
-60.00% |
-60.00% |
30.00 |
-80.00% |
-80.00% |
0 |
-100.00% |
-100.00% |
Hypothetical
Examples of Amounts Payable at Maturity
The following examples illustrate how the returns
on the securities set forth in the table on the previous page are calculated.
Example 1: The value of the Underlying Index decreases
from the Initial Index Value of 150 to a Final Index Value of 90. Because the Final Index Value is less than the Knock-Out
Level, a Knock-Out Event has occurred. Therefore, the investor does not receive the benefit of the Contingent Minimum Return
of 0% and is therefore exposed to the negative performance of the Underlying Index on a 1 to 1 basis. The investor receives a payment
at maturity based on the Underlying Index Return of –40%, which is significantly less than the stated principal amount, calculated
as follows:
$1,000 +
($1,000 x –40%) = $600
Example 2: The value of the Underlying Index increases
from the Initial Index Value of 150 to a Final Index Value of 180. Because the Underlying Index Return of 20% is greater than
the Contingent Minimum Return of 0%, the investor receives a payment at maturity per $1,000 principal amount security, calculated
as follows:
$1,000 + ($1,000 x 20%) = $1,200
Example 3: The value of the Underlying Index decreases
from the Initial Index Value of 150 to a Final Index Value of 142.50. Because the Final Index Value is greater than or equal
to the Knock-Out Level, a Knock-Out Event has not occurred. Because the Underlying Index Return of -5.00% is less than the Contingent
Minimum Return of 0%, the investor receives the benefit of the Contingent Minimum Return and therefore receives a payment at maturity
per $1,000 principal amount security, calculated as follows:
$1,000 + ($1,000 x 0%) = $1,000
Selected
Purchase Considerations
· | APPRECIATION POTENTIAL — The securities provide the opportunity to participate
in the appreciation of the Underlying Index at maturity. If a Knock-Out Event HAS NOT occurred, meaning that the
Final Index Value is greater than or equal to the Knock-Out Level, because of the Contingent Minimum Return, you will receive at
maturity no less than the $1,000 principal amount for each security, and you will participate in any appreciation of the Underlying
Index over the term of the securities. Since the Contingent Minimum Return is 0%, you will receive only the repayment of your principal
at maturity, without any positive return on your investment, if the Underlying Index declines in value but without triggering a
Knock-Out Event. However, if a Knock-Out Event HAS occurred, meaning that the Final Index Value is less than
the Knock-Out Level, you will lose a significant portion or all of your investment based on a 1% loss for every 1% decline in the
Final Index Value, as compared to the Initial Index Value. Because the securities are our unsecured obligations, payment of any
amount at maturity is subject to our ability to pay our obligations as they become due. |
· | SECURITIES LINKED TO THE STOXX® EUROPE 600 REAL ESTATE INDEX — The return on the securities
is linked to the STOXX® Europe 600 Real Estate Index. The STOXX® Europe 600 Real Estate Index is
one of 19 STOXX® Supersector indices that compose the STOXX® Europe 600 Index and includes companies
in the real estate supersector, which tracks companies engaged in a broad range of real estate activities. The STOXX®
Europe 600 Real Estate Index is created by STOXX Limited, a joint venture between Deutsche Börse AG and SIX Group AG. Publication
of the Index began on December 29, 2000, based on an initial index value of 100 at December 31, 1991. For additional information
about the Underlying Index, see the information set forth in “Annex—STOXX® Europe 600 Real Estate Index”
below. |
· | TAX TREATMENT – You should review carefully the section entitled “United States Federal Taxation”
in the accompanying product supplement for knock-out notes. Although there is uncertainty regarding the U.S. federal income tax
consequences of an investment in the securities due to the lack of governing authority, in the opinion of our counsel, Davis Polk
& Wardwell LLP, under current law, and based on current market conditions, a security should be treated as a single financial
contract that is an “open transaction” for U.S. federal income tax purposes. Assuming this treatment of the securities
is respected, your gain or loss on the securities should be treated as long-term capital gain or loss if you have held the securities
for more than one year, and short-term capital gain or loss otherwise, even if you are an initial purchaser of securities at a
price that is below the principal amount of the securities. |
We
will not attempt to ascertain whether any issuer of any shares to which a security relates (such shares hereafter referred to
as “Underlying Shares”) is treated as a “passive foreign investment company” (“PFIC”) within
the meaning of Section 1297 of the Internal Revenue Code of 1986, as amended. If any issuer of Underlying Shares were so treated,
certain adverse U.S. federal income tax consequences might apply to a U.S. Holder upon the sale, exchange or settlement of a security.
You should refer to information filed with the Securities and Exchange Commission or other governmental authorities by the issuers
of the Underlying Shares and consult your tax adviser regarding the possible consequences to you if any issuer is or becomes a
PFIC.
The
Internal Revenue Service (the “IRS”) or a court, however, may not respect this characterization or treatment of the
securities, in which case the timing and character of any income or loss on the securities could be significantly and adversely
affected. For example, under one possible treatment, the IRS could seek to recharacterize the securities as debt instruments.
In that event, you would be required to accrue into income original issue discount on the securities every year at a “comparable
yield” determined at the time of issuance and recognize all income and gain in respect of the securities as ordinary income.
Additionally,
as discussed under “United States Federal Taxation—FATCA Legislation” in the accompanying product supplement
for knock-out notes, the withholding rules commonly referred to as “FATCA” would apply to the securities if they were
recharacterized as debt instruments except that, under a recent IRS notice, withholding under FATCA will not apply to payments
of gross proceeds (other than any amount treated as interest) of any disposition of financial instruments before January 1, 2019.
In
2007, the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S. federal income tax treatment
of “prepaid forward contracts” and similar instruments. The notice focuses on whether to require holders of these
instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including
the character of income or loss with respect to these instruments; whether short-term instruments should be subject to any such
accrual regime; the relevance of factors such as exchange-traded status of the instruments and the nature of the underlying property
to which the instruments are linked; the degree, if any, to which any income (including any mandated accruals) realized by non-U.S.
holders should be subject to withholding tax; and whether these investments are or should be subject to the “constructive
ownership” rule, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and
impose an interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury
regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences
of an investment in the securities, possibly with retroactive effect.
You
should consult your tax adviser regarding the treatment of the securities, including possible alternative characterizations in
general, the possible impact of the aforementioned notice and the potential application of the FATCA rules.
The
discussion in the preceding paragraphs under “Tax Treatment” and the section entitled “United States Federal
Taxation” in the accompanying product supplement for knock-out notes, 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 & Wardwell
LLP regarding the material U.S. federal tax consequences of an investment in the securities.
Selected
Risk Considerations
An
investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in
the Underlying Index or any of the component stocks of the Underlying Index. These risks are explained in more detail in the “Risk
Factors” section of the accompanying product supplement for knock-out notes dated November 19, 2014.
· | YOUR INVESTMENT IN THE SECURITIES MAY RESULT IN A LOSS — The terms of the securities
differ from those of ordinary debt securities in that we do not guarantee to pay you any of the principal amount of the securities
at maturity and do not pay you interest on the securities. If the Final Index Value is less than the Knock-Out Level, a Knock-Out
Event will have occurred, you will lose the benefit of the Contingent Minimum Return and you will be fully exposed to any depreciation
in the Final Index Value as compared to the Initial Index Value on a 1 to 1 basis. If a Knock-Out Event has occurred, the Payment
at Maturity on each security will be significantly less than the principal amount of the securities and could be zero. Consequently,
the entire principal amount of your investment is at risk. |
· | THE SECURITIES DO NOT PAY INTEREST – Unlike ordinary debt securities, the securities
do not pay interest and do not guarantee any return of principal at maturity. |
· | THERE ARE 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. Also, there
is generally 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
small 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. |
· | THE STOCKS COMPOSING THE UNDERLYING INDEX ARE CONCENTRATED IN THE REAL ESTATE SECTOR.
Each of the stocks composing the Underlying Index has been issued by a company whose business is associated with the real estate
sector. Because the value of the securities is determined based on the performance of the Underlying Index, an investment in the
securities will be concentrated in this sector. As a result, the value of the securities
may be subject to greater volatility and may be more adversely affected by a single economic, political or regulatory occurrence
affecting this sector than a different investment linked to securities of a more broadly diversified group of issuers. |
The
stocks composing the Underlying Index are issued by companies whose primary lines of business are directly associated with the
real estate sector. Real estate is highly sensitive to general and local economic conditions and developments, and is characterized
by intense competition and periodic overbuilding. Real estate markets have at times suffered periods of extraordinary declines.
Specific risks especially relevant to an investment in the real estate sector include interest
rate risk, leverage risk, property risk, management risk, liquidity risk, concentration risk, tax risk and regulatory risk.
For
additional information about the Underlying Index, see the information set forth in “Annex - STOXX® Europe
600 Real Estate Index.”
· | NO DIVIDEND PAYMENTS OR VOTING RIGHTS – As a holder of the securities, you will
not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of securities composing
the Underlying Index would have. |
· | 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, 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. |
· | MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE SECURITIES
— The value of the securities will be affected by a number of economic and market factors that may either offset
or magnify each other, including: |
| · | the value, especially in relation to the Knock-Out
Level, and the actual or expected volatility, of the Underlying Index; |
| · | the time to maturity of the securities; |
| · | the dividend rates on the common stocks underlying
the Underlying Index; |
| · | interest and yield rates in the market generally; |
| · | geopolitical conditions and a variety of economic,
financial, political, regulatory or judicial events; and |
| · | our creditworthiness, including actual or anticipated
downgrades in our credit ratings or credit spreads. |
Some
or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. For example,
you may have to sell your securities at a substantial discount from the stated principal amount if a Knock-Out Event is likely
to occur in light of the then-current level of the Underlying Index.
You
cannot predict the future performance of the Underlying Index based on its historical performance. We cannot guarantee that a
Knock-Out Event will not occur so that you will not suffer a significant loss on your initial investment in the securities. You
can review the historical values of the Underlying Index in “Historical Information” below.
· | THE RATE WE ARE WILLING TO PAY FOR SECURITIES OF THIS TYPE, MATURITY AND ISSUANCE SIZE IS
LIKELY TO BE LOWER THAN THE RATE IMPLIED BY OUR SECONDARY MARKET CREDIT SPREADS AND ADVANTAGEOUS TO US. BOTH THE LOWER RATE AND
THE INCLUSION OF COSTS ASSOCIATED WITH ISSUING, SELLING, STRUCTURING AND HEDGING THE SECURITIES IN THE ORIGINAL ISSUE PRICE REDUCE
THE ECONOMIC TERMS OF THE SECURITIES, CAUSE THE ESTIMATED VALUE OF THE SECURITIES TO BE LESS THAN THE ORIGINAL ISSUE PRICE AND
WILL ADVERSELY AFFECT SECONDARY MARKET PRICES– 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 original issue price, because secondary market prices will exclude the issuing, selling,
structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary
market prices will 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 well as other factors. |
The
inclusion of the costs of issuing, selling, structuring and hedging the securities in the original 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 6 months following the issue 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 Underlying 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 Pricing 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
“Many economic and market factors will impact the value of the securities” above. |
· | LACK OF LIQUIDITY – The securities will not be listed on any securities exchange.
Therefore, there may be little or no secondary market for the securities. Morgan Stanley & Co. LLC (“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 prices based on
its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility,
the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and
the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity
to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary
market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any,
at which MS & Co. is willing to transact. If, at any time, MS & Co. were not to make a market in the securities, it is
likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to
maturity. |
· | POTENTIAL CONFLICTS – We and our affiliates play a variety of roles in connection
with the issuance of the securities, including acting as calculation agent and hedging our obligations under the securities. In |
performing
these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests
as an investor in the securities.
Additionally,
some of our subsidiaries also trade financial instruments related to the Underlying Index on a regular basis as part of their
general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the Pricing Date could potentially
affect the Initial Index Value. We will not have any obligation to consider your interests as a holder of the securities in taking
any corporate action that might affect the value of the Underlying Index and the securities. In addition, MS & Co. has determined
the estimated value of the securities on the Pricing Date.
· | HEDGING AND TRADING ACTIVITY BY OUR SUBSIDIARIES COULD POTENTIALLY ADVERSELY AFFECT THE VALUE
OF THE SECURITIES – One or more of our subsidiaries and/or third-party dealers have carried out, and will continue to
carry out, hedging activities related to the securities (and to other instruments linked to the Underlying Index or its component
stocks), including trading in the stocks that constitute the Underlying Index as well as in other instruments related to the Underlying
Index. As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging
strategy may involve greater and more frequent dynamic adjustments to the hedge as the Averaging Dates approach. Some of our subsidiaries
also trade the stocks that constitute the Underlying Index and other financial instruments related to the Underlying Index on a
regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior
to the Pricing Date could have increased the Initial Index Value, and, therefore, could have increased the value at or above which
the Final Index Value must be so that a Knock-Out Event does not occur which would cause investors to suffer a significant loss
on their initial investment in the securities. |
Use
of Proceeds and Hedging
The
proceeds we receive from the sale of the securities will be used for general corporate purposes. We will receive, in aggregate,
$1,000 per security issued, because, when we enter into hedging transactions in order to meet our obligations under the securities,
our hedging counterparty will reimburse the cost of the Agent’s commissions. The costs of the securities borne by you and
described on page 2 above comprise the Agent’s commissions and the cost of issuing, structuring and hedging the securities.
On
or prior to the Pricing Date, we hedged our anticipated exposure in connection with the securities by entering into hedging transactions
with our subsidiaries and/or third party dealers. We expect our hedging counterparties to have taken positions in stocks of the
Underlying Index, in futures and/or options contracts on the Underlying Index or any component stocks of the Underlying Index
listed on major securities markets. Such purchase activity could have increased the value of the Underlying Index on the Pricing
Date, and therefore could have increased the value at or above which the Final Index Value must be so that a Knock-Out Event does
not occur which would cause investors to suffer a significant loss on their initial investment in the securities. In addition,
through our subsidiaries, we are likely to modify our hedge position throughout the term of the securities, including on the Averaging
Dates, by purchasing and selling the stocks constituting the Underlying Index, futures or options contracts on the Underlying
Index or its component stocks listed on major securities markets or positions in any other available securities or instruments
that we may wish to use in connection with such hedging activities. As a result, these entities may be unwinding or adjusting
hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments
to the hedge as the Averaging Dates approach. We cannot give any assurance that our hedging activities will not affect the value
of the Underlying Index, and, therefore, adversely affect the value of the securities or the payment you will receive at maturity,
if any.
Historical
Information
The
following graph sets forth the historical performance of the STOXX® Europe 600 Real Estate Index based on the daily
historical closing values of the Underlying Index from January 1, 2010 through November 20, 2015. The closing value of the Underlying
Index on November 20, 2015 was 194.03. We obtained the closing values of the Underlying Index below from Bloomberg Financial Markets.
We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial
Markets.
The
historical values of the Underlying Index should not be taken as an indication of future performance, and no assurance can be
given as to the Index Closing Value on any of the Averaging Dates. We cannot give you any assurance that a Knock-Out Event will
not occur so that at maturity you will not suffer a significant loss on your initial investment in the securities.
Historical Performance of the
STOXX® Europe 600 Real Estate Index
License
Agreement
License
Agreement between STOXX Limited and Morgan Stanley. “STOXX® Europe 600 Real Estate Index” and “STOXX®”
are registered trademarks of STOXX Limited and have been licensed for use for certain purposes by Morgan Stanley. The
securities are not sponsored, endorsed, sold or promoted by STOXX Limited, and STOXX Limited makes no representation regarding
the advisability of investing in the securities.
Benefit
Plan Investor Considerations
Each
fiduciary of a pension, profit-sharing or other employee benefit plan subject to the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) (a “Plan”), should consider the fiduciary standards of ERISA in the context
of the Plan’s particular circumstances before authorizing an investment in the securities. Accordingly, among other factors,
the fiduciary should consider whether the investment would satisfy the prudence and diversification requirements of ERISA and
would be consistent with the documents and instruments governing the Plan.
In
addition, we and certain of our subsidiaries and affiliates, including MS & Co., may be considered a “party in interest”
within the meaning of ERISA, or a “disqualified person” within the meaning of the Internal Revenue Code of 1986, as
amended (the “Code”), with respect to many Plans, as well as many individual retirement accounts and Keogh plans (also
“Plans”). ERISA Section 406 and Code Section 4975 generally prohibit transactions between Plans and parties in interest
or disqualified persons. Prohibited transactions within the meaning of ERISA or the Code would likely arise, for example, if the
securities are acquired by or with the assets of a Plan with respect to which MS & Co. or any of its affiliates is a service
provider or other party in interest, unless the securities are acquired pursuant to an exemption from the “prohibited transaction”
rules. A violation of these “prohibited transaction” rules could result in an excise tax or other liabilities under
ERISA and/or Section 4975 of the Code for such persons, unless exemptive relief is available under an applicable statutory or
administrative exemption.
The
U.S. Department of Labor has issued five prohibited transaction class exemptions (“PTCEs”) that may provide exemptive
relief for direct or indirect prohibited transactions resulting from the purchase or holding of the securities. Those class exemptions
are PTCE 96-23 (for certain transactions determined by in-house asset managers), PTCE 95-60 (for certain transactions involving
insurance company general accounts), PTCE 91-38 (for certain transactions involving bank collective investment funds), PTCE 90-1
(for certain transactions involving insurance company separate accounts) and PTCE 84-14 (for certain transactions determined by
independent qualified professional asset managers). In addition, ERISA Section 408(b)(17) and Section 4975(d)(20) of the Code
may provide an exemption for the purchase and sale of securities and the related lending transactions, provided that neither the
issuer of the securities nor any of its affiliates has or exercises any discretionary authority or control or renders any investment
advice with respect to the assets of the Plan involved in the transaction and provided further that the Plan pays no more, and
receives no less, than “adequate consideration” in connection with the transaction (the so-called “service provider”
exemption). There can be no assurance that any of these class or statutory exemptions will be available with respect to transactions
involving the securities.
Because
we may be considered a party in interest with respect to many Plans, the securities may not be purchased, held or disposed of
by any Plan, any entity whose underlying assets include “plan assets” by reason of any Plan’s investment in
the entity (a “Plan Asset Entity”) or any person investing “plan assets” of any Plan, unless such purchase,
holding or disposition is eligible for exemptive relief, including relief available under PTCEs 96-23, 95-60, 91-38, 90-1, 84-14
or the service provider exemption or such purchase, holding or disposition is otherwise not prohibited. Any purchaser, including
any fiduciary purchasing on behalf of a Plan, transferee or holder of the securities will be deemed to have represented, in its
corporate and its fiduciary capacity, by its purchase and holding of the securities that either (a) it is not a Plan or a Plan
Asset Entity and is not purchasing such securities on behalf of or with “plan assets” of any Plan or with any assets
of a governmental, non-U.S. or church plan that is subject to any federal, state, local or non-U.S. law that is substantially
similar to the provisions of Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or (b) its purchase,
holding and disposition are eligible for exemptive relief or such purchase, holding and disposition are not prohibited by ERISA
or Section 4975 of the Code or any Similar Law.
Due
to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions,
it is particularly important that fiduciaries or other persons considering purchasing the securities on behalf of or with “plan
assets” of any Plan consult with their counsel regarding the availability of exemptive relief.
The
securities are contractual financial instruments. The financial exposure provided by the securities is not a substitute or proxy
for, and is not intended as a substitute or proxy for, individualized investment management or advice for the benefit of any purchaser
or holder of the securities. The securities have not been designed and will not be administered in a manner intended to reflect
the individualized needs and objectives of any purchaser or holder of the securities.
Each
purchaser or holder of any securities acknowledges and agrees that:
(i) | the purchaser or holder or its fiduciary has made and shall make all investment decisions for the purchaser or holder and the
purchaser or holder has not relied and shall not rely in any way upon us or our affiliates to act as a fiduciary or adviser of
the purchaser or holder with respect to (A) the design and terms of the securities, (B) the purchaser or holder’s investment
in the securities, or (C) the exercise of or failure to exercise any rights we have under or with respect to the securities; |
(ii) | we and our affiliates have acted and will act solely for our own account in connection with (A) all transactions relating to
the securities and (B) all hedging transactions in connection with our obligations under the securities; |
(iii) | any and all assets and positions relating to hedging transactions by us or our affiliates are assets and positions of those
entities and are not assets and positions held for the benefit of the purchaser or holder; |
(iv) | our interests are adverse to the interests of the purchaser or holder; and |
(v) | neither we nor any of our affiliates is a fiduciary or adviser of the purchaser or holder in connection with any such assets,
positions or transactions, and any information that we or any of our affiliates may provide is not intended to be impartial investment
advice. |
Each
purchaser and holder of the securities has exclusive responsibility for ensuring that its purchase, holding and disposition of
the securities do not violate the prohibited transaction rules of ERISA or the Code or any Similar Law. The sale of any securities
to any Plan or plan subject to Similar Law is in no respect a representation by us or any of our affiliates or representatives
that such an investment meets all relevant legal requirements with respect to investments by plans generally or any particular
plan, or that such an investment is appropriate for plans generally or any particular plan.
However,
individual retirement accounts, individual retirement annuities and Keogh plans, as well as employee benefit plans that permit
participants to direct the investment of their accounts, will not be permitted to purchase or hold the securities if the account,
plan or annuity is for the benefit of an employee of Morgan Stanley or Morgan Stanley Wealth Management or a family member and
the employee receives any compensation (such as, for example, an addition to bonus) based on the purchase of the securities by
the account, plan or annuity.
Supplemental
Plan of Distribution; Conflicts of Interest
JPMorgan
Chase Bank, N.A., J.P. Morgan Securities LLC and its affiliates will act as placement agents for the securities and will receive
a fee from the Issuer or one of its affiliates that will not exceed $12.50 per $1,000 principal amount of securities, but will
forgo any fees for sales to certain fiduciary accounts.
MS
& Co. is our wholly-owned subsidiary and it and other subsidiaries of ours expect to make a profit by selling, structuring
and, when applicable, hedging the securities.
MS
& Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory
Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities
of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering
to any discretionary account.
Validity
of the Securities
In
the opinion of Davis Polk & Wardwell LLP, as special counsel to Morgan Stanley, when the securities offered by this pricing
supplement have been executed and issued by Morgan Stanley, authenticated by the trustee pursuant to the Senior Debt Indenture
and delivered against payment as contemplated herein, such securities will be valid and binding obligations of Morgan Stanley,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation,
concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to
the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above.
This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law
of the State of Delaware. In addition, this opinion is subject to customary assumptions about the trustee’s authorization,
execution and delivery of the Senior Debt Indenture and its authentication of the securities and the validity, binding nature
and enforceability of the Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated
November 19, 2014, which is Exhibit 5-a to the Registration Statement on Form S-3 filed by Morgan Stanley on November 19, 2014.
Annex—STOXX®
Europe 600 Real Estate Index
The
STOXX® Europe 600 Real Estate Index (the “Index”) is one of 19 STOXX® Supersector
indices that compose the STOXX® Europe 600 Index and measures the performance of the European real estate sector.
The Index is a price return index denominated in euro, calculated, maintained and published by STOXX Limited.
The
Index is created by STOXX Limited, a joint venture between Deutsche Börse AG and SIX Group AG. Publication of the Index began
on December 29, 2000, based on an initial index value of 100 at December 31, 1991. The Index is disseminated on the STOXX Limited
website: http://www.stoxx.com, which sets forth, among other things, the country, industrial sector and weight of each component
included in the Index and updates these weightings at the end of each quarter. Information contained in the STOXX Limited website
is not incorporated by reference in, and should not be considered a part of, this free writing prospectus.
On
March 1, 2010, STOXX Limited announced the removal of the “Dow Jones” prefix from all of its indices, including the
Index.
Composition
of the Index
The
Index is one of 19 STOXX® Supersector indices that compose the STOXX® Europe 600 Index. The STOXX®
Europe 600 Index contains the 600 largest European stocks by free float market capitalization. The Index contains the companies
of the Eurozone subset of the STOXX® Europe 600 Index that fall within the real estate supersector, determined
by reference to the Industry Classification Benchmark (“ICB”), an international system for categorizing companies
that is maintained by FTSE International Limited.
The
composition of the Index is reviewed quarterly, together with the STOXX® Europe 600 Index, based on the closing
stock data on the last trading day of the month following the last quarterly index review. The component stocks are announced
on the fourth Tuesday of the month immediately prior to the review implementation month. Changes to the component stocks are implemented
on the third Friday in each of March, June, September and December and are effective the following trading day.
Corporate
actions (including mergers and takeovers, spin-offs, sector changes, delistings and bankruptcy) that affect the STOXX®
Europe 600 Index composition are immediately reviewed. Any changes are announced, implemented and effective in line with
the type of corporate action and the magnitude of the effect.
Computation
of the Index
The
Index is calculated with the “Laspeyres formula,” which measures the aggregate price changes in the component stocks
against a fixed base quantity weight. The formula for calculating the index value of the Index at any time can be expressed as
follows:
Index value |
= |
free float market
capitalization of the Index
divisor
|
The
“free float market capitalization of the Index” is equal to the sum of the products of the price, number of shares
and free float factor for each component stock as of the time the Index is being calculated. The free float factor reduces the
number of shares outstanding to the actual amount available on the market. All fractions of the total number of shares that are
larger than 5% and whose holding is of a long-term nature are excluded from the index calculation. The free float factor typically
excludes cross-ownership (stock owned either by the company itself or other companies), government ownership, private ownership,
and restricted shares that cannot be traded during a certain period or have a foreign ownership restriction. Block ownership is
not applied for holdings of custodian nominees, trustee companies, mutual funds, investment companies with short-term investment
strategies, pension funds and similar entities.
The
free float factors and outstanding number of shares used to calculate the Index are reviewed, calculated and implemented on a
quarterly basis and are fixed until the next quarterly review. Extraordinary adjustments may occur from certain corporate actions,
depending on the magnitude of the change.
The
Index is also subject to a divisor, which is adjusted to maintain the continuity of index values despite changes due to corporate
actions. All corporate actions and dividends are implemented at the effective date (ex-date); i.e., with corporate actions
where cash or other corporate assets are distributed to shareholders, the price of the stock will drop on the ex-date. The following
is a summary of the adjustments to any component stock made for corporate actions and the effect of such adjustment on the divisor,
where shareholders of the component stock will receive “B” number of
shares
for every “A” share held (where applicable). If the new shares have a dividend disadvantage —i.e., the
new shares have a different dividend from that paid on the old shares — the price for these new shares will be adjusted
according to the gross dividend amount. The divisor may increase, decrease or be held constant.
DIVISOR: |
Decrease |
A) Special Cash dividend
adjusted price = closing price − announced
dividend * (1 − withholding tax if applicable)
|
DIVISOR: |
Constant |
B) Split and Reverse Split
adjusted price = closing price * A / B
new number of shares = old number of shares *
B / A
|
DIVISOR: |
Increase
|
C) Rights Offering
If the subscription price is not available or equal
to or greater than the closing price on the day before the effective date, then no adjustment is made.
In case the share increase is larger or equal to 100%
(B / A ≥ 1) the adjustment of the shares and weightfactors are
delayed until the new shares are listed.
adjusted price = (closing price * A + subscription
price * B) / (A + B)
new number of shares = old number of shares *
(A + B) / A
|
DIVISOR: |
Constant |
D) Stock Dividend
adjusted price = closing price * A / (A + B)
new number of shares = old number of shares *
(A + B) / A
|
|
Decrease |
E) Stock Dividend (from treasury stock)
If treated as regular cash dividend, not adjusted.
If treated as extraordinary dividend:
adjusted price = closing price – closing price
* B / (A + B)
|
DIVISOR: |
Decrease |
F) Stock Dividend of a Different Company Security
adjusted price = (closing price * A − price
of the different company security * B) / A
|
DIVISOR: |
Decrease |
G) Return of Capital and Share Consolidation
adjusted price = (closing price − capital
return announced by company *
(1 − withholding tax)) * A / B
new number of shares = old number of shares *
B / A
|
DIVISOR: |
Decrease |
H) Repurchase Shares-Self-Tender
adjusted price = ((price before tender * old
number of shares) − (tender price * number of tendered shares)) / (old number of shares − number of tendered shares)
new number of shares = old number of shares −
number of tendered shares
|
DIVISOR: |
Decrease |
I) Spinoff
adjusted price = (closing price * A − price
of spun-off shares * B) / A
|
DIVISOR: |
|
J) Combination Stock Distribution (Dividend or
Split) and Rights Offering
Shareholders receive B new shares from the distribution
and C new shares from the rights offering for every A shares held:
|
|
Increase |
●
If rights are applicable after stock distribution (one action applicable to other)
adjusted price = [closing price * A + subscription
price * C * (1 + B / A)] / [(A + B) * (1 + C / A)]
new number of shares = old number of shares *
[(A + B) * (1 + C / A)] / A
|
|
Increase |
●
If stock distribution is applicable after rights (one action applicable to other)
adjusted price = [closing price * A + subscription
price * C] / [(A + C) * (1 + B / A)]
new number of shares = old number of shares *
[(A + C) * (1 + B / A)]
|
DIVISOR: |
Increase |
● Stock
distribution and rights (neither action is applicable to the other)
adjusted price = [closing price * A + subscription
price * C] / [A + B + C]
new number of shares = old number of shares *
[A + B + C] / A
|
|
|
K) Addition/Deletion of a Company
No price adjustments are made. The net change in market
capitalization determines the divisor adjustment.
|
|
|
L) Free float and Share Changes
No price adjustments are made. The net change in market
capitalization determines the divisor adjustment.
|
License
Agreement with STOXX Limited
License
Agreement between STOXX Limited and Morgan Stanley. STOXX Limited and Morgan Stanley have entered into a non-exclusive license
agreement providing for the license to Morgan Stanley, and certain of its affiliated or subsidiary companies, in exchange for
a fee, of the right to use the STOXX® Europe 600 Real Estate Index which is owned and published by STOXX Limited,
in connection with the securities.
The
license agreement between STOXX Limited and Morgan Stanley provides that the following language must be set forth in this document:
The
securities are not sponsored, endorsed, sold or promoted by STOXX Limited. STOXX Limited makes no representation or warranty,
express or implied, to the owners of the securities or any member of the public regarding the advisability of investing in securities
generally or in the securities particularly. STOXX Limited’s only relationship to Morgan Stanley is the licensing of certain
trademarks, trade names and service marks of STOXX Limited and the STOXX® Europe 600 Real Estate Index which are
determined, composed and calculated by STOXX Limited without regard to Morgan Stanley or the securities. STOXX Limited has no
obligation to take the needs of Morgan Stanley or the owners of the securities into consideration in determining, composing or
calculating the STOXX® Europe 600 Real Estate Index. STOXX Limited is not responsible for and has not participated
in the determination of the timing of, prices at, or quantities of the securities to be issued or in the determination or calculation
of the equation by which the securities are to be converted into cash. STOXX Limited has no obligation or liability in connection
with the administration, marketing or trading of the securities.
STOXX
LIMITED DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE STOXX® EUROPE 600 REAL ESTATE INDEX OR ANY
DATA INCLUDED THEREIN AND STOXX LIMITED SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. STOXX
LIMITED MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY MORGAN STANLEY, OWNERS OF THE SECURITIES, OR ANY
OTHER PERSON OR ENTITY FROM THE USE OF THE STOXX® EUROPE 600 REAL ESTATE INDEX OR ANY DATA INCLUDED THEREIN. STOXX
LIMITED MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE WITH RESPECT TO THE STOXX® EUROPE 600 REAL ESTATE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL STOXX LIMITED HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE,
SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES
OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN STOXX LIMITED AND MORGAN STANLEY.
“STOXX®
Europe 600 Real Estate Index” and “STOXX®” are registered trademarks of STOXX Limited and
have been licensed for use for certain purposes by Morgan Stanley. The securities are not sponsored, endorsed, sold
or promoted by STOXX Limited, and STOXX Limited makes no representation regarding the advisability of investing in the securities.
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