Performance Equity-Linked Redemption Quarterly-Pay SecuritiesSM

Performance Equity-Linked Redemption Quarterly-Pay SecuritiesSM (PERQSSM)

Intermediate-term debt securities with a maturity value dependent on the value of the underlying stock to which the security is linked. PERQS pay fixed quarterly interest and represent debt of their issuers. These securities issued by Morgan Stanley represent debt of the issuer and are not subject to early redemption.