MORGAN STANLEY — Capital/Financing Update 2010

Oct 15, 2010

Final Terms dated 15 October 2010

Morgan Stanley

Issue of £281.108 Notes due 2016

linked to FTSE^TM 100 Index Warrants

under the Programme for the Issuance of Morgan Stanley Notes linked to Morgan Stanley Jersey Warrants exercisable for Morgan Stanley Preference Shares

PART A - CONTRACTUAL TERMS

The Base Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis that, except as provided in sub-paragraph (ii) below, any offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a "Relevant Member State") will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Notes. Accordingly any person making or intending to make an offer of the Notes may only do so:

• in circumstances in which no obligation arises for the Issuer, Dealer or any Distributor to publish a $(i)$ prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer; or
• $(ii)$ in those Public Offer Jurisdictions mentioned in Paragraph 48 of Part A below, provided such person is one of the persons mentioned in Paragraph 48 of Part A below and that such offer is made during the Offer Period specified for such purpose therein.

None of the Issuer, the Dealer and the Distributor has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.

THE NOTES DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). OR THE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES, AND ARE SUBJECT TO U.S. TAX LAW REQUIREMENTS. THE NOTES DESCRIBED HEREIN MAY NOT BE OFFERED, SOLD OR DELIVERED AT ANY TIME, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN EITHER REGULATION S UNDER THE SECURITIES ACT OR THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED). SEE "SUBSCRIPTION AND SALE" AND "NO OWNERSHIP BY U.S. PERSONS" IN THE BASE PROSPECTUS DATED 6 AUGUST 2010. IN PURCHASING THE NOTES, PURCHASERS WILL BE DEEMED TO REPRESENT AND WARRANT THAT THEY ARE NEITHER LOCATED IN THE UNITED STATES NOR A U.S. PERSON AND THAT THEY ARE NOT PURCHASING FOR, OR FOR THE ACCOUNT OR BENEFIT OF, ANY SUCH PERSON. THE NOTES ARE NOT RATED. THE NOTES ARE SENIOR UNSECURED OBLIGATIONS OF MORGAN STANLEY, AND ALL PAYMENTS ON THE NOTES, INCLUDING THE REPAYMENT OF PRINCIPAL, ARE SUBJECT TO THE CREDIT RISKOF MORGAN STANLEY.

The Notes are senior unsecured obligations of Morgan Stanley, and all payments on the notes, including the repayment of principal, are subject to the credit risk of Morgan Stanley. The Notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

$\mathcal{A}^{\text{max}}{\text{max}}$ and $\mathcal{A}^{\text{max}}{\text{max}}$

$\label{eq:2.1} \mathcal{L}^{\mathcal{A}}\left(\mathcal{L}^{\mathcal{A}}\right) = \mathcal{L}^{\mathcal{A}}\left(\mathcal{L}^{\mathcal{A}}\right) = \mathcal{L}^{\mathcal{A}}\left(\mathcal{L}^{\mathcal{A}}\right)$

$\sim 1000$

This document constitutes Final Terms relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Note Conditions incorporated by reference in the Base Prospectus dated 6 August 2010 which constitutes a Base Prospectus (the Base Prospectus) for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. Copies of the Base Prospectus are available from the offices of Morgan Stanley & Co. International plc at 20 Bank Street, Canary Wharf, London E14 4AD.

POTENTIAL INVESTORS ARE URGED TO CONSULT WITH THEIR LEGAL, REGULATORY, INVESTMENT, ACCOUNTING, TAX AND OTHER ADVISORS WITH REGARD TO ANY PROPOSED OR ACTUAL INVESTMENT IN THESE SECURITIES.

Morgan Stanley is not qualified to give legal, tax or accounting advice to its clients and does not purport to do so in this document. Clients are urged to seek the advice of their own professional advisers about the consequences of the proposals contained herein.

US Treasury Circular 230 Notice - Morgan Stanley does not render advice on tax and tax accounting matters to clients. This material was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws

1.	Issuer:	Morgan Stanley
2.	Series Number: (i)	4064
	Tranche Number: (ii)	1
3.	Specified Currency or Currencies:	Pounds sterling $("E")$
4.	Aggregate Principal Amount of the Notes:
	Series:	£281,108
	Tranche:	£281,108
5.	Issue Price 100 per cent. of par per Note
6.	Specified Denominations (Par): (Condition 3)	£1.00
7.	Issue Date: (i)	18 October 2010
	(ii) Strike Date and proposed and the	18 October 2010
8.	Maturity Date: 一、 地震 一名之一 人名	1 November 2016
9.	$\mathcal{L}{\text{max}}$ , where $\mathcal{L}{\text{max}}$ and $\mathcal{L}_{\text{max}}$ Interest Basis: and the company of	Non-interest bearing
10.	Redemption/Payment Basis:	Redemption at par
		(further particulars specified below)

1. Put/Call Options:

2. $(i)$ Redemption at the option of the Not Applicable Issuer:

3. $(ii)$ Redemption at the option of the Not Applicable Noteholders: $\Delta \omega_{\rm{eff}}$

$\label{eq:2} \mathcal{L}{\text{max}} = \mathcal{L}{\text{max}} + \mathcal{L}{\text{max}} + \mathcal{L}{\text{max}}$

Other Put/Call Options:

1. Method of distribution:

(Condition 10):

1. Equity Linked Note Provisions Not Applicable Non-syndicated

Not Applicable

Not Applicable

Not Applicable

Notwithstanding that the Notes are not Equity Linked Notes, Condition 10.5 (Additional Disruption Events) shall apply to the Notes.

Additional Disruption Event:

$\mathcal{A}^{\text{max}}_{\text{max}}$

All (but not some only) of the Warrants (as defined at paragraph 16 (Final Redemption Amount of each Note) below) are purchased and cancelled pursuant to Condition 20 of the Warrants.

PROVISIONS RELATING TO REDEMPTION

1. Call Option

(Condition 15.7)

1. Put Option

(Condition 15.9)

1. Final Redemption Amount of each Note (Condition $15.1$ )

an Alban Serbandian.
Kabupaten Serbandian

$\mathcal{L}^{\mathcal{L}}(\mathbf{A})$ and $\mathcal{L}^{\mathcal{L}}(\mathbf{A})$ and

Warrants:

17.

an Aristotel
Kongres Monte (1990)

$\label{eq:2.1} \mathcal{L}(\mathcal{F}) = \mathcal{L}(\mathcal{F}) = \mathcal{L}(\mathcal{F}) = \mathcal{L}(\mathcal{F}) = \mathcal{L}(\mathcal{F})$

(3) 不行, (1) 不行, (1) 不行

£1.00 per Note unless on the Election Valuation Date the market value of a Warrant determined by the Determination Agent in good faith and in a commercially reasonable manner (the "Warrant Market Value") is more than £1.00 in which case the Final Redemption Amount shall be determined as follows:

• $(a)$ if the Warrant Market Value is more than £1.00 but equal to or less than £1.03, the Note Redemption Amount shall be an amount equal to the Warrant Market Value; and
• $(b)$ if the Warrant Market Value is more than £1.03, the Final Redemption Amount shall be £1.03

281,108 Warrants linked to the FTSE^™ 100 Index. Series 809, ISIN JE00B4Z1GC96, issued by Morgan Stanley (Jersey) Limited and guaranteed by Morgan Stanley. Each Warrant is exercisable for one Class 809 Preference Share in Morgan Stanley (Jersey) Limited guaranteed by Morgan Stanley

The terms of the Warrants are contained in Part C ("Final Terms Relating to the Warrants") of these Final Terms. The Preference Shares (including the Guarantee thereof) are described in Part D ("Terms of the Preference Shares") of these Final Terms.

The Final Observation Date (as defined in Part C of

18. Election Valuation Date:

1. Early Termination Amount and Redemption Amount upon early redemption (Condition 15.2, 15.5, 15.10 and 20)

Early Redemption Amount(s) of each Note payable on redemption for taxation reasons or on event of default or other early redemption and/or the method $\alpha$ f calculating the same (if required or if different from that set out in the Conditions):

An amount in cash equal to the fair market value of such Note on the date of such early termination less such Note's pro rata share of the reasonable cost to the Issuer and/or its affiliates of unwinding, or the loss realised by the Issuer and/or its affiliates on, any related hedging arrangements, all as calculated by the Determination Agent in its sole and absolute discretion.

GENERAL PROVISIONS APPLICABLE TO THE NOTES

1. Form of Notes: (Condition 3)

Bearer Notes:

these Final Terms)

Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note

Additional Financial Centre or other special 21. Not Applicable provisions relating to Payment Dates:

$\mathcal{L}(\mathcal{A})$ , we can consider the form $\mathcal{L}(\mathcal{A})$

1. Other final terms:

Not Applicable

DISTRIBUTION

• 1. If syndicated, names and addresses Not Applicable $(i)$ of Managers and underwriting commitments; and names and i. addresses of the entities agreeing to place the issue without a firm commitment or on a "best efforts" basis if such entities are not the same as the Managers:)
• $(ii)$ Date of Subscription Agreement: Not Applicable Stabilising Manager(s) (if any): Not Applicable
• 1. If non-syndicated, name and address of Morgan Stanley & Co. International plc

	Dealer:	20 Bank Street London E14 4AD
25.	Non-exempt offer:	An offer of the Notes may be made by the Distributor other than pursuant to Article 3(2) of the Prospective Directive in the UK (Public Offer Jurisdictions) during the period from 16 August 2010 to 27 September 2010 (Offer Period) when the "The Morgan Stanley FTSE Best Entry Growth Plan 6" (the "Plan") will be offered to the investors, as fully set out in Part B below.
26.	Whether TEFRA D or TEFRA C rules applicable or TEFRA rules not applicable:	TEFRA D
	Total commission and concession:	Not Applicable
	Additional selling restrictions:	Not Applicable

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:

By: Duly atthorised

$\bar{\mathcal{A}}$

$\mathcal{L}(\mathcal{A})$ and $\mathcal{L}(\mathcal{A})$

$\label{eq:2.1} \begin{split} &\mathcal{A}(t,t) = \mathcal{A}(t) \left[ \mathcal{A}(t) - \mathcal{A}(t) \right] \leq \mathcal{A}(t,t) \leq \mathcal{A}(t) \leq \mathcal{A}(t) \leq \mathcal{A}(t), \ &\mathcal{A}(t,t) = \mathcal{A}(t) \leq \mathcal{A}(t) \leq \mathcal{A}(t) \leq \mathcal{A}(t) \leq \mathcal{A}(t) \leq \mathcal{A}(t) \end{split}$ $\delta$ for $\delta$ , and $\delta$ , $\delta$ , $\delta$ , $\delta$ , $\delta$ , $\delta$ , $\delta$ , $\delta$ , $\delta$ $\label{eq:2.1} \mathcal{F}^{(2)} = \mathcal{F} \left( \mathcal{F}^{(2)}{\text{max}} \right) \left( \mathcal{F}^{(2)}{\text{max}} \right) \left( \mathcal{F}^{(2)}{\text{max}} \right)$ $\label{eq:2.1} \mathcal{O}(\frac{1}{\sqrt{2}}\log\left(p{\rm{max}}\right),\mathcal{O}(\sqrt{2}\log\left(1-\log\left(\sqrt{2}\right)\log\left(p_{\rm{max}}\right)\right))\log\left(1-\log\left(1\right)\right)$ $\label{eq:2} \mathcal{F}(\mathcal{F}) = \sum_{i=1}^n \mathcal{F}(\mathcal{F}) \mathcal{F}(\mathcal{F}) = \sum_{i=1}^n \mathcal{F}(\mathcal{F}) \mathcal{F}(\mathcal{F}) = \sum_{i=1}^n \mathcal{F}(\mathcal{F})$

$\sim 10^{11}$ keV $^{-1}$ .

$\sqrt{5}$

PART B - OTHER INFORMATION

LISTING $\mathbf{1}$ .

$(i)$ Listing of the Notes

Application has been made for the Notes to be listed on the Official List of the UK Listing Authority with effect from the Issue Date.

$(ii)$ Admission to trading of the Notes: Application has been made for the Notes to be admitted to trading on the London Stock Exchange plc's Regulated Market with effect from the Issue Date.

XS0531922119

053192211

N_o

$2.$ RATINGS

Ratings of the Notes: The Notes have not been rated.

$3.$ OPERATIONAL INFORMATION

ISIN Code:

Common Code:

New Global Note:

Any clearing system(s) other than Euroclear Not Applicable Bank S.A./N.V. and Clearstream and the relevant identification number(s):

Delivery to the Dealer:

Delivery free of payment

Not Applicable

Names and addresses of additional Paying Not Applicable Agent $(s)$ (if any):

Intended to be held in a manner which would No. allow Eurosystem eligibility:

$4.$ USE OF PROCEEDS

5. INFORMATION CONCERNING THE FTSETM 100 INDEX

Information concerning the FTSETM 100 Index, including past and further performance and volatility can be found at http://www.ftse.com/Indices/UK_Indices/index.js p.

REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL 6. EXPENSES

(i) Reasons for the offer:

$\mathcal{A}_{\rm{max}}$

The net proceeds from the sale of Notes will be used by the Issuer for general corporate purposes, in connection with hedging the Issuer's obligations under the Notes, or both

(ii) Estimated net proceeds: $\mathcal{L}{\text{max}}$ , $\mathcal{L}{\text{max}}$ $\sim 30$ cm $^2$ eV and $\sim 10$

$\sim$

$\mathcal{E}_1$ , $\mathcal{E}_2$ , and the set of

GBP281,108, subject to the final size of

$\label{eq:1} \mathcal{L}=\mathcal{L}(\mathcal{L}^{\mathcal{L}})\rightarrow \mathcal{L}(\mathcal{L}^{\mathcal{L}})$

subscription

$\bar{\lambda}$

(iii) Estimated total expenses:

$\label{eq:2} \mathcal{L}(\mathcal{A}) \leq \mathcal{L}(\mathcal{A}) \leq \mathcal{L}(\mathcal{A}) \leq \mathcal{L}(\mathcal{A}).$

Not applicable to the offer.

7. TERMS AND CONDITIONS OF THE OFFER

Offer Price:	Issue Price
Conditions to which the offer is subject:	The Notes are exclusively offered to the Distributor and Plan Manager, Morgan Stanley & Co. International plc who purchases the Notes as underlying investment of the Plan being offered to the investors. Offer of the Notes is conditional upon
	the launch of the Plan.
Description of the application process:	Not Applicable
Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:	The Dealer and the Distributor agree to adjust the subscription according to the subscription amount of the Plan.
Details of the minimum and/or maximum of amount application:	Not Applicable
Details of the method and time limited for paying up and delivering the Notes:	The Notes will be issued on the Issue Date against payment to the Issuer of the net subscription moneys
Manner in and date on which results of the offer are to be made public:	Not Applicable
Procedure for exercise of any right pre-emption, of negotiability of subscription rights and treatment of subscription rights not exercised:	Not Applicable
Categories of potential investors to which the Notes are offered and whether tranche(s) have been reserved tor certain countries: and the company of the company of the company	The Issuer does not intend to offer the Notes through the Distributor to any investors. The Distributor, acting as Plan Manager will invest in the Notes on behalf of the investors of the Plan.
Process for notification	The Issuer has not authorised the Distributor to distribute the Notes to any investors who are not investing in the Plan.
to applicants of the amount allotted and the indication whether dealing may begin before notification is made:	Not Applicable $\epsilon_{\rm L}$ , $\epsilon_{\rm C}$ , $\epsilon_{\rm C}$ $\sim 10^7$
Amount of any expenses and taxes specifically charged to the	$\label{eq:2.1} \mathcal{L}{\text{max}} = \sum{i=1}^n \mathcal{L}{\text{max}} \left( \mathcal{L}{\text{max}} \right) \mathcal{L}{\text{max}} \left( \mathcal{L}{\text{max}} \right)$ Not Applicable
the company of the company of the company Gerti College a de la componentación de la componentación de la componentación de la componentación de la componentación de En 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en 1930, en and a series of the control of the control of	7

subscriber or purchaser:

Name(s) and address(es), to the Not Applicable extent known to the Issuer, of the placers in the various countries where the offer takes place.

$\label{eq:2.1} \mathcal{L}^{\text{max}}{\text{max}}(\mathcal{L}^{\text{max}}{\text{max}}, \mathcal{L}^{\text{max}}{\text{max}}), \mathcal{L}^{\text{max}}{\text{max}})$

$\mathcal{A}=\mathcal{A}{\mathcal{A}}$ in Magelery of $\label{eq:2} \mathcal{D}^{(1)}{\text{max}}(t)$ $\alpha$ in the first $\beta$ $\label{eq:2.1} \left\langle \left\langle \hat{a} \right\rangle \hat{a} \right\rangle = \left\langle \left\langle \hat{a} \right\rangle \hat{a} \right\rangle = \left\langle \left\langle \hat{a} \right\rangle \hat{a} \right\rangle$ $\label{eq:2} \mathcal{L} = \frac{1}{2} \sum_{i=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac{1}{2} \sum_{j=1}^{N} \frac$ ali tanzen (h. 1930)
19. avgust - Johann Bart
19. avgust - Johann Bart $\begin{split} \mathcal{L}^{(1)}{\text{G}}&=\mathcal{L}^{(1)}{\text{G}}\left(\mathcal{L}^{(1)}{\text{G}}\right)\left(\mathcal{L}^{(2)}{\text{G}}\right)\left(\mathcal{L}^{(2)}{\text{G}}\right)\left(\mathcal{L}^{(1)}{\text{G}}\right)\left(\mathcal{L}^{(2)}{\text{G}}\right)\left(\mathcal{L}^{(1)}{\text{G}}\right)\left(\mathcal{L}^{(2)}{\text{G}}\right)\left(\mathcal{L}^{(2)}{\text{G}}\right)\left(\mathcal{L}^{(2)}_{\text{G}}\right)\left$ and see the second constraint $\hat{f}$ and $\hat{f}$

$\frac{1}{2} \int_{\mathbb{R}^3} \left| \frac{d\mathbf{x}}{d\mathbf{x}} \right|^2 \, d\mathbf{x} = \frac{1}{2} \int_{\mathbb{R}^3} \left| \frac{d\mathbf{x}}{d\mathbf{x}} \right|^2 \, d\mathbf{x}$ $\label{eq:2.1} \frac{1}{2}\int_{\mathbb{R}^3} \left|\frac{1}{\lambda} \left( \frac{1}{\lambda} \right)^2 \right|^2 \, d\lambda = \frac{1}{2}\int_{\mathbb{R}^3} \left|\frac{1}{\lambda} \left( \frac{1}{\lambda} \right)^2 \right|^2 \, d\lambda.$ $\mathcal{O}(\mathcal{O}_\mathcal{A}^{\mathrm{op}})$ and

$\sim 32$ $\begin{split} \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) = \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) \ \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) = \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) \ \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) = \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) \end{split}$ in Separang S i i statistika
Statistika $\alpha$ and $\alpha$ and $\alpha$

$\mathcal{M}^{\text{max}}{\text{max}}$ $\mathcal{A}{\mathcal{A}\bullet}^{(1)}$ , $\mathcal{A}{\mathcal{A}_\bullet}^{(2)}$ $\sim$

$\label{eq:2.1} \begin{split} \mathcal{L}^{(2)}(t) &= \mathcal{L}^{(2)}(t) \left( \mathcal{L}^{(2)}(t) \right) \left( \mathcal{L}^{(2)}(t) \right) \ &= \mathcal{L}^{(2)}(t) \left( \mathcal{L}^{(2)}(t) \right) \left( \mathcal{L}^{(2)}(t) \right) \left( \mathcal{L}^{(2)}(t) \right) \end{split}$ $\Delta \rho = \rho_{\rm{eff}}$

an Parti

$\frac{1}{k}\sum_{\mathbf{k},\mathbf{k},\mathbf{k}}\left(\mathbf{q}{\mathbf{k},\mathbf{k},\mathbf{k},\mathbf{k},\mathbf{k},\mathbf{k},\mathbf{k},\mathbf{k},$ $\mathcal{F}{\mathcal{A}\mathcal{B}}^{\mathcal{F}}$ and $\mathcal{F}_{\mathcal{B}}$

$\mathcal{L}^{\mathcal{L}}$

PART C - FINAL TERMS RELATING TO THE WARRANTS

FINAL TERMS dated 18 October 2010

Series Number: W809 Tranche: 1

Common Code: 053225993 ISIN: JE00B4Z1GC96

MORGAN STANLEY (JERSEY) LIMITED as Issuer

(incorporated with limited liability in Jersey, Channel Islands)

MORGAN STANLEY as Guarantor

PROGRAM FOR THE ISSUANCE OF WARRANTS AND CERTIFICATES

Issue of 281.108 Warrants linked to the FTSE™ 100 Index

THE WARRANTS DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES, AND ARE SUBJECT TO U.S. TAX LAW REQUIREMENTS. THE WARRANTS DESCRIBED HEREIN MAY NOT BE OFFERED, SOLD OR DELIVERED AT ANY TIME, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN EITHER REGULATION S UNDER THE SECURITIES ACT OR THE UNITED STATES INTERNAL REVENUE CODE OF 1986. $AS$ AMENDED). SEE "SUBSCRIPTION AND SALE" AND "NO OWNERSHIP BY U.S. PERSONS" IN THE BASE PROSPECTUS DATED 6 AUGUST 2010. IN PURCHASING THE WARRANTS, PURCHASERS WILL BE DEEMED TO REPRESENT AND WARRANT THAT THEY ARE NEITHER LOCATED IN THE UNITED STATES NOR A U.S. PERSON AND THAT THEY ARE NOT PURCHASING FOR, OR FOR THE ACCOUNT OR BENEFIT OF, ANY SUCH PERSON. THE WARRANTS ARE NOT RATED.

This document constitutes Final Terms relating to the issue of Warrants described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Warrant Conditions incorporated by reference in the Base Prospectus dated 6 August 2010 which constitutes the Base Prospectus (the Base Prospectus). This document constitutes the Final Terms of the Warrants described herein and must be read in conjunction with such Base Prospectus. The Warrants shall constitute Securities for the purposes of the Warrant Conditions. Full information on the Issuer, the Guarantor and the offer of the Warrants is only available on the basis of the combination of these Final Terms and the Base Prospectus.

Index Disclaimer

The FTSE® 100 Index

"FTSE" is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The Issuer is licensed by FTSE to redistribute the FTSE® 100 Index. All rights in and to the FTSE® 100 Index vest in FTSE and/or its licensors. All

$\mathbf{q}$

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in A

每年资产,以及发出最高

As a more of the

information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the FTSE® 100 Index.

$\mathcal{N} \subset \mathcal{N}{\mathbf{a}}$ , $\mathcal{N}{\mathbf{a}}$

$\frac{1}{2}$ , $\frac{1}{2}$

$\sim 15$ and $\sim$

高度) $\sim$

${x_{i}}{i=1}^{n}\in\mathbb{N}{0}^{n}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}{0}\times\mathbb{N}_{0}\times\mathbb{$

General

1.	Issuer:		Morgan Stanley (Jersey) Limited
2.	Guarantor:		Morgan Stanley
3.	Aggregate Warrants in the Series:	Number	of $-281,108$
4.	Aggregate Warrants in the Tranche:	Number of	281,108
5.	Issue Date:		18 October 2010
6.	Issue Price:		The Issue Price per Warrant is $£1.00$ per Warrant payable on the Expiration Date subject to the Warrants being delivered upon redemption of the £281,108 Notes due 2016 linked to the FTSETM 100 Index Warrants, Series 4064, ISIN XS0531922119, issued by Morgan Stanley on 18 October 2010 (the "Notes"). If the Warrants are not so delivered, the Warrants will be cancelled and the Issue Price will no longer be payable.
7.	Warrant Style: (Condition 4)		European Style Warrants
8.	Type:		The Warrants are Index Warrants and Share Warrants
	For Share Warrants only		Notwithstanding that the Warrants are Share Warrants, Condition 7 so far as it relates to Share Warrants shall not apply to the Warrants.
	(i) and a series of age	Underlying Security:	Class 4064 Preference Share in Morgan Stanley (Jersey) Limited guaranteed by Morgan Stanley. The Underlying Securities will be represented by a single certificate representing all the Underlying Securities (see Part D - Terms of the Preference Shares) and will be delivered through Euroclear and Clearstream, Luxembourg.
	(ii)	Relevant Issuer:	Morgan Stanley (Jersey) Limited
	(iii) Exchange		Not Applicable
	(iv)	Related Exchange:	Not Applicable
	(v) Exchange Day:	Business	Not Applicable
	Initial Date: (vi)		Not Applicable
	(vii) Events:	Additional Disruption	Not Applicable

For Index Warrants only

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Δ£

	(viii)	Index:	The FTSE TM 100 Index. The Index is not a Multi-Exchange Index.
	(ix)	Exchange(s):	London Stock Exchange
	(x)	Related Exchange:	London International Futures and Options Exchange
	(x i )	Exchange Business Day:	Any Scheduled Trading Day on which the Exchange and the Related Exchange are open for trading during their respective regular trading sessions, notwithstanding the Exchange or the Related Exchange closing prior to its Scheduled Closing Time.
	(xii)	Averaging Dates:	Not Applicable
	(xiii)	Additional Disruption Events:	Applicable:
			Change of Law
			Hedging Disruption
			Increased Cost of Hedging
Exercise
9.		Expiration Date:	15 November 2016
10.		Latest Exercise Time:	10:00 a.m. Brussels time (in the case of Euroclear) or 10:00 a.m. Luxembourg Time (in the case of Clearstream, Luxembourg)
11.		Minimum Exercise Number: (Condition 5.10)	Not Applicable
Settlement
12.	(Condition 4)	Settlement Basis:	The Warrants are Full Physical Settlement Warrants.
13.	Ratio:		1 Warrant relates to 1 Underlying Security.
14.		Strike Price Payment Date:	Expiration Date
15.	Strike Price: (i) If a Knock-In Event has not occurred:
	$\pounds10.00 - \Bigg[ \pounds1.00 + \Bigg( \pounds1.00 * Partition*Max \Bigg(Min \Bigg(\frac{Index_f}{Index_0} - 1, Cap\Bigg), 0 \Bigg) \Bigg) \Bigg] * \Bigg( \frac{FFL}{FIL * e^{-DivT}} \Bigg)$
	(ii) If a Knock-In Event has occurred:

$\label{eq:2} \left\langle \left\langle \hat{P}{\alpha} \right\rangle \right\rangle = \left\langle \hat{P}{\alpha} \right\rangle$ $\sqrt{a_{\rm i}^2}$ , $\sqrt{c}$

$$
\pounds10.00 - \left[\pounds1.00 * \left(\frac{Index_f}{Index_0}\right)\right] * \left(\frac{FFL}{FIL * e^{-Div * T}}\right)
$$

$\label{eq:1} \mathcal{L}{\text{max}} = \mathcal{L}{\text{max}}^{\text{max}} \mathcal{L}{\text{max}}^{\text{max}} \mathcal{L}{\text{max}}^{\text{max}}$

$\begin{array}{l} \left\langle \frac{f_{\rm{max}}}{f_{\rm{max}}}\right\rangle \ \left\langle \frac{f_{\rm{max}}}{f_{\rm{max}}}\right\rangle = 0.15 \pm 0.025 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm 0.0000 \pm$

$\mathcal{A}^{(1)}$ , $\mathcal{A}^{(2)}$

$\label{eq:1} \mathcal{L} \mathcal{P} \mathcal{L} = \mathcal{L} \left( \mathcal{L} \right)^2$ $11$

$\mathbb{Z}_2^2(\mathbb{R}^2)$ and $\mathbb{Z}_2$

$\label{eq:2} \frac{\partial}{\partial t} \frac{\partial}{\partial t} \frac{\partial}{\partial x} \frac{\partial}{\partial x} \frac{\partial}{\partial x} \frac{\partial}{\partial x}$

"Participation" means 200%

"Index₀" means the lowest Index Level on Initial Observation Dates, as determined by the Determination Agent

"Index_t" means the Index Level on the Final Observation Date, as determined by the Determination Agent

the model of the gaphic.

in Parti

"Cap" means $50\%$ ;

"Knock-In Event" means the occurrence of the Index Level on the Final Observation Date being less than or equal to 50% of Index 0. And the past the Phylogy City

where:

"Initial Observation Dates" means 18 October 2010, 18 November 2010, 18 December 2010, 18 January 2011; if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day unless such day is a Disrupted Day. If such day is a Disrupted Day, then the Pricing Date shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day, unless each of the eight Scheduled Trading Days immediately following the date that but for the occurrence of an event causing a Disrupted Day would have been the Pricing Date is a Disrupted Day. In that case, (1) that eighth Scheduled Trading Day shall be deemed to be the Pricing Date, notwithstanding the fact that such day is a Disrupted Day, and (2) the Determination Agent shall determine in its sole and absolute discretion the level of the Index as of the Valuation Time on that eighth Scheduled Trading Day in accordance with the formula for and method of calculating the Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the Valuation Time on that eighth Scheduled Trading Day of each security comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant security on that eighth Scheduled Trading Day, its good faith estimate of the value for the relevant security as of the Valuation Time on that eighth Scheduled Trading Day);

"Div" means 4.45 per cent.;

"Expiration Valuation Date" means the first Scheduled Trading Day immediately preceding the Expiration Date that is not a Disrupted Day;

"FFL" means the Index Level on the Expiration Valuation Date;

$\sim$ 8 for $\sim$ 4 $^{-1}$ , $\sim$

"FIL" means the Index Level on the Final Observation Date;

"Final Observation Date" means 18 October 2016; if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day unless such day is a Disrupted Day. If such day is a Disrupted Day, then the Pricing Date shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day, unless each of the eight Scheduled Trading Days immediately following the date that but for the occurrence of an event causing a Disrupted Day would have been the Pricing Date is a Disrupted Day. In that case, (1) that eighth Scheduled Trading Day shall be deemed to be the Pricing Date, notwithstanding the fact that such day is a Disrupted Day, and (2) the Determination Agent shall determine in its sole and absolute discretion the level of the Index as of the Valuation Time on that eighth Scheduled Trading Day in accordance with the formula for and method of calculating the Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the Valuation Time on that eighth Scheduled Trading Day of each security comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant security on that eighth Scheduled Trading Day, its good faith estimate of the value for the relevant security as of the Valuation Time on that eighth Scheduled Trading Day):

"Index Level" means, the official closing level of the Index on the Exchange on such date, as determined by

the Determination Agent;

"T" means the number of days in the period from and including the Final Observation Date to but excluding the Expiration Valuation Date divided by 365.

The Strike Price will be rounded to the nearest 1 pence with 0.5 pence being rounded downwards.

Adjustment to Index

References to "any Valuation Date" and "Final Price" in Condition 7.2.2 shall be deemed to be references to "the Expiration Valuation Date" and "Index Level" respectively; and

References to "final Valuation Date" and "Fiscal Agent" in Condition 7.2.3 shall be deemed to be references to "Expiration Valuation Date" and "Principal Securities Agent" respectively.

$16.$ Settlement Price: Not Applicable

1. Physical Settlement Date: As defined in Condition 1

and the Copper

$\mathcal{F}_\mathrm{L}^{\mathrm{E}}$ .

Additional details

San Lorence 18. Determination Agent: As defined in the Conditions

$\mathcal{L}{\mathcal{L}}^{\text{max}}$ , where $\mathcal{L}{\mathcal{L}}^{\text{max}}$ , we define

THE WARD

$\label{eq:2.1} \mathcal{L}(\mathcal{L}^{\mathcal{A}}{\mathcal{A}}) = \mathcal{L}(\mathcal{L}^{\mathcal{A}}{\mathcal{A}}) = \mathcal{L}(\mathcal{L}^{\mathcal{A}}_{\mathcal{A}})$

Address of the Congress

$\mathcal{L}_{\mathcal{L}}$ . We can expect the

in strait

1. Listing: None

2. Clearance Systems: Euroclear and Clearstream, Luxembourg

3. Additional Selling Restrictions: Not Applicable

Signed on behalf of the Issuer:

gan je vzelovil jazy By: Duly authorised

$\label{eq:1} \mathcal{L}{\mathcal{A}}(\mathcal{A}) = \mathcal{L}{\mathcal{A}}(\mathcal{A}) = \mathcal{L}{\mathcal{A}}(\mathcal{A}) = \mathcal{L}{\mathcal{A}}(\mathcal{A})$

2007년 전쟁 : 3500 개 소개 중인정화

$\omega$ , if the constant $\omega$ is the $\mathbb{C}$

$\left\langle \mathbf{v}{\mathrm{obs}}\right\rangle {0}$

1. 机车头流程设计算机 海水中 人名英法法法英法法 南北 医心包

$\Delta$ , we can also be a set of $\Delta$

$\label{eq:1.1} \frac{1}{10} \frac{d^2}{dt^2} \left( \frac{d^2}{dt^2} + \frac{d^2}{dt^2} \right)^2 \frac{d^2}{dt^2} \, .$

ina malagita nyek

医内收数 化苯甲基苯

$\label{eq:1.1} \frac{1}{\mathcal{M}{\rm eff}}\left(\mathcal{M}{\rm eff}^{\rm eff}\right)=\frac{1}{\mathcal{M}{\rm eff}}\left(\mathcal{M}{\rm eff}^{\rm eff}\right)=\frac{1}{\mathcal{M}{\rm eff}}\left(\mathcal{M}{\rm eff}^{\rm eff}\right)$

an
San San San S

PART D - TERMS OF THE PREFERENCE SHARES

Description of Certain Rights

The following when read in conjunction with the Description of the Preference Shares set out in the Base Prospectus dated 6 August 2010 is a description of certain rights attaching to the Preference Shares which are set out in full in, are subject to, and are qualified in their entirety by reference to, the Memorandum and Articles of Association of Morgan Stanley (Jersey) Limited (the Issuer) and the Statement of Rights in relation to the Preference Shares approved by the Board of Directors of the Issuer on 4 August 2010 (together, the Articles).

1. Class.

802

$2.$ Redemption Amount:

un effet a capacitativa e

$\sim 0.5\, \rm{GeV}$ .

安全社会 人名英格兰

Redemption Date:

$3.$

4.

a les colas estableces produ

an eighteischichten der der We

$\label{eq:2} \mathcal{P} = { \mathcal{P} \in \mathcal{P}{\mathcal{P}} \mid \mathcal{P} \in \mathcal{P}{\mathcal{P}} \mid \mathcal{P} \in \mathcal{P}_{\mathcal{P}} }$

Optional Early Redemption Period:

an ya shekara ya Kuman Ar

a contra de la caractería de la caractería.

With respect to each Preference Share redeemed the following amount as at the Redemption Date:

£10.00 $*$ Interest Factor

Contractor

14

where:

isia.
Nati

"Determination Agent" means Morgan Stanley & Co. International plc;

"Interest Factor" means $[1 + (Day Count/365 * GBP$ $LIBOR$ ];

"Issue Date" means 15 November 2016;

"Issue Price" means the Strike Price of the Warrant;

"Day Count" means the number of calendar days from and including the Issue Date to but excluding the Redemption Date; and

"GBP LIBOR" means the interpolated GBP LIBOR swap rate applicable to an investment period starting on (and including) the Issue Date and extending to (but excluding) the Redemption Date, expressed as a percentage, as determined by the Determination Agent by reference to the official British Bankers' Association LIBOR fixings ("BBA Fixings") on the Issue Date or, in the event there is no such fixing on that date, the BBA Fixing on the immediately following day on which there is a fixing.

16 November 2017 or such earlier date as the holders of the Preference Shares may determine as set out below.

From and including 16 May 2017 to but excluding 16 November 2017