Altus Step Down Kick Out Note 2.50% Discount     Key Dates Download Brochure Plan Closes: 01 April 2010 Download Applications Order literature by post

Key Features

• High yielding Kick-Out Note with decreasing early exit levels

• Potential 11.55% annual return for each year the investment runs through to maturity

• Maximum investment term five years, maturing 21st April 2015

• Maximum potential return of 57.75% at maturity

• Returns linked to FTSE 100, S&P 500, and Hang Seng China Enterprise Index

• First Kick-Out date is two years after the Start Date and annually therein

• Defensive Kick-Out Barriers from year three to year five

• Returns currently subject to Capital Gains Tax

• Investing in the Note puts your Capital at risk

• Issuer: Morgan Stanley