ACTIVELY MANAGED CERTIFICATE LINKED TO THE …

This is not an offer (or solicitation of an offer) to buy or sell the product. The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any Person (as defined in Regulation S under the Securities Act). Please refer to the important information at the end of this term sheet. Copyright 2014 Morgan Stanley. E-mail: Phone: +41 44 220 90 75 ACTIVELY MANAGED CERTIFICATE LINKED TO THE APSPERMONT EQUITY ROTATOR BASKET Terms and Conditions THE CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT ), OR THE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES, AND ARE SUBJECT TO TAX REQUIREMENTS. THE CERTIFICATES MAY NOT BE OFFERED, SOLD OR DELIVERED AT ANY TIME, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES (WHICH TERM INCLUDES THE TERRITORIES, THE POSSESSIONS AND ALL OTHER AREAS SUBJECT TO THE JURISDICTION OF THE UNITED STATES OF AMERICA) OR TO OR FOR THE ACCOUNT OR BENEFIT OF A PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OR THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE INTERNAL REVENUE CODE )).

The Certificates offer exposure on a 1:1 basis to the Aspermont Equity Rotator Basket, net of any management fee. The Aspermont Equity Rotator Basket will invest into a universe of assets which can include exclusively european

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