S T R U C T U R E D I N V E S T M E N T S Client Strategy Guide: May 2009 Offerings Free Writing Prospectus Dated April 29, 2009 Registration Statement No. 333-156423 Filed Pursuant to Rule 433 This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. 1

Client Strategy Guide: May 2009 Offerings Page 2 Table of Contents Important Information Regarding Offering Documents page 3 Selected Features & Risk Disclosures page 4 Structured Investments Spectrum at Morgan Stanley page 5 ----------------------------------------------------------------------------------------------------------------------------------------------- Capital Protected Notes based on the S&P 500(R) Index (SPX) by Morgan Stanley page 6 Protect Principal Protected Absolute Return Barrier Notes based on the S&P 500(R) Index (SPX) by Morgan Stanley page 7 Investments 90% Capital Protected Commodity-Linked Notes based on the DJ-AIG Commodity IndexSM by Morgan Stanley page 8 Currency-Linked Capital Protected Notes based on a Global Currency Basket vs. the U.S. Dollar by Morgan Stanley page 9 ----------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------- Enhance Yield 17% to 21% RevConsSM based on the iShares(R) MSCI Brazil IndexSM Fund (EWZ) by Eksportfinans ASA page 10 Investments* 20.75 to 24.75% RevConsSM based on the SPDR S&P Homebuilders ETF (XHB) by Eksportfinans ASA page 11 ----------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------- Buffered PLUSSM based on the S&P 500(R) Index (SPX) by Morgan Stanley page 12 Bull PLUSSM based on the S&P 500(R) Index (SPX) by Eksportfinans ASA page 13 Leverage Performance Bear PLUSSM based Inversely on the S&P 500(R) Index (SPX) by Morgan Stanley page 14 Investments* Buffered PLUSSM based on the iShares(R) MSCI EAFE IndexSM Fund (EFA) by Morgan Stanley page 15 Bull PLUSSM based on the iShares(R) FTSE / Xinhua China 25 Index (FXI) by Morgan Stanley page 16 Buffered PLUSSM based on the Price of Gold by Morgan Stanley page 17 ----------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------- Selected Risks & Considerations page 18 *Note: Enhance Yield Investments and Leverage Performance Investments do not provide principal protection. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 2

Client Strategy Guide: May 2009 Offerings Page 3 Important Information Regarding Offering Documents The products set forth in the following pages are intended as a general indication only of the Structured Investments offerings available through Morgan Stanley through the date when the ticketing closes for each offering. Morgan Stanley or the applicable issuer reserves the right to terminate any offering prior to its trade date, to postpone the trade date, or to close ticketing early on any offering. Additional Information for SEC Registered (Public) Offerings Each issuer has separately filed a registration statement (including a prospectus) with the Securities & Exchange Commission (or SEC), for the offerings by that issuer to which this Strategy Guide relates. Before you invest in any of the offerings identified in this Strategy Guide, you should read the prospectus and the applicable registration statement, the applicable pricing supplement, prospectus supplements and any other documents relating to the offering that the applicable issuer has filed with the SEC for more complete information about the applicable issuer and the offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. o For Registered Offerings Issued by Morgan Stanley: Morgan Stanley's CIK on the SEC web site is 0000895421 o For Registered Offerings Issued by Eksportfinans ASA Eksportfinans's CIK on the SEC web site is 0000700978 Alternatively, Morgan Stanley will arrange to send you the prospectus and any other documents related to the offering electronically or hard copy if you so request by calling the toll-free number 1-866-718-1649 or emailing prospectus@morganstanley.com or by calling your Morgan Stanley Financial Advisor. The securities described herein (other than the certificates of deposit) 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. The securities described herein are not guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. Additional Information for Certificates of Deposit (CDs) CDs are not SEC registered offerings. For indicative terms and conditions on any Certificate of Deposit, please contact your Morgan Stanley Financial Advisor or call the toll-free number 1-866-718-1649. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 3

Client Strategy Guide: May 2009 Offerings Page 4 Selected Features & Risk Disclosures Features Structured Investments offer investors choices in terms of underlying asset, market view, time horizon, potential returns and risk tolerance. Such features may include: o Varying levels of exposure to potential capital appreciation or depreciation o Returns based on a defined formula o Variety of underlying assets, including equities, commodities, currencies or interest rates o Minimum investment of $1,000; unless otherwise noted Key Risks An investment in Structured Investments involves a variety of risks. The following are some of the significant risks related to Structured Investments. Please refer to the "Selected Risks & Considerations" section at the end of this brochure, for a fuller description of these risk factors. The market price of Structured Investments may be influenced by a variety of unpredictable factors. Several factors may influence the value of a particular Structured Investment in the secondary market, including, but not limited to, the value and volatility of the underlying instrument, interest rates, credit spreads charged by the market for taking the applicable issuer's credit risk, dividend rates on any equity underlying asset, and time remaining to maturity. In addition, we expect that the secondary market price of a Structured Investment will be adversely affected by the fact that the issue price of the securities includes the agent's commissions and expected profit. Issuer credit risk. All payments on Structured Investments are dependent on the applicable issuer's ability to pay all amounts due on these securities and therefore investors are subject to the credit risk of the applicable issuer. The securities described herein are not guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. Secondary trading may be limited. There may be little or no secondary market for a particular Structured Investment. If the applicable pricing supplement so specifies, we may apply to list a Structured Investment on a securities exchange, but it is not possible to predict whether any Structured Investment will meet the listing requirements of that particular exchange, or if listed, whether any secondary market will exist. Appreciation potential or participation in the underlying asset may be limited. The terms of a Structured Investment may limit the maximum payment at maturity or the extent to which the return reflects the performance of the underlying asset. Potential loss of principal. The terms of a Structured Investment may not provide for the return of principal and an investment may result in a loss of some or all of your principal. Even where principal protection is provided for by the terms of the Structured Investment, it is still subject to the credit risk of the applicable issuer and the applicable issuer's ability to repay its obligations. In addition, you may receive less, and possibly significantly less, than the stated principal amount if you sell your investment prior to maturity. Principal Protected Structured Investments typically do not make periodic interest payments and may not pay more than the principal amount at maturity. Unlike ordinary debt securities, principal protected Structured Investments do not pay interest. Instead, at maturity, the investor receives the principal amount plus a supplemental redemption amount based upon the performance of the underlying asset, in each case, subject to the credit risk of the applicable issuer. You may receive only the principal amount at maturity for Principal Protected Structured Investments. Because the supplemental redemption amount due at maturity on principal protected Structured Investments may equal zero, the return on your investment (i.e., the effective yield to maturity) may be less than the amount that would be paid on an ordinary debt security. The return of only the principal amount at maturity may not compensate you for the effects of inflation or other factors relating to the value of money over time. Potential conflicts. The issuer of a Structured Investment and its affiliates may play a variety of roles in connection with the Structured Investment, including acting as calculation agent and hedging the issuer's obligations under the Structured Investment. In performing these duties, the economic interests of the calculation agent and other affiliates of the applicable issuer may be adverse to your interest as an investor in the Structured Investment. The aforementioned risks are not intended to be an exhaustive list of the risks associated with a particular Structured Investment offering. Before you invest in any Structured Investment you should thoroughly review the particular investment's prospectus and related offering materials for a comprehensive description of the risks and considerations associated with the offering. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 4

Client Strategy Guide: May 2009 Offerings Page 5 Structured Investments Spectrum at Morgan Stanley Morgan Stanley Structured Investments can be divided into four broad categories, each aimed at offering structural characteristics designed to help investors pursue specific financial objectives - Protect Principal, Enhance Yield, Leverage Performance and Access. Leverage Performance Enhance Yield Protect Principal Access Protect Principal Investments combine the return of principal at maturity, subject to the credit risk of the issuer, with the potential for capital appreciation based on the performance of an underlying asset. Enhance Yield Investments seek to potentially generate current income greater than that of a direct investment in an underlying asset with the investor accepting full exposure to the downside with limited or no opportunity for capital appreciation. Leverage Performance Investments allow investors the possibility of capturing enhanced returns relative to an underlying asset's actual performance within a given range of performance in exchange for giving up returns above the specified cap, in addition to accepting full downside exposure to the underlying asset. Access Investments provide exposure to a market sector, asset class, theme or investment strategy that may not be easily accessible to an individual investor by means of traditional investments. May be appropriate for investors who do not require periodic interest payments, are concerned about principal at risk, and who are willing to forgo some upside return in exchange for the issuer's obligation to repay principal at maturity. May be appropriate for investors who are willing to forgo some or all of the appreciation in the underlying asset and assume full downside exposure to the underlying asset in exchange for enhanced yield in the form of above market interest payments. May be appropriate for investors who expect only modest changes in the value of the underlying asset and who are willing to give up appreciation on the underlying asset that is beyond the performance range, and bear the same or similar downside risk associated with owning the underlying asset. May be appropriate for investors interested in diversification and exposure to difficult to access asset classes, market sectors or investment strategies. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 5

Client Strategy Guide: May 2009 Offerings Page 6 Protect Principal Investments -------------------------------------------------------------------------------- Offering Capital Protected Notes based on the S&P 500(R)Index (SPX) Strategy Full principal protection at maturity, subject to issuer's Overview credit risk; investors may receive an additional payment based on the performance of the underlying asset, subject to the maximum payment at maturity May be appropriate for investors who have a moderately bullish outlook on the underlying asset over the investment term, but are concerned about potential loss of principal Principal protection is available only at maturity and is subject toissuer credit risk Risk Considerations Will yield no positive return if the underlying index does not appreciate Does not provide for current income; no interest payments Appreciation potential is limited by the maximum payment at maturity -------------------------------------------------------------------------------- Capital Protected Notes provide investors with exposure to a wide variety of assets and asset classes, including equities, commodities and currencies with limited or no downside risk to the initial investment. They are for investors who are concerned about principal risk and who are willing to forgo yield and some upside in exchange for principal protection. 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. Issuer Morgan Stanley Underlying S&P 500(R) Index (SPX) Maturity Date May 20, 2014 (5 Years) Principal Protection 100% at maturity, subject to issuer's credit risk Participation Rate 100% The payment at maturity per $10 stated principal amount will equal: Payment at Maturity $10 + Supplemental Redemption Amount, if any, subject to the Maximum Payment at Maturity In no event will the payment at maturity be less than $10 or greater than the Maximum Payment at Maturity. Supplemental Redemption Amount $10 x Index Percent Change x Participation Rate; provided that the Supplemental Redemption Amount will not be less than $0. Maximum Payment at Maturity $16.00 to $17.00 per note (160% to 170% of the stated principal amount), to be determined on the pricing date Index Percent Change (Final Index Value - Initial Index Value) / Initial Index Value Coupon None Listing The notes will not be listed on any securities exchange. Issue Price $10 per Note Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 6

Client Strategy Guide: May 2009 Offerings Page 7 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Protect Principal Investments Protected Absolute Return Barrier Notes based on the S&P 500(R)Index (SPX) --------------------- Offering --------------------- A market neutral strategy providing positive returns within a predetermined band with full Strategy principal protection at maturity, subject to the issuer's credit risk, that may be appropriate Overview for investors who are uncertain which way the market will trade, but hold the view it will trade within a specified range Principal protection is available only at maturity and is subject to the issuer's credit risk Will yield no positive return if at any time, on any day, the underlying asset trades outside a predetermined band The specified range is wider on the upside than on the downside and, accordingly, the Risk maximum potential return on the notes is greater if the underlying index appreciates than if the underlying index Consideration depreciates Because the lower limit of the specified range is smaller than the upper limit, a decline in the index may be more likely to move the index outside of the index range Does not provide for current income; no interest payments Appreciation potential is limited to the maximum potential return Protected Absolute Return Barrier Notes provide principal protection as well as potential appreciation based on the absolute value of the return of the underlying index, but only if the underlying index remains within a specified range at all times during the term of the notes. Consequently, you will receive a positive return whether the value of the underlying index on the valuation date is higher or lower than the initial index value, as long as the value of the underlying index remains within the specified range at all times. The specified range is wider on the upside than on the downside and, accordingly, the maximum potential return on the notes is greater if the underlying index appreciates than if the underlying index depreciates from the initial index value. 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. Issuer Morgan Stanley Underlying S&P 500(R) Index (SPX) Maturity Date May 20, 2011 (2 Years) Principal Protection 100% at maturity, subject to issuer's credit risk Participation Rate 100% of the absolute value of any appreciation or depreciation of the underlying index, as long as the index never trades above or below the index range Index Range Upside Barrier: $14.20 to $14.70 (142% to 147% of the stated principal amount), to be determined on the pricing date Downside Barrier: $12.75 to $13.25 (127.50% to 132.50% of the stated principal amount), to be determined on the pricing date Maturity Redemption Amount $10 plus Supplemental Redemption Amount (if any) Supplemental Redemption Amount If at all times during the observation period the index value is within the index range: $10 times the absolute index return; or If at any time on any day during the observation period the index value is outside the index range: $0 Maximum Potential Return If the Final Index Value increases from the Initial Index Value: $14.20 to $14.70 per note (142% to 147% of the stated principal amount); or If the Final Index Value decreases from the Initial Index Value: $12.75 to $13.25 per note (127.5% to 132.5% of the stated principal amount) Observation Period The period of regular trading hours on each index business day on which there is no market disruption event with respect to the Index, beginning on, and including, the index business day following the pricing date and ending on, and including, the valuation date. Valuation Date May 17, 2011, subject to postponement for non-index business days and certain market disruption events. Absolute Index Return Absolute value of (Final Index Value - Initial Index Value) / Initial Index Value Coupon None Listing The notes will not be listed on any securities exchange. Issue Price $10 per Note Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 7

Client Strategy Guide: May 2009 Offerings Page 8 Protect Principal Investments Offering 90% Capital Protected Commodity-Linked Notes based on the DJ-AIG Commodity IndexSM 90% principal protection at maturity, subject to issuer's credit risk; investors may receive an additional payment based on the performance of the underlying commodity index, subject Strategy to the maximum payment at maturity Overview May be appropriate for investors who have a moderately bullish outlook on the underlying commodity index over the investment term, but are concerned about potential loss of principal 90% principal protection is available only at maturity and is subject to issuer credit risk Risk Will yield no positive return if the underlying commodity index does not Considerations appreciate Exposure concentrated in physical commodities Does not provide for current income; no interest payments Appreciation potential is limited to the maximum payment at maturity ------------------------------------------------------------------------------------------ 90% Capital Protected Commodity-Linked Notes offer investors the opportunity to receive at maturity an amount of cash that may be more or less than the stated principal amount based on the performance of certain commodities or commodity indices. Unlike ordinary debt securities, the notes do not pay interest and provide for a minimum payment amount of only 90% of the principal at maturity. Instead, the payment at maturity will be greater than the $1,000 stated principal amount per note if the final index value is greater than the initial index value, subject to a maximum payment amount, and less than the $1,000 stated principal amount per note if the final index value is less than the initial index value, subject to the minimum payment amount. The notes are senior unsecured obligations of Morgan Stanley, and all payments on the notes, including the minimum payment amount, are subject to the credit risk of Morgan Stanley. Issuer Morgan Stanley Underlying Dow Jones-AIG Commodity IndexSM Maturity Date May 29, 2012 (3 Years) Principal Protection 90% at maturity, subject to issuer's credit risk Participation Rate 100% If the Final Index Value is greater than the Initial Index Value, $1,000 + Supplemental Redemption Amount In no event will the payment at maturity exceed the Maximum Payment at Maturity. Payment at Maturity If the Final Index Value is less than or equal to the Initial Index Value, $1,000 x (Final Index Value / Initial Index Value) This amount will be less than the stated principal amount of $1,000 unless the Final Index Value equals the Initial Index Value. However, under no circumstances will the payment at maturity be less than the Minimum Payment at Maturity of $900 per note. Supplemental Redemption Amount $1,000 x Participation Rate x Commodity Percent Change; provided that the Supplemental Redemption Amount will not be less than zero and will not be more than $700 to $750, as determined on the pricing date. Maximum Payment at Maturity $1,700 to $1,750 (170% to 175% of the stated principal amount). The Maximum Payment at Maturity will be determined on the pricing date. Minimum Payment at Maturity $900 per note (90% of the stated principal amount) Commodity Percent Change (Final Index Value - Initial Index Value) / Initial Index Value Coupon None Listing The notes will not be listed on any securities exchange. Issue Price $1,000 per Note Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 8

Client Strategy Guide: May 2009 Offerings Page 9 Protect Principal Investments Currency-Linked Capital Protected Notes based on a Global Currency Basket vs. the U.S. Dollar Offering Full principal protection at maturity, subject to issuer's credit risk; investors may receive an additional payment based on the performance of the Strategy underlying basket The return on the notes will be based on the appreciation, if any, of a basket of nine Overview currencies relative to the U.S. dollar May be appropriate for investors who have a bullish outlook on the underlying basket over the investment term, but are concerned about potential loss of principal Principal protection is available only at maturity and is subject to Risk issuer credit risk Will yield no positive return if the underlying basket does not Considerations appreciate Does not provide for current income; no interest payments Notes are subject to currency exchange risk Currency-Linked Capital Protected Notes provide investors with exposure to an individual currency or a basket of currencies with no downside risk to the initial investment. They are for investors who are concerned about principal risk and who are willing to forgo market interest rates in exchange for principal protection and upside exposure to the underlying currency or basket of currencies. 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. ------------------------------------------------------- Issuer Morgan Stanley ------------------------------------------------------- ------------------------------------------------------- The Basket will be composed of 70% equally- weighted developed market currencies and 30% equally-weighted emerging market currencies as follows: Issuer Morgan Stanley The Basket will be composed of 70% equally- weighted developed market currencies and 30% equally-weighted emerging market currencies as follows: 70% Developed Market Currencies Weighting 30% Emerging Markets Currencies Weighting Australian dollar ("AUD") 11.6667% Brazilian real ("BRL") 10.0000% Underlying Basket British pound ("GBP") 11.6667% Chinese renminbi ("CNY") 10.0000% Canadian dollar ("CAD") 11.6667% Indian rupee ("INR") 10.0000% Eurozone euro ("EUR") 11.6667% Japanese yen ("JPY") 11.6667% Swiss franc ("CHF") 11.6667% Maturity Date May 29, 2012 (3 Years) Principal Protection 100%, subject to issuer`s credit risk Participation Rate 160% to 180%, to be determined on the pricing date Payment at Maturity $1,000 + Supplemental Redemption Amount (if any) Supplemental Redemption Amount $1,000 x Basket Performance x Participation Rate; provided that the Supplemental Redemption Amount will not be less than $0. Basket Performance Sum of the currency performance values of each of the basket currencies Currency Performance With respect to AUD, EUR and GBP: (final exchange rate / initial exchange rate) - 1 With respect to BRL, CAD, CHF, CNY, INR and JPY: (initial exchange rate / final exchange rate) - 1 Under the terms of the note, a positive currency performance means the basket currency has appreciated relative to the U.S. dollar, while a negative currency performance means the basket currency has depreciated relative to the U.S. dollar. Currency Performance Value Currency Performance x Weighting Coupon None Listing The notes will not be listed on any securities exchange. Issue Price $1,000 per Note Expected Pricing Date This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 9

Client Strategy Guide: May 2009 Offerings Page 10 Enhance Yield Investments 17% to 21% RevConsSM based on the iShares(R) MSCI Brazil IndexSM Fund (EWZ) Offerings Relatively short-term yield enhancement strategy that offers above- market, fixed monthly coupons in exchange for no appreciation potential on the underlying shares and full downside exposure to the Strategy underlying shares RevCons offer limited protection against a decline in the price of the Overview underlying shares at maturity, but only if the underlying asset does not close at or below a predetermined trigger level on any trading day during the investment term Monthly coupon is paid regardless of the underlying shares' performance No principal protection Full downside exposure to the underlying shares if the underlying shares close at or below the knock-in level on any day during the Risk investment term No participation in any appreciation of the underlying shares Considerations If the underlying shares close at or below the specified knock-in level on any day during the investment term and close below the initial share price at maturity, the RevCons will redeem for underlying shares or the equivalent cash value, which will be less than the initial investment Reverse convertible notes (RevCons) offer a short-term, enhanced yield strategy that pays a periodic, above-market, fixed rate coupon in return for the risk that the RevCons will redeem for shares (or an equivalent amount of cash) of the underlying exchange-traded fund at maturity if the closing price per share of the underlying exchange-traded fund trades at or below the knock-in level on any trading day up to and including the determination date and the closing price per share of the underlying exchange-traded fund on the determination date is below the initial price. The value of these shares (or the cash value thereof) will be less than the value of the investor's initial investment and may be zero, and the investor has no opportunity to participate in any upside. Alternatively, if shares of the underlying exchange-traded fund never trade at or below the knock-in level, the RevCons will return the stated principal amount at maturity. The coupon is paid regardless of the performance of the underlying exchange-traded fund. RevCons are not principal protected. All payments on the RevCons are subject to the credit risk of Eksportfinans ASA. Issuer Eksportfinans ASA Underlying Shares of the iShares(R) MSCI Brazil IndexSM Fund (EWZ) Maturity November 13, 2009 (6 Months) Payment at Maturity Either (i) the stated principal amount of $1,000 or (ii) if the closing price of the underlying shares on the determination date is less than the Initial Share Price and the closing price of the underlying shares has declined to or below the specified Knock-In Level on any trading day up to and including the determination date, (x) a number of underlying shares equal to the Share Redemption Amount or (y) at the issuer's option, the cash value of those shares as of the determination date Determination Date November 10, 2009 Monthly Coupon 17% to 21% per annum, payable monthly beginning June 13, 2009. The actual interest rate will be determined on the pricing date. Knock-In Level 70% of the Initial Share Price Share Redemption Amount The stated principal amount divided by the Initial Share Price, subject to adjustment for corporate events. Issue Price $1,000 per RevCons Listing The RevCons will not be listed on any securities exchange. Expected Pricing Date(1) This offering is expected to close for ticketing on Friday - May 8, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009

Client Strategy Guide: May 2009 Offerings Page 11 Enhance Yield Investments 20.75% to 24.75% RevConsSM?based on the SPDR S&P Homebuilders ETF (XHB) Offerings Relatively short-term yield enhancement strategy that offers above-market, fixed monthly coupons in exchange for no appreciation potential on the underlying shares and full Strategy downside exposure to the underlying shares RevCons offer limited protection against a decline in the price Overview of the underlying shares at maturity, but only if the underlying asset does not close at or below a predetermined trigger level on any trading day during the investment term Monthly coupon is paid regardless of the underlying shares' performance No principal protection Full downside exposure to the underlying shares if the underlying shares close at or below the knock-in level on any day during the investment Risk term No participation in any appreciation of the underlying shares Considerations If the underlying shares close at or below the specified knock-in level on any day during the investment term and close below the initial share price at maturity, the RevCons will redeem for underlying shares or the equivalent cash value, which will be less than the initial investment Reverse convertible notes (RevCons) offer a short-term, enhanced yield strategy that pays a periodic, above-market, fixed rate coupon in return for the risk that the RevCons will redeem for shares (or an equivalent amount of cash) of the underlying exchange-traded fund at maturity if the closing price per share of the underlying exchange-traded fund trades at or below the knock-in level on any trading day up to and including the determination date and the closing price per share of the underlying exchange-traded fund on the determination date is below the initial price. The value of these shares (or the cash value thereof) will be less than the value of the investor's initial investment and may be zero, and the investor has no opportunity to participate in any upside. Alternatively, if shares of the underlying exchange-traded fund never trade at or below the knock-in level, the RevCons will return the stated principal amount at maturity. The coupon is paid regardless of the performance of the underlying exchange-traded fund. RevCons are not principal protected. All payments on the RevCons are subject to the credit risk of Eksportfinans ASA. Issuer Eksportfinans ASA Underlying Shares of SPDR S&P Homebuilders ETF (XHB) Maturity November 13, 2009 (6 Months) Payment at Maturity Either (i) the stated principal amount of $1,000 or (ii) if the closing price of the underlying shares on the determination date is less than the Initial Share Price and the closing price of the underlying shares has declined to or below the specified Knock-In Level on any trading day up to and including the determination date, (x) a number of underlying shares equal to the Share Redemption Amount or (y) at the issuer's option, the cash value of those shares as of the determination date. Determination Date November 10, 2009 Monthly Coupon 20.75% to 24.75% per annum, payable monthly beginning June 13, 2009. The actual interest rate will be determined on the pricing date. Knock-In Level 70% of the Initial Share Price Share Redemption Amount The stated principal amount divided by the Initial Share Price, subject to adjustment for corporate events. Issue Price $1,000 per RevCons Listing The RevCons will not be listed on any securities exchange. Expected Pricing Date(1) This offering is expected to close for ticketing on Friday - May 8, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 11

Client Strategy Guide: May 2009 Offerings Page 12 Leverage Performance Investments Buffered PLUSSMbased on the S&P 500(R)Index (SPX) Offering Leveraged exposure to an underlying asset up to a cap, with full downside exposure to the extent losses exceed the buffer amount at Strategy maturity May be appropriate for investors who anticipate moderate price appreciation Overview and are willing to exchange some upside exposure compared to a Bull PLUS, either in the form of less leverage or a lower cap, for limited protection against depreciation of the underlying asset at maturity Risk No principal protection Full downside exposure to the underlying index beyond the buffer amount Appreciation potential is limited to the maximum payment at Considerations maturity Does not provide for current income; no interest payments Buffered PLUS offer leveraged exposure to a wide variety of assets and asset classes, including equities, commodities and currencies while providing limited protection against negative performance by the asset. Once the asset has decreased below a specified buffer level, the investor is exposed to the negative price performance, subject to a minimum payment at maturity. At maturity, if the asset has appreciated, investors will receive the stated principal amount of their investment plus leveraged upside performance of the underlying asset, subject to the maximum payment at maturity. At maturity, if the asset has depreciated, (i) if the closing value of the asset has not declined below the specified buffer amount, the Buffered PLUS will redeem for par or (ii) if the closing value of the asset is below the buffer amount, the investor will lose 1% for every 1% decline below the specified buffer level, subject to a minimum payment at maturity. The Buffered PLUS are senior unsecured obligations of Morgan Stanley, and all payments on the Buffered PLUS are subject to the credit risk of Morgan Stanley. Issuer Morgan Stanley Underlying S&P 500(R) Index (SPX) Maturity Date May 20, 2011 (2 Years) Leverage Factor 200% Buffer Amount 10% Payment at Maturity o If the Final Index Value is greater than the Initial Index Value: o $10 + the Leveraged Upside Payment In no event will the payment at maturity exceed the Maximum Payment at Maturity. o If the Final Index Value is less than or equal to the Initial Index Value but has decreased from the Initial Index Value by an amount less than or equal to the Buffer Amount of 10%: o $10 o If the Final Index Value is less than the Initial Index Value and has decreased from the Initial Index Value by an amount greater than the Buffer Amount of 10%: o ($10 x the Index Performance Factor) + $1.00 This amount will be less than par. However, under no circumstances will the payment at maturity be less than $1.00 per Buffered PLUS. Leveraged Upside Payment $10 x Leverage Factor x Index Percent Increase Index Percent Increase (Final Index Value - Initial Index Value) / Initial Index Value Maximum Payment at Maturity $14.45 to $14.95 per Buffered PLUS (144.5% to 149.5% of the stated principal amount), to be determined on the pricing date Minimum Payment at Maturity $1.00 per Buffered PLUS (10% of the stated principal amount) Index Performance Factor Final Index Value / Initial Index Value Issue Price $10 per Buffered PLUS Listing The Buffered PLUS will not be listed on any securities exchange. Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 12

Client Strategy Guide: May 2009 Offerings Page 13 Leverage Performance Investments Bull PLUSSM based on the S&P 500(R)Index (SPX) Offering Leveraged upside exposure within a range of price performance and the same downside risk as a direct investment with 1-for-1 Strategy downside exposure May be appropriate for investors anticipating moderate Overview appreciation on the S&P 500(R) Index and seeking enhanced returns within a range of index performance, in exchange for a cap on the maximum payment at maturity No principal protection Risk Full downside exposure to the S&P 500(R) Index Appreciation potential is limited to the maximum payment at Considerations maturity Does not provide for current income; no interest payments PLUS offer leveraged exposure to a wide variety of assets and asset classes, including equities, commodities and currencies. These investments allow investors to capture enhanced returns relative to the asset's actual positive performance. The leverage typically applies only for a certain range of price performance. In exchange for enhanced performance in that range, investors generally forgo performance above a specified maximum return. At maturity, an investor will receive an amount in cash that may be more or less than the principal amount based upon the closing value of the asset at maturity. The PLUS are senior unsecured debt obligations of Eksportfinans ASA and all payments on the PLUS are subject to the credit risk of Eksportfinans ASA. Issuer Eksportfinans ASA Underlying S&P 500(R) Index (SPX) Maturity Date June 21, 2010 (13 Months) Leverage Factor 300% Leveraged Upside Payment $10 x Leverage Factor x Index Percent Increase Index Percent Increase (Final Index Value - Initial Index Value) / Initial Index Value Maximum Payment at Maturity $12.72 to $13.22 per PLUS (127.2% to 132.2% of the stated principal amount), to be determined on the pricing date If the Final Index Value is greater than the Initial o Index Value: o $10 + Leveraged Upside Payment In no event will the payment at maturity exceed the Payment at Maturity Maximum Payment at Maturity. If the Final Index Value is less than or equal to the o Initial Index Value: o $10 x Index Performance Factor This amount will be less than or equal to the stated principal amount of $10. Index Performance Factor Final Index Value / Initial Index Value Listing The PLUS will not be listed on any securities exchange. Issue Price $10 per PLUS Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 13

Client Strategy Guide: May 2009 Offerings Page 14 Leverage Performance Investments Bear PLUSSMbased Inversely on the S&P 500(R)Index (SPX) Bull PLUSSM based on the S&P 500(R)Index (SPX) Offering Leveraged upside exposure within a range of price performance and the same downside risk as a direct investment with 1-for-1 Strategy downside exposure May be appropriate for investors anticipating moderate Overview appreciation on the S&P 500(R) Index and seeking enhanced returns within a range of index performance, in exchange for a cap on the maximum payment at maturity No principal protection Risk Full downside exposure to the S&P 500(R) Index Appreciation potential is limited to the maximum payment at Considerations maturity Does not provide for current income; no interest payments Bear Market PLUS offer an enhanced short exposure to a wide variety of assets and asset classes, including equities, commodities and currencies. Having short exposure to an underlying asset means that investors will earn a positive return if the underlying asset declines in value, but will lose up to 80% of their investment if the underlying asset increases in value. These investments allow investors to capture enhanced returns when the underlying asset declines in value. The enhancement typically applies only for a certain range of negative price performance. In exchange for enhanced performance in that range, investors generally forgo performance above a specified maximum return. At maturity, an investor will receive an amount in cash that may be more or less than the principal amount based upon the closing value of the asset at maturity. The Bear Market PLUS are senior unsecured obligations of Morgan Stanley, and all payments on the Bear Market PLUS are subject to the credit risk of Morgan Stanley. Issuer Morgan Stanley Underlying S&P 500(R) Index (SPX) Maturity Date November 20, 2009 (6 Months) Leverage Factor 300% Maximum Payment at Maturity $11.25 to $11.65 per Bear PLUS (112.5% to 116.5% of the stated principal amount), to be determined on the pricing date o If the Final Index Value is less than the Initial Index Value: o $10 + Enhanced Downside Payment Payment at Maturity In no event will the payment at maturity exceed the Maximum Payment at Maturity. If the Final Index Value is greater than or equal to the Initial o Index Value: o $10 - Upside Reduction Amount In no event will the payment at maturity be less than the Minimum Payment at Maturity. Enhanced Downside Payment $10 x Leverage Factor x Index Percent Decrease Upside Reduction Amount $10 x Index Percent Increase Index Percent Decrease (Initial Index Value - Final Index Value) / Initial Index Value Index Percent Increase (Final Index Value - Initial Index Value) / Initial Index Value Minimum Payment at Maturity $2.00 per Bear PLUS (20% of the stated principal amount) Listing The Bear PLUS will not be listed on any securities exchange. Issue Price $10 per Bear PLUS Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 14

Client Strategy Guide: May 2009 Offerings Page 15 Leverage Performance Investments Buffered PLUSSMbased on the iShares(R)?MSCI EAFE Index Fund (EFA) Offering Leveraged exposure to an underlying asset up to a cap, with full downside exposure to the extent losses exceed the buffer amount at Strategy maturity May be appropriate for investors who anticipate moderate price appreciation Overview and are willing to exchange some upside exposure compared to a Bull PLUS, either in the form of less leverage or a lower cap, for limited protection against depreciation of the underlying asset at maturity Risk o principal protection ull downside exposure to the underlying index beyond the uffer amount ppreciation potential is limited to the maximum payment at Considerations aturity oes not provide for current income; no interest payments Buffered PLUS offer leveraged exposure to a wide variety of assets and asset classes, including equities, commodities and currencies while providing limited protection against negative performance by the asset. Once the asset has decreased below a specified buffer level, the investor is exposed to the negative price performance, subject to a minimum payment at maturity. At maturity, if the asset has appreciated, investors will receive the stated principal amount of their investment plus leveraged upside performance of the underlying asset, subject to the maximum payment at maturity. At maturity, if the asset has depreciated, (i) if the closing price of the asset has not declined below the specified buffer level, the Buffered PLUS will redeem for par or (ii) if the closing price of the asset is below the buffer level, the investor will lose 1% for every 1% decline below the specified buffer level, subject to a minimum payment at maturity. The Buffered PLUS are senior unsecured obligations of Morgan Stanley, and all payments on the Buffered PLUS are subject to the credit risk of Morgan Stanley. Issuer Morgan Stanley Underlying iShares(R) MSCI EAFE Index Fund (EFA) Maturity Date May 20, 2011 (2 Years) Leverage Factor 200% Buffer Amount 10% Payment at Maturity o If the Final Share Price is greater than the Initial Share Price: o $10 + the Leveraged Upside Payment In no event will the payment at maturity exceed the Maximum Payment at Maturity. o If the Final Share Price is less than or equal to the Initial Share Price but has decreased from the Initial Share Price by an amount less than or equal to the Buffer Amount of 10%: o $10 o If the Final Share Price is less than the Initial Share Price and has decreased from the Initial Share Price by an amount greater than the Buffer Amount of 10%: o ($10 x the Index Performance Factor) + $1.00 This amount will be less than par. However, under no circumstances will the payment at maturity be less than $1.00 per Buffered PLUS. Leveraged Upside Payment $10 x Leverage Factor x Index Percent Increase Share Percent Increase (Final Share Price - Initial Share Price) / Initial Share Price Maximum Payment at Maturity $15.40 to $15.90 per Buffered PLUS (154% to 159% of the stated principal amount), to be determined on the pricing date Minimum Payment at Maturity $1.00 per Buffered PLUS (10% of the stated principal amount) Share Performance Factor Final Share Price / Initial Share Price Issue Price $10 per Buffered PLUS Listing The Buffered PLUS will not be listed on any securities exchange. Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 15

Client Strategy Guide: May 2009 Offerings Page 16 Leverage Performance Investments Bull PLUSSM based on the iShares(R)?FTSE / Xinhua China 25 Index Fund (FXI) Offering Leveraged upside exposure within a range of price performance and the same downside risk as a direct investment with 1-for-1 downside Strategy exposure May be appropriate for investors anticipating moderate Overview appreciation on the iShares(R) FTSE / Xinhua China 25 Index and seeking enhanced returns within a range of index performance, in exchange for a cap on the maximum payment at maturity Risk No principal protection Full downside exposure to the iShares(R) FTSE / Xinhua China 25 Index Appreciation potential is limited to the maximum payment at Considerations maturity Does not provide for current income; no interest payments PLUS offer leveraged exposure to a wide variety of assets and asset classes, including equities, commodities and currencies. These investments allow investors to capture enhanced returns relative to the asset's actual positive performance. The leverage typically applies only for a certain range of price performance. In exchange for enhanced performance in that range, investors generally forgo performance above a specified maximum return. At maturity, an investor will receive an amount in cash that may be more or less than the principal amount based upon the closing value of the asset at maturity. The PLUS are senior unsecured debt obligations of Morgan Stanley and all payments on the PLUS are subject to the credit risk of Morgan Stanley. Issuer Morgan Stanley Underlying iShares(R) FTSE / Xinhua China 25 Index Fund (FXI) Maturity Date June 21, 2010 (13 Months) Leverage Factor 300% Leveraged Upside Payment $10 x Leverage Factor x Share Percent Increase Share Percent Increase (Final Share Price - Initial Share Price) / Initial Share Price Maximum Payment at Maturity $14.10 to $14.60 (141% to 146% of the stated principal amount), to be determined on the pricing date o If the Final Share Price is greater than the Initial Share Price: o $10 + Leveraged Upside Payment In no event will the payment at maturity exceed the Maximum Payment at Maturity Payment at Maturity. If the Final Share Price is less than or equal to the Initial o Share Price: o $10 x Index Performance Factor This amount will be less than or equal to the stated principal amount of $10. Share Performance Factor Final Share Price / Initial Share Price Listing The PLUS will not be listed on any securities exchange. Issue Price $10 per PLUS Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 16

Client Strategy Guide: May 2009 Offerings Page 17 Leverage Performance Investments Offering Buffered PLUSSMbased on the Price of Gold Leveraged exposure to an underlying asset up to a cap, with full downside exposure, to the extent losses exceed the buffer amount at Strategy maturity. May be appropriate for investors who anticipate moderate price appreciation and are willing to exchange some upside exposure compared to a Overview Bull PLUS, either in the form of less leverage or a lower cap, for limited protection against depreciation of the underlying asset at maturity Risk No principal protection Full downside exposure to the underlying index beyond the buffer amount Appreciation potential is limited to the maximum payment at Considerations maturity Does not provide for current income; no interest payments Buffered PLUS offer leveraged exposure to a wide variety of assets and asset classes, including equities, commodities and currencies while providing limited protection against negative performance by the asset. Once the asset has decreased below a specified buffer level, the investor is exposed to the negative price performance, subject to a minimum payment at maturity. At maturity, if the asset has appreciated, investors will receive the stated principal amount of their investment plus leveraged upside performance of the underlying asset, subject to the maximum payment at maturity. At maturity, if the asset has depreciated, (i) if the closing value of the asset has not declined below the specified buffer level, the Buffered PLUS will redeem for par or (ii) if the closing value of the asset is below the buffer level, the investor will lose 1% for every 1% decline below the specified buffer level, subject to a minimum payment at maturity. The Buffered PLUS are senior unsecured debt obligations of Morgan Stanley, and all payments on the Buffered PLUS are subject to the credit risk of Morgan Stanley. Issuer Morgan Stanley Underlying Price of Gold Maturity Date May 31, 2011 (2 Years) Leverage Factor 200% Buffer Amount 10% o If the Final Gold Price is greater than the Initial Gold Price: o $1,000 + the Leveraged Upside Payment In no event will the payment at maturity exceed the Maximum Payment at Maturity. Payment at Maturity o If the Final Gold Price is less than or equal to the Initial Gold Price but has decreased from the Initial Gold Price by an amount less than or equal to the Buffer Amount of 10%: o $1,000 o If the Final Gold Price is less than the Initial Gold Price and has decreased from the Initial Gold Price by an amount greater than the Buffer Amount of 10%: o ($1,000 x the Index Performance Factor) + $100 This amount will be less than par. However, under no circumstances will the payment at maturity be less than $100 per Buffered PLUS. Leveraged Upside Payment $1,000 x Leverage Factor x Index Percent Increase Gold Percent Increase (Final Gold Price - Initial Gold Price) / Initial Gold Price Maximum Payment at Maturity $1,400 to $1,450 per Buffered PLUS (140% to 145% of the stated principal amount), to be determined on the pricing date Minimum Payment at Maturity $100 per Buffered PLUS (10% of the stated principal amount) Gold Performance Factor Final Gold Price / Initial Gold Price Issue Price $1,000 per Buffered PLUS Listing The Buffered PLUS will not be listed on any securities exchange. Expected Pricing Date(1) This offering is expected to close for ticketing on Thursday - May 21, 2009 1 Expected Pricing Dates are subject to change. Due to market conditions, Morgan Stanley may close the deal prior to, or postpone, the Expected Pricing Date. Terms in brackets are indicative only and are subject to change. Terms will be fixed on the pricing date for the investment. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 17

Client Strategy Guide: May 2009 Offerings Page 18 Selected Risks & Considerations An investment in Structured Investments involves a variety of risks. Structured Investments may be linked to a wide variety of underlying assets, and each underlying asset will have its own unique set of risks and considerations. For example, some underlying assets have significantly higher volatility than others. Before you invest in any Structured Investment, you should thoroughly review the relevant prospectus and related offering materials for a comprehensive description of the risks associated with the Structured Investment, including the risks related to the underlying asset(s) to which the Structured Investment is linked. The following are general risks applicable to most types of Structured Investments: Issuer Credit Risk All payments on Structured Investments are subject to the credit risk of the applicable issuer. Any payments of interest or payments at maturity on a Structured Investment are subject to the credit risk of the applicable issuer and the issuer's credit ratings and credit spreads may adversely affect the market value of the Structured Investment. Investors are dependent on the applicable issuer's ability to pay periodic interest payments, if any, and all amounts due on the Structured Investment at maturity and therefore investors are subject to the credit risk of the applicable issuer and to changes in the market's view of the applicable issuer's credit risk. Any decline in the applicable issuer's credit ratings or increase in the credit spreads charged by the market for taking credit risk of the issuer is likely to adversely affect the value of the Structured Investment. Furthermore, unless issued as certificates of deposit, Structured Investments 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. The securities described herein are not guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. Market Risk The price at which a particular Structured Investment may be sold prior to maturity will depend on a number of factors and may be substantially less than the amount for which they were originally purchased. Some of these factors include, but are not limited to: (i) changes in the level of the underlying asset or reference index, (ii) volatility of the underlying asset or reference index, (iii) changes in interest rates, (iv) any actual or anticipated changes in the credit ratings of the applicable issuer or credit spreads charged by the market for taking the issuer's credit risk and (v) the time remaining to maturity. In addition, we expect that the secondary market prices of a Structured Investment will be adversely affected by the fact that the issue price of the securities includes the agent's commissions and expected profit. You may receive less, and possibly significantly less, than the stated principal amount if you sell your investments prior to maturity. Liquidity Risk There may be little or no secondary market for a particular Structured Investment and you should be prepared to hold your investments until maturity. If the applicable pricing supplement so specifies, we may apply to list a particular Structured Investment on a securities exchange, but it is not possible to predict whether any Structured Investment will meet the listing requirements of that particular exchange, or if listed, whether any secondary market will exist. Therefore, there may be little or no secondary market for Structured Investments. Issuers may, but are not obligated to, make a market in the Structured Investments. Even if there is a secondary market for a particular Structured Investment, it may not provide enough liquidity to allow you to trade or sell your Structured Investment easily. Because it is not expected that other broker-dealers will participate significantly in the secondary market for Structured Investments, the price at which you may be able to trade a Structured Investment is likely to depend on the price, if any, at which Morgan Stanley or another broker-dealer affiliated with the particular issuer of the security is willing to transact. If at any time Morgan Stanley or any other broker dealer were not to make a market in Structured Investments, it is likely that there would be no secondary market for Structured Investments. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009

Client Strategy Guide: May 2009 Offerings Page 19 Past Performance Not Indicative of Future Results The historical performance of an underlying asset or reference index is not an indication of future performance. Historical performance of an underlying asset or reference index to which a specific Structured Investment is linked should not be taken as an indication of the future performance of the underlying asset or reference index during the term of the Structured Investment. Changes in the levels of the underlying asset or reference index will affect the trading price of the Structured Investment, but it is impossible to predict whether such levels will rise or fall. Conflicts of Interest The applicable issuer, its affiliates and/or Morgan Stanley may be market participants. The applicable issuer, one or more of its affiliates or Morgan Stanley or its affiliates may, currently or in the future, publish research reports with respect to movements in the underlying asset to which any specific Structured Investment is linked. Such research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding a specific Structured Investment or Structured Investments generally. Any of these activities could affect the market value of a specific Structured Investment or Structured Investments generally. The economic interests of the calculation agent may be potentially adverse to the investors. In most Structured Investments, an affiliate of Morgan Stanley or the applicable issuer is designated to act as calculation agent to calculate the period interest or payment at maturity due on the Structured Investment. Any determinations made by the calculation agent may affect the payout to investors. Hedging & Trading Activity Hedging and trading activity by the calculation agent and its affiliates could potentially adversely affect the value of the Structured Investments. We expect that the calculation agent and its affiliates for a particular Structured Investment will carry out hedging activities related to that Structured Investment, including trading in the underlying asset, as well as in other instruments related to the underlying asset. The calculation agent and their affiliates may also trade in the underlying asset and other instruments related to the underlying asset 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 trade date and during the term of the Structured Investment could adversely affect the value of the underlying asset, and, accordingly, the payout to investors. Commissions & Hedging Profits The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely affect secondary market prices of Structured Investments. Assuming no change in market conditions or any other relevant factors, the price, if any, at which a market-maker is willing to purchase Structured Investments in secondary market transactions will likely be lower than the original issue price, since the original issue price includes, and secondary market prices are likely to exclude, commissions paid with respect to the Structured Investments, as well as the cost of hedging the applicable issuer's obligations under the Structured Investments. The cost of hedging includes the projected profit that the calculation agent and its affiliates may realize in consideration for assuming the risks inherent in managing the hedging transactions. In addition, any secondary market prices may differ from values determined by pricing models used by the market-maker as a result of dealer discounts, mark-ups or other transaction costs. You can only count on FDIC insurance to cover the deposit amount of each CD and, if applicable, the minimum index interest. In the event that FDIC insurance payments become necessary for the equity-linked CDs prior to the maturity date, the FDIC is only required to pay the principal of the CDs together with any accrued minimum index interest, if any, as prescribed by law, and subject to the applicable FDIC insurance limits. FDIC insurance is not available for any index interest if the applicable issuer fails prior to the maturity date, in the case of the equity-linked CDs. FDIC insurance is also not available for any secondary market premium paid by a depositor above the principal amount of a CD. Except to the extent insured by the FDIC, the CDs are not otherwise insured by any governmental agency or instrumentality or any other person. This material was not prepared by the Morgan Stanley Research Department, and you should not regard it as a research report. Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009 19

Client Strategy Guide: May 2009 Offerings Page 20 IMPORTANT INFORMATION AND QUALIFICATIONS: The information provided herein was prepared by Morgan Stanley & Co. Incorporated ("Morgan Stanley"), but is not a product of Morgan Stanley's Equity or Fixed Income Research Departments. We remind investors that these investments are subject to market risk and will fluctuate in value. The investments discussed or recommended in this communication may be unsuitable for investors depending upon their specific investment objectives and financial position. No representation or warranty is made that any returns indicated will be achieved. Potential investors should be aware that certain legal, accounting and tax restrictions, margin requirements, commissions and other transaction costs may significantly affect the economic consequences of the transactions discussed herein. 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Please see the offering materials for complete product disclosure including tax disclosure and related risks. May 2009