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Morgan Stanley, the issuer of the Market Vectors Currency ETNs, has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Morgan Stanley has filed with the SEC for more complete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get these documents for free by clicking here or EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.800.826.2333; you may also request a copy from Morgan Stanley or any other dealer participating in this offer.

Indices — Market Value Values and Cumulative Returns

As of February 17,2017
Index Name Daily YTD 3 Mths 6 Mths 1 Yr 3 Yr 5 Yr Historical Prices
Single Exposure Indices
SPCBCNY
S&P Chinese Renminbi Total Return Index
-0.20 2.20 1.74 -1.71 -1.44 -0.63 0.55
SPCBINR
S&P Indian Rupee Total Return Index
-0.01 1.90 2.59 2.07 8.48 3.45 0.27
Double Exposure Indices
DLONGEUR
Double Long Euro Index
-1.23 1.21 -1.01 -12.83 -11.58 -17.25 -9.57
DSHRTEUR
Double Short Euro Index
1.25 -1.34 0.66 13.96 11.15 17.45 7.82
†Cumulative

“Standard & Poor’s®,” “S&P®,” "S&P Chinese Renminbi Total Return Index" and "S&P Indian Rupee Total Return Index" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Morgan Stanley. The Market Vectors Currency ETNs are not sponsored, endorsed, sold or promoted by The McGraw-Hill Companies, Inc., and The McGraw-Hill Companies, Inc. makes no representation regarding the advisability of investing in the Market Vectors Currency ETNs.

This table is for illustrative purposes only and does not represent actual ETN performance. Index performance does not reflect investor fees.

Single Exposure Indices

The performance quoted represents historical performance and is not an indication that the return on the ETN or the underlying index is more or less likely to increase or decrease at any time during the term of the ETN. Index performance does not reflect investor fees(1). For all periods prior to March 12, 2008 (the date S&P began publication of the Index), the closing value of the Index used in this table are hypothetical values retrospectively calculated by S&P using the same methodology as is currently employed for calculating the Index, based on historical data.

1The Investor Fee is equal to 0.55% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee will increase by an amount equal to the 0.55% times the principal amount of your ETNs times the Index Factor on that day (or, if such day is not an index business day, the Index Factor on the immediately preceding an index businees day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.


Double Exposure Indices

The performance quoted represents historical performance and is not an indication that the return on the ETN or the underlying index is more or less likely to increase or decrease at any time during the term of the ETN. Index performance does not reflect investor fees(1). For all periods prior to May 1, 2008 (the date S&P began publication of the Index), the closing value of the Index used in this table are hypothetical values retrospectively calculated by S&P using the same methodology as is currently employed for calculating the Index, based on historical data.

1The Investor Fee is equal to 0.65% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee will increase by an amount equal to the 0.65% times the principal amount of your ETNs times the Index Factor on that day (or, if such day is not an index business day, the Index Factor on the immediately preceding an index businees day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.