Document:

Exhibit 4.1

FORM OF FLOATING RATE SENIOR NOTE 

	REGISTERED 	 	REGISTERED 
	No. FLR-1 	 	U.S. $ 
	 	 	CUSIP: 61750V519

     Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.

MORGAN STANLEY

SENIOR GLOBAL MEDIUM-TERM NOTES, SERIES F 

(Floating Rate)

 PROTECTED ABSOLUTE RETURN BARRIER NOTE
      DUE SEPTEMBER 20, 2008

  BASED ON THE VALUE OF THE S&P 500® INDEX

	BASE
        RATE: None	ORIGINAL
      ISSUE DATE:	MATURITY
        DATE:
           See “Maturity
      Date” below.
	 INDEX
    MATURITY: N/A	 INTEREST
      ACCRUAL DATE: N/A	INTEREST
    PAYMENT DATE(S):

       N/A
	SPREAD
        (PLUS OR MINUS):

       N/A	 INITIAL
    INTEREST RATE: N/A 	INTEREST
    PAYMENT PERIOD:

       N/A
	SPREAD MULTIPLIER:
    N/A 	 INITIAL
        INTEREST RESET DATE:

       
    N/A	INTEREST
    RESET PERIOD: N/A 
	REPORTING
    SERVICE: N/A	MAXIMUM
    INTEREST RATE: N/A 	INTEREST
    RESET DATE(S): N/A 
	INDEX
    CURRENCY: N/A	MINIMUM
    INTEREST RATE: N/A 	CALCULATION
    AGENT: See

       “Calculation Agent” below.
	EXCHANGE
    RATE AGENT: N/A	INITIAL
    REDEMPTION DATE: N/A 	SPECIFIED
        CURRENCY:

   U.S. dollars
	APPLICABILITY
        OF MODIFIED 

        PAYMENT UPON

       ACCELERATION: See

        “Alternate
        Exchange Calculation

        in
    Case of an Event of Default”

        below. 	INITIAL REDEMPTION

         PERCENTAGE:
          N/A

    	IF
        SPECIFIED CURRENCY OTHER

       THAN
        U.S. DOLLARS, OPTION

        TO
        ELECT PAYMENT IN U.S.

        DOLLARS:
    N/A 
	 	ANNUAL  REDEMPTION

       PERCENTAGE
    REDUCTION: N/A 	DESIGNATED
   CMT TELERATE
       PAGE: N/A 
	 	OPTIONAL REPAYMENT
    DATE(S):

       N/A	DESIGNATED
    CMT MATURITY

       INDEX: N/A 
	 	REDEMPTION NOTICE
    PERIOD:

        N/A	 
	 	TAX REDEMPTION
        AND 
   
      PAYMENT OF ADDITIONAL

           AMOUNTS:
    No 	 
	 	IF YES, STATE
    INITIAL OFFERING

       DATE: N/A 	OTHER
    PROVISIONS: See below.

	Maturity Date

		 
		September 20, 2008, subject to extension if the Index Valuation Date is postponed in accordance with the definition thereof. If the Index Valuation Date is postponed so that it falls less than two
scheduled Business Days prior to the scheduled Maturity Date,

	

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			 		the Maturity Date shall be the second scheduled Business Day following the Index Valuation Date as postponed.

In the event that the Maturity Date of this Note is postponed due to postponement of the Index Valuation Date, as described in the immediately preceding paragraph, the Issuer shall give notice of such postponement and, once it
has been determined, of the date to which the Maturity Date has been rescheduled (i) to the holder of this Note by mailing notice of such postponement by first class mail, postage prepaid, to the holder’s last address as it shall appear upon
the registry books, (ii) to the Trustee by telephone or facsimile confirmed by mailing such notice to the Trustee by first class mail, postage prepaid, at its New York office and (iii) to The Depository Trust Company (the “Depositary”) by
telephone or facsimile confirmed by mailing such notice to the Depositary by first class mail, postage prepaid. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the holder
of this Note receives the notice. The Issuer shall give such notice as promptly as possible, and in no case later than (i) with respect to notice of postponement of the Maturity Date, the Business Day immediately following the scheduled Index
Valuation Date and (ii) with respect to notice of the date to which the Maturity Date has been rescheduled, the Business Day immediately following the actual Index Valuation Date.
	
	 	 	 
	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 Index Valuation Date.
	
	 	 	 
	Pricing Date

Authorized Denominations

Stated Principal Amount

	 		 

	  $10 and integral multiples thereof.

	  $10

	 	 	 
	Index	 	S&P 500® Index

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	Payment at Maturity	 	At maturity, upon
          delivery of this Note to the Trustee, the Issuer shall pay with respect
          to the Stated Principal Amount an amount in cash equal to $10 plus
          the Supplemental Redemption Amount, if any, as determined by the Calculation
          Agent.

      The Issuer shall, or shall cause the Calculation
          Agent to, (i) provide written notice to the Trustee and to the Depositary,
          on which notice the Trustee and the Depositary may conclusively rely,
          of the amount of cash to be delivered with respect to the Stated Principal
          Amount, on or prior to 10:30 a.m. on the Business Day preceding the
          Maturity Date, and (ii) deliver the aggregate cash amount due with
          respect to this Note to the Trustee for delivery to the holder of this
    Note, on the Maturity Date.

	 	 	 
	Supplemental Redemption
    Amount	 	The Supplemental
          Redemption Amount shall equal:

      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.

       The Calculation Agent shall
          calculate the Supplemental Redemption Amount on the Index Valuation
    Date.

    
	 	 	 
	Index Value	 	The Index Value at any time on
        any day during the Observation Period shall equal the value of the Index
        published at such time on such day on Bloomberg page “SPX” or
        any successor page, or in the case of any Successor Index (as defined
    below), the Bloomberg page or successor page for any such Successor Index.
	 	 	 
	Index Range	 	The Index Range
          includes any value of the Index that is:

       (i) greater than or equal to
          the Initial Index Value times                             and

       (ii) less than or equal to the
    Initial Index Value times                    .

	 	 	 

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	 	 	The Index Range can
        also be expressed as follows: 

    Index Range =

          > (Initial
      Index Value x                          ); and 

         < (Initial
    Index Value x                      )

	 	 	 
	Absolute Index Return
		 		The Absolute Index Return is the absolute value of the following formula:

 
	
	 	 	Final Index
          Value – Initial
    Index Value 

    Initial Index Value

	 	 	 
	Initial Index Value	 	 
	 	 	 
	Index Closing Value
	 		The Index Closing Value on any Index Business Day shall equal the closing value of the Index or any Successor Index (as defined below) published at the regular weekday close of trading on that Index
Business Day. In certain circumstances, the Index Closing Value shall be based on the alternate calculation of the Index described under “— Discontinuance of the Index; Alteration of Method of Calculation.”
	
	 	 	 
	Final Index Value
		 		The Index Closing Value on the Index Valuation Date, as determined by the Calculation Agent.
	
	 	 	 
	Index Valuation Date
		 		The Index Valuation Date shall be September 18, 2008, subject to adjustment for Market Disruption Events as described in the following paragraph.

If a Market Disruption Event with respect to the Index occurs on the scheduled Index Valuation Date, or if such Index Valuation Date is not an Index Business Day, the Index Closing Level on such date shall be determined on the
immediately succeeding Index Business Day on which no Market Disruption Event shall have occurred; provided that the Final Index Value shall not be determined on a date later than the fifth
scheduled Index Business Day after the scheduled Index Valuation Date, and if such date is not an Index Business Day or if there is a Market Disruption Event on such date, the Calculation Agent shall determine the Final Index Value on such date in
accordance with the formula for calculating the Index last in effect prior to
	

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	 		 		the commencement of the Market Disruption Event (or prior to the non-Index Business Day), without rebalancing or substitution, using the closing price (or, if trading in the relevant securities has been
materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension, limitation or non-Index Business Day) on such date of each security most recently constituting the
Index.
	
	 	 	 
	Index Business Day
		 		Index Business Day means a day, for the Index, as determined by the Calculation Agent, on which trading is generally conducted on each of the Relevant Exchange(s) for the Index, and on each exchange on
which futures or options contracts related to the Index (or Successor Index) are traded, other than a day on which trading on such exchange(s) is scheduled to close prior to the time of the posting of its regular final weekday closing
price.
	
	 	 	 
	Calculation Agent
		 		Morgan Stanley & Co. Incorporated (“MS & Co.”)

All determinations made by the Calculation Agent shall be at the sole discretion of the Calculation Agent and shall, in the absence of manifest error, be conclusive for all purposes and binding on the holder of this Note, the
Trustee and the Issuer.

All calculations with respect to the Payment at Maturity, if any, shall be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g.,
..876545 would be rounded to .87655); all dollar amounts related to determination of the amount of cash payable per Stated Principal Amount shall be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward
(e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of this Note shall be rounded to the nearest cent, with one-half cent rounded
upward.
	
	 	 	 
	Market Disruption Event
		 		Market Disruption Event means, with respect to the Index:

(i) the occurrence or existence of a suspension, absence or material limitation of trading of stocks then
	

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		constituting 20 percent or more of the level of the Index (or the Successor Index) on the Relevant Exchanges for such securities for more than two hours of trading or during the one-half hour period
preceding the close of the principal trading session on such Relevant Exchange; or a breakdown or failure in the price and trade reporting systems of any Relevant Exchange as a result of which the reported trading prices for stocks then constituting
20 percent or more of the level of the Index (or the Successor Index) during the last one-half hour preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; or the suspension, material limitation or
absence of trading on any major U.S. securities market for trading in futures or options contracts or exchange traded funds related to the Index (or the Successor Index) for more than two hours of trading or during the one-half hour period preceding
the close of the principal trading session on such market; and

(ii) a determination by the Calculation Agent in its sole discretion that any event described in clause (i) above materially interfered with the Issuer’s ability or the ability of any of the Issuer’s affiliates to
unwind or adjust all or a material portion of the hedge position with respect to the Protected Absolute Return Barrier Note Due September 20, 2008 Based on the Value of the S&P 500® Index.

For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the Index is materially suspended or materially limited at that time, then the relevant percentage
contribution of that security to the level of the Index shall be based on a comparison of (x) the portion of the value of the Index attributable to that security relative to (y) the overall value of the Index, in each case immediately before that
suspension or limitation.

For the purpose of determining whether a Market Disruption Event has occurred: (1) a limitation on the hours or number of days of trading shall not constitute a Market Disruption Event if it results from an

	

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	 		 		announced change in the
	      regular business hours of the Relevant Exchange or market, (2) a decision
	      to permanently discontinue trading in the relevant futures or options
	      contract or exchange traded fund  shall not constitute a Market Disruption
	      Event, (3) limitations pursuant to the rules of any Relevant Exchange
	      similar to NYSE Rule 80A (or any applicable rule or regulation enacted
	      or promulgated by any other self-regulatory organization or any  government
	      agency of scope similar to NYSE Rule 80A as determined by the Calculation
	      Agent) on trading during significant market fluctuations shall constitute
	      a suspension, absence or material limitation of trading, (4) a suspension
	      of trading in  futures, options contracts or exchange traded funds on
	      the Index by the primary securities market trading in such contracts or
	      funds by reason of (a) a price change exceeding limits set by such securities
	      exchange or market, (b) an imbalance of  orders relating to such contracts
	      or funds or (c) a disparity in bid and ask quotes relating to such contracts
	      or funds shall constitute a suspension, absence or material limitation
	      of trading in futures, options contracts or exchange traded funds  related
	      to the Index and (5) a “suspension, absence or material limitation
	      of trading” on any Relevant Exchange or on the primary market on
	      which futures, options contracts or exchange traded funds related to the
	      Index are traded shall not  include any time when such securities market
	      is itself closed for trading under ordinary circumstances.
	
	 	 	 
	Relevant Exchange
		 		Relevant Exchange means, with respect to the Index or any Successor Index (as defined below), the primary exchange or market of trading for (i) any security then included in the Index, or any Successor
Index, and (ii) any futures or options contracts related to the Index, or any Successor Index, or to any security then included in the Index, or any Successor Index.
	
	 	 	 
	Alternate Exchange Calculation	 	 
	      in Case of an Event of Default
	 		In case an event of default with respect to this Note shall have occurred and be continuing, the amount declared due and payable per Stated Principal Amount upon any acceleration of this Note (the
“Acceleration Amount”) shall be equal to $10 plus the Supplemental
	

8

			 		Redemption Amount, if any, determined as though the Observation Period ended at 4:00 p.m. on the date of acceleration and using the Index Closing Value on the date of such acceleration as the Final
Index Value.

If the maturity of this Note is accelerated because of an event of default as described above, the Issuer shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which
notice the Trustee may conclusively rely, and to the Depositary of the Acceleration Amount and the aggregate cash amount due with respect to this Note as promptly as possible and in no event later than two Business Days after the date of
acceleration.
	
	 	 	 
	Discontinuance of the Index;	 	 
	      Alteration of Method of Calculation

	 		If Standard & Poor’s® Corporation (“S&P”) discontinues publication of the Index and S&P or another entity
(including MS & Co.) publishes a successor or substitute index that MS & Co., as the Calculation Agent, determines, in its sole discretion, to be comparable to the discontinued Index (such index being referred to herein as a “Successor
Index”), then any subsequent Index Closing Value shall be determined by reference to the published value of such Successor Index at the regular weekday close of trading on the Index Business Day that any Index Closing Value is to be
determined.

Upon any selection by the Calculation Agent of a Successor Index, the Calculation Agent shall cause written notice thereof to be furnished to the Trustee, to Morgan Stanley and to the holder of this Note, within three Business
Days of such selection.

If S&P discontinues publication of the Index prior to, and such discontinuance is continuing on, the Index Valuation Date, any Index Business Day (on which determination need be made as to whether the Index Value is outside
of the Index Range) or the date of acceleration and MS & Co., as the Calculation Agent, determines, in its sole discretion, that no Successor Index is available at such time, then the Calculation Agent shall determine the Index Closing Value for
such date. Following any such determination, the Calculation Agent shall not compute the Index Value
	

9

			 		on any Index Business Day and shall instead rely on the Index Closing Value as computed by the Calculation Agent for the purpose of determining whether the Index Value is outside the Index Range. The
Index Closing Value shall be computed by the Calculation Agent in accordance with the formula for calculating the Index last in effect prior to such discontinuance, using the closing price (or, if trading in the relevant securities has been
materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the close of the principal trading session of the Relevant Exchange on such date of each
security most recently constituting the Index without any rebalancing or substitution of such securities following such discontinuance.

If at any time the method of calculating the Index or a Successor Index, or the value thereof, is changed in a material respect, or if the Index or a Successor Index is in any other way modified so that such index does not, in
the opinion of MS & Co., as the Calculation Agent, fairly represent the value of the Index or such Successor Index had such changes or modifications not been made, then, from and after such time, the Calculation Agent shall, at the close of
business in New York City on each date or during such day on which the Index Closing Value or Index Value, respectively, is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be
necessary in order to arrive at a value of a stock index comparable to the Index or such Successor Index, as the case may be, as if such changes or modifications had not been made, and the Calculation Agent shall calculate the Final Index Value or
Index Values with reference to the Index or such Successor Index, as adjusted. Accordingly, if the method of calculating the Index or a Successor Index is modified so that the value of such index is a fraction of what it would have been if it had
not been modified (e.g., due to a split in the index), then the Calculation Agent shall adjust such index in order to arrive at a value of the Index or such Successor Index as if it had not
been modified (e.g., as if such split had not occurred).
	

10

     Morgan Stanley, a Delaware corporation (together with its successors and assigns, the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assignees, the amount of cash, as determined in accordance with the provisions set forth under “Payment at Maturity” above, due with respect to the principal sum of U.S.$                   (UNITED STATES
DOLLARS                   ) on the Maturity Date specified above (except to the extent redeemed or repaid prior to the maturity) and to pay interest thereon from and including the Interest Accrual Date specified above at a rate per annum equal to the Initial Interest
Rate specified above or determined in accordance with the provisions specified on the reverse hereof until the Initial Interest Reset Date specified above, and thereafter at a rate per annum determined in accordance with the provisions specified on
the reverse hereof until the principal hereof is paid or duly made available for payment. Unless such rate is otherwise specified on the face hereof, the Calculation Agent shall determine the Initial Interest Rate for this Note in accordance with
the provisions specified on the reverse hereof. The Issuer will pay interest in arrears weekly, monthly, quarterly, semiannually or annually as specified above as the Interest Payment Period on each Interest Payment Date (as specified above),
commencing with the first Interest Payment Date next succeeding the Interest Accrual Date specified above, and on the Maturity Date (or any redemption or repayment date); provided,
however, that if the Interest Accrual Date occurs between a Record Date, as defined below, and the next succeeding Interest Payment Date, interest payments will commence on the second
Interest Payment Date succeeding the Interest Accrual Date to the registered holder of this Note on the Record Date with respect to such second Interest Payment Date; and provided,
further, that if an Interest Payment Date (other than the Maturity Date or redemption or repayment date) would fall on a day that is not a Business Day, as defined on the reverse hereof,
such Interest Payment Date shall be the following day that is a Business Day, except that if the Base Rate specified above is LIBOR or EURIBOR and such next Business Day falls in the next calendar month, such Interest Payment Date shall be the
immediately preceding day that is a Business Day; and provided, further, that if the Maturity Date or redemption or repayment date
would fall on a day that is not a Business Day, such payment shall be made on the following day that is a Business Day and no interest shall accrue for the period from and after such Maturity Date or redemption or repayment date.

     Interest on this Note will accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and
including the Interest Accrual Date, until but excluding the date the principal hereof has been paid or duly made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to
certain exceptions described herein, be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the date 15 calendar days prior to such Interest Payment Date (whether or not a Business
Day) (each such date, a “Record Date”); provided, however,
that interest payable at maturity (or any redemption or repayment date) will be payable to the person to whom the principal hereof shall be payable.

     Payment of the principal of and premium, if any, and interest on this Note due at maturity (or any redemption or repayment date), unless this Note is denominated in a Specified Currency other than
U.S. dollars and is to be paid in whole or in part in such Specified Currency, will be made in immediately available funds upon surrender of this Note at the office or agency of the 

11

Paying Agent, as defined on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The City of New York, or at such other paying agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of
interest, other than interest due at maturity or any date of redemption or repayment, will be made by U.S. dollar check mailed to the address of the person entitled thereto as such address shall appear in the Note register. A holder of U.S.
$10,000,000 (or the equivalent in a Specified Currency) or more in aggregate principal amount of Notes having the same Interest Payment Date, the interest on which is payable in U.S. dollars, shall be entitled to receive payments of interest,
other than interest due at maturity or on any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received by the Paying Agent in writing not less than 15 calendar days
prior to the applicable Interest Payment Date.

     If this Note is denominated in a Specified Currency other than U.S. dollars, and the holder does not elect (in whole or in part) to receive payment in U.S. dollars pursuant to the next succeeding
paragraph, payments of principal, premium, if any, and interest with regard to this Note will be made by wire transfer of immediately available funds to an account maintained by the holder hereof with a bank located outside the United States if
appropriate wire transfer instructions have been received by the Paying Agent in writing, with respect to payments of interest, on or prior to the fifth Business Day after the applicable Record Date and, with respect to payments of principal or any
premium, at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be; provided that, if payment of interest, principal or any premium with
regard to this Note is payable in euro, the account must be a euro account in a country for which the euro is the lawful currency, provided, further, that if such wire transfer instructions
are not received, such payments will be made by check payable in such Specified Currency mailed to the address of the person entitled thereto as such address shall appear in the Note register; and provided, further, that payment of the principal of this Note, any premium and the interest due at maturity (or on any redemption or repayment
date) will be made upon surrender of this Note at the office or agency referred to in the preceding paragraph.

     If so indicated on the face hereof, the holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may elect to receive all or a portion of payments on this Note in U.S.
dollars by transmitting a written request to the Paying Agent, on or prior to the fifth Business Day after such Record Date or at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be. Such
election shall remain in effect unless such request is revoked by written notice to the Paying Agent as to all or a portion of payments on this Note at least five Business Days prior to such Record Date, for payments of interest, or at least ten
calendar days prior to the Maturity Date or any redemption or repayment date, for payments of principal, as the case may be.

     If the holder elects to receive all or a portion of payments of principal of, premium, if any, and interest on this Note, if denominated in a Specified Currency other than U.S. dollars, in U.S.
dollars, the Exchange Rate Agent (as defined on the reverse hereof) will convert such payments into U.S. dollars. In the event of such an election, payment in respect of this Note will be based upon the exchange rate as determined by the Exchange
Rate Agent based on the highest bid quotation in The City of New York received by such Exchange Rate Agent at approximately 

12

11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date from three recognized foreign exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent is an
affiliate of the Issuer) for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement on such payment date in the amount of the Specified Currency payable in the absence of such an election to such holder and at
which the applicable dealer commits to execute a contract. If such bid quotations are not available, such payment will be made in the Specified Currency. All currency exchange costs will be borne by the holder of this Note by deductions from such
payments.

     Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this
place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior
Indenture, as defined on the reverse hereof, or be valid or obligatory for any purpose.

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     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

DATED:

  	MORGAN STANLEY
	 	 	 
	By:	 
	 	

	 	Name:	 
	 	Title:	Authorized Signatory 

TRUSTEE’S CERTIFICATE 

      OF AUTHENTICATION

This is one of the Notes referred

      to in the within-mentioned

      Senior Indenture.

THE BANK OF NEW YORK,

      as Trustee

	
By:		 		 	
					

	
	 		 		
Authorized Signatory	

 

14

FORM OF REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Senior Global Medium-Term Notes, Series F, (the “Notes”) of the Issuer. The Notes
are issuable under a Senior Indenture, dated as of November 1, 2004, between the Issuer and The Bank of New York, a New York banking corporation (as successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)), as Trustee (the
“Trustee,” which term includes any successor trustee under the Senior Indenture) (as may be amended or supplemented from time to time, the “Senior
Indenture”), to which Senior Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities of the Issuer, the
Trustee and holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. The Issuer has appointed The Bank of New York, at its corporate trust office in The City of New York as the paying agent (the
“Paying Agent,” which term includes any additional or successor Paying Agent appointed by the Issuer) with respect to the Notes. The terms of individual Notes may vary with respect
to interest rates, interest rate formulas, issue dates, maturity dates, or otherwise, all as provided in the Senior Indenture. To the extent not inconsistent herewith, the terms of the Senior Indenture are hereby incorporated by reference
herein.

     Unless otherwise indicated on the face hereof, this Note will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or subject to repayment at the option of the holder prior to maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date specified on the face hereof on the terms set
forth on the face hereof, together with interest accrued and unpaid hereon to the date of redemption. If this Note is subject to “Annual Redemption Percentage Reduction,” the
Initial Redemption Percentage indicated on the face hereof will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified on the face hereof until the redemption price of this Note is 100%
of the principal amount hereof, together with interest accrued and unpaid hereon to the date of redemption. Notice of redemption shall be mailed to the registered holders of the Notes designated for redemption at their addresses as the same shall
appear on the Note register not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof, subject to all the conditions and provisions of the Senior
Indenture. In the event of redemption of this Note in part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

     If so indicated on the face of this Note, this Note will be subject to repayment at the option of the holder on the Optional Repayment Date or Dates specified on the face hereof on the terms set forth
herein. On any Optional Repayment Date, this Note will be repayable in whole or in part in increments of $1,000 or, if this Note is denominated in a Specified Currency other than U.S. dollars, in increments of 1,000 units of such Specified
Currency (provided that any remaining principal amount hereof shall not be less than the minimum authorized denomination hereof) at the option of the holder hereof at a price equal to 100% of the principal amount to be repaid, 

15

together with interest accrued and unpaid hereon to the date of repayment. For this Note to be repaid at the option of the holder hereof, the Paying Agent must receive at its corporate trust office in the Borough of Manhattan, The
City of New York, at least 15 but not more than 30 calendar days prior to the date of repayment, (i) this Note with the form entitled “Option to Elect Repayment” below duly completed or (ii) a telegram, telex, facsimile transmission or a
letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a trust company in the United States setting forth the name of the holder of this Note, the principal amount
hereof, the certificate number of this Note or a description of this Note’s tenor and terms, the principal amount hereof to be repaid, a statement that the option to elect repayment is being exercised thereby and a guarantee that this Note,
together with the form entitled “Option to Elect Repayment” duly completed, will be received by the Paying Agent not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission or letter;
provided, that such telegram, telex, facsimile transmission or letter shall only be effective if this Note and form duly completed are received by the Paying Agent by such fifth Business
Day. Exercise of such repayment option by the holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount of the unpaid portion hereof shall be issued in the name of the holder hereof
upon the cancellation hereof.

     If the face hereof indicates that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” this Note may be redeemed, as a whole, at the option of the Issuer at any time
prior to maturity, upon the giving of a notice of redemption as described below, at a redemption price equal to 100% of the principal amount hereof, together with accrued interest to the date fixed for redemption, if the Issuer determines that, as a
result of any change in or amendment to the laws (including a holding, judgment or as ordered by a court of competent jurisdiction), or any regulations or rulings promulgated thereunder, of the United States or of any political subdivision or taxing
authority thereof or therein affecting taxation, or any change in official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment occurs, becomes effective or, in the case of a change in
official position, is announced on or after the Initial Offering Date hereof, the Issuer has or will become obligated to pay Additional Amounts, as defined below, with respect to this Note as described below. Prior to the giving of any notice of
redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right
of the Issuer to so redeem have occurred, and (ii) an opinion of independent legal counsel satisfactory to the Trustee to such effect based on such statement of facts; provided that no such
notice of redemption shall be given earlier than 60 calendar days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in respect of this Note were then due.

     Notice of redemption will be given not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof, which
date and the applicable redemption price will be specified in the notice.

16

     If the face hereof indicates that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” the Issuer will, subject to certain exceptions and limitations set forth below,
pay such additional amounts (the “Additional Amounts”) to the holder of this Note who is a U.S. Alien as may be necessary in order that every net payment of the principal of and
interest on this Note and any other amounts payable on this Note, after withholding or deduction for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result of such payment by the United States, or
any political subdivision or taxing authority thereof or therein, will not be less than the amount provided for in this Note to be then due and payable. The Issuer will not, however, make any payment of Additional Amounts to any such holder who is a
U.S. Alien for or on account of: 

     (a) any present or future tax, assessment
    or other governmental charge that would not have been so imposed but for
    (i) the existence of any present or former connection between such holder,
    or between a fiduciary, settlor, beneficiary, member or shareholder of such
    holder, if such holder is an estate, a trust, a partnership or a corporation
    for U.S. federal income tax purposes, and the United States, including, without
    limitation, such holder (, or such fiduciary, settlor, beneficiary, member
    or shareholder) being or having been a citizen or resident thereof or being
    or having been engaged in a trade or business or present therein or having,
    or having had, a permanent establishment therein or (ii) the presentation
    by or on behalf of the holder of this Note for payment on a date more than
    15 calendar days after the date on which such payment became due and payable
    or the date on which payment thereof is duly provided for, whichever occurs
  later; 

     (b) any estate, inheritance, gift,
    sales, transfer, excise or personal property tax or any similar tax, assessment
  or governmental charge; 

     (c) any tax, assessment or other governmental
    charge imposed by reason of such holder’s past or
  present status as a controlled foreign corporation or passive foreign investment company with respect to the United States or as a corporation which accumulates earnings to avoid U.S. federal income tax or as a private foundation or other tax-exempt
  organization or a bank receiving interest under Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended; 

     (d) any tax, assessment or other governmental
    charge that is payable otherwise than by withholding or deduction from payments
    on or in respect of this Note; 

     (e) any tax, assessment or other governmental
  charge required to be withheld by any Paying Agent from any payment of principal
  of, or interest on, this Note, if such payment can be made without such withholding
  by any other Paying Agent in a city in Western Europe; 

     (f) any tax, assessment
  or other governmental charge that would not have been imposed but for the
  failure to comply with certification, information or other reporting requirements
  concerning the nationality, residence or identity of the holder or beneficial
  owner of this Note, if such compliance is required by statute or by regulation
  of the United States or of any political subdivision or taxing authority
  thereof or therein as a precondition to relief or exemption from such tax,
  assessment or other governmental charge;

17

     (g) any tax, assessment or other governmental charge imposed by reason of such holder’s past or present status as the actual or constructive owner of 10% or more of the total combined voting
power of all classes of stock entitled to vote of the Issuer or as a direct or indirect subsidiary of the Issuer; or 

     (h) any combination of items (a), (b),
    (c), (d), (e), (f) or (g).

     In addition, the Issuer shall not be required to make any payment of Additional Amounts (i) to any such holder where such withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; or (ii) by or on behalf of a holder who would have been able to avoid such
withholding or deduction by presenting this Note or the relevant coupon to another Paying Agent in a member state of the European Union. Nor shall the Issuer pay Additional Amounts with respect to any payment on this Note to a U.S. Alien who is a
fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the United States (or any political subdivision thereof) to be included in the income, for tax purposes, of
a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the holder of
this Note.

     This Note will bear interest at the rate determined in accordance with the applicable provisions below by reference to the Base Rate shown on the face hereof based on the Index Maturity, if any, shown
on the face hereof (i) plus or minus the Spread, if any, and/or (ii) multiplied by the Spread Multiplier, if any, specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the face hereof, the rate at which interest
on this Note is payable shall be reset as of each Interest Reset Date specified on the face hereof (as used herein, the term “Interest Reset Date” shall include the Initial
Interest Reset Date). For the purpose of determining the Initial Interest Rate, references in this paragraph, the next succeeding paragraph and, if applicable, clauses (i) and (ii) under “Determination of EURIBOR” below to Interest Reset
Date shall be deemed to mean the Original Issue Date. The determination of the rate of interest at which this Note will be reset on any Interest Reset Date shall be made on the Interest Determination Date (as defined below) pertaining to such
Interest Reset Dates. The Interest Reset Dates will be the Interest Reset Dates specified on the face hereof; provided, however,
that (a) the interest rate in effect for the period from the Interest Accrual Date to the Initial Interest Reset Date will be the Initial Interest Rate and (b) unless otherwise specified on the face hereof, the interest rate in effect for the ten
calendar days immediately prior to maturity, redemption or repayment will be that in effect on the tenth calendar day preceding such maturity, redemption or repayment date. If any Interest Reset Date would otherwise be a day that is not a Business
Day, such Interest Reset Date shall be postponed to the next succeeding day that is a Business Day, except that if the Base Rate specified on the face hereof is LIBOR or EURIBOR and such Business Day is in the next succeeding calendar month, such
Interest Reset Date shall be the immediately preceding Business Day. As used herein, “Business Day” means any day, other than a Saturday or Sunday, (a) that is neither a legal
holiday nor a day on which banking institutions are authorized or required by law or regulation to close (x) in The City of New York 

18

or (y) if this Note is denominated in a Specified Currency other than U.S. dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency, or (z) if this Note is denominated in
Australian dollars, in Sydney and (b) if this Note is denominated in euro, that is also a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) is operating (a “TARGET Settlement Day”).

     The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the Federal Funds Rate, Federal Funds (Open) Rate and Prime Rate shall be on
the Business Day prior to the Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the CD Rate, Commercial Paper Rate and CMT Rate will be the second Business
Day prior to such Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to EURIBOR (or to LIBOR when the Index Currency is euros) shall be the second TARGET
Settlement Day prior such Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to LIBOR (other than for LIBOR Notes for which the Index Currency is euros) shall
be the second London Banking Day prior such Interest Reset Date, except that the Interest Determination Date pertaining to an Interest Reset Date for a LIBOR Note for which the Index Currency is pounds sterling will be such Interest Reset Date. As
used herein, “London Banking Day” means any day on which dealings in deposits in the Index Currency (as defined herein) are transacted in the London interbank market. The Interest
Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the Treasury Rate shall be the day of the week in which such Interest Reset Date falls on which Treasury bills normally would be auctioned.
Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following Tuesday, except that the auction may be held on the preceding Friday; provided, however, that if an auction is held on the Friday of the week preceding such Interest Reset Date, the Interest Determination Date shall
be such preceding Friday; and provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset
Date shall instead be the first Business Day following the date of such auction. The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to two or more base rates will be the latest
Business Day that is at least two Business Days before the Interest Reset Date for the applicable Note on which each base rate is determinable.

     Unless otherwise specified on the face hereof, the “Calculation Date” pertaining to an Interest Determination Date, including the
Interest Determination Date as of which the Initial Interest Rate is determined, will be the earlier of (i) the tenth calendar day after such Interest Determination Date or, if such day is not a Business Day, the next succeeding Business Day, or
(ii) the Business Day immediately preceding the applicable Interest Payment Date or Maturity Date (or, with respect to any principal amount to be redeemed or repaid, any redemption or repayment date), as the case may be.

     Determination of CD Rate. If the Base Rate specified on the face hereof is the “CD Rate,” for any
Interest Determination Date, the CD Rate with respect to this Note shall be the rate on 

19

that date for negotiable U.S. dollar certificates of deposit having the Index Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve System in “Statistical Release H.15(519),
Selected Interest Rates,” or any successor publication of the Board of Governors of the Federal Reserve System (“H.15(519)”) under the heading “CDs (Secondary
Market).” 

     The following procedures shall be followed
    if the CD Rate cannot be determined as described above:

      (i) If the above
  rate is not published in H.15(519) by 3:00 p.m., New York City time, on the
  Calculation Date, the CD Rate shall be the rate on that Interest Determination
  Date set forth in the daily update of H.15(519), available through the world
  wide website of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update,
  or any successor site or publication (“H.15 Daily Update”) for the Interest Determination Date for certificates of deposit having the Index Maturity specified on the face hereof, under
    the caption “CDs (Secondary Market).” 

     (ii) If the above rate is not yet published
    in either H.15(519) or the H.15 Daily Update by 3:00 p.m., New York City
    time, on the Calculation Date, the Calculation Agent shall determine the
    CD Rate to be the arithmetic mean of the secondary market offered rates as
    of 10:00 a.m., New York City time, on that Interest Determination Date of
    three leading nonbank dealers in negotiable U.S. dollar certificates of deposit
    in The City of New York, which may include the initial dealer and its affiliates,
    selected by the Calculation Agent (after consultation with the Issuer), for
    negotiable U.S. dollar certificates of deposit of major U.S. money center
    banks of the highest credit standing in the market for negotiable certificates
    of deposit with a remaining maturity closest to the Index Maturity specified
    on the face hereof in an amount that is representative for a single transaction
    in that market at that time.

     “Initial dealer” with respect to this Note means either Morgan Stanley & Co. Incorporated or Morgan Stanley DW Inc., as applicable.

     (iii) If the dealers selected by the Calculation Agent are not quoting as set forth above, the CD Rate for that Interest Determination Date shall remain the CD Rate for the immediately preceding
Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     Determination of Commercial Paper Rate. If the Base Rate specified on the face hereof is the “Commercial Paper Rate,” for any Interest Determination Date, the Commercial Paper Rate with respect to this Note shall be the Money Market Yield (as defined herein), calculated as described below, of the rate on that date for U.S. dollar commercial
paper having the Index Maturity specified on the face hereof, as that rate is published in H.15(519), under the heading “Commercial
Paper — Nonfinancial.” 

     The
  following procedures shall be followed if the Commercial Paper Rate cannot
    be determined as described above:

20

     (i) If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield of the rate on that Interest
Determination Date for commercial paper of the Index Maturity specified on the face hereof as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the heading
“Commercial Paper —Nonfinancial.” 

     (ii) If by 3:00 p.m., New York City
    time, on that Calculation Date the rate is not yet published in either H.15(519)
    or the H.15 Daily Update, or other recognized electronic source used for
    the purpose of displaying the applicable rate, then the Calculation Agent
    shall determine the Commercial Paper Rate to be the Money Market Yield of
    the arithmetic mean of the offered rates as of 11:00 a.m., New York City
    time, on that Interest Determination Date of three leading dealers of U.S.
    dollar commercial paper in The City of New York, which may include the initial
    dealer and its affiliates, selected by the Calculation Agent (after consultation
    with the Issuer), for commercial paper of the Index Maturity specified on
    the face hereof, placed for an industrial issuer whose bond rating is “Aa,” or the equivalent, from a nationally recognized statistical rating
  agency.

     (iii) If the dealers selected by the Calculation Agent are not quoting as set forth in (ii) above, the Commercial Paper Rate for that Interest Determination Date shall remain the Commercial Paper Rate
for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     The “Money Market Yield” shall be a yield calculated in accordance with the following formula:

  	 		
      D x 360		 	
	Money Market Yield = 	
      
		  x 100 
	 	360 – (D x M) 	 

where “D” refers to the applicable per year rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which
interest is being calculated.

     Determination of EURIBOR. If the Base Rate specified on the face hereof is “EURIBOR,” for any
Interest Determination Date, EURIBOR with respect to this Note shall be the rate for deposits in euros as sponsored, calculated and published jointly by the European Banking Federation and ACI - The Financial Market Association, or any company
established by the joint sponsors for purposes of compiling and publishing those rates, for the Index Maturity specified on the face hereof as that rate appears on the display on Moneyline Telerate, or any successor service, on page 248 or any other
page as may replace page 248 on that service (“Telerate Page 248”) as of 11:00 a.m., Brussels time.

     The following procedures shall be followed if the rate cannot be determined as described above:

21

     (i) If the above rate does not appear, the Calculation Agent shall request the principal Euro-zone office of each of four major banks in the Euro-zone interbank market, as selected by the Calculation
Agent (after consultation with the Issuer), to provide the Calculation Agent with its offered rate for deposits in euros, at approximately 11:00 a.m., Brussels time, on the Interest Determination Date, to prime banks in the Euro-zone interbank
market for the Index Maturity specified on the face hereof commencing on the applicable Interest Reset Date, and in a principal amount not less than the equivalent of U.S.$1 million in euro that is representative of a single transaction in euro,
in that market at that time. If at least two quotations are provided, EURIBOR shall be the arithmetic mean of those quotations.

     (ii) If fewer than two quotations are provided, EURIBOR shall be the arithmetic mean of the rates quoted by four major banks in the Euro-zone interbank market, as selected by the Calculation Agent
(after consultation with the Issuer), at approximately 11:00 a.m., Brussels time, on the applicable Interest Reset Date for loans in euro to leading European banks for a period of time equivalent to the Index Maturity specified on the face hereof
commencing on that Interest Reset Date in a principal amount not less than the equivalent of U.S.$1 million in euro.

     (iii) If the banks so selected by the Calculation Agent are not quoting as set forth above, the EURIBOR rate for that Interest Determination Date shall remain the EURIBOR for the immediately preceding
Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     “Euro-zone” means the region comprised of member states of the European Union that adopt the single currency in accordance with the
relevant treaty of the European Union, as amended.

     Determination of the Federal Funds Rate. If the Base Rate specified on the face hereof is the “Federal Funds Rate,” for any Interest Determination Date, the Federal Funds Rate with respect to this Note shall be the rate on that date for U.S. dollar federal funds as published in H.15(519) under the heading “Federal Funds (Effective)”
as displayed on Moneyline Telerate, or any successor service, on page 120 or any other page as may replace page 120 on that service (“Telerate Page 120”).

     The following procedures shall be followed if the Federal Funds Rate cannot be determined as described above: 

     (i) If the above rate is not published
    by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds
    Rate shall be the rate on that Interest Determination Date as published in
    the H.15 Daily Update, or other recognized electronic source used for the
    purpose of displaying the applicable rate, under the heading
  “Federal Funds (Effective).”

      (ii) If the above rate is not yet
    published in either H.15(519) or the H.15 Daily Update, or other recognized
    electronic source used for the purpose of displaying the applicable rate,
    by 3:00 p.m., New York City time, on the Calculation Date, the Calculation
    Agent shall determine the Federal Funds Rate to be the arithmetic mean of
    the rates for the last transaction in overnight U.S. dollar federal funds
    prior to 9:00 a.m., New York City time, on that Interest Determination Date,
    by each of three leading brokers of U.S. dollar federal funds transactions
    in The City of 

22

New York, which may include the initial dealer and its affiliates, selected by the Calculation Agent (after consultation with the Issuer).

     (iii) If the brokers selected by the Calculation Agent are not quoting as set forth in (ii) above, the Federal Funds Rate for that Interest Determination Date shall remain the Federal Funds Rate for
the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     Determination of Federal Funds (Open) Rate. If the Base Rate specified on the face hereof is the “Federal Funds (Open)
Rate”, for any Interest Determination Date, the Federal Funds (Open) Rate with respect to this Note shall be the rate on that date for U.S. dollar federal funds as published in H.15(519) under the heading
“Federal Funds (Open)” as displayed on Moneyline Telerate, or any successor service, on page 5 or any other page as may replace page 5 on that service, (“Telerate Page 5”).

     The following procedures shall be followed if the Federal Funds (Open) Rate cannot be determined as described above:

	
If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds (Open) Rate will be the rate on that Interest Determination Date
as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the heading “Federal Funds (Open).”

	
If the above rate is not yet published in either H.15(519) or the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate,
by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the Federal Funds (Open) Rate to be the arithmetic mean of the rates for the last transaction in
overnight U.S. dollar federal funds (based on the Federal Funds (Open) Rate) prior to 9:00 a.m., New York City time, on that Interest Determination Date, by each of three leading brokers of U.S.
dollar federal funds transactions in the City of New York, which may include the agent and its affiliates, selected by the Calculation Agent, after consultation with the Issuer.

	
If the brokers selected by the Calculation Agent are not quoting as set forth above, the Federal Funds (Open) Rate for that Interest Determination Date shall remain the Federal
Funds (Open) Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable will be the Initial Interest Rate.

     Determination of LIBOR. If the Base Rate specified on the face hereof is “LIBOR,” LIBOR with
respect to this Note shall be based on London Interbank Offered Rate. The Calculation Agent shall determine LIBOR for each Interest Determination Date as follows: 

     (i) As of the Interest Determination
    Date, LIBOR shall be either (a) if
  “LIBOR Reuters” is specified as the Reporting Service on the face hereof, the arithmetic mean of the offered rates for deposits in the Index Currency having the Index Maturity
    designated on the face hereof, 

23

commencing on the second London Banking Day immediately following that Interest Determination Date, that appear on the Designated LIBOR Page, as defined below, as of 11:00 a.m., London time, on that Interest Determination Date, if
at least two offered rates appear on the Designated LIBOR Page; except that if the specified Designated LIBOR Page, by its terms provides only for a single rate, that single rate shall be used; or (b) if “LIBOR
Telerate” is specified as the Reporting Service on the face hereof, the rate for deposits in the Index Currency having the Index Maturity designated on the face hereof, commencing on the second London Banking Day
immediately following that Interest Determination Date or, if pounds sterling is the Index Currency, commencing on that Interest Determination Date, that appears on the Designated LIBOR Page at approximately 11:00 a.m., London time, on that Interest
Determination Date. 

     (ii) If (a) fewer than two offered rates appear and LIBOR Reuters is specified on the face hereof, or (b) no rate appears and the face hereof specifies either (x) LIBOR Telerate or (y) LIBOR Reuters
and the Designated LIBOR Page by its terms provides only for a single rate, then the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Calculation
Agent (after consultation with the Issuer), to provide the Calculation Agent with its offered quotation for deposits in the Index Currency for the period of the Index Maturity specified on the face hereof commencing on the second London Banking Day
immediately following the Interest Determination Date or, if pounds sterling is the Index Currency, commencing on that Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that
Interest Determination Date and in a principal amount that is representative of a single transaction in that Index Currency in that market at that time.

     (iii) If at least two quotations are provided, LIBOR determined on that Interest Determination Date shall be the arithmetic mean of those quotations. If fewer than two quotations are provided, LIBOR
shall be determined for the applicable Interest Reset Date as the arithmetic mean of the rates quoted at approximately 11:00 a.m., London time, or some other time specified on the face hereof, in the applicable principal financial center for the
country of the Index Currency on that Interest Reset Date, by three major banks in that principal financial center selected by the Calculation Agent (after consultation with the Issuer) for loans in the Index Currency to leading European banks,
having the Index Maturity specified on the face hereof and in a principal amount that is representative of a single transaction in that Index Currency in that market at that time. 

     (iv) If the banks so selected by the Calculation Agent are not quoting as set forth above, the LIBOR rate for that Interest Determination Date shall remain the LIBOR for the immediately preceding
Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     The “Index Currency” means the currency specified on the face hereof as the currency for which LIBOR shall be calculated, or, if
the euro is substituted for that currency, the Index Currency shall be the euro. If that currency is not specified on the face hereof, the Index Currency shall be U.S. dollars.

24

     “Designated LIBOR Page” means either: (a) if LIBOR Reuters is designated as the Reporting Service on the face hereof, the display
on the Reuters Money 3000 Service for the purpose of displaying the London interbank rates of major banks for the applicable Index Currency or its designated successor, or (b) if LIBOR Telerate is designated as the Reporting Service on the face
hereof, the display on Moneyline Telerate, or any successor service, on the page specified on the face hereof, or any other page as may replace that page on that service, for the purpose of displaying the London interbank rates of major banks for
the applicable Index Currency.

     If neither LIBOR Reuters nor LIBOR Telerate is specified on the face hereof, LIBOR for the applicable Index Currency shall be determined as if LIBOR Telerate were specified, and, if the U.S. dollar is
the Index Currency, as if Page 3750 had been specified.

     Determination of Prime Rate. If the Base Rate specified on the face hereof is “Prime Rate,” for
any Interest Determination Date, the Prime Rate with respect to this Note shall be the rate on that date as published in H.15(519) under the heading “Bank Prime Loan.” 

     The following procedures shall be followed
  if the Prime Rate cannot be determined as described above: 

     (i) If the above
  rate is not published prior to 3:00 p.m., New York City time, on the Calculation
  Date, then the Prime Rate shall be the rate on that Interest Determination
  Date as published in the H.15 Daily Update under the heading “Bank Prime Loan.”

      (ii) If the above rate is not published
    in either H.15(519) or the H.15 Daily Update by 3:00 p.m., New York City
    time, on the Calculation Date, then the Calculation Agent shall determine
    the Prime Rate to be the arithmetic mean of the rates of interest publicly
    announced by each bank that appears on the Reuters Screen USPRIME 1 Page,
    as defined below, as that bank’s Prime Rate or base lending rate as in effect for that Interest Determination
  Date.

     (iii) If fewer than four rates for that Interest Determination Date appear on the Reuters Screen USPRIME 1 Page by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent shall
determine the Prime Rate to be the arithmetic mean of the Prime Rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on that Interest Determination Date by at least three major banks in The
City of New York, which may include affiliates of the initial dealer, selected by the Calculation Agent (after consultation with the Issuer).

     (iv) If the banks selected by the Calculation Agent are not quoting as set forth above, the Prime Rate for that Interest Determination Date shall remain the Prime Rate for the immediately preceding
Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     “Reuters Screen USPRIME 1 Page” means the display designated as page “USPRIME 1” on the Reuters Money 3000 Service, or
any successor service, or any other page as may replace the USPRIME 1 Page on that service for the purpose of displaying prime rates or base lending rates of major U.S. banks.

25

     Determination of Treasury Rate. If the Base Rate specified on the face hereof is “Treasury Rate,”
the Treasury Rate with respect to this Note shall be

      (i) the rate from the Auction held
    on the applicable Interest Determination Date (the “Auction”) of direct obligations of the
  United States (“Treasury Bills”) having the Index Maturity specified on the face hereof as that rate appears under the caption “INVESTMENT RATE” on the display on
    Moneyline Telerate, or any successor service, on page 56 or any other page as may replace page 56 on that service (“Telerate Page 56”) or page 57 or any other page as may replace
      page 57 on that service (“Telerate Page 57”); or 

     (ii) if the rate described in (i) above
    is not published by 3:00 p.m., New York City time, on the Calculation Date,
    the Bond Equivalent Yield of the rate for the applicable Treasury Bills as
    published in the H.15 Daily Update, or other recognized electronic source
    used for the purpose of displaying the applicable rate, under the caption “U.S. Government
  Securities/Treasury Bills/Auction High”; or

      (iii) if the rate described in (ii)
    above is not published by 3:00 p.m., New York City time, on the related Calculation
    Date, the Bond Equivalent Yield of the Auction rate of the applicable Treasury
  Bills, announced by the United States Department of the Treasury; or

      (iv)
  if the rate described in (iii) above is not announced by the United States
  Department of the Treasury, or if the Auction is not held, the Bond Equivalent
  Yield of the rate on the applicable Interest Determination Date of Treasury
  Bills having the Index Maturity specified on the face hereof published in
  H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”; or

      (v) if the rate
  described in (iv) above is not so published
  by 3:00 p.m., New York City time, on the related Calculation Date, the rate
  on the applicable Interest Determination Date of the applicable Treasury Bills
  as published in the H.15 Daily Update, or other recognized electronic source
    used for the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”;
  or

      (vi) if the rate described in (v)
    above is not so published by 3:00 p.m., New York City time, on the related
    Calculation Date, the rate on the applicable Interest Determination Date
    calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic
    mean of the secondary market bid rates, as of approximately 3:30 p.m., New
    York City time, on the applicable Interest Determination Date, of three primary
    U.S. government securities dealers, which may include the initial dealer
    and its affiliates, selected by the Calculation Agent, for the issue of Treasury
    Bills with a remaining maturity closest to the Index Maturity specified on
    the face hereof; or

      (vii) if the dealers selected by the
    Calculation Agent are not quoting as described in (vi), the Treasury Rate
    for the immediately preceding Interest Reset Period, or, if there was no
    Interest Reset Period, the rate of interest payable shall be the Initial
    Interest Rate.

     The “Bond Equivalent Yield” means a yield calculated in accordance with the following formula and expressed as a
percentage:

26

  

  	 	D x N  	 
	Bond Equivalent Yield
          = 	
      	  x 100 
	 	360 – (D x M) 	 

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the
interest period for which interest is being calculated.

     Determination of CMT Rate. If the Base Rate specified on the face hereof is the “CMT Rate,” for
any Interest Determination Date, the CMT Rate with respect to this Note shall be the rate displayed on the Designated CMT Telerate Page (as defined below) under the caption “... Treasury Constant Maturities ... Federal Reserve Board Release
H.15... Mondays Approximately 3:45 p.m.,” under the column for the Designated CMT Maturity Index, as defined below, for: 

     (1) the rate on that Interest Determination
    Date, if the Designated CMT Telerate Page is 7051; and 

     (2) the week or the
  month, as applicable, ended immediately preceding the week in which the related
  Interest Determination Date occurs, if the Designated CMT Telerate Page is
  7052.

     The following procedures shall be followed if the CMT Rate cannot be determined as described above: 

     (i) If the above rate is no longer
    displayed on the relevant page, or if not displayed by 3:00 p.m., New York
    City time, on the related Calculation Date, then the CMT Rate shall be the
    Treasury Constant Maturity rate for the Designated CMT Maturity Index as
    published in the relevant H.15(519).

     (ii) If the above rate is no longer published, or if not published by 3:00 p.m., New York City time, on the related Calculation Date, then the CMT Rate shall be the Treasury Constant Maturity Rate for
the Designated CMT Maturity Index or other U.S. Treasury rate for the Designated CMT Maturity Index on the Interest Determination Date as may then be published by either the Board of Governors of the Federal Reserve System or the United States
Department of the Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated CMT Telerate Page and published in the relevant H.15(519).

     (iii) If the information set forth above is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the Calculation Agent shall determine the CMT Rate to be a yield to
maturity, based on the arithmetic mean of the secondary market closing offer side prices as of approximately 3:30 p.m., New York City time, on the Interest Determination Date, reported, according to their written records, by three leading primary
U.S. government securities dealers (“Reference Dealers”) in The City of New York, which may include the initial dealer or its affiliates, selected by the Calculation Agent as
described in the following sentence. The Calculation Agent shall select five reference dealers (after consultation with the Issuer) and shall eliminate the highest quotation or, in the event of equality, one of the highest, and the lowest quotation
or, in the event of equality, one of the lowest, for the most recently issued direct 

27

noncallable fixed rate obligations of the United States (“Treasury Notes”) with an original maturity of approximately the Designated CMT Maturity Index, a
remaining term to maturity of no more than 1 year shorter than that Designated CMT Maturity Index and in a principal amount that is representative for a single transaction in the securities in that market at that time. If two Treasury Notes with an
original maturity as described above have remaining terms to maturity equally close to the Designated CMT Maturity Index, the quotes for the Treasury Note with the shorter remaining term to maturity shall be used.

     (iv) If the Calculation Agent cannot obtain three Treasury Notes quotations as described in (iii) above, the Calculation Agent shall determine the CMT Rate to be a yield to maturity based on the
arithmetic mean of the secondary market offer side prices as of approximately 3:30 p.m., New York City time, on the Interest Determination Date of three reference dealers in The City of New York, selected using the same method described in (iii)
above, for Treasury Notes with an original maturity equal to the number of years closest to but not less than the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in a principal amount
that is representative for a single transaction in the securities in that market at that time.

     (v) If three or four, and not five, of the reference dealers are quoting as described in (iv) above, then the CMT Rate for that Interest Determination Date shall be based on the arithmetic mean of the
offer prices obtained and neither the highest nor the lowest of those quotes shall be eliminated.

     (vi) If fewer than three reference dealers selected by the Calculation Agent are quoting as described in (iv) above, the CMT Rate for that Interest Determination Date shall remain the CMT Rate for the
immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

     “Designated CMT Telerate Page” means the display on Moneyline Telerate, or any successor service, on the page designated on the
face hereof or any other page as may replace that page on that service for the purpose of displaying Treasury Constant Maturities as reported in H.15(519). If no page is specified on the face hereof, the Designated CMT Telerate Page shall be 7052,
for the most recent week.

     “Designated CMT Maturity Index” means the original period to maturity of the U.S. Treasury securities, which is either 1, 2, 3, 5,
7, 10, 20 or 30 years, as specified in the applicable pricing supplement for which the CMT Rate shall be calculated. If no maturity is specified on the face hereof, the Designated CMT Maturity Index shall be two years.

     Notwithstanding the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified on the face hereof. The
Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Note will in no event be higher than the maximum rate permitted by New York law, as the same
may be modified by United States Federal law of general application.

28

     At the request of the holder hereof, the Calculation Agent will provide to the holder hereof the interest rate hereon then in effect and, if determined, the interest rate that will become effective as
of the next Interest Reset Date.

     Unless otherwise indicated on the face hereof, interest payments on this Note shall be the amount of interest accrued from and including the Interest Accrual Date or from and including the last date
to which interest has been paid or duly provided for to but excluding the Interest Payment Dates or the Maturity Date (or any earlier redemption or repayment date), as the case may be. Accrued interest hereon shall be an amount calculated by
multiplying the face amount hereof by an accrued interest factor. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the period for which interest is being paid. The interest factor for each such
date shall be computed by dividing the interest rate applicable to such day (i) by 360 if the Base Rate is CD Rate, Commercial Paper Rate, EURIBOR, Federal Funds Rate, Federal Funds (Open) Rate, Prime Rate or LIBOR (except if the Index Currency is
pounds sterling); (ii) by 365 if the Base Rate is LIBOR and the Index Currency is pounds sterling; or (iii) by the actual number of days in the year if the Base Rate is the Treasury Rate or the CMT Rate. All percentages resulting from any
calculation of the rate of interest on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point with (.000005% being rounded up to .00001%) and all U.S. dollar amounts used in or resulting from such
calculation on this Note will be rounded to the nearest cent, with one-half cent rounded upward. All Japanese Yen amounts used in or resulting from such calculations will be rounded downwards to the next lower whole Japanese Yen amount. All amounts
denominated in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such currency, with .005 being rounded up to .01. The interest rate in effect on any Interest Reset Date will be the
applicable rate as reset on such date. The interest rate applicable to any other day is the interest rate from the immediately preceding Interest Reset Date (or, if none, the Initial Interest Rate).

     This Note and all the obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among themselves and pari
passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory exceptions in the event of liquidation upon insolvency.

     This Note, and any Note or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if denominated in U.S. dollars, unless otherwise stated
above, is issuable only in denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then, unless a higher minimum denomination is
required by applicable law, it is issuable only in denominations of the equivalent of U.S. $1,000 (rounded to an integral multiple of 1,000 units of such Specified Currency), or any amount in excess thereof which is an integral multiple of 1,000
units of such Specified Currency, as determined by reference to the noon dollar buying rate in The City of New York for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York (the “Market Exchange Rate”) on the Business Day immediately preceding the date of issuance.

29

     The Trustee has been appointed registrar for the Notes, and the Trustee will maintain at its office in The City of New York a register for the registration and transfer of Notes. This Note may be
transferred at the aforesaid office of the Trustee by surrendering this Note for cancellation, accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee and duly executed by the registered holder hereof in
person or by the holder’s attorney duly authorized in writing, and thereupon the Trustee shall issue in the name of the transferee or transferees, in exchange herefor, a new Note or Notes having identical terms and provisions and having a like
aggregate principal amount in authorized denominations, subject to the terms and conditions set forth herein; provided, however, that the Trustee will not be required (i) to register the transfer of or exchange any Note that has been called for
redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part, (ii) to register the transfer of or exchange any Note if the holder thereof has exercised his right, if any, to require the Issuer to repurchase such Note
in whole or in part, except the portion of such Note not required to be repurchased, or (iii) to register the transfer of or exchange Notes to the extent and during the period so provided in the Senior Indenture with respect to the redemption of
Notes. Notes are exchangeable at said office for other Notes of other authorized denominations of equal aggregate principal amount having identical terms and provisions. All such exchanges and transfers of Notes will be free of charge, but the
Issuer may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. All Notes surrendered for exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and
the Trustee and executed by the registered holder in person or by the holder’s attorney duly authorized in writing. The date of registration of any Note delivered upon any exchange or transfer of Notes shall be such that no gain or loss of
interest results from such exchange or transfer.

     In case this Note shall at any time become mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or destruction thereof (together with the indemnity
hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in exchange for this Note, but, if this Note is
destroyed, lost or stolen, only upon receipt of evidence satisfactory to the Trustee and the Issuer that this Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them. All expenses and
reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new Note shall be borne by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

     The Senior Indenture provides that (a) if an Event of Default (as defined in the Senior Indenture) due to the default in payment of principal of or premium, if any, or interest on, any series of debt
securities issued under the Senior Indenture, including the series of Notes of which this Note forms a part, or due to the default in the performance or breach of any other covenant or warranty of the Issuer applicable to the debt securities of such
series but not applicable to all outstanding debt securities issued under the Senior Indenture, shall have occurred and be continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding debt
securities of each affected series, voting as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may then declare the principal of 

30

all debt securities of all such series and interest accrued thereon to be due and payable immediately and (b) if an Event of Default due to a default in the performance of any other of the covenants or agreements in the Senior
Indenture applicable to all outstanding debt securities issued thereunder, including this Note, or due to certain events of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred and be continuing, either the Trustee or the
holders of not less than 25% in aggregate principal amount of all outstanding debt securities issued under the Senior Indenture, voting as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may declare
the principal of all such debt securities and interest accrued thereon to be due and payable immediately, but upon certain conditions such declarations may be annulled and past defaults may be waived (except a continuing default in payment of
principal or premium, if any, or interest on such debt securities) by the holders of a majority in aggregate principal amount of the debt securities of all affected series then outstanding.

     The Senior Indenture permits the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the debt securities of all series issued under the
Senior Indenture then outstanding and affected (voting as one class), to execute supplemental indentures adding any provisions to or changing in any manner the rights of the holders of each series so affected; provided that the Issuer and the Trustee may not, without the consent of the holder of each outstanding debt security affected thereby, (i) extend the final maturity of any such debt security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change the currency of payment thereof, or modify or amend the provisions for conversion of any
currency into any other currency, or modify or amend the provisions for conversion or exchange of the debt security for securities of the Issuer or other entities or for other property or the cash value of the property (other than as provided in the
antidilution provisions or other similar adjustment provisions of the debt securities or otherwise in accordance with the terms thereof), or impair or affect the rights of any holder to institute suit for the payment thereof or (ii) reduce the
aforesaid percentage in principal amount of debt securities the consent of the holders of which is required for any such supplemental indenture.

     Except as set forth below, if the principal of, premium, if any, or interest on, this Note is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available to
the Issuer for making payments hereon due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or is no longer used by the government of the country issuing such currency or for the settlement of
transactions by public institutions within the international banking community, then the Issuer will be entitled to satisfy its obligations to the holder of this Note by making such payments in U.S. dollars on the basis of the Market Exchange Rate
on the date of such payment or, if the Market Exchange Rate is not available on such date, as of the most recent practicable date; provided, however, that if the euro has been substituted for such Specified Currency, the Issuer may at its option (or
shall, if so required by applicable law) without the consent of the holder of this Note effect the payment of principal of or premium, if any, or interest on any Note denominated in such Specified Currency in euro in lieu of such Specified Currency
in conformity with legally applicable measures taken pursuant to, or by virtue of, the Treaty establishing the European Community, as amended. Any 

31

payment made under such circumstances in U.S. dollars or euro where the required payment is in an unavailable Specified Currency will not constitute an Event of Default. If such Market Exchange Rate is not then available to the
Issuer or is not published for a particular Specified Currency, the Market Exchange Rate will be based on the highest bid quotation in The City of New York received by the Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the
second Business Day preceding the date of such payment from three recognized foreign exchange dealers (the “Exchange Dealers”) for the purchase by the quoting Exchange Dealer of
the Specified Currency for U.S. dollars for settlement on the payment date, in the aggregate amount of the Specified Currency payable to those holders or beneficial owners of Notes and at which the applicable Exchange Dealer commits to execute a
contract. One of the Exchange Dealers providing quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an affiliate of the Issuer. If those bid quotations are not available, the Exchange Rate Agent shall determine the market
exchange rate at its sole discretion.

     The “Exchange Rate Agent” shall be Morgan Stanley & Co. Incorporated, unless otherwise indicated on the face hereof.

     All determinations referred to above made by, or on behalf of, the Issuer or by, or on behalf of, the Exchange Rate Agent shall be at such entity’s sole discretion and shall, in the absence of
manifest error, be conclusive for all purposes and binding on holders of Notes.

     So long as this Note shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and premium, if any, and interest on this Note as herein
provided in the Borough of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of the Notes. The Issuer may designate other agencies for the payment of said
principal, premium and interest at such place or places (subject to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and locations of such
agencies, if any are so designated. If any European Union Directive on the taxation of savings comes into force, the Issuer will, to the extent possible as a matter of law, maintain a Paying Agent in a member state of the European Union that will
not be obligated to withhold or deduct tax pursuant to any such Directive or any law implementing or complying with, or introduced in order to conform to, such Directive.

     With respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of or interest or premium, if any, on any Notes that remain unclaimed at the end of
two years after such principal, interest or premium shall have become due and payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the holders of such Notes that such moneys shall
be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting in any way any obligation that the Issuer may have to pay the principal of or interest or premium, if any, on this Note as the same shall become due.

32

     No provision of this Note or of the Senior Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and premium, if any, and interest
on this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise agreed between the Issuer and the registered holder of this Note.

     Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the holder in whose name this Note is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

     No recourse shall be had for the payment of the principal of or premium, if any, or the interest on this Note, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of
the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Issuer or of any successor corporation, either directly or through the Issuer or any
successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York.

     As used herein, the term “U.S. Alien” means any person who is, for U.S. federal income tax purposes, (i) a non-resident alien individual, (ii) a foreign corporation, (iii) a non-resident
alien fiduciary or a foreign estate or trust or (iv) a foreign partnership one or more members of which is, for U.S. federal income tax purposes, a non-resident alien individual, a foreign corporation or a non-resident alien fiduciary of a foreign
estate or trust.

     All terms used in this Note which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them in the Senior Indenture.

33

ABBREVIATIONS

     The
following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable
laws or regulations:

	 	TEN COM 	– 	as tenants
        in common 
	 	 	 	 
	 	TEN ENT 	– 	as tenants
        by the entireties 
	 	 	 	 
	 	JT TEN 	– 	as joint
        tenants with right of survivorship and not as tenants in common 
	 	 	 	 

	 	UNIF
        GIFT MIN ACT – 	 
	Custodian	 
	 
	 	 	(Minor)	 	(Cust)	 
	 	 	 	 	 	 

	 	Under
        Uniform Gifts to Minors Act	 
	 
				
	 	 	(State)	 
	 	 	 	 
	 	Additional
        abbreviations may also be used though not in the above list.

	 	 	 	 
	 	 	 
	 
				

34

     FOR VALUE RECEIVED,
    the undersigned hereby sell(s), assign(s) and transfer(s) unto

 ____________________________________________

  [PLEASE INSERT SOCIAL SECURITY OR OTHER

        IDENTIFYING
  NUMBER OF ASSIGNEE]

	 

	 
	 

	 
	 

	[PLEASE
          PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and
    all rights thereunder, hereby irrevocably constituting and appointing such
    person attorney to transfer such note on the books of the Issuer, with full
    power of substitution in the premises.

 Dated: _______________________

NOTICE:       The
  signature to this assignment must correspond with the name as written upon
  the face of the within Note in every particular without alteration or enlargement
or any change whatsoever.

 

35

OPTION TO ELECT
REPAYMENT

     The
      undersigned hereby irrevocably requests and instructs the Issuer to repay
      the within Note (or portion thereof specified below) pursuant to its terms
      at a price equal to the principal amount thereof, together with interest
      to the Optional Repayment Date, to the undersigned at

	 

	 
	 

	 
	 

	(Please print
        or typewrite name and address of the undersigned)

         If less than
    the entire principal amount of the within Note is to be repaid, specify the
    portion thereof which the holder elects to have repaid:  _________________; and
    specify the denomination or denominations (which shall not be less than the
    minimum authorized denomination) of the Notes to be issued to the holder
    for the portion of the within Note not being repaid (in the absence of any
    such specification, one such Note will be issued for the portion not being
    repaid): __________________.

	 	 	 
	Dated:
        ________________________ 	 	_________________________________________
			NOTICE: The signature
        on this Option to Elect 

      Repayment must correspond with the name as 

      written upon the face of the within instrument in 

      every particular without alteration or enlargement.

36FORM OF FIXED RATE SENIOR NOTE 	
	 	 	 
	
REGISTERED		 		REGISTERED
	
No. FXR-1		 		 U.S. $	
	 		 		CUSIP: 61750V550	

     Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.

MORGAN STANLEY

SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES F

PERFORMANCE LEVERAGED UPSIDE SECURITIES (“PLUS”)

BEAR MARKET PLUS DUE APRIL 20, 2008 

BASED INVERSELY ON THE VALUE OF 

THE S&P 500® INDEX 

	
	ORIGINAL ISSUE DATE:
	
INITIAL REDEMPTION 

  DATE:
N/A 
	
INTEREST RATE: 

None	
	
MATURITY DATE: 

See “Maturity Date” below.	

	
INTEREST ACCRUAL D

ATE: N/A	
	
INITIAL REDEMPTION

PERCENTAGE:
N/A 
	
INTEREST PAYMENT

DATE(S):
N/A 
	
OPTIONAL REPAYMENT

DATE(S):
N/A 

	
SPECIFIED CURRENCY:

U.S.
dollars 
	
ANNUAL REDEMPTION

PERCENTAGE

REDUCTION:
N/A 
	
INTEREST PAYMENT 

PERIOD: N/A	
	
APPLICABILITY OF MODIFIED PAYMENT UPON ACCELERATION
OR REDEMPTION: See “Alternate Exchange Calculation in the Case of
an Event of Default” below. 

	
IF SPECIFIED CURRENCY
OTHER THAN U.S. DOLLARS, OPTION TO ELECT PAYMENT
IN U.S. DOLLARS: N/A
	
REDEMPTION NOTICE 

PERIOD: N/A	
	
APPLICABILITY OF 

ANNUAL INTEREST P

AYMENTS: N/A	
	
If yes, state Issue Price:

N/A 

	
EXCHANGE RATE 

AGENT: N/A
	
TAX REDEMPTION AND
PAYMENT OF ADDITIONAL AMOUNTS:
NO 
	
PRICE APPLICABLE 

UPON OPTIONAL REPAYMENT: N/A
	
ORIGINAL YIELD TO 

MATURITY: N/A	

	
OTHER PROVISIONS:

See
below 
	
IF YES, STATE INITIAL

OFFERING
DATE: N/A 
	 		 	

	Stated Principal Amount	 	$10
	 	 	 
	Underlying Index	 	The S&P 500® Index
	 	 	 
	Underlying Index Publisher 	 	Standard & Poor’s® Corporation
	 	 	 
	Initial Index Value 	 	 
	 	 	 
	Pricing Date	 	 
	 	 	 
	Denominations

	 		$10 and integral
	      multiples thereof

  2

	
      Bull Market or Bear Market PLUS 	 		
      Bear Market PLUS 
	 	 	 
	
      Maximum Payment at Maturity 	 		
      $	       per Stated Principal Amount 
	 	 	 
	
      Minimum Payment at Maturity 	 		 			
	
           if Bear Market PLUS 	 		
      $		       per Stated Principal Amount 
	 	 	 
	Leverage Factor	 	          %
	 	 	 
	Index Valuation Date(s)
	 		April 18, 2008.

If there is only one Index Valuation Date, the
    Final Index Value shall be determined on that Index Valuation Date. If there
    are multiple Index Valuation Dates, then the Final Average Index Value shall
    be determined on the last Index Valuation Date, which is referred to as the “Final
    Index Valuation Date.”

If a Market Disruption Event with respect to the Underlying Index occurs on any scheduled Index Valuation Date, or if any such Index Valuation Date is not an Index Business Day, the Index Closing Value for such date shall be
determined on the immediately succeeding Index Business Day on which no Market Disruption Event shall have occurred; provided that the Final Index Value or the Final Average Index Value, as
applicable, shall not be determined on a date later than the fifth scheduled Index Business Day after the scheduled Index Valuation Date or Final Index Valuation Date, as applicable, and if such date is not an Index Business Day or if there is a
Market Disruption Event on such date, the Calculation Agent shall determine the Index Closing Value of the Underlying Index on such date in accordance with the formula for calculating such index last in effect prior to the commencement of the Market
Disruption Event (or prior to the non-Index Business Day), without rebalancing or substitution, using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the
closing price that would have prevailed but for such suspension, limitation or non-Index Business Day) on such date of each security most recently constituting the Underlying Index.
	

  3

	Maturity Date
		 		April 20, 2008, subject
	      to extension if the scheduled Index Valuation Date or Final Index Valuation
	      Date, as applicable, is postponed in accordance with the definition thereof.
	      If the scheduled Index Valuation Date or Final Index Valuation Date, as
	      applicable, is postponed so that it falls less than two scheduled Trading
	      Days prior to the scheduled Maturity Date, the Maturity Date shall be
	      the second scheduled Trading Day following the Index Valuation Date or
	      Final Index Valuation Date, as applicable, as postponed. See “Index
	      Valuation Date(s).”

In the event that the Maturity Date of the PLUS
    is postponed due to postponement of the Index Valuation Date or the Final
    Index Valuation Date, as applicable, as described in the immediately preceding
    paragraph, the Issuer shall give notice of such postponement and, once it
    has been determined, of the date to which the Maturity Date has been rescheduled
    (i) to the holder of this PLUS by mailing notice of such postponement by
    first class mail, postage prepaid, to the holder’s last address as it shall appear upon the registry books, (ii) to the Trustee by telephone or facsimile confirmed by mailing such notice to the Trustee by first class mail, postage prepaid, at its New York office and (iii) to The
Depository Trust Company (the “Depositary”) by telephone or facsimile
confirmed by mailing such notice to the Depositary by first class mail, postage
prepaid. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the holder of this PLUS receives
the notice. The Issuer shall give such notice as promptly as possible, and in
no case later than (i) with respect to notice of postponement of the Maturity
Date, the Business Day immediately following the scheduled Index Valuation Date
or Final Index Valuation Date, as applicable, and (ii) with respect to notice
of the date to which the Maturity Date has been rescheduled, the Business Day
immediately following the actual Index Valuation Date or Final Index Valuation
Date, as applicable, for determining the Final Index Value (as defined below)
or Final Average Index Value (as defined below), as applicable.
	

  4

	Payment at Maturity
		 		At maturity, upon delivery of this PLUS to the Trustee, the Issuer shall pay with respect to each Stated Principal Amount of this PLUS an amount in cash equal to:

1. For a Bull Market PLUS, (i) if the Final Index Value, or Final Average Index Value, as applicable, is greater than the Initial Index Value, the lesser of (a) the
Stated Principal Amount plus the Leveraged Upside Payment and (b) the Maximum Payment at Maturity or (ii) if the Final Index Value or Final Average Index Value, as applicable, is less than or equal to the Initial Index Value, the Stated Principal
Amount times the Index Performance Factor.

2. For a Bear Market PLUS, (i) if the Final Index Value or Final Average Index Value, as applicable, is less than the Initial Index Value, the lesser of (a) the Stated
Principal Amount plus the Enhanced Downside Payment and (b) the Maximum Payment at Maturity or (ii) if the Final Index Value or Final Average Index Value, as applicable, is greater than or equal to the Initial Index Value, the Stated Principal
Amount minus the Upside Reduction Amount, subject to the Minimum Payment at Maturity.

The Issuer shall, or shall cause the Calculation Agent to, (i) provide written notice to the Trustee and to the Depositary of the amount of cash to be delivered with respect to each Stated Principal Amount of this PLUS, on or
prior to 10:30 a.m. on the Trading Day preceding the Maturity Date (but if such Trading Day is not a Business Day, prior to the close of business on the Business Day preceding the Maturity Date), and (ii) deliver the aggregate cash amount due with
respect to this PLUS to the Trustee for delivery to the holder of this PLUS on the Maturity Date.
	

	Applicable only for BULL MARKET PLUS
	 	 	 
	     Leveraged Upside Payment
		 		The product of (i) the Stated Principal Amount and (ii) the Leverage Factor and (iii) the Index Percent Increase.
	

  5

	     Index Performance Factor
		 		A fraction, the numerator of which shall be the Final Index Value or Final Average Index Value, as applicable, and the denominator of which shall be the Initial Index Value.
	
	 	 	 
	Applicable only for BEAR MARKET PLUS	 	 
	 	 	 
	     Enhanced Downside Payment
		 		The product of (i) the Stated Principal Amount and (ii) the Leverage Factor and (iii) the Index Percent Decrease.
	
	 	 	 
	     Upside Reduction Amount
		 		The product of (i) the Stated Principal Amount and (ii) the Index Percent Increase.
	
	 	 	 
	     Index Percent Decrease
		 		A fraction, the numerator of which shall be the Initial Index Value minus the Final Index Value or Final Average Index Value, as applicable, and the denominator of which shall be the Initial Index
Value.
	
	 	 	 
	Applicable for all PLUS	 	 
	 	 	 
	Index Percent Increase
	 		A fraction, the numerator of which shall be the Final Index Value or Final Average Index Value, as applicable, minus the Initial Index Value and the denominator of which shall be the Initial Index
Value.
	
	 	 	 
	Final Index Value
		 		For PLUS with a single Index Valuation Date, the Index Closing Value of the Underlying Index on the Index Valuation Date, as determined by the Calculation Agent; and

for PLUS with multiple Index Valuation Dates,
    the arithmetic average of the Index Closing Values of the Underlying Index
    on the Index Valuation Dates, as calculated by the Calculation Agent, which
    is referred to as the
“Final Average Index Value.”
	
	 	 	 
	Index Closing Value
		 		The Index Closing Value
	      on any Index Business Day shall equal the closing value of the Underlying
	      Index or any Successor Index (as defined under “Discontinuance of the Underlying Index; Alteration
of Method of Calculation” below) published at the regular weekday close of trading on that Index Business Day, as determined by the Calculation Agent. In certain circumstances, the Index Closing Value shall be based on the alternate calculation
of the Underlying Index described under “Discontinuance of the
	

  6

	 		 		Underlying Index; Alteration
	      of Method of Calculation.”
	
	 	 	 
	Price Source
		 		Bloomberg page “SPX,” which
	      shall be used by the Calculation Agent to determine the Index Closing
	      Value of the Underlying Index.

If such service or any successor service no longer displays the Index Closing Value of the Underlying Index, then the Calculation Agent shall designate an alternate source of such Index Closing Value, which shall be the
publisher of the Underlying Index, unless the Calculation Agent, in its sole discretion, determines that an alternate service has become the market standard for transactions related to such index.
	
	 	 	 
	Trading Day
		 		A day, as determined
	      by the Calculation Agent, on which trading is generally conducted on the
	      New York Stock Exchange LLC (“NYSE”), the American Stock Exchange
	      LLC, The NASDAQ Stock Market LLC, the Chicago Mercantile Exchange, the
	      Chicago Board of Options Exchange and in the over-the-counter market for
	      equity securities in the United States.
	
	 	 	 
	Index Business Day
		 		A day, as determined by the Calculation Agent, on which trading is generally conducted on each of the Relevant Exchange(s) for the Underlying Index, other than a day on which trading on such exchange(s)
is scheduled to close prior to the time of the posting of its regular final weekday closing price.
	
	 	 	 
	Relevant Exchange
		 		Relevant Exchange means the primary exchange(s) or market(s) of trading for (i) any security then included in the Underlying Index, or any Successor Index, and (ii) any futures or options contracts
related to the Underlying Index or to any security then included in the Underlying Index.
	
	 	 	 
	Calculation Agent
		 		Morgan Stanley & Co. Incorporated and its successors (“MS & Co.”).

All determinations made by the Calculation Agent shall be at the sole discretion of the Calculation Agent and shall, in the absence of manifest error, be conclusive for all purposes and binding on the holder of this PLUS, the
Trustee and the Issuer.
	

  7

	 		 		All calculations with respect to the Payment at Maturity shall be rounded to the nearest one billionth, with five ten-billionths rounded upward (e.g., .9876543215 would be rounded to .987654322); all dollar amounts related to determination of the amount of cash payable for each Stated Principal Amount of this PLUS shall be rounded to the nearest ten- thousandth, with five one
hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate number of PLUS shall be rounded to the nearest cent, with
one-half cent rounded upward.
	
	 	 	 
	Market Disruption Event
		 		Market Disruption Event means, with respect to the Underlying Index, the occurrence or existence of any of the following events, as determined by the Calculation Agent in its sole discretion:

(i)(a) a suspension, absence or material limitation of trading of stocks then constituting 20 percent or more of the value of the Underlying Index (or the Successor Index) on the Relevant Exchanges for such securities for more
than two hours of trading or during the one- half hour period preceding the close of the principal trading session on such Relevant Exchange; or

(b) a breakdown or failure in the price and trade reporting systems of any Relevant Exchange as a result of which the reported trading prices for stocks then constituting 20 percent or more of the value of the Underlying Index
(or the Successor Index) during the last one-half hour preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; or

(c) the suspension, material limitation or absence of trading on any major U.S. securities market for trading in futures or options contracts or exchange traded funds related to the Underlying Index (or the Successor Index) for
more than two hours of trading or during the one-half hour period preceding the close of the principal trading session on such market; and
	

  8

			 		(ii) a determination by the Calculation Agent in its sole discretion that any event described in clause (i) above materially interfered with the ability of the Issuer or any of its affiliates to unwind
or adjust all or a material portion of the hedge position with respect to this issuance of PLUS.

For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the Underlying Index is materially suspended or materially limited at that time, then the relevant
percentage contribution of that security to the value of the Underlying Index shall be based on a comparison of (x) the portion of the value of the Underlying Index attributable to that security relative to (y) the overall value of the Underlying
Index, in each case immediately before that suspension or limitation.

For the purpose of determining whether a Market Disruption Event has occurred: (1) a limitation on the hours or number of days of trading shall not constitute a Market Disruption Event if it results from an announced change in
the regular business hours of the Relevant Exchange or market, (2) a decision to permanently discontinue trading in the relevant futures or options contract or exchange traded fund shall not constitute a Market Disruption Event, (3) limitations
pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80A (or any applicable rule or regulation enacted or promulgated by any other self- regulatory organization or any government agency of scope similar to NYSE Rule 80A as determined
by the Calculation Agent) on trading during significant market fluctuations shall constitute a suspension, absence or material limitation of trading, (4) a suspension of trading in futures or options contracts or exchange traded funds on the
Underlying Index by the primary securities market trading in such contracts or funds by reason of (a) a price change exceeding limits set by such securities exchange or market, (b) an imbalance of orders relating to such contracts or funds, or (c) a
disparity in bid and ask quotes relating to such contracts or funds shall constitute a suspension, absence or material limitation of trading in futures or
	

  9

	 		 		options contracts or
	      exchange traded funds related to the Underlying Index and (5) a “suspension, absence or material limitation of trading” on
	      any Relevant Exchange or on the primary market on which futures or options
	      contracts or exchange traded funds related to the Underlying Index are
	      traded shall not include any time when such securities market is itself
	      closed for trading under ordinary circumstances.
	
	 	 	 
	Alternate Exchange Calculation	 	 
	   in the Case of an Event of Default
	 		In case an event of default with respect to the PLUS shall have occurred and be continuing, the amount declared due and payable for each Stated Principal Amount of this PLUS upon any acceleration of
this PLUS shall be determined by the Calculation Agent and shall be an amount in cash equal to the Payment at Maturity calculated using the Index Closing Value as of the date of such acceleration as the Final Index Value or Final Average Index
Value, as applicable, plus, if applicable, any accrued but unpaid interest as of the date of such acceleration.

If the maturity of the PLUS is accelerated because of an event of default as described above, the Issuer shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which
notice the Trustee may conclusively rely, and to the Depositary of the cash amount due with respect to each Stated Principal Amount of this PLUS as promptly as possible and in no event later than two Business Days after the date of
acceleration.
	
	 	 	 
	 	 	 
	Discontinuance of the Underlying Index;	 	 
	   Alteration of Method of	 	 
	   Calculation

	 		If the Underlying Index
	      Publisher discontinues publication of the Underlying Index and the Underlying
	      Index Publisher or another entity (including MS & Co.) publishes a successor or substitute index
that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Underlying Index (such index being referred to herein as a “Successor Index”),
then any subsequent Index Closing Value shall be determined by reference to the
published value of such Successor
	

  10

			 		Index at the regular weekday close of trading on any Index Business Day that the Index Closing Value is to be determined.

Upon any selection by the Calculation Agent of a Successor Index, the Calculation Agent shall cause written notice thereof to be furnished to the Trustee, to the Issuer and to the Depositary, as holder of the PLUS, within three
Trading Days of such selection.

If the Underlying Index Publisher discontinues publication of the Underlying Index prior to, and such discontinuance is continuing on, any Index Valuation Date or the date of acceleration and the Calculation Agent determines,
in its sole discretion, that no Successor Index is available at such time, then the Calculation Agent shall determine the Index Closing Value for such Index Valuation Date or date of acceleration. The Index Closing Value shall be computed by the
Calculation Agent in accordance with the formula for and method of calculating the Underlying Index last in effect prior to such discontinuance, using the closing price (or, if trading in the relevant securities has been materially suspended or
materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the close of the principal trading session of the Relevant Exchange on such Index Valuation Date or date of
acceleration of each security most recently constituting the Underlying Index without any rebalancing or substitution of such securities following such discontinuance.

If at any time the method of calculating the Underlying Index or a Successor Index, or the value thereof, is changed in a material respect, or if the Underlying Index or a Successor Index is in any other way modified so that
such index does not, in the opinion of the Calculation Agent, fairly represent the value of such index had such changes or modifications not been made, then, from and after such time, the Calculation Agent shall, at the close of business in New York
City on each date on which the Index Closing Value is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation
	

  11

	 		 		Agent, may be necessary in order to arrive at a value of a stock index comparable to the Underlying Index or such Successor Index, as the case may be, as if such changes or modifications had not been
made, and the Calculation Agent shall calculate the Final Index Value or Final Average Index Value, as applicable, with reference to the Underlying Index or such Successor Index, as adjusted. Accordingly, if the method of calculating the Underlying
Index or a Successor Index is modified so that the value of such index is a fraction of what it would have been if it had not been modified (e.g., due to a split in the index), then the Calculation Agent shall adjust such index in order to arrive at
a value of the Underlying Index or such Successor Index as if it had not been modified (e.g., as if such split had not occurred).
	

  12

       Morgan Stanley,
  a Delaware corporation (together with its successors and assigns, the “Issuer”), for value received, hereby
promises to pay to CEDE & Co., or registered assignees, the amount of cash, as determined in accordance with the provisions set forth under “Payment at Maturity” above, due with respect to the principal sum of U.S.$      (UNITED
STATES DOLLARS      ), on the Maturity Date specified above (except to the extent
redeemed or repaid prior to maturity) and to pay interest thereon at the Interest
Rate per annum specified above, from and including the Interest Accrual Date
specified above until the principal hereof is paid or duly made available for
payment weekly, monthly, quarterly, semiannually or annually in arrears as specified
above as the Interest Payment Period on each Interest Payment Date (as specified
above), commencing on the Interest Payment Date next succeeding the Interest
Accrual Date specified above, and at maturity (or on any redemption or repayment
date); provided,
however, that if the Interest Accrual Date occurs between a Record Date, as defined below, and the next succeeding Interest Payment Date, interest payments will commence on the second Interest Payment Date succeeding
the Interest Accrual Date to the registered holder of this Note on the Record Date with respect to such second Interest Payment Date; and provided, further,
that if this Note is subject to
“Annual Interest Payments,” interest payments shall be made annually
in arrears and the term “Interest Payment Date” shall be deemed
to mean the first day of March in each year.

       Interest on
  this Note will accrue from and including the most recent date to which interest
  has been paid or duly provided for, or, if no interest has been paid or duly
  provided for, from and including the Interest Accrual Date, until but excluding
  the date the principal hereof has been paid or duly made available for payment.
  The interest so payable, and punctually paid or duly provided for, on any Interest
  Payment Date will, subject to certain exceptions described herein, be paid
  to the person in whose name this Note (or one or more predecessor Notes) is
  registered at the close of business on the date 15 calendar days prior to such
  Interest Payment Date (whether or not a Business Day (as defined below)) (each
  such date, a “Record Date”); provided, however, that
  interest payable at maturity (or any redemption or repayment date) will be
  payable to the person to whom the principal hereof shall be payable. As used
  herein, “Business Day” means any day, other than a Saturday
  or Sunday, (a) that is neither a legal holiday nor a day on which banking institutions
  are authorized or required by law or regulation to close (x) in The City of
  New York or (y) if this Note is denominated in a Specified Currency other than
  U.S. dollars, euro or Australian dollars, in the principal financial center
  of the country of the Specified Currency, or (z) if this Note is denominated
  in Australian dollars, in Sydney and (b) if this Note is denominated in euro,
  that is also a day on which the Trans-European Automated Real-time Gross Settlement
  Express Transfer System (“TARGET”) is operating (a “TARGET Settlement
Day”).

       Payment of the principal of this Note, any premium and the interest due at maturity (or any redemption or repayment date), unless this Note is denominated in a Specified Currency other than U.S.
dollars and is to be paid in whole or in part in such Specified Currency, will be made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined on the reverse hereof, maintained for that
purpose in the Borough of Manhattan, The City of New York, or at such other paying agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity or on any

  13

  date of redemption or repayment, will be made by
  U.S. dollar check mailed to the address of the person entitled thereto as such
  address shall appear in the Note register. A holder of U.S. $10,000,000
  (or the equivalent in a Specified Currency) or more in aggregate principal
  amount of Notes having the same Interest Payment Date, the interest on which
  is payable in U.S. dollars, shall be entitled to receive payments of interest,
  other than interest due at maturity or on any date of redemption or repayment,
  by wire transfer of immediately available funds if appropriate wire transfer
  instructions have been received by the Paying Agent in writing not less than
15 calendar days prior to the applicable Interest Payment Date.

       If this Note is denominated in a Specified Currency other than U.S. dollars, and the holder does not elect (in whole or in part) to receive payment in U.S. dollars pursuant to the next succeeding
paragraph, payments of interest, principal or any premium with regard to this Note will be made by wire transfer of immediately available funds to an account maintained by the holder hereof with a bank located outside the United States if
appropriate wire transfer instructions have been received by the Paying Agent in writing, with respect to payments of interest, on or prior to the fifth Business Day after the applicable Record Date and, with respect to payments of principal or any
premium, at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be; provided that, if payment of interest, principal or any premium with
regard to this Note is payable in euro, the account must be a euro account in a country for which the euro is the lawful currency, provided, further, that if such wire transfer instructions
are not received, such payments will be made by check payable in such Specified Currency mailed to the address of the person entitled thereto as such address shall appear in the Note register; and provided,
further, that payment of the principal of this Note, any premium and the interest due at maturity (or on any redemption or repayment date) will be made upon surrender of this Note at the office or agency referred to in
the preceding paragraph.

       If so indicated on the face hereof, the holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may elect to receive all or a portion of payments on this Note in U.S.
dollars by transmitting a written request to the Paying Agent, on or prior to the fifth Business Day after such Record Date or at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be.  Such
election shall remain in effect unless such request is revoked by written notice to the Paying Agent as to all or a portion of payments on this Note at least five Business Days prior to such Record Date, for payments of interest, or at least ten
calendar days prior to the Maturity Date or any redemption or repayment date, for payments of principal, as the case may be.

       If the holder elects to receive all or a portion of payments of principal of, premium, if any, and interest on this Note, if denominated in a Specified Currency other than U.S. dollars, in U.S.
dollars, the Exchange Rate Agent (as defined on the reverse hereof) will convert such payments into U.S. dollars. In the event of such an election, payment in respect of this Note will be based upon the exchange rate as determined by the Exchange
Rate Agent based on the highest bid quotation in The City of New York received by such Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date from three recognized
foreign exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent is an affiliate of the Issuer) for the purchase by the

  14

  quoting dealer of the Specified Currency for U.S. dollars for settlement on such payment date in the amount of the Specified Currency payable in the absence of such an election to such holder and at which the applicable dealer
commits to execute a contract. If such bid quotations are not available, such payment will be made in the Specified Currency. All currency exchange costs will be borne by the holder of this Note by deductions from such payments.

       Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this
place.

       Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior
Indenture, as defined on the reverse hereof, or be valid or obligatory for any purpose.

  15

      IN
    WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

	DATED: 	 	 
	 	 	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	 	 
	 	 	 	 	 

TRUSTEE’S CERTIFICATE

    OF
AUTHENTICATION

 This is one of the
    Notes referred

      to
  in the within-mentioned

      Senior
  Indenture.

  	THE BANK OF
      NEW YORK,  
	      as
          Trustee 
	 	 	 
	By:	 
	 	

	 	Authorized Officer 

  16

  REVERSE OF SECURITY

       This Note is
  one of a duly authorized issue of Senior Global Medium-Term Notes, Series F,
  (the “Notes”) of the Issuer. The Notes
are issuable under a Senior Indenture, dated as of November 1, 2004, between
  the Issuer and The Bank of New York, a New York banking corporation (as successor
  Trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)),
  as Trustee (the “Trustee,” which term includes any successor
  trustee under the Senior Indenture) (as may be amended or supplemented from
  time to time, the “Senior Indenture”), to which Senior Indenture
  and all indentures supplemental thereto reference is hereby made for a statement
  of the respective rights, limitations of rights, duties and immunities of the
  Issuer, the Trustee and holders of the Notes and the terms upon which the Notes
  are, and are to be, authenticated and delivered. The Issuer has appointed The
  Bank of New York (as successor to JPMorgan Chase Bank, N.A.) at its corporate
  trust office in The City of New York as the paying agent (the “Paying Agent,” which
  term includes any additional or successor Paying Agent appointed by the Issuer)
  with respect to the Notes. The terms of individual Notes may vary with respect
  to interest rates, interest rate formulas, issue dates, maturity dates, or
  otherwise, all as provided in the Senior Indenture. To the extent not inconsistent
  herewith, the terms of the Senior Indenture are hereby incorporated by reference
herein.

       Unless otherwise indicated on the face hereof, this Note will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or subject to repayment at the option of the holder prior to maturity.

       If so indicated
  on the face hereof, this Note may be redeemed in whole or in part at the option
  of the Issuer on or after the Initial Redemption Date specified on the face
  hereof on the terms set forth on the face hereof, together with interest accrued
  and unpaid hereon to the date of redemption. If this Note is subject to “Annual Redemption Percentage Reduction,” the Initial Redemption Percentage indicated on the face hereof will
be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified on the face hereof until the redemption price of this Note is 100% of the principal amount hereof, together with interest accrued
and unpaid hereon to the date of redemption. If the face hereof indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption”,
the amount of principal payable upon redemption will be limited to the aggregate
principal amount hereof multiplied by the sum of the Issue Price specified on
the face hereof (expressed as a percentage of the aggregate principal amount)
plus the original issue discount accrued from the Interest Accrual Date to the
date of redemption (expressed as a percentage of the aggregate principal amount),
with the amount of original issue discount accrued being calculated using a constant
yield method (as described below). Notice of redemption shall be mailed to the
registered holders of the Notes designated for redemption at their addresses
as the same shall appear on the Note register not less than 30 nor more than
60 calendar days prior to the date fixed for redemption or within the Redemption
Notice Period specified on the face hereof, subject to all the conditions and
provisions of the Senior Indenture. In the event of redemption of this Note in
part only, a new Note or Notes for the amount of the unredeemed portion hereof
shall be issued in the name of the holder hereof upon the cancellation hereof.

  17

       If so indicated
  on the face of this Note, this Note will be subject to repayment at the option
  of the holder on the Optional Repayment Date or Dates specified on the face
  hereof on the terms set forth herein. On any Optional Repayment Date, this
  Note will be repayable in whole or in part in increments of $1,000 or,
  if this Note is denominated in a Specified Currency other than U.S. dollars,
  in increments of 1,000 units of such Specified Currency (provided that any
  remaining principal amount hereof shall not be less than the minimum authorized
  denomination hereof) at the option of the holder hereof at a price equal to
  100% of the principal amount to be repaid, together with interest accrued and
  unpaid hereon to the date of repayment, provided that if the face hereof
  indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption”, the
amount of principal payable upon repayment will be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage of the aggregate principal amount) plus the original
issue discount accrued from the Interest Accrual Date to the date of repayment (expressed as a percentage of the aggregate principal amount), with the amount of original issue discount accrued being calculated using a constant yield method (as
described below). For this Note to be repaid at the option of the holder hereof, the Paying Agent must receive at its corporate trust office in the Borough of Manhattan, The City of New York, at least 15 but not more than 30 calendar days prior to
the date of repayment, (i) this Note with the form entitled “Option to Elect Repayment” below duly completed or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the National
Association of Securities Dealers, Inc. or a commercial bank or a trust company in the United States setting forth the name of the holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this
Note’s tenor and terms, the principal amount hereof to be repaid, a statement that the option to elect repayment is being exercised thereby and a guarantee that this Note, together with the form entitled “Option to Elect Repayment”
duly completed, will be received by the Paying Agent not later than the fifth
Business Day after the date of such telegram, telex, facsimile transmission or
letter; provided, that such
telegram, telex, facsimile transmission or letter shall only be effective if this Note and form duly completed are received by the Paying Agent by such fifth Business Day. Exercise of such repayment option by the holder hereof shall be irrevocable.
In the event of repayment of this Note in part only, a new Note or Notes for the amount of the unpaid portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

       Interest payments on this Note will include interest accrued to but excluding the Interest Payment Dates or the Maturity Date (or any earlier redemption or repayment date), as the case may be. Unless
otherwise provided on the face hereof, interest payments for this Note will be computed and paid on the basis of a 360-day year of twelve 30-day months.

       In the case where the Interest Payment Date or the Maturity Date (or any redemption or repayment date) does not fall on a Business Day, payment of interest, premium, if any, or principal otherwise
payable on such date need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or on the Maturity Date (or any redemption or repayment date), and no
interest on such

  18

  payment shall accrue for the period from and after the Interest Payment Date or the Maturity Date (or any redemption or repayment date) to such next succeeding Business Day.

       This Note and all the obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among themselves and pari
passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory exceptions in the event of liquidation upon insolvency.

       This Note,
  and any Note or Notes issued upon transfer or exchange hereof, is issuable
  only in fully registered form, without coupons, and, if denominated in U.S.
  dollars, unless otherwise stated above, is issuable only in denominations of
  U.S. $1,000 and any integral multiple of U.S. $1,000 in excess thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then, unless a higher minimum denomination is
required by applicable law, it is issuable only in denominations of the equivalent of U.S. $1,000
(rounded to an integral multiple of 1,000 units of such Specified Currency),
or any amount in excess thereof which is an integral multiple of 1,000 units
of such Specified Currency, as determined by reference to the noon dollar buying
rate in The City of New York for cable transfers of such Specified Currency published
by the Federal Reserve Bank of New York (the “Market Exchange Rate”)
on the Business Day immediately preceding the date of issuance.

       The Trustee
  has been appointed registrar for the Notes, and the Trustee will maintain at
  its office in The City of New York a register for the registration and transfer
  of Notes. This Note may be transferred at the aforesaid office of the Trustee
  by surrendering this Note for cancellation, accompanied by a written instrument
  of transfer in form satisfactory to the Issuer and the Trustee and duly executed
  by the registered holder hereof in person or by the holder’s attorney
  duly authorized in writing, and thereupon the Trustee shall issue in the name
  of the transferee or transferees, in exchange herefor, a new Note or Notes
  having identical terms and provisions and having a like aggregate principal
  amount in authorized denominations, subject to the terms and conditions set
  forth herein; provided, however, that the Trustee will not be required
  (i) to register the transfer of or exchange any Note that has been called for
  redemption in whole or in part, except the unredeemed portion of Notes being
  redeemed in part, (ii) to register the transfer of or exchange any Note if
  the holder thereof has exercised his right, if any, to require the Issuer to
  repurchase such Note in whole or in part, except the portion of such Note not
  required to be repurchased, or (iii) to register the transfer of or exchange
  Notes to the extent and during the period so provided in the Senior Indenture
  with respect to the redemption of Notes. Notes are exchangeable at said office
  for other Notes of other authorized denominations of equal aggregate principal
  amount having identical terms and provisions. All such exchanges and transfers
  of Notes will be free of charge, but the Issuer may require payment of a sum
  sufficient to cover any tax or other governmental charge in connection therewith.
  All Notes surrendered for exchange shall be accompanied by a written instrument
  of transfer in form satisfactory to the Issuer and the Trustee and executed
  by the registered holder in person or by the holder’s attorney duly authorized
  in writing. The date of registration of any Note delivered upon any exchange
or

  19

  transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer.

       In case this Note shall at any time become mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or destruction thereof (together with the indemnity
hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in exchange for this Note, but, if this Note is
destroyed, lost or stolen, only upon receipt of evidence satisfactory to the Trustee and the Issuer that this Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them.  All expenses and
reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new Note shall be borne by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

       The Senior
  Indenture provides that (a) if an Event of Default (as defined in the Senior
  Indenture) due to the default in payment of principal of, premium, if any,
  or interest on, any series of debt securities issued under the Senior Indenture,
  including the series of Senior Medium-Term Notes of which this Note forms a
  part, or due to the default in the performance or breach of any other covenant
  or warranty of the Issuer applicable to the debt securities of such series
  but not applicable to all outstanding debt securities issued under the Senior
  Indenture shall have occurred and be continuing, either the Trustee or the
  holders of not less than 25% in aggregate principal amount of the outstanding
  debt securities of each affected series, voting as one class, by notice in
  writing to the Issuer and to the Trustee, if given by the securityholders,
  may then declare the principal of all debt securities of all such series and
  interest accrued thereon to be due and payable immediately and (b) if an Event
  of Default due to a default in the performance of any other of the covenants
  or agreements in the Senior Indenture applicable to all outstanding debt securities
  issued thereunder, including this Note, or due to certain events of bankruptcy,
  insolvency or reorganization of the Issuer, shall have occurred and be continuing,
  either the Trustee or the holders of not less than 25% in aggregate principal
  amount of all outstanding debt securities issued under the Senior Indenture,
  voting as one class, by notice in writing to the Issuer and to the Trustee,
  if given by the securityholders, may declare the principal of all such debt
  securities and interest accrued thereon to be due and payable immediately,
  but upon certain conditions such declarations may be annulled and past defaults
  may be waived (except a continuing default in payment of principal or premium,
  if any, or interest on such debt securities) by the holders of a majority in
  aggregate principal amount of the debt securities of all affected series then
outstanding.

       If the face
  hereof indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption,” then
  (i) if the principal hereof is declared to be due and payable as described
  in the preceding paragraph, the amount of principal due and payable with respect
  to this Note shall be limited to the aggregate principal amount hereof multiplied
  by the sum of the Issue Price specified on the face hereof (expressed as a
  percentage of the aggregate principal amount) plus the original issue discount
  accrued from the Interest Accrual Date to the date of declaration (expressed
as a percentage of the aggregate principal amount), with the amount of

  20

  original issue discount accrued being calculated using a constant yield method (as described in the next paragraph), (ii) for the purpose of any vote of securityholders taken pursuant to the Senior Indenture prior to the
acceleration of payment of this Note, the principal amount hereof shall equal the amount that would be due and payable hereon, calculated as set forth in clause (i) above, if this Note were declared to be due and payable on the date of any such vote
and (iii) for the purpose of any vote of securityholders taken pursuant to the Senior Indenture following the acceleration of payment of this Note, the principal amount hereof shall equal the amount of principal due and payable with respect to this
Note, calculated as set forth in clause (i) above.

       The constant
  yield shall be calculated using a 30-day month, 360-day year convention, a
  compounding period that, except for the initial period (as defined below),
  corresponds to the shortest period between Interest Payment Dates (with ratable
  accruals within a compounding period), and an assumption that the maturity
  will not be accelerated. If the period from the Original Issue Date to the
  first Interest Payment Date (the “initial
period”) is shorter than the compounding period for this Note, a proportionate
amount of the yield for an entire compounding period will be accrued. If the
initial period is longer than the compounding period, then the period will be
divided into a regular compounding period and a short period with the short period
being treated as provided in the preceding sentence.

       If the face
  hereof indicates that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” this Note may be redeemed, as a whole, at the option of the Issuer at any time
prior to maturity, upon the giving of a notice of redemption as described below, at a redemption price equal to 100% of the principal amount hereof, together with accrued interest to the date fixed for redemption (except that if this Note is subject
to “Modified Payment upon Acceleration or Redemption,” the amount of
principal so payable will be limited to the aggregate principal amount hereof
multiplied by the sum of the Issue Price specified on the face hereof (expressed
as a percentage of the aggregate principal amount) plus the original issue discount
accrued from the Interest Accrual Date to the date of redemption (expressed as
a percentage of the aggregate principal amount), with the amount of original
issue discount accrued being calculated using a constant yield method (as described
above)), if the Issuer determines that, as a result of any change in or amendment
to the laws (including a holding, judgment or as ordered by a court of competent
jurisdiction), or any regulations or rulings promulgated thereunder, of the United
States or of any political subdivision or taxing authority thereof or therein
affecting taxation, or any change in official position regarding the application
or interpretation of such laws, regulations or rulings, which change or amendment
occurs, becomes effective or, in the case of a change in official position, is
announced on or after the Initial Offering Date hereof, the Issuer has or will
become obligated to pay Additional Amounts, as defined below, with respect to
this Note as described below. Prior to the giving of any notice of redemption
pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate
stating that the Issuer is entitled to effect such redemption and setting forth
a statement of facts showing that the conditions precedent to the right of the
Issuer to so redeem have occurred, and (ii) an opinion of independent legal counsel
satisfactory to the Trustee to such effect based on such statement of facts; provided that no such notice of redemption shall be given earlier than 60 calendar days prior to the earliest date on which the Issuer would be obligated to
pay such Additional Amounts if a payment in respect of this Note were then due.

  21

       Notice of redemption will be given not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof, which
date and the applicable redemption price will be specified in the notice.

       If the face
  hereof indicates that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” the
  Issuer will, subject to certain exceptions and limitations set forth below,
  pay such additional amounts (the “Additional Amounts”) to
  the holder of this Note who is a U.S. Alien as may be necessary in order that
  every net payment of the principal of and interest on this Note and any other
  amounts payable on this Note, after withholding or deduction for or on account
  of any present or future tax, assessment or governmental charge imposed upon
  or as a result of such payment by the United States, or any political subdivision
  or taxing authority thereof or therein, will not be less than the amount provided
  for in this Note to be then due and payable. The Issuer will not, however,
  make any payment of Additional Amounts to any such holder who is a U.S. Alien
for or on account of:

       (a) any present or future tax, assessment or other governmental charge that would not have been so imposed but for (i) the existence of any present or former connection between such holder, or between
a fiduciary, settlor, beneficiary, member or shareholder of such holder, if such holder is an estate, a trust, a partnership or a corporation for U.S. federal income tax purposes, and the United States, including, without limitation, such holder, or
such fiduciary, settlor, beneficiary, member or shareholder, being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein or
(ii) the presentation by or on behalf of the holder of this Note for payment on a date more than 15 calendar days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs
later;

       (b) any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar tax, assessment or governmental charge;

       (c) any tax,
  assessment or other governmental charge imposed by reason of such holder’s
  past or present status as a controlled foreign corporation or passive foreign
  investment company with respect to the United States or as a corporation which
  accumulates earnings to avoid U.S. federal income tax or as a private foundation
  or other tax-exempt organization or a bank receiving interest under Section
881(c)(3)(A) of the Internal Revenue Code of 1986, as amended;

       (d) any tax, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments on or in respect of this Note;

       (e) any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal of, or interest on, this Note, if such payment can be made without such
withholding by any other Paying Agent in a city in Western Europe;

  22

       (f) any tax, assessment or other governmental charge that would not have been imposed but for the failure to comply with certification, information or other reporting requirements concerning the
nationality, residence or identity of the holder or beneficial owner of this Note, if such compliance is required by statute or by regulation of the United States or of any political subdivision or taxing authority thereof or therein as a
precondition to relief or exemption from such tax, assessment or other governmental charge;

       (g) any tax,
  assessment or other governmental charge imposed by reason of such holder’s
  past or present status as the actual or constructive owner of 10% or more of
  the total combined voting power of all classes of stock entitled to vote of
the Issuer or as a direct or indirect subsidiary of the Issuer; or

       (h) any combination of items (a), (b), (c), (d), (e), (f) or (g).

  In addition, the Issuer shall not be required to make any payment of Additional Amounts (i) to any such holder where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any
law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; or (ii) by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting this
Note or the relevant coupon to another Paying Agent in a member state of the European Union. Nor shall the Issuer pay Additional Amounts with respect to any payment on this Note to a U.S. Alien who is a fiduciary or partnership or other than the
sole beneficial owner of such payment to the extent such payment would be required by the laws of the United States (or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to
such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the holder of this Note.

       The Senior Indenture permits the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the debt securities of all series issued under the
Senior Indenture then outstanding and affected (voting as one class), to execute supplemental indentures adding any provisions to or changing in any manner the rights of the holders of each series so affected; provided that the Issuer and the Trustee may not, without the consent of the holder of each outstanding debt security affected thereby, (a) extend the final maturity of any such debt security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change the currency of payment thereof, or modify or amend the provisions for conversion of any
currency into any other currency, or modify or amend the provisions for conversion or exchange of the debt security for securities of the Issuer or other entities or for other property or the cash value of the property (other than as provided in the
antidilution provisions or other similar adjustment provisions of the debt securities or otherwise in accordance with the terms thereof), or impair or affect the rights of any holder to institute suit for the payment thereof or (b) reduce the
aforesaid percentage in principal amount of debt securities the consent of the holders of which is required for any such supplemental indenture.

  23

       Except as set forth below, if the principal of, premium, if any, or interest on this Note is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available to the
Issuer for making payments hereon due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or is no longer used by the government of the country issuing such currency or for the settlement of transactions by
public institutions within the international banking community, then the Issuer will be entitled to satisfy its obligations to the holder of this Note by making such payments in U.S. dollars on the basis of the Market Exchange Rate on the date of
such payment or, if the Market Exchange Rate is not available on such date, as of the most recent practicable date; provided, however,
that if the euro has been substituted for such Specified Currency, the Issuer
may at its option (or shall, if so required by applicable law) without the consent
of the holder of this Note effect the payment of principal of, premium, if any,
or interest on any Note denominated in such Specified Currency in euro in lieu
of such Specified Currency in conformity with legally applicable measures taken
pursuant to, or by virtue of, the Treaty establishing the European Community,
as amended. Any payment made under such circumstances in U.S. dollars or euro
where the required payment is in an unavailable Specified Currency will not constitute
an Event of Default. If such Market Exchange Rate is not then available to the
Issuer or is not published for a particular Specified Currency, the Market Exchange
Rate will be based on the highest bid quotation in The City of New York received
by the Exchange Rate Agent at approximately 11:00 a.m., New York City time, on
the second Business Day preceding the date of such payment from three recognized
foreign exchange dealers (the “Exchange Dealers”) for the purchase
by the quoting Exchange Dealer of the Specified Currency for U.S. dollars for
settlement on the payment date, in the aggregate amount of the Specified Currency
payable to those holders or beneficial owners of Notes and at which the applicable
Exchange Dealer commits to execute a contract. One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer. If those bid quotations are not available, the Exchange
Rate Agent shall determine the market exchange rate at its sole discretion.

       The “Exchange Rate Agent” shall be Morgan Stanley & Co.
Incorporated, unless otherwise indicated on the face hereof.

       All determinations
  referred to above made by, or on behalf of, the Issuer or by, or on behalf
  of, the Exchange Rate Agent shall be at such entity’s sole discretion
  and shall, in the absence of manifest error, be conclusive for all purposes
and binding on holders of Notes and coupons.

       So long as this Note shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and premium, if any, and interest on this Note as herein
provided in the Borough of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of the Notes. The Issuer may designate other agencies for the payment of said
principal, premium and interest at such place or places (subject to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and locations of such
agencies, if any are so designated. If any European Union Directive on the taxation of savings comes into force, the Issuer will, to the extent possible as a matter of law,

  24

  maintain a Paying Agent in a member state of the European Union that will not be obligated to withhold or deduct tax pursuant to any such Directive or any law implementing or complying with, or introduced in order to conform to,
such Directive.

       With respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of or interest or premium, if any, on any Notes that remain unclaimed at the end of
two years after such principal, interest or premium shall have become due and payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the holders of such Notes that such moneys shall
be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting in any way any obligation that the Issuer may have to pay the principal of or interest or premium, if any, on this Note as the same shall become due.

       No provision of this Note or of the Senior Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on
this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise agreed between the Issuer and the registered holder of this Note.

       Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the holder in whose name this Note is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

       No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Note, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of
the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Issuer or of any successor corporation, either directly or through the Issuer or any
successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

       This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York.

       As used herein,
  the term “U.S. Alien” means any person who is, for U.S. federal income
  tax purposes, (i) a nonresident alien individual, (ii) a foreign corporation,
  (iii) a nonresident alien fiduciary of a foreign estate or trust or (iv) a
  foreign partnership one or more of the members of which is, for U.S. federal
  income tax purposes, a nonresident alien individual, a foreign corporation
or a nonresident alien fiduciary of a foreign estate or trust.

       All terms used in this Note which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them in the Senior Indenture.

  25

ABBREVIATIONS

      The
    following abbreviations, when used in the inscription on the face of this
    instrument, shall be construed as though they were written out in full according
    to applicable laws or regulations:

	 	TEN COM 	– 	as tenants
        in common 
	 	 	 	 
	 	TEN ENT 	– 	as tenants
        by the entireties 
	 	 	 	 
	 	JT TEN 	– 	as joint
        tenants with right of survivorship and not as tenants in common 
	 	 	 	 

	 	UNIF
        GIFT MIN ACT – 	 
	Custodian	 
	 
	 	 	(Minor)	 	(Cust)	 
	 	 	 	 	 	 

	 	Under
        Uniform Gifts to Minors Act	 
	 
				
	 	 	(State)	 
	 	 	 	 
	 	Additional
        abbreviations may also be used though not in the above list.

	 	 	 	 
	 	 	 
	 
				

  26

    FOR
    VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
    unto

 ____________________________________________

  [PLEASE INSERT SOCIAL SECURITY OR OTHER

        IDENTIFYING
  NUMBER OF ASSIGNEE]

	 

	 
	 

	 
	 

	[PLEASE PRINT
          OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and
    all rights thereunder, hereby irrevocably constituting and appointing such
    person attorney to transfer such note on the books of the Issuer, with full
    power of substitution in the premises.

 Dated: _______________________

 

	NOTICE:	 The signature
        to this assignment must correspond with the name as written upon the
        face of the within Note in every particular without alteration or enlargement
        or any change whatsoever.

27

  

 OPTION TO ELECT
      REPAYMENT

     The
      undersigned hereby irrevocably requests and instructs the Issuer to repay
      the within Note (or portion thereof specified below) pursuant to its terms
      at a price equal to the principal amount thereof, together with interest
to the Optional Repayment Date, to the undersigned at

	 

	 
	 

	 
	 

	(Please print
        or typewrite name and address of the undersigned)

       If less than
  the entire principal amount of the within Note is to be repaid, specify the
  portion thereof which the holder elects to have repaid:  _________________;
  and specify the denomination or denominations
  (which shall not be less than the minimum authorized denomination) of the Notes
  to be issued to the holder for the portion of the within Note not being repaid
  (in the absence of any such specification, one such Note will be issued for
  the portion not being repaid): __________________.

	 	 	 
	Dated:
        ________________________ 	 	_________________________________________
			NOTICE: The signature
        on this Option to Elect 

      Repayment must correspond with the name as 

      written
      upon the face of the within instrument in 

      every particular without alteration
  or enlargement.

 28

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