Morgan Stanley Finance LLC is offering Callable Contingent Income Buffered Securities due November 29, 2027, linked to the worst-performing of the Utilities Select Sector SPDR Fund, Russell 2000 Futures Excess Return Index, and S&P 500 Futures Excess Return Index. The securities will pay a contingent monthly coupon at an annual rate of at least 11.60% if each underlying closes at or above 75% of its initial level on the observation date.Beginning March 27, 2025, the securities may be redeemed early based on a risk neutral valuation model. At maturity, if not redeemed early, investors will receive the principal amount unless any underlying has declined by more than 25% from its initial level. In that case, investors will lose 1.3333% for every 1% decline in the worst-performing underlying beyond 25%.The securities involve significant risks, including potential loss of principal. They do not guarantee regular interest payments and limit upside participation. Morgan Stanley's credit risk applies. The estimated value on the pricing date will be less than the issue price.

Morgan Stanley Finance LLC is offering Callable Contingent Income Buffered Securities due November 29, 2027, linked to the worst-performing of the Utilities Select Sector SPDR Fund, Russell 2000 Futures Excess Return Index, and S&P 500 Futures Excess Return Index. The securities will pay a contingent monthly coupon at an annual rate of at least 11.60% if each underlying closes at or above 75% of its initial level on the observation date.Beginning March 27, 2025, the securities may be redeemed early based on a risk neutral valuation model. At maturity, if not redeemed early, investors will receive the principal amount unless any underlying has declined by more than 25% from its initial level. In that case, investors will lose 1.3333% for every 1% decline in the worst-performing underlying beyond 25%.The securities involve significant risks, including potential loss of principal. They do not guarantee regular interest payments and limit upside participation. Morgan Stanley's credit risk applies. The estimated value on the pricing date will be less than the issue price.