Morgan Stanley Finance LLC is offering Jump Securities with Auto-Callable Feature due January 12, 2028, linked to the worst-performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index, and Russell 2000 Index. The securities offer potential early redemption of at least $1,192.50 per $1,000 principal if all indices close at or above their initial values on the first determination date.If not redeemed early, at maturity investors receive $1,000 plus 150% of the worst-performing index's positive return if all indices close at or above initial values. If any index closes below its initial value but all are at or above 70% of initial values, investors receive $1,000. If any index closes below 70% of its initial value, investors are fully exposed to the worst-performing index's negative return.The securities involve significant risks and do not guarantee any return of principal. Morgan Stanley estimates the value of each security on the pricing date will be approximately $948.90, less than the $1,000 issue price.

Morgan Stanley Finance LLC is offering Jump Securities with Auto-Callable Feature due January 12, 2028, linked to the worst-performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index, and Russell 2000 Index. The securities offer potential early redemption of at least $1,192.50 per $1,000 principal if all indices close at or above their initial values on the first determination date.If not redeemed early, at maturity investors receive $1,000 plus 150% of the worst-performing index's positive return if all indices close at or above initial values. If any index closes below its initial value but all are at or above 70% of initial values, investors receive $1,000. If any index closes below 70% of its initial value, investors are fully exposed to the worst-performing index's negative return.The securities involve significant risks and do not guarantee any return of principal. Morgan Stanley estimates the value of each security on the pricing date will be approximately $948.90, less than the $1,000 issue price.