Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due January 6, 2028, linked to the worst-performing of the Nasdaq-100 Technology Sector Index, Russell 2000 Index, and S&P 500 Index. The securities will pay a contingent monthly coupon of at least 13.05% annually if each index closes at or above 80% of its initial value on the observation date.Starting July 9, 2025, the securities may be redeemed quarterly based on a risk-neutral valuation model. If not redeemed, at maturity investors will receive the principal amount if each index closes at or above 70% of its initial value. Otherwise, investors will be exposed to the worst-performing index's decline.The securities involve risks including potential loss of principal and limited upside participation. They are priced at $1,000 per security with an estimated value of approximately $976.50. Morgan Stanley & Co. LLC will sell the securities to an unaffiliated dealer for further sale to fee-based advisory accounts.

Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due January 6, 2028, linked to the worst-performing of the Nasdaq-100 Technology Sector Index, Russell 2000 Index, and S&P 500 Index. The securities will pay a contingent monthly coupon of at least 13.05% annually if each index closes at or above 80% of its initial value on the observation date.Starting July 9, 2025, the securities may be redeemed quarterly based on a risk-neutral valuation model. If not redeemed, at maturity investors will receive the principal amount if each index closes at or above 70% of its initial value. Otherwise, investors will be exposed to the worst-performing index's decline.The securities involve risks including potential loss of principal and limited upside participation. They are priced at $1,000 per security with an estimated value of approximately $976.50. Morgan Stanley & Co. LLC will sell the securities to an unaffiliated dealer for further sale to fee-based advisory accounts.