Morgan Stanley Finance LLC is offering 5-year Contingent Income Auto-Callable Securities due December 24, 2029, linked to the worst performing of the Russell 2000 Index, S&P 500 Index, and SPDR S&P Regional Banking ETF. The securities offer a contingent monthly coupon of at least 12.00% per annum if each underlying closes at or above 70% of its initial level on the observation date.Starting after 6 months, the securities will be automatically redeemed if each underlying closes at or above its initial level on any monthly redemption date. At maturity, investors face 1-to-1 downside exposure if any underlying closes below 70% of its initial level. The securities are subject to the credit risk of Morgan Stanley.The estimated value on the pricing date is approximately $976.50 per $1,000 security. MS & Co. will sell the securities to an unaffiliated dealer for resale to fee-based advisory accounts at $1,000 per security. The securities involve complex tax considerations and risks, including potential loss of principal.

Morgan Stanley Finance LLC is offering 5-year Contingent Income Auto-Callable Securities due December 24, 2029, linked to the worst performing of the Russell 2000 Index, S&P 500 Index, and SPDR S&P Regional Banking ETF. The securities offer a contingent monthly coupon of at least 12.00% per annum if each underlying closes at or above 70% of its initial level on the observation date.Starting after 6 months, the securities will be automatically redeemed if each underlying closes at or above its initial level on any monthly redemption date. At maturity, investors face 1-to-1 downside exposure if any underlying closes below 70% of its initial level. The securities are subject to the credit risk of Morgan Stanley.The estimated value on the pricing date is approximately $976.50 per $1,000 security. MS & Co. will sell the securities to an unaffiliated dealer for resale to fee-based advisory accounts at $1,000 per security. The securities involve complex tax considerations and risks, including potential loss of principal.