Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due December 30, 2027, linked to the performance of the Nasdaq-100 Technology Sector Index, Russell 2000 Index, and S&P 500 Index. The securities offer a contingent monthly coupon of at least 10.75% annually if each index closes at or above 70% of its initial value on observation dates.Beginning July 2, 2025, the securities may be redeemed quarterly based on a risk-neutral valuation model. At maturity, if not previously redeemed, investors receive the principal amount if no index closes below 70% of its initial value. Otherwise, investors are exposed to the worst-performing index's decline.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, and the estimated value at issuance will be less than the issue price. The securities will not be listed on any exchange, potentially limiting liquidity.

Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due December 30, 2027, linked to the performance of the Nasdaq-100 Technology Sector Index, Russell 2000 Index, and S&P 500 Index. The securities offer a contingent monthly coupon of at least 10.75% annually if each index closes at or above 70% of its initial value on observation dates.Beginning July 2, 2025, the securities may be redeemed quarterly based on a risk-neutral valuation model. At maturity, if not previously redeemed, investors receive the principal amount if no index closes below 70% of its initial value. Otherwise, investors are exposed to the worst-performing index's decline.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, and the estimated value at issuance will be less than the issue price. The securities will not be listed on any exchange, potentially limiting liquidity.