Primary Offering Prospectus - Form 424B2

SUMMARY TERMS

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Underlying stocks:

Apple Inc. common stock (the "AAPL Stock"), Alphabet Inc. class C capital stock (the "GOOG Stock"), Amazon.com, Inc. common stock (the "AMZN Stock") and NVIDIA Corporation common stock (the "NVDA Stock")

Aggregate principal amount:

$

Stated principal amount:

$1,000 per security

Issue price:

$1,000 per security (see "Commissions and issue price" below)

Pricing date:

November 22, 2024

Original issue date:

November 27, 2024 (3 business days after the pricing date)

Maturity date:

November 26, 2027

Early redemption:

The securities are not subject to automatic early redemption until approximately one year after the original issue date.

Following this 1-year initial non-call period, if, on any redemption determination date, beginning on November 24, 2025, the determination closing price of each underlying stock is greater than or equal to its respective initial share price, the securities will be automatically redeemed for an early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been redeemed.

The securities will not be redeemed early on any early redemption date if the determination closing price of any underlying stock is below its respective initial share price on the related redemption determination date.

Early redemption payment:

The early redemption payment will be an amount equal to (i) the stated principal amount for each security you hold plus (ii) the contingent monthly coupon with respect to the related observation date.

Determination closing price:

With respect to each underlying stock, the closing price of such underlying stock on any redemption determination date or observation date (other than the final observation date), times the adjustment factor on such determination date or observation date, as applicable

Redemption determination dates:

Starting on November 24, 2025, monthly, as set forth under "Observation Dates, Redemption Determination Dates, Coupon Payment Dates and Early Redemption Dates" below, subject to postponement for non-trading days and certain market disruption events

Early redemption dates:

Starting on November 28, 2025, monthly, as set forth under "Observation Dates, Redemption Determination Dates, Coupon Payment Dates and Early Redemption Dates" below. If any such day is not a business day, that early redemption payment will be made on the next succeeding business day and no adjustment will be made to any early redemption payment made on that succeeding business day

Contingent monthly coupon:

A contingent monthly coupon will be paid on the securities on each coupon payment date butonly if the determination closing price of each underlying stock is at or above its respective coupon threshold level on the related observation date. If payable, the contingent monthly coupon will be an amount in cash per stated principal amount corresponding to a return of 13.10% per annum for each interest payment period for each applicable observation date

If, on any observation date, the determination closing price of any underlying stock is less than the respective coupon threshold level, no contingent monthly coupon will be paid with respect to that observation date. It is possible that one or more underlying stocks will remain below their respective coupon threshold level(s) for extended periods of time or even throughout the entire 3-year term of the securities so that you will receive few or no contingent monthly coupons.

Payment at maturity:

Terms continued on the following page

Agent:

Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest."

Estimated value on the pricing date:

Approximately $953.60 per security, or within $45.00 of that estimate. See "Investment Summary" beginning on page 4.

Commissions and issue price:

Price to public

Agent's commissions(1)

Proceeds to us(2)

Per security

$1,000

$

$

Total

$

$

$

Terms continued from previous page:

Coupon threshold level:

With respect to the AAPL Stock, $ , which is equal to 60% of its initial share price

With respect to the GOOG Stock, $ , which is equal to 60% of its initial share price

With respect to the AMZN Stock, $ , which is equal to 60% of its initial share price

With respect to the NVDA Stock, $ , which is equal to 60% of its initial share price

Buffer amount:

20%. As a result of the buffer amount of 20%, the price at or above which each of the underlying stocks must close on the final observation date so that investors do not suffer a loss on their initial investment in the securities is as follows:

With respect to the AAPL Stock, $ , which is equal to 80% of its initial share price

With respect to the GOOG Stock, $ , which is equal to 80% of its initial share price

With respect to the AMZN Stock, $ , which is equal to 80% of its initial share price

With respect to the NVDA Stock, $ , which is equal to 80% of its initial share price

Initial share price:

With respect to the AAPL Stock, $ , which is its closing price on the pricing date

With respect to the GOOG Stock, $ , which is its closing price on the pricing date

With respect to the AMZN Stock, $ , which is its closing price on the pricing date

With respect to the NVDA Stock, $ , which is its closing price on the pricing date

Coupon payment dates:

Monthly, as set forth under "Observation Dates, Redemption Determination Dates, Coupon Payment Dates and Early Redemption Dates" below. If any such day is not a business day, that coupon payment will be made on the next succeeding business day and no adjustment will be made to any coupon payment made on that succeeding business day; provided further that the contingent monthly coupon, if any, with respect to the final observation date will be paid on the maturity date.

Observation dates:

Monthly, as set forth under "Observation Dates, Redemption Determination Dates, Coupon Payment Dates and Early Redemption Dates" below, subject, independently in the case of each underlying stock, to postponement for non-trading days and certain market disruption events. We also refer to November 22, 2027 as the final observation date.

Final share price:

With respect to each underlying stock, the closing price of such underlying stock on the final observation date times the adjustment factor on such date

Minimum payment at maturity:

$200 per security (20% of the stated principal amount)

Adjustment factor:

With respect to each underlying stock, 1.0, subject to adjustment in the event of certain corporate events affecting such underlying stock

Worst performing underlying stock:

The underlying stock with the largest percentage decrease from the respective initial share price to the respective final share price

Share percent change:

With respect to each underlying stock: (final share price - initial share price) / initial share price

CUSIP / ISIN:

61776WTH6 / US61776WTH69

Listing:

The securities will not be listed on any securities exchange.

Observation Dates / Redemption Determination Dates

Coupon Payment Dates / Early Redemption Dates

December 23, 2024*

December 27, 2024*

January 22, 2025*

January 27, 2025*

February 24, 2025*

February 27, 2025*

March 24, 2025*

March 27, 2025*

April 22, 2025*

April 25, 2025*

May 22, 2025*

May 28, 2025*

June 23, 2025*

June 26, 2025*

July 22, 2025*

July 25, 2025*

August 22, 2025*

August 27, 2025*

September 22, 2025*

September 25, 2025*

October 22, 2025*

October 27, 2025*

November 24, 2025

November 28, 2025

December 22, 2025

December 26, 2025

January 22, 2026

January 27, 2026

February 23, 2026

February 26, 2026

March 23, 2026

March 26, 2026

April 22, 2026

April 27, 2026

May 22, 2026

May 28, 2026

June 22, 2026

June 25, 2026

July 22, 2026

July 27, 2026

August 24, 2026

August 27, 2026

September 22, 2026

September 25, 2026

October 22, 2026

October 27, 2026

November 23, 2026

November 27, 2026

December 22, 2026

December 28, 2026

January 22, 2027

January 27, 2027

February 22, 2027

February 25, 2027

March 22, 2027

March 25, 2027

April 22, 2027

April 27, 2027

May 24, 2027

May 27, 2027

Observation Dates / Redemption Determination Dates

Coupon Payment Dates / Early Redemption Dates

June 22, 2027

June 25, 2027

July 22, 2027

July 27, 2027

August 23, 2027

August 26, 2027

September 22, 2027

September 27, 2027

October 22, 2027

October 27, 2027

November 22, 2027 (final observation date)

November 26, 2027 (maturity date)

Maturity:

Approximately 3 years

Contingent monthly coupon:

A contingent monthly coupon will be paid on the securities on each coupon payment date but only if the determination closing price of each underlying stock is at or above its respective coupon threshold level on the related observation date. If payable, the contingent monthly coupon will be an amount in cash per stated principal amount corresponding to a return of 13.10% per annum for each interest payment period for each applicable observation date. If, on any observation date, the determination closing price of any underlying stock is less than its respective coupon threshold level, we will pay no coupon for the applicable monthly period.

Automatic early redemption (starting after one year):

The securities are not subject to automatic early redemption until approximately one year after the original issue date. Following this 1-year initial non-call period, if the determination closing price of each underlying stock is greater than or equal to its respective initial share price on any monthly redemption determination date, the securities will be automatically redeemed for an early redemption payment equal to the stated principal amount plus the contingent monthly coupon with respect to the related observation date. No further payments will be made on the securities once they have been redeemed.

Payment at maturity:

If the securities have not been automatically redeemed prior to maturity, the payment at

maturity will be determined as follows:

If the final share price of each underlying stock has increased, remained unchanged or decreased by an amount less than or equal to the buffer amount of 20% from its respective initial share price, investors will receive the stated principal amount and the contingent monthly coupon with respect to the final observation date.

If the final share price of any underlying stock has decreased by more than the buffer amount of 20% from its respective initial share price, investors will lose 1% of principal for every 1% decline in the final share price of the worst performing underlying stock from its initial share price beyond the buffer amount of 20%. If the final share price of each underlying stock is greater than or equal to its respective coupon threshold level, investors will receive the contingent monthly coupon with respect to the final observation date. Under these circumstances, the payment at maturity will be less than the stated principal amount of the securities. However, under no circumstances will the securities pay less than the minimum payment at maturity of $200 per security.Accordingly, investors in the securities must be willing to accept the risk of losing up to 80% of their initial investment.

Scenario 1: The securities are redeemed prior to maturity

This scenario assumes that, prior to early redemption, each of the underlying stocks close at or above their respective coupon threshold levels on some monthly observation dates, but one or more underlying stocks close below the respective coupon threshold level(s) on the others. Investors receive the contingent monthly coupon, corresponding to a return of 13.10% per annum, for the monthly periods for which the determination closing price of each of the underlying stocks is at or above its respective coupon threshold level on the related observation date, but not for the monthly periods for which the determination closing price(s) of one or more underlying stocks are below the respective coupon threshold level(s) on the related observation date.

Beginning after one year, when each of the underlying stocks closes at or above its respective initial share price on a monthly redemption determination date, the securities will be automatically redeemed for the stated principal amount plus the contingent monthly coupon with respect to the related observation date.

Scenario 2: The securities are not redeemed prior to maturity, and investors receive principal back at maturity

This scenario assumes that each of the underlying stocks closes at or above its respective coupon threshold level on some monthly observation dates, but one or more underlying stocks close below the respective coupon threshold level(s) on the others, and at least one of the underlying stocks closes below its initial share price on every monthly redemption determination date. Consequently, the securities are not redeemed early, and investors receive the contingent monthly coupon, corresponding to a return of 13.10% per annum, for the monthly periods for which the determination closing price of each of the underlying stocks is at or above its respective coupon threshold level on the related observation date, but not for the monthly periods for which the determination closing price(s) of one or more underlying stocks are below the respective coupon threshold level(s) on the related observation date. On the final observation date, the final share price of each underlying stock has increased, remained unchanged or decreased by an amount less than or equal to the buffer amount of 20% from its respective initial share price. At maturity, in addition to the contingent monthly coupon with respect to the final observation date, investors will receive the stated principal amount.

Scenario 3: The securities are not redeemed prior to maturity, and investors suffer a loss of principal at maturity

This scenario assumes that each of the underlying stocks closes at or above its respective coupon threshold level on some monthly observation dates, but one or more underlying stocks close below the respective coupon threshold level(s) on the others, and at least one of the underlying stocks closes below its initial share prices on every monthly redemption determination date. Consequently, the securities are not redeemed early, and investors receive the contingent monthly coupon, corresponding to a return of 13.10% per annum, for the monthly periods for which the determination closing price of each of the underlying stocks is greater than or equal to its respective coupon threshold level on the related observation date, but not for the monthly periods for which the determination closing price(s) of one or more underlying stocks are below the respective coupon threshold level(s) on the related observation date.

At maturity, one or more underlying stocks have decreased by more than the buffer amount of 20% from the respective initial share price(s). Therefore, investors lose 1% of principal for every 1% decline in the final share price of the worst performing underlying stock beyond the buffer amount of 20%. If the final share price of each underlying stock is greater than or equal to its respective coupon threshold level, investors will receive the contingent monthly coupon with respect to the final observation date. The payment at maturity will be less than the stated principal amount. Investors may lose up to 80% of their investment in the securities.

Contingent Monthly Coupon:

A contingent monthly coupon will be paid on the securities on each coupon payment date but only if the determination closing price of each underlying stock is at or above its respective coupon threshold level on the related observation date. If payable, the contingent monthly coupon will be an amount in cash per stated principal amount corresponding to a return of 13.10% per annum for each interest payment period for each applicable observation date. These hypothetical examples reflect the contingent monthly coupon rate of 13.10% per annum (corresponding to approximately $10.917 per month per security*).

Automatic Early Redemption (starting after one year):

If the determination closing price of each underlying stock is greater than or equal to its respective initial share price on any monthly redemption determination date, the securities will be automatically redeemed for an early redemption payment equal to the stated principal amount plus the contingent monthly coupon with respect to the related observation date.

Payment at Maturity (if the securities are not redeemed prior to maturity):

If the final share price of each underlying stock has increased, remained unchanged or decreased by an amount lessthan or equal to the buffer amount of 20% from its respective initial share price, investors will receive the stated principal amount and the contingent monthly coupon with respect to the final observation date

If the final share price of any underlying stock has decreased by more than the buffer amount of 20% from its respective initial share price:

$1,000 + [$1,000 x (share percent change of the worst performing underlying stock + 20%)]

If the final share price of each underlying stock is greater than or equal to its respective coupon threshold level, investors will receive the contingent monthly coupon with respect to the final observation date.

Under these circumstances, the payment at maturity will be less than the stated principal amount of the securities. However, under no circumstances will the securities pay less than the minimum payment at maturity of $200 per security.

Stated Principal Amount:

$1,000

Hypothetical Initial Share Price:

With respect to the AAPL Stock: $175.00

With respect to the GOOG Stock: $125.00

With respect to the AMZN Stock: $150.00

With respect to the NVDA Stock: $100.00

Hypothetical Coupon Threshold Level:

With respect to the AAPL Stock: $105.00, which is 60% of its hypothetical initial share price

With respect to the GOOG Stock: $75.00, which is 60% of its hypothetical initial share price

With respect to the AMZN Stock: $90.00, which is 60% of its hypothetical initial share price

With respect to the NVDA Stock: $60.00, which is 60% of its hypothetical initial share price

Buffer Amount:

With respect to each of the underlying stocks: 20%

Determination Closing Price

Contingent Monthly Coupon

AAPL Stock

GOOG Stock

AMZN Stock

NVDA Stock

Hypothetical Observation Date 1

$166.25 (at or above itscoupon threshold level)

$100.00 (at or above itscoupon threshold level)

$120.00 (at or above itscoupon threshold level)

$80.00 (at or above itscoupon threshold level)

$10.917

Hypothetical Observation Date 2

$148.75 (at or above itscoupon threshold level)

$62.5‬0 (below itscoupon threshold level)

$135.00 (at or above itscoupon threshold level)

$76.00 (at or above itscoupon threshold level)

$0

Hypothetical Observation Date 3

$210.00 (at or above itscoupon threshold level)

$118.50 (at or above itscoupon threshold level)

$75.00 (below itscoupon threshold level)

$46.00 (below itscoupon threshold level)

$0

Hypothetical Observation Date 4

$70.00 (below itscoupon threshold level)

$62.5‬0 (below itscoupon threshold level)

$67.50 (below itscoupon threshold level)

$30.00 (below itscoupon threshold level)

$0

Final Share Price

Payment at Maturity

AAPL Stock

GOOG Stock

AMZN Stock

NVDA Stock

Example 1:

$262.50 (at or above 80% of initial share price)

$162.5‬0 (at or above 80% of initial share price)

$210.00 (at or above 80% of initial share price)

$120.00 (at or above 80% of initial share price)

$1,010.917 (the stated principal amount and the contingent monthly coupon with respect to the final observation date)

Example 2:

$35.00 (below 80% of initial share price)

$112.5‬0 (at or above 80% of initial share price)

$147‬.00 (at or above 80% of initial share price)

$90.00 (at or above 80% of initial share price)

$1,000 + [$1,000 × (share percent change of the worst performing underlying stock + 20%)]

= $1,000 + [$1,000 × (-80% + 20%)]

= $1,000 + ($1,000 × -60%) = $400

Example 3:

$157.50 (at or above 80% of initial share price)

$116.50 (at or above 80% of initial share price)

$67.50 (below 80% of initial share price)

$87.50 (at or above 80% of initial share price)

$1,000 + [$1,000 × (share percent change of the worst performing underlying stock + 20%)]

= $1,000 + [$1,000 × (-55% + 20%)]

= $1,000 + ($1,000 × -35%) = $650

Example 4:

$122.50 (at or above coupon threshold level but below 80% of initial share price)

$93.75‬ (at or above coupon threshold level but below 80% of initial share price)

$105.00 (at or above coupon threshold level but below 80% of initial share price)

$65.00 (at or above coupon threshold level but below 80% of initial share price)

$1,000 + [$1,000 × (share percent change of the worst performing underlying stock + 20%)] + the contingent monthly coupon with respect to the final observation date

= $1,000 + [$1,000 × (-35% + 20%)] + $10.917

= $1,000 + ($1,000 × -15%) + $10.917 = $860.917

Example 5:

$78.75 (below 80% of initial share price)

$37.5‬0 (below 80% of initial share price)

$67.50 (below 80% of initial share price)

$44.00 (below 80% of initial share price)

$1,000 + [$1,000 × (share percent change of the worst performing underlying stock + 20%)]

= $1,000 + [$1,000 × (-70% + 20%)]

= $1,000 + ($1,000 × -50%) = $500

Bloomberg Ticker Symbol:

AAPL

Exchange:

Nasdaq

Current Stock Price:

$230.10

52 Weeks Ago:

$170.29

52 Week High (on 10/21/2024):

$236.48

52 Week Low (on 4/19/2024):

$165.00

Current Dividend Yield:

0.43%

Common Stock of Apple Inc. (CUSIP 037833100)

High ($)

Low ($)

Dividends ($)

2021

First Quarter

143.16

116.36

0.205

Second Quarter

136.96

122.77

0.22

Third Quarter

156.69

137.27

0.22

Fourth Quarter

180.33

139.14

0.22

2022

First Quarter

182.01

150.62

0.22

Second Quarter

178.44

130.06

0.23

Third Quarter

174.55

138.20

0.23

Fourth Quarter

155.74

126.04

0.23

2023

First Quarter

164.90

125.02

0.23

Second Quarter

193.97

160.10

0.24

Third Quarter

196.45

170.43

0.24

Fourth Quarter

198.11

166.89

0.24

2024

First Quarter

195.18

169.00

0.24

Second Quarter

216.67

165.00

0.25

Third Quarter

234.82

207.23

0.25

Fourth Quarter (through October 30, 2024)

236.48

221.69

-

Common Stock of Apple Inc. - Daily Closing Prices
January 1, 2019 to October 30, 2024

Bloomberg Ticker Symbol:

GOOG

Exchange:

Nasdaq

Current Stock Price:

$176.14

52 Weeks Ago:

$125.75

52 Week High (on 7/10/2024):

$192.66

52 Week Low (on 10/31/2023):

$125.30

Current Dividend Yield:

0.45%

Class C Capital Stock of Alphabet Inc. (CUSIP 02079K107)

High ($)

Low ($)

Dividends ($)

2021

First Quarter

106.416

86.412

-

Second Quarter

127.282

106.888

-

Third Quarter

145.842

126.369

-

Fourth Quarter

150.709

133.765

-

2022

First Quarter

148.037

126.465

-

Second Quarter

143.642

105.840

-

Third Quarter

122.880

96.150

-

Fourth Quarter

104.93

83.49

-

2023

First Quarter

108.80

86.77

-

Second Quarter

127.91

104.45

-

Third Quarter

138.99

116.87

-

Fourth Quarter

142.82

123.40

-

2024

First Quarter

154.84

132.56

-

Second Quarter

186.86

151.94

0.20

Third Quarter

192.66

149.54

0.20

Fourth Quarter (through October 30, 2024)

176.14

163.06

-

Class C Capital Stock of Alphabet Inc. - Daily Closing Prices
January 1, 2019 to October 30, 2024

Bloomberg Ticker Symbol:

AMZN

Exchange:

Nasdaq

Current Stock Price:

$192.73

52 Weeks Ago:

$132.71

52 Week High (on 7/2/2024):

$200.00

52 Week Low (on 10/30/2023):

$132.71

Current Dividend Yield:

N/A

Common Stock of Amazon.com, Inc. (CUSIP 023135106)

High ($)

Low ($)

Dividends ($)

2021

First Quarter

169.000

147.598

-

Second Quarter

175.272

157.597

-

Third Quarter

186.570

159.388

-

Fourth Quarter

184.803

159.489

-

2022

First Quarter

170.405

136.015

-

Second Quarter

168.347

102.310

-

Third Quarter

144.78

109.22

-

Fourth Quarter

121.09

81.82

-

2023

First Quarter

112.91

83.12

-

Second Quarter

130.36

97.83

-

Third Quarter

144.85

125.98

-

Fourth Quarter

154.07

119.57

-

2024

First Quarter

180.38

144.57

-

Second Quarter

197.85

173.67

-

Third Quarter

200.00

161.02

-

Fourth Quarter (through October 30, 2024)

192.73

180.80

-

Common Stock of Amazon.com, Inc. - Daily Closing Prices
January 1, 2019 to October 30, 2024

Bloomberg Ticker Symbol:

NVDA

Exchange:

Nasdaq

Current Stock Price:

$139.34

52 Weeks Ago:

$41.16

52 Week High (on 10/21/2024):

$143.71

52 Week Low (on 10/31/2023):

$40.78

Current Dividend Yield:

0.03%

Common Stock of NVIDIA Corporation (CUSIP 67066G104)

High ($)

Low ($)

Dividends ($)

2021

First Quarter

15.3303

11.5933

0.004

Second Quarter

20.0268

13.6653

0.004

Third Quarter

22.843

18.161

0.004

Fourth Quarter

33.376

19.732

0.004

2022

First Quarter

30.121

21.330

0.004

Second Quarter

27.360

15.159

0.004

Third Quarter

19.215

12.139

0.004

Fourth Quarter

18.072

11.227

0.004

2023

First Quarter

27.777

14.265

0.004

Second Quarter

43.808

26.241

0.004

Third Quarter

49.355

40.855

0.004

Fourth Quarter

50.409

40.326

0.004

2024

First Quarter

95.002

47.569

0.004

Second Quarter

135.58

76.20

0.01

Third Quarter

134.91

98.91

0.01

Fourth Quarter (through October 30, 2024)

143.71

117.00

-

Common Stock of NVIDIA Corporation - Daily Closing Prices
January 1, 2019 to October 30, 2024

Additional Terms:

If the terms described herein are inconsistent with those described in the accompanying product supplement or prospectus, the terms described herein shall control.

Interest period:

The monthly period from and including the original issue date (in the case of the first interest period) or the previous scheduled coupon payment date, as applicable, to but excluding the following scheduled coupon payment date, with no adjustment for any postponement thereof.

Record date:

The record date for each coupon payment date shall be the date one business day prior to such scheduled coupon payment date; provided, however, that any coupon payable at maturity (or upon early redemption) shall be payable to the person to whom the payment at maturity or early redemption payment, as the case may be, shall be payable.

Underlying stock:

The accompanying product supplement refers to the underlying stock as the "underlying shares."

Underlying stock issuer:

With respect to the AAPL Stock, Apple Inc.

With respect to the GOOG Stock, Alphabet Inc.

With respect to the AMZN Stock, Amazon.com, Inc.

With respect to the NVDA Stock, NVIDIA Corporation

The accompanying product supplement refers to each underlying stock issuer as an "underlying company."

Day-count convention:

Interest will be computed on the basis of a 360-day year of twelve 30-day months.

Postponement of coupon payment dates (including the maturity date) and early redemption dates:

If any observation date or redemption determination date for any underlying stock is postponed due to a non-trading day or certain market disruption events with respect to such underlying stock so that it falls less than two business days prior to the relevant scheduled coupon payment date (including the maturity date) or early redemption date, as applicable, the coupon payment date (or the maturity date) or the early redemption date will be postponed to the second business day following that observation date or redemption determination date as postponed, and no adjustment will be made to any coupon payment, early redemption payment or payment at maturity made on that postponed date.

Antidilution adjustments:

The following replaces in its entirety the portion of the section entitled "Antidilution Adjustments" in the accompanying product supplement for auto-callable securities from the start of paragraph 5 to the end of such section.

5. If, with respect to one or more of the underlying stocks, (i) there occurs any reclassification or change of such underlying stock, including, without limitation, as a result of the issuance of any tracking stock by the underlying stock issuer for such underling stock, (ii) such underlying stock issuer or any surviving entity or subsequent surviving entity of such underlying stock issuer (the "successor corporation") has been subject to a merger, combination or consolidation and is not the surviving entity, (iii) any statutory exchange of securities of such underlying stock issuer or any successor corporation with another corporation occurs (other than pursuant to clause (ii) above), (iv) such underlying stock issuer is liquidated, (v) such underlying stock issuer issues to all of its shareholders equity securities of an issuer other than such underlying stock issuer (other than in a transaction described in clause (ii), (iii) or (iv) above) (a "spin-off event") or (vi) a tender or exchange offer or going-private transaction is consummated for all the outstanding shares of such underlying stock (any such event in clauses (i) through (vi), a "reorganization event"), the method of determining whether an early redemption has occurred and the amount payable upon an early redemption date or at maturity for each security will be as follows:

●Upon any redemption determination date following the effective date of a reorganization event and prior to the final observation date: If the exchange property value (as defined below) is greater than or equal to its initial share price, and the determination closing price (or exchange property value, if applicable) of each other underlying stock is also

greater than or equal to its initial share price, the securities will be automatically redeemed for an early redemption payment.

●Upon the final observation date, if the securities have not previously been automatically redeemed: You will receive for each security that you hold a payment at maturity equal to:

➢If the exchange property value on the final observation date is greater than or equal to 80% of the respective initial share price, and the final share price (or exchange property value, as applicable) of each other underlying stock is also greater than or equal to 80% of its initial share price: (i) the stated principal amount plus (ii) the contingent monthly coupon with respect to the final observation date; or

➢If the exchange property value on the final observation date is less than 80% of the initial share price, or if the final share price (or exchange property value, if applicable) of each other underlying stock is less than 80% of its initial share price:

➢If the worst performing underlying stock has not undergone a reorganization event as described in paragraph 5 above: $1,000 + [$1,000 x (share percent change of the worst performing underlying stock + 20%)].

➢If the worst performing underlying stock has undergone a reorganization event as described in paragraph 5 above: $1,000 + [$1,000 x (share percent change of the worst performing underlying stock + 20%)]. For purposes of calculating the share percent change, the "final share price" of the worst performing underlying stock will be deemed to equal the cash value, determined as of the final observation date, of the securities, cash or any other assets distributed to holders of the worst performing underlying stock in or as a result of any such reorganization event, including (A) in the case of the issuance of tracking stock, the reclassified share of such worst performing underlying stock, (B) in the case of a spin-off event, the share of such worst performing underlying stock with respect to which the spun-off security was issued, and (C) in the case of any other reorganization event where such worst performing underlying stock continues to be held by the holders receiving such distribution, such worst performing underlying stock (collectively, the "exchange property"), per share of such worst performing underlying stock times the adjustment factor for such worst performing underlying stock on the final observation date.

If the exchange property value on the final observation date is greater than or equal to the respective coupon threshold level, and the final share price (or exchange property value, as applicable) of each other underlying stock is also greater than or equal to the respective coupon threshold level, investors will receive the contingent monthly coupon with respect to the final observation date.

Following the effective date of a reorganization event, the contingent monthly coupon will be payable for each observation date on which the exchange property value is greater than or equal to the coupon threshold level and the determination closing price (or exchange property value, as applicable) of each other underlying stock is also greater than or equal to its coupon threshold level.

If exchange property includes a cash component, investors will not receive any interest accrued on such cash component. In the event exchange property consists of securities, those securities will, in turn, be subject to the antidilution adjustments set forth in paragraphs 1 through 5.

For purposes of determining whether or not the exchange property value is less than the initial share price, or less than the coupon threshold level, or for determining the worst performing underlying stock, "exchange property value" means (x) for any cash received in any reorganization event, the value, as determined by the calculation agent, as of the date of receipt, of such cash received for one share of such underlying stock, as adjusted by the adjustment factor at the time of such reorganization event, (y) for any property other than cash or securities received in any such reorganization event, the market value, as determined by the calculation agent in its sole discretion, as of the date of receipt, of such exchange property received for one share of such underlying stock, as adjusted by the adjustment factor at the time of such reorganization event and (z) for any security received in any such reorganization event, an amount equal to the determination closing price, as of the day on which the exchange property value is determined, per share of such security multiplied by the quantity of such security received for each share of such underlying stock, as adjusted by the adjustment factor at the time of such reorganization event.

For purposes of paragraph 5 above, in the case of a consummated tender or exchange offer or going-private transaction involving consideration of particular types, exchange property shall be deemed to include the amount of cash or other property delivered by the offeror in the tender or exchange offer (in an amount determined on the basis of the rate of exchange in such tender or exchange offer or going-private transaction). In the event of a tender or exchange offer or a going-private transaction with respect to exchange property in which an offeree may elect to receive cash or other property, exchange property shall be deemed to include the kind and amount of cash and other property received by offerees who elect to receive cash.

Following the occurrence of any reorganization event referred to in paragraph 5 above, all references in this offering document and in the related product supplement with respect to the securities to such "underlying stock" shall be deemed to refer to the exchange property and references to a "share" or "shares" of such underlying stock shall be deemed to refer to the applicable unit or units of such exchange property, unless the context otherwise requires.

No adjustment to the adjustment factor will be required unless such adjustment would require a change of at least 0.1% in the adjustment factor then in effect. The adjustment factor resulting from any of the adjustments specified above will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward. Adjustments to the adjustment factor will be made up to the close of business on the final observation date.

No adjustments to the adjustment factor or method of calculating the adjustment factor will be required other than those specified above. The adjustments specified above do not cover all events that could affect the determination closing price or the final share price of such underlying stock, including, without limitation, a partial tender or exchange offer for such underlying stock.

The calculation agent shall be solely responsible for the determination and calculation of any adjustments to the adjustment factor or method of calculating the adjustment factor and of any related determinations and calculations with respect to any distributions of stock, other securities or other property or assets (including cash) in connection with any corporate event described in paragraphs 1 through 5 above, and its determinations and calculations with respect thereto shall be conclusive in the absence of manifest error.

The calculation agent will provide information as to any adjustments to an adjustment factor or to the method of calculating the amount payable at maturity of the securities made pursuant to paragraph 5 above upon written request by any investor in the securities.

Trustee:

The Bank of New York Mellon

Calculation agent:

MS & Co.

Issuer notices to registered security holders, the trustee and the depositary:

In the event that the maturity date is postponed due to postponement of the final observation date, the issuer shall give notice of such postponement and, once it has been determined, of the date to which the maturity date has been rescheduled (i) to each registered holder of the securities by mailing notice of such postponement by first class mail, postage prepaid, to such registered holder's last address as it shall appear upon the registry books, (ii) to the trustee by facsimile, confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York office and (iii) to The Depository Trust Company (the "depositary") by telephone or facsimile confirmed by mailing such notice to the depositary by first class mail, postage prepaid. Any notice that is mailed to a registered holder of the securities in the manner herein provided shall be conclusively presumed to have been duly given to such registered holder, whether or not such registered holder receives the notice. The issuer shall give such notice as promptly as possible, and in no case later than (i) with respect to notice of postponement of the maturity date, the business day immediately preceding the scheduled maturity date, and (ii) with respect to notice of the date to which the maturity date has been rescheduled, the business day immediately following the final observation date as postponed.

In the event that the securities are subject to early redemption, the issuer shall, (i) on the business day following the applicable redemption determination date, give notice of the early redemption and the early redemption payment, including specifying the payment date of the amount due upon the early redemption, (x) to each registered holder of the securities by mailing notice of such early redemption by first class mail, postage prepaid, to such registered holder's last address as it shall appear upon the registry books, (y) to the trustee

by facsimile confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York office and (z) to the depositary by telephone or facsimile confirmed by mailing such notice to the depositary by first class mail, postage prepaid, and (ii) on or prior to the early redemption date, deliver the aggregate cash amount due with respect to the securities to the trustee for delivery to the depositary, as holder of the securities. Any notice that is mailed to a registered holder of the securities in the manner herein provided shall be conclusively presumed to have been duly given to such registered holder, whether or not such registered holder receives the notice. This notice shall be given by the issuer or, at the issuer's request, by the trustee in the name and at the expense of the issuer, with any such request to be accompanied by a copy of the notice to be given.

The issuer shall, or shall cause the calculation agent to, (i) provide written notice to the trustee, on which notice the trustee may conclusively rely, and to the depositary of the amount of cash to be delivered as contingent monthly coupon, if any, with respect to each security on or prior to 10:30 a.m. (New York City time) on the business day preceding each coupon payment date, and (ii) deliver the aggregate cash amount due, if any, with respect to the contingent monthly coupon to the trustee for delivery to the depositary, as holder of the securities, on the applicable coupon payment date.

The issuer shall, or shall cause the calculation agent to, (i) provide written notice to the trustee, on which notice the trustee may conclusively rely, and to the depositary of the amount of cash to be delivered with respect to each stated principal amount of the securities, on or prior to 10:30 a.m. (New York City time) on the business day preceding the maturity date, and (ii) deliver the aggregate cash amount due with respect to the securities to the trustee for delivery to the depositary, as holder of the securities, on the maturity date.

Additional Information:

Minimum ticketing size:

$1,000 / 1 security

Tax considerations:

Prospective investors should note that the discussion under the section called "United States Federal Taxation" in the accompanying product supplement does not apply to the securities issued under this document and is superseded by the following discussion.

The following is a general discussion of the material U.S. federal income tax consequences and certain estate tax consequences of the ownership and disposition of the securities. This discussion applies only to investors in the securities who:

●purchase the securities in the original offering; and

●hold the securities as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code").

This discussion does not describe all of the tax consequences that may be relevant to a holder in light of the holder's particular circumstances or to holders subject to special rules, such as:

●certain financial institutions;

●insurance companies;

●dealers and certain traders in securities or commodities;

●investors holding the securities as part of a "straddle," wash sale, conversion transaction, integrated transaction or constructive sale transaction;

●U.S. Holders (as defined below) whose functional currency is not the U.S. dollar;

●partnerships or other entities classified as partnerships for U.S. federal income tax purposes;

●regulated investment companies;

●real estate investment trusts; or

●tax-exempt entities, including "individual retirement accounts" or "Roth IRAs" as defined in Section 408 or 408A of the Code, respectively.

If an entity that is classified as a partnership for U.S. federal income tax purposes holds the securities, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. If you are a partnership holding the securities or a partner in such a partnership, you should consult your tax adviser as to the particular U.S. federal tax consequences of holding and disposing of the securities to you.

As the law applicable to the U.S. federal income taxation of instruments such as the securities is technical and complex, the discussion below necessarily represents only a general summary. The effect of any applicable state, local or non-U.S. tax laws is not discussed, nor are any alternative minimum tax consequences or consequences resulting from the Medicare tax on investment income. Moreover, the discussion below does not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code.

This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations, all as of the date hereof, changes to any of which subsequent to the date hereof may affect the tax consequences described herein. Persons considering the purchase of the securities should consult their tax advisers with regard to the application of the U.S. federal income tax laws to their particular situations as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

General

Due to the absence of statutory, judicial or administrative authorities that directly address the treatment of the securities or instruments that are similar to the securities for U.S. federal income tax purposes, no assurance can be given that the IRS or a court will agree with the tax treatment described herein. We intend to treat a security for U.S. federal income tax purposes as a single financial contract that provides for a coupon that will be treated as gross income to you at the time received or accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, Davis Polk & Wardwell LLP, this treatment of the securities is reasonable under current law; however, there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and character of any income or loss on the securities could be materially affected. Moreover, our counsel's opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.

You should consult your tax adviser regarding all aspects of the U.S. federal tax consequences of an investment in the securities (including possible alternative treatments of the securities). Unless otherwise stated, the following discussion is based on the treatment of each security as described in the previous paragraph.

Tax Consequences to U.S. Holders

This section applies to you only if you are a U.S. Holder. As used herein, the term "U.S. Holder" means a beneficial owner of a security that is, for U.S. federal income tax purposes:

●a citizen or individual resident of the United States;

●a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; or

●an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

Tax Treatment of the Securities

Assuming the treatment of the securities as set forth above is respected, the following U.S. federal income tax consequences should result.

Tax Basis. A U.S. Holder's tax basis in the securities should equal the amount paid by the U.S. Holder to acquire the securities.

Tax Treatment of Coupon Payments. Any coupon payment on the securities should be taxable as ordinary income to a U.S. Holder at the time received or accrued, in accordance with the U.S. Holder's regular method of accounting for U.S. federal income tax purposes.

Sale, Exchange or Settlement of the Securities. Upon a sale, exchange or settlement of the securities, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized on the sale, exchange or settlement and the U.S. Holder's tax basis in the securities sold, exchanged or settled. For this purpose, the amount realized does not include any coupon paid at settlement and may not include sale proceeds attributable to an accrued coupon, which may be treated in the same manner as a coupon payment. In general, any such gain or loss recognized should be short-term capital gain or loss if the U.S. Holder has held the securities for one year or less at the time of the sale, exchange or settlement, and should be long-term capital gain or loss otherwise. The ordinary income treatment of the coupon payments, in conjunction with the capital loss treatment of any loss recognized upon the sale, exchange or settlement of the securities, could result in adverse tax consequences to holders of the securities because the deductibility of capital losses is subject to limitations.

Possible Alternative Tax Treatments of an Investment in the Securities

Due to the absence of authorities that directly address the proper tax treatment of the securities, no assurance can be given that the IRS will accept, or that a court will uphold, the treatment described above. In particular, the IRS could seek to analyze the U.S. federal income tax consequences of owning the securities under Treasury regulations governing contingent payment debt instruments (the "Contingent Debt Regulations"). If the IRS were successful in asserting that the Contingent Debt Regulations applied to the securities, the timing and character of income thereon would be significantly affected. Among other things, a U.S. Holder would be required to accrue into income original issue discount on the securities every year at a "comparable yield" determined at the time of their issuance, adjusted upward or downward to reflect the difference, if any, between the actual and the projected amount of any contingent payments on the securities. Furthermore, any gain realized by a U.S. Holder at maturity or upon a sale, exchange or other disposition of the securities would be treated as ordinary income, and any loss realized would be treated as ordinary loss to the extent of the U.S. Holder's prior accruals of original issue discount and as capital loss thereafter. The risk that financial instruments providing for buffers, triggers or similar downside protection features, such as the securities, would be recharacterized as debt is greater than the risk of recharacterization for comparable financial instruments that do not have such features.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. Other alternative federal income tax treatments of the securities are possible, which, if applied, could significantly affect the timing and character of the income or loss with respect to the securities. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments and potential changes in applicable law.

Backup Withholding and Information Reporting

Backup withholding may apply in respect of payments on the securities and the payment of proceeds from a sale, exchange or other disposition of the securities, unless a U.S. Holder provides proof of an applicable exemption or a correct taxpayer identification number and otherwise complies with applicable requirements of the backup withholding rules. The amounts withheld under the backup withholding rules are not an additional tax and may be refunded, or credited against the U.S. Holder's U.S. federal income tax liability, provided that the required information is timely furnished to the IRS. In addition, information returns will be filed with the IRS in connection with payments on the securities and the payment of proceeds from a sale, exchange or other disposition of the securities, unless the U.S. Holder provides proof of an applicable exemption from the information reporting rules.

Tax Consequences to Non-U.S. Holders

This section applies to you only if you are a Non-U.S. Holder. As used herein, the term "Non-U.S. Holder" means a beneficial owner of a security that is for U.S. federal income tax purposes:

●an individual who is classified as a nonresident alien;

●a foreign corporation; or

●a foreign estate or trust.

The term "Non-U.S. Holder" does not include any of the following holders:

●a holder who is an individual present in the United States for 183 days or more in the taxable year of disposition and who is not otherwise a resident of the United States for U.S. federal income tax purposes;

●certain former citizens or residents of the United States; or

●a holder for whom income or gain in respect of the securities is effectively connected with the conduct of a trade or business in the United States.

Such holders should consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the securities.

Although significant aspects of the tax treatment of each security are uncertain, we intend to withhold on any coupon paid to a Non-U.S. Holder generally at a rate of 30% or at a reduced rate specified by an applicable income tax treaty under an "other income" or similar provision. We will not be required to pay any additional amounts with respect to amounts withheld. In order to claim an exemption from, or a reduction in, the 30% withholding tax, a Non-U.S. Holder of the securities must comply with certification requirements to establish that it is not a U.S. person and is eligible for such an exemption or reduction under an applicable tax treaty. If you are a Non-U.S. Holder, you should consult your tax adviser regarding the tax treatment of the securities, including the possibility of obtaining a refund of any withholding tax and the certification requirement described above.

Section 871(m) Withholding Tax on Dividend Equivalents

Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% (or a lower applicable treaty rate) withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities (each, an "Underlying Security"). Subject to certain exceptions, Section 871(m) generally applies to securities that substantially replicate the economic performance of one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations (a "Specified Security"). However, pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta of one with respect to any Underlying Security. Based on the terms of the securities and current market conditions, we expect that the securities will not have a delta of one with respect to any Underlying Security on the pricing date. However, we will provide an updated determination in the pricing supplement. Assuming that the securities do not have a delta of one with respect to any Underlying Security, our counsel is of the opinion that the securities should not be Specified Securities and, therefore, should not be subject to Section 871(m).

Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If Section 871(m) withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

U.S. Federal Estate Tax

Individual Non-U.S. Holders and entities the property of which is potentially includible in such an individual's gross estate for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers) should note that, absent an applicable treaty exemption, the securities may be treated as U.S.-situs property subject to U.S. federal estate tax. Prospective investors that are non-U.S. individuals, or are entities of the type described above, should consult their tax advisers regarding the U.S. federal estate tax consequences of an investment in the securities.

Backup Withholding and Information Reporting

Information returns will be filed with the IRS in connection with any coupon payment and may be filed with the IRS in connection with the payment at maturity on the securities and the

payment of proceeds from a sale, exchange or other disposition. A Non-U.S. Holder may be subject to backup withholding in respect of amounts paid to the Non-U.S. Holder, unless such Non-U.S. Holder complies with certification procedures to establish that it is not a U.S. person for U.S. federal income tax purposes or otherwise establishes an exemption. The amount of any backup withholding from a payment to a Non-U.S. Holder will be allowed as a credit against the Non-U.S. Holder's U.S. federal income tax liability and may entitle the Non-U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

FATCA

Legislation commonly referred to as "FATCA" generally imposes a withholding tax of 30% on payments to certain non-U.S. entities (including financial intermediaries) with respect to certain financial instruments, unless various U.S. information reporting and due diligence requirements have been satisfied. An intergovernmental agreement between the United States and the non-U.S. entity's jurisdiction may modify these requirements. FATCA generally applies to certain financial instruments that are treated as paying U.S.-source interest or other U.S.-source "fixed or determinable annual or periodical" income ("FDAP income"). Withholding (if applicable) applies to payments of U.S.-source FDAP income and to payments of gross proceeds of the disposition (including upon retirement) of certain financial instruments treated as providing for U.S.-source interest or dividends. Under proposed regulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization), no withholding will apply on payments of gross proceeds (other than amounts treated as FDAP income). While the treatment of the securities is unclear, you should assume that any coupon payment with respect to the securities will be subject to the FATCA rules. If withholding applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld. Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the potential application of FATCA to the securities.

The discussion in the preceding paragraphs, insofar as it purports to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the securities.

Use of proceeds and hedging:

The proceeds from the sale of the securities will be used by us for general corporate purposes. We will receive, in aggregate, $1,000 per security issued, because, when we enter into hedging transactions in order to meet our obligations under the securities, our hedging counterparty will reimburse the cost of the agent's commissions. The costs of the securities borne by you and described beginning on page 6 above comprise the agent's commissions and the cost of issuing, structuring and hedging the securities.

On or prior to the pricing date, we will hedge our anticipated exposure in connection with the securities by entering into hedging transactions with our affiliates and/or third-party dealers. We expect our hedging counterparties to take positions in the underlying stocks, in futures and/or options contracts on the underlying stocks, or positions in any other available securities or instruments that they may wish to use in connection with such hedging. Such purchase activity could potentially increase the initial share price of an underlying stock, and, therefore, could increase (i) the value at or above which such underlying stock must close on the redemption determination dates so that the securities are redeemed prior to maturity for the early redemption payment (depending also on the performance of the other underlying stocks) and (ii) the value at or above which the underlying stock must close on each observation date so that you receive a contingent monthly coupon on the securities (depending also on the performance of the other underlying stocks), and, with respect to the final observation date, so that you are not exposed to the negative performance of the underlying stock at maturity (depending also on the performance of the other underlying stocks). These entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the final observation date approaches. Additionally, our hedging activities, as well as our other trading activities, during the term of the securities could potentially affect the value of any underlying stock on the redemption determination dates and other observation dates, and, accordingly, whether we redeem the securities prior to maturity, whether we pay a contingent monthly coupon on the securities and the amount of

cash you will receive at maturity (depending on the performance of the other underlying stocks). For further information on our use of proceeds and hedging, see "Use of Proceeds and Hedging" in the accompanying product supplement.

Additional considerations:

Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly.

Supplemental information regarding plan of distribution; conflicts of interest:

Selected dealers, which may include our affiliates, and their financial advisors will collectively receive from the agent a fixed sales commission of $ for each security they sell.

MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities. When MS & Co. prices this offering of securities, it will determine the economic terms of the securities such that for each security the estimated value on the pricing date will be no lower than the minimum level described in "Investment Summary" beginning on page 4.

MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm's distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See "Plan of Distribution (Conflicts of Interest)" and "Use of Proceeds and Hedging" in the accompanying product supplement for auto-callable securities.

Where you can find more information:

MSFL and Morgan Stanley have filed a registration statement (including a prospectus, as supplemented by the product supplement for auto-callable securities) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement for auto-callable securities and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about MSFL, Morgan Stanley and this offering. When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the product supplement for auto-callable securities if you so request by calling toll-free 1-(800)-584-6837.

You may access these documents on the SEC web site at.www.sec.gov as follows:

Product Supplement for Auto-Callable Securities dated November 16, 2023

Prospectus dated April 12, 2024

Terms used but not defined in this document are defined in the product supplement for auto-callable securities or in the prospectus.