# EDGAR Filing Document

**Accession Number:** 0001666268
**File Stem:** 0001839882-25-063156
**Filing Date:** 2025-11
**Character Count:** 70523
**Document Hash:** 07dc0f798c257b9bf81d7bb62c615ff2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-063156.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001839882-25-063156

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275587
- **FILM NUMBER:** 251444811

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275587-01
- **FILM NUMBER:** 251444812

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

Preliminary Pricing Supplement No. 11,888

Registration Statement Nos. 333-275587; 333-275587-01

Dated November 3, 2025

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Jump Securities with Auto-Callable Feature due November 10, 2028

**Based on the Worst Performing of the Common Stock of Salesforce, Inc., the Common Stock of Broadcom Inc. and the Common Stock of PayPal Holdings, Inc.**

**Fully and Unconditionally Guaranteed by Morgan Stanley**

**Principal at Risk Securities**

￭The securities are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally guaranteed by Morgan Stanley. The securities have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document. The securities do not guarantee the repayment of principal and do not provide for the regular payment of interest.

￭**Automatic early redemption.** If a **redemption event** *has* occurred with respect to **each** of the underliers, the securities will be automatically redeemed for an early redemption payment that will increase over the term of the securities, as described below. A **redemption event** occurs with respect to an underlier if, on *any* determination date, the closing level of such underlier is **greater than or equal to** its call threshold level. No further payments will be made on the securities once they have been automatically redeemed.

￭**Payment at maturity.** If a **redemption event** *has* occurred with respect to **each** of the underliers on or prior to the final determination date, investors will receive a fixed positive return at maturity. If a **redemption event** *has not* occurred with respect to **any** underlier on or prior to the final determination date, but the final level of **each** underlier is **greater than or equal to** its downside threshold level, investors will receive only the stated principal amount at maturity. If, however, a **redemption event** *has not* occurred with respect to **any** underlier on or prior to the final determination date and the final level of **any** underlier is **less than** its downside threshold level, investors will lose 1% for every 1% decline in the level of the worst performing underlier over the term of the securities. **Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.**

￭**The value of the securities is based on the worst performing underlier.** The fact that the securities are linked to more than one underlier does not provide any asset diversification benefits and instead means that a decline in the level of any underlier beyond its downside threshold level will adversely affect your return on the securities, even if the other underliers have appreciated or have not declined as much.

￭The securities are for investors who are willing to risk their principal and forgo current income in exchange for the possibility of receiving an early redemption payment or payment at maturity that exceeds the stated principal amount if a **redemption event** *has* occurred with respect to **each** of the underliers on or prior to the final determination date. You will not participate in any appreciation of any underlier. **Investors in the securities must be willing to accept the risk of losing their entire initial investment based on the performance of any underlier.** The securities are notes issued as part of MSFL's Series A Global Medium-Term Notes program.

￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **TERMS** | &nbsp;&nbsp; **TERMS** | &nbsp;&nbsp; **TERMS** | &nbsp;&nbsp; **TERMS** |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Issue price:** | &nbsp;&nbsp; $1,000 per security (see "Commissions and issue price" below)  | &nbsp;&nbsp; $1,000 per security (see "Commissions and issue price" below)  | &nbsp;&nbsp; $1,000 per security (see "Commissions and issue price" below)  |
| &nbsp;&nbsp; **Aggregate principal amount:** | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |
| &nbsp;&nbsp; **Underliers:** | &nbsp;&nbsp; Salesforce, Inc. common stock (the "CRM Stock"), Broadcom Inc. common stock (the "AVGO Stock") and PayPal Holdings, Inc. common stock (the "PYPL Stock"). We refer to each of the CRM Stock, the AVGO Stock and the PYPL Stock as an underlying stock.  | &nbsp;&nbsp; Salesforce, Inc. common stock (the "CRM Stock"), Broadcom Inc. common stock (the "AVGO Stock") and PayPal Holdings, Inc. common stock (the "PYPL Stock"). We refer to each of the CRM Stock, the AVGO Stock and the PYPL Stock as an underlying stock.  | &nbsp;&nbsp; Salesforce, Inc. common stock (the "CRM Stock"), Broadcom Inc. common stock (the "AVGO Stock") and PayPal Holdings, Inc. common stock (the "PYPL Stock"). We refer to each of the CRM Stock, the AVGO Stock and the PYPL Stock as an underlying stock.  |
| &nbsp;&nbsp; **Strike date:** | &nbsp;&nbsp; November 7, 2025 | &nbsp;&nbsp; November 7, 2025 | &nbsp;&nbsp; November 7, 2025 |
| &nbsp;&nbsp; **Pricing date:** | &nbsp;&nbsp; November 7, 2025 | &nbsp;&nbsp; November 7, 2025 | &nbsp;&nbsp; November 7, 2025 |
| &nbsp;&nbsp; **Original issue date:** | &nbsp;&nbsp; November 13, 2025 | &nbsp;&nbsp; November 13, 2025 | &nbsp;&nbsp; November 13, 2025 |
| &nbsp;&nbsp; **Final determination date:** | &nbsp;&nbsp; November 7, 2028, subject to postponement for non-trading days and certain market disruption events | &nbsp;&nbsp; November 7, 2028, subject to postponement for non-trading days and certain market disruption events | &nbsp;&nbsp; November 7, 2028, subject to postponement for non-trading days and certain market disruption events |
| &nbsp;&nbsp; **Maturity date:** | &nbsp;&nbsp; November 10, 2028 | &nbsp;&nbsp; November 10, 2028 | &nbsp;&nbsp; November 10, 2028 |
| &nbsp;&nbsp; ***Terms continued on the following page*** | &nbsp;&nbsp; ***Terms continued on the following page*** | &nbsp;&nbsp; ***Terms continued on the following page*** | &nbsp;&nbsp; ***Terms continued on the following page*** |
| &nbsp;&nbsp; **Agent:** | &nbsp;&nbsp; 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." | &nbsp;&nbsp; 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." | &nbsp;&nbsp; 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." |
| &nbsp;&nbsp; **Estimated value on the pricing date:** | &nbsp;&nbsp; Approximately $980.40 per security, or within $30.00 of that estimate. See "Estimated Value of the Securities" on page 4. | &nbsp;&nbsp; Approximately $980.40 per security, or within $30.00 of that estimate. See "Estimated Value of the Securities" on page 4. | &nbsp;&nbsp; Approximately $980.40 per security, or within $30.00 of that estimate. See "Estimated Value of the Securities" on page 4. |
| &nbsp;&nbsp; **Commissions and issue price:** | &nbsp;&nbsp; **Price to public** | &nbsp;&nbsp; **Agent's commissions and fees**<sup>(1)</sup> | &nbsp;&nbsp; **Proceeds to us**<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Per security** | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |

---

*(1) Selected dealers and their financial advisors will receive a structuring fee of up to $8 for each security from the agent or its affiliates. MS & Co., the agent, will not receive a sales commission in connection with the securities. See "Supplemental information regarding plan of distribution; conflicts of interest." For additional information, see "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.*

*(2)*See "Use of Proceeds and Hedging" in the accompanying product supplement.

**The securities involve risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 9.**

**The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.**

**You should read this document together with the related product supplement and prospectus, each of which can be accessed via the hyperlinks below. Please also see "Additional Terms of the Securities" and "Additional Information About the Securities" at the end of this document.** 

**References to "we," "us" and "our" refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.**

[**<u>Product Supplement for Principal at Risk Securities dated</u> <u>February 7</u><u>, 2025</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010325001753/dp224623_424b2-parsupp.htm)[**<u>Prospectus dated April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Terms*** ***continued from the previous page*** | &nbsp;&nbsp; ***Terms*** ***continued from the previous page*** |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp; The securities are not subject to automatic early redemption until the first determination date. If, as of **any** determination date (other than the final determination date), a **redemption event** *has* occurred with respect to **each** of the underliers, the securities will be automatically redeemed for the applicable early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been automatically redeemed.<br> The securities will not be redeemed on any early redemption date unless a **redemption event** *has* occurred with respect to **each** of the underliers on or prior to the related determination date. |
| &nbsp;&nbsp; **First determination date:** | &nbsp;&nbsp; November 11, 2026. Under no circumstances will the securities be redeemed prior to the first determination date. |
| &nbsp;&nbsp; **Determination dates:** | &nbsp;&nbsp; As set forth under "Determination Dates, Early Redemption Dates and Early Redemption Payments" below, subject to postponement for non-trading days and certain market disruption events |
| &nbsp;&nbsp; **Call threshold level:** | &nbsp;&nbsp; With respect to the CRM Stock, $, which is 100% of its initial level<br> With respect to the AVGO Stock, $, which is 100% of its initial level<br> With respect to the PYPL Stock, $, which is 100% of its initial level |
| &nbsp;&nbsp; **Redemption event:** | &nbsp;&nbsp; A **redemption event** occurs with respect to an underlier if, on **any** determination date, the closing level of such underlier is **greater than or equal to** its call threshold level. In order for investors to receive a positive return on the securities, a **redemption event** *must* occur with respect to **each** of the underliers on a determination date up to and including the final determination date. |
| &nbsp;&nbsp; **Early redemption payment:** | &nbsp;&nbsp; The early redemption payment with respect to a determination date will be an amount in cash per stated principal amount corresponding to a return of approximately 41.75% *per annum*, as set forth under "Determination Dates, Early Redemption Dates and Early Redemption Payments" below. |
| &nbsp;&nbsp; **Early redemption dates:** | &nbsp;&nbsp; As set forth under "Determination Dates, Early Redemption Dates and Early Redemption Payments" below |
| &nbsp;&nbsp; **Payment at maturity per security:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities have not been automatically redeemed prior to maturity, investors will receive a payment at maturity determined as follows: <br> •If a **redemption event** *has* occurred with respect to **each** of the underliers on or prior to the final determination date:<br> $2,252.50<br> •If a **redemption event** *has not* occurred with respect to **any** underlier on or prior to the final determination date, but the final level of **each** underlier is **greater than or equal to** its downside threshold level:<br> stated principal amount<br> •If a **redemption event** *has not* occurred with respect to **any** underlier on or prior to the final determination date and the final level of **any** underlier is **less than** its downside threshold level:<br> stated principal amount × performance factor of the worst performing underlier<br> *Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.* |
| &nbsp;&nbsp; **Final level:** | &nbsp;&nbsp; With respect to each underlier, the closing level on the final determination date |
| &nbsp;&nbsp; **Downside threshold level:** | &nbsp;&nbsp; With respect to the CRM Stock, $, which is 60% of its initial level<br> With respect to the AVGO Stock, $, which is 60% of its initial level<br> With respect to the PYPL Stock, $, which is 60% of its initial level |
| &nbsp;&nbsp; **Initial level:** | &nbsp;&nbsp; With respect to the CRM Stock, $, which is its closing level on the strike date<br> With respect to the AVGO Stock, $, which is its closing level on the strike date<br> With respect to the PYPL Stock, $, which is its closing level on the strike date |
| &nbsp;&nbsp; **Closing level:** | &nbsp;&nbsp; "Closing level" and "adjustment factor" have the meanings set forth under "General Terms of the Securities—Some Definitions" in the accompanying product supplement. |
| &nbsp;&nbsp; **Performance factor:** | &nbsp;&nbsp; With respect to each underlier, final level / initial level |
| &nbsp;&nbsp; **Worst performing underlier:** | &nbsp;&nbsp; The underlier with the lowest percentage return from its initial level to its final level |
| &nbsp;&nbsp; **CUSIP:** | &nbsp;&nbsp; 61779TGW1 |
| &nbsp;&nbsp; **ISIN:** | &nbsp;&nbsp; US61779TGW18 |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp; The securities will not be listed on any securities exchange. |

---

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Determination Dates, Early Redemption Dates and Early Redemption Payments

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Determination Date** | &nbsp;&nbsp; **Determination Date** | &nbsp;&nbsp; **Early Redemption Date** | &nbsp;&nbsp; **Early Redemption Payment**<br> **(per Security)** |
| &nbsp;&nbsp; #1 | &nbsp;&nbsp; November 11, 2026 | &nbsp;&nbsp; November 16, 2026 | &nbsp;&nbsp; $1417.50 |
| &nbsp;&nbsp; #2 | &nbsp;&nbsp; December 7, 2026 | &nbsp;&nbsp; December 10, 2026 | &nbsp;&nbsp; $1452.292 |
| &nbsp;&nbsp; #3 | &nbsp;&nbsp; January 7, 2027 | &nbsp;&nbsp; January 12, 2027 | &nbsp;&nbsp; $1487.083 |
| &nbsp;&nbsp; #4 | &nbsp;&nbsp; February 8, 2027 | &nbsp;&nbsp; February 11, 2027 | &nbsp;&nbsp; $1521.875 |
| &nbsp;&nbsp; #5 | &nbsp;&nbsp; March 8, 2027 | &nbsp;&nbsp; March 11, 2027 | &nbsp;&nbsp; $1556.667 |
| &nbsp;&nbsp; #6 | &nbsp;&nbsp; April 7, 2027 | &nbsp;&nbsp; April 12, 2027 | &nbsp;&nbsp; $1591.458 |
| &nbsp;&nbsp; #7 | &nbsp;&nbsp; May 7, 2027 | &nbsp;&nbsp; May 12, 2027 | &nbsp;&nbsp; $1626.25 |
| &nbsp;&nbsp; #8 | &nbsp;&nbsp; June 7, 2027 | &nbsp;&nbsp; June 10, 2027 | &nbsp;&nbsp; $1661.042 |
| &nbsp;&nbsp; #9 | &nbsp;&nbsp; July 7, 2027 | &nbsp;&nbsp; July 12, 2027 | &nbsp;&nbsp; $1695.833 |
| &nbsp;&nbsp; #10 | &nbsp;&nbsp; August 9, 2027 | &nbsp;&nbsp; August 12, 2027 | &nbsp;&nbsp; $1730.625 |
| &nbsp;&nbsp; #11 | &nbsp;&nbsp; September 7, 2027 | &nbsp;&nbsp; September 10, 2027 | &nbsp;&nbsp; $1765.417 |
| &nbsp;&nbsp; #12 | &nbsp;&nbsp; October 7, 2027 | &nbsp;&nbsp; October 13, 2027 | &nbsp;&nbsp; $1800.208 |
| &nbsp;&nbsp; #13 | &nbsp;&nbsp; November 8, 2027 | &nbsp;&nbsp; November 12, 2027 | &nbsp;&nbsp; $1835.00 |
| &nbsp;&nbsp; #14 | &nbsp;&nbsp; December 7, 2027 | &nbsp;&nbsp; December 10, 2027 | &nbsp;&nbsp; $1869.792 |
| &nbsp;&nbsp; #15 | &nbsp;&nbsp; January 7, 2028 | &nbsp;&nbsp; January 12, 2028 | &nbsp;&nbsp; $1904.583 |
| &nbsp;&nbsp; #16 | &nbsp;&nbsp; February 7, 2028 | &nbsp;&nbsp; February 10, 2028 | &nbsp;&nbsp; $1939.375 |
| &nbsp;&nbsp; #17 | &nbsp;&nbsp; March 7, 2028 | &nbsp;&nbsp; March 10, 2028 | &nbsp;&nbsp; $1974.167 |
| &nbsp;&nbsp; #18 | &nbsp;&nbsp; April 7, 2028 | &nbsp;&nbsp; April 12, 2028 | &nbsp;&nbsp; $2008.958 |
| &nbsp;&nbsp; #19 | &nbsp;&nbsp; May 8, 2028 | &nbsp;&nbsp; May 11, 2028 | &nbsp;&nbsp; $2043.75 |
| &nbsp;&nbsp; #20 | &nbsp;&nbsp; June 7, 2028 | &nbsp;&nbsp; June 12, 2028 | &nbsp;&nbsp; $2078.542 |
| &nbsp;&nbsp; #21 | &nbsp;&nbsp; July 7, 2028 | &nbsp;&nbsp; July 12, 2028 | &nbsp;&nbsp; $2113.333 |
| &nbsp;&nbsp; #22 | &nbsp;&nbsp; August 7, 2028 | &nbsp;&nbsp; August 10, 2028 | &nbsp;&nbsp; $2148.125 |
| &nbsp;&nbsp; #23 | &nbsp;&nbsp; September 7, 2028 | &nbsp;&nbsp; September 12, 2028 | &nbsp;&nbsp; $2182.917 |
| &nbsp;&nbsp; #24 | &nbsp;&nbsp; October 9, 2028 | &nbsp;&nbsp; October 12, 2028 | &nbsp;&nbsp; $2217.708 |
| &nbsp;&nbsp; Final determination date | &nbsp;&nbsp; November 7, 2028 | &nbsp;&nbsp; November 10, 2028 | &nbsp;&nbsp; See "Payment at maturity" above. |

---

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Estimated Value of the Securities

The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000. Our estimate of the value of the securities as determined on the pricing date will be within the range specified on the cover hereof and will be set forth on the cover of the final pricing supplement.

*What goes into the estimated value on the pricing date?*

In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underliers. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underliers, instruments based on the underliers, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.

*What determines the economic terms of the securities?*

In determining the economic terms of the securities, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.

*What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?*

The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underliers, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underliers, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.

MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Hypothetical Examples

The following hypothetical examples illustrate how to determine whether the securities will be automatically redeemed with respect to a determination date and how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity. The following examples are for illustrative purposes only. Whether the securities are automatically redeemed prior to maturity will be determined by reference to whether or not a redemption event has occurred with respect to each underlier on or prior to the final determination date and the closing level of each underlier on the final determination date. The actual initial level, call threshold level and downside threshold level for each underlier will be determined on the strike date. All payments on the securities are subject to our credit risk. The numbers in the hypothetical examples below may have been rounded for ease of analysis. The below examples are based on the following terms:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Hypothetical initial level:** | &nbsp;&nbsp; With respect to the CRM Stock, $100.00\*<br> With respect to the AVGO Stock, $100.00\*<br> With respect to the PYPL Stock, $100.00\* | &nbsp;&nbsp; With respect to the CRM Stock, $100.00\*<br> With respect to the AVGO Stock, $100.00\*<br> With respect to the PYPL Stock, $100.00\* |
| &nbsp;&nbsp; **Hypothetical call threshold level:** | &nbsp;&nbsp; With respect to the CRM Stock, $100.00, which is 100% of its hypothetical initial level<br> With respect to the AVGO Stock, $100.00, which is 100% of its hypothetical initial level<br> With respect to the PYPL Stock, $100.00, which is 100% of its hypothetical initial level | &nbsp;&nbsp; With respect to the CRM Stock, $100.00, which is 100% of its hypothetical initial level<br> With respect to the AVGO Stock, $100.00, which is 100% of its hypothetical initial level<br> With respect to the PYPL Stock, $100.00, which is 100% of its hypothetical initial level |
| &nbsp;&nbsp; **Hypothetical downside threshold level:** | &nbsp;&nbsp; With respect to the CRM Stock, $60.00, which is 60% of its hypothetical initial level<br> With respect to the AVGO Stock, $60.00, which is 60% of its hypothetical initial level<br> With respect to the PYPL Stock, $60.00, which is 60% of its hypothetical initial level | &nbsp;&nbsp; With respect to the CRM Stock, $60.00, which is 60% of its hypothetical initial level<br> With respect to the AVGO Stock, $60.00, which is 60% of its hypothetical initial level<br> With respect to the PYPL Stock, $60.00, which is 60% of its hypothetical initial level |
| &nbsp;&nbsp; **Early redemption payment:** | &nbsp;&nbsp; The early redemption payment with respect to a determination date will be an amount in cash per stated principal amount corresponding to a return of approximately 41.75% *per annum*, as follows: | &nbsp;&nbsp; The early redemption payment with respect to a determination date will be an amount in cash per stated principal amount corresponding to a return of approximately 41.75% *per annum*, as follows: |
|  | &nbsp;&nbsp; **Determination Date** | &nbsp;&nbsp; **Payment per Security** |
|  | &nbsp;&nbsp; #1 | &nbsp;&nbsp; $1417.50 |
|  | &nbsp;&nbsp; #2 | &nbsp;&nbsp; $1452.292 |
|  | &nbsp;&nbsp; #3 | &nbsp;&nbsp; $1487.083 |
|  | &nbsp;&nbsp; #4 | &nbsp;&nbsp; $1521.875 |
|  | &nbsp;&nbsp; #5 | &nbsp;&nbsp; $1556.667 |
|  | &nbsp;&nbsp; #6 | &nbsp;&nbsp; $1591.458 |
|  | &nbsp;&nbsp; #7 | &nbsp;&nbsp; $1626.25 |
|  | &nbsp;&nbsp; #8 | &nbsp;&nbsp; $1661.042 |
|  | &nbsp;&nbsp; #9 | &nbsp;&nbsp; $1695.833 |
|  | &nbsp;&nbsp; #10 | &nbsp;&nbsp; $1730.625 |
|  | &nbsp;&nbsp; #11 | &nbsp;&nbsp; $1765.417 |
|  | &nbsp;&nbsp; #12 | &nbsp;&nbsp; $1800.208 |
|  | &nbsp;&nbsp; #13 | &nbsp;&nbsp; $1835.00 |
|  | &nbsp;&nbsp; #14 | &nbsp;&nbsp; $1869.792 |
|  | &nbsp;&nbsp; #15 | &nbsp;&nbsp; $1904.583 |
|  | &nbsp;&nbsp; #16 | &nbsp;&nbsp; $1939.375 |
|  | &nbsp;&nbsp; #17 | &nbsp;&nbsp; $1974.167 |
|  | &nbsp;&nbsp; #18 | &nbsp;&nbsp; $2008.958 |
|  | &nbsp;&nbsp; #19 | &nbsp;&nbsp; $2043.75 |
|  | &nbsp;&nbsp; #20 | &nbsp;&nbsp; $2078.542 |

---

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; #21 | &nbsp;&nbsp; $2113.333 |
|  | &nbsp;&nbsp; #22 | &nbsp;&nbsp; $2148.125 |
|  | &nbsp;&nbsp; #23 | &nbsp;&nbsp; $2182.917 |
|  | &nbsp;&nbsp; #24 | &nbsp;&nbsp; $2217.708 |
|  | &nbsp;&nbsp; No further payments will be made on the securities once they have been automatically redeemed. | &nbsp;&nbsp; No further payments will be made on the securities once they have been automatically redeemed. |
| &nbsp;&nbsp; **Payment at maturity (if a redemption event has occurred with respect to each underlier on or prior to the final determination date):** | &nbsp;&nbsp; $2,252.50 per security | &nbsp;&nbsp; $2,252.50 per security |

---

\*The hypothetical initial level of $100.00 for each underlier has been chosen for illustrative purposes only and does not represent the actual initial level of any underlier. Please see "Historical Information" below for historical data regarding the actual closing levels of the underliers.

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

How to determine whether the securities will be automatically redeemed with respect to a determination date:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Closing Level | &nbsp;&nbsp; Closing Level | &nbsp;&nbsp; Closing Level | &nbsp;&nbsp; Early Redemption Payment |
|  | &nbsp;&nbsp; CRM Stock | &nbsp;&nbsp; AVGO Stock | &nbsp;&nbsp; PYPL Stock  | &nbsp;&nbsp; Early Redemption Payment |
| &nbsp;&nbsp; Hypothetical Determination Date #1 | &nbsp;&nbsp; $120.00 (**greater than or equal to** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $70.00 (**less than** its call threshold level; redemption event has not occurred) | &nbsp;&nbsp; $55.00 (**less than** its call threshold level; redemption event has not occurred) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Hypothetical Determination Date #2 | &nbsp;&nbsp; $30.00 (**less than** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $110.00 (**greater than or equal to** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $50.00 (**less than** its call threshold level; redemption event has not occurred) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Hypothetical Determination Date #3 | &nbsp;&nbsp; $40.00 (**less than** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $75.00 (**less than** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $60.00 (**less than** its call threshold level; redemption event has not occurred) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Hypothetical Determination Date #4 | &nbsp;&nbsp; $50.00 (**less than** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $65.00 (**less than** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $140.00 (**greater than or equal to** its call threshold level; **redemption event** has occurred) | &nbsp;&nbsp; $1521.875 |

---

On hypothetical determination date #1, because a **redemption event** has not occurred with respect to **each** of the underliers, the securities are not automatically redeemed on the related early redemption date. However, a **redemption event** has occurred with respect to one underlier because its closing level is **greater than or equal to** its call threshold level.

On hypothetical determination dates #2 and #3, because a **redemption event** has not occurred with respect to **each** of the underliers, the securities are not automatically redeemed on the related early redemption date. However, a **redemption event** has occurred with respect to two underliers, because their closing levels are **greater than or equal to** their call threshold levels on or prior to the determination date.

On hypothetical determination date #4, a **redemption event** has occurred with respect to **each** of the underliers. Therefore, the securities are automatically redeemed on the related early redemption date for an early redemption payment corresponding to a return of approximately 41.75% per annum. No further payments are made on the securities once they have been automatically redeemed.

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

How to calculate the payment at maturity (if the securities have not been automatically redeemed):

The hypothetical examples below assume that a redemption event has not occurred with respect to **each** of the underliers prior to the final determination date, and, consequently, the securities have not been automatically redeemed prior to maturity.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Payment at Maturity per Security |
|  | &nbsp;&nbsp; CRM Stock | &nbsp;&nbsp; AVGO Stock | &nbsp;&nbsp; PYPL Stock |  |  |
| &nbsp;&nbsp; Example #1 | &nbsp;&nbsp; $150.00 (**greater than or equal to** its call threshold level) | &nbsp;&nbsp; $175.00 (**greater than or equal to** its call threshold level) | &nbsp;&nbsp; $140.00 (**greater than or equal to** its call threshold level) | &nbsp;&nbsp; $2252.50 | &nbsp;&nbsp; $2252.50 |
| &nbsp;&nbsp; Example #2 | &nbsp;&nbsp; $150.00 (**greater than or equal to** its call threshold level) | &nbsp;&nbsp; $70.00 (**less than** its call threshold level but **greater than or equal to** its downside threshold level) | &nbsp;&nbsp; $105.00 (**greater than or equal to** its call threshold level) | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $1000 |
| &nbsp;&nbsp; Example #3 | &nbsp;&nbsp; $135.00 (**greater than or equal to** its call threshold level) | &nbsp;&nbsp; $50.00 (**less than** its downside threshold level) | &nbsp;&nbsp; $65.00 (**less than** its call threshold level but **greater than or equal to** its downside threshold level) | &nbsp;&nbsp; $1,000 × performance factor of the worst performing underlier = $1,000 × ($50.00 / $100.00) = $500.00 | &nbsp;&nbsp; $1,000 × performance factor of the worst performing underlier = $1,000 × ($50.00 / $100.00) = $500.00 |
| &nbsp;&nbsp; Example #4 | &nbsp;&nbsp; $30.00 (**less than** its downside threshold level) | &nbsp;&nbsp; $35.00 (**less than** its downside threshold level) | &nbsp;&nbsp; $40.00 (**less than** its downside threshold level) | &nbsp;&nbsp; $1,000 × ($30.00 / $100.00) = $300.00 | &nbsp;&nbsp; $1,000 × ($30.00 / $100.00) = $300.00 |

---

In example #1, the final level of **each** underlier is **greater than or equal to** its call threshold level. Therefore, a **redemption event** has necessarily occurred with respect to **each** underlier on or prior to the final determination date, and investors receive at maturity a payment corresponding to a return of approximately 41.75% *per annum*. Investors do not participate in any appreciation of any underlier.

In example #2, the final levels of **two** underliers are **greater than or equal to** their call threshold levels and the final level of **one** underlier is **less than** its call threshold level but **greater than or equal to** its downside threshold level. Therefore, a **redemption event** has necessarily occurred with respect to two underliers, but **at least one** underlier has not experienced a redemption event on or prior to the final determination date. Therefore, investors receive at maturity the stated principal amount.

In examples #3 and #4, the final level of **at least one** underlier is **less than** its downside threshold level and **at least one** underlier has not experienced a redemption event on or prior to the final determination date. Therefore, investors receive at maturity a payment that reflects a loss of 1% of principal for each 1% decline in the level of the worst performing underlier.

**If a redemption event has not occurred with respect to any underlier and the final level of any underlier is less than its downside threshold level, you will be exposed to the negative performance of the worst performing underlier at maturity, and your payment at maturity will be significantly less than the stated principal amount of the securities and could be zero.**

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Risk Factors

*This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled "Risk Factors" in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.*

<u>Risks Relating to an Investment in the Securities</u>

￭**The securities do not guarantee the return of any principal and do not pay interest.** The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal and do not pay interest. If **any** underlier has not experienced a **redemption event** on or prior to the final determination date, and the final level of **any** underlier is **less than** its downside threshold level, the payout at maturity will be an amount in cash that is significantly less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the worst performing underlier over the term of the securities. **There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities.**

￭**The appreciation potential of the securities is limited by the fixed early redemption payment or payment at maturity specified for each determination date.** The appreciation potential of the securities is limited by the applicable fixed early redemption payment or payment at maturity, as applicable, payable only if a **redemption event** has occurred with respect to **each** underlier as of the related determination date. In all cases, you will not participate in any appreciation of any underlier, which could be significant. Furthermore, a redemption event can occur with respect to any underlier only on one of the determination dates and not at other times during the term of the securities. If a redemption event occurs with respect to only one or two underlier(s), but not with respect to the other(s), you will not receive a positive return on the securities, and you may lose a significant portion or all of your investment at maturity.

￭**The securities are subject to early redemption risk.** The term of your investment in the securities may be shortened due to the automatic early redemption feature of the securities. If the securities are automatically redeemed prior to maturity, you will receive no further payments on the securities, may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns. However, under no circumstances will the securities be redeemed prior to the first determination date.

￭**The market price of the securities may be influenced by many unpredictable factors.** Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the value of each underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:

othe volatility (frequency and magnitude of changes in value) of the underliers;

ointerest and yield rates in the market;

odividend rates on the underliers;

othe level of correlation between the underliers;

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underliers or equity markets generally;

othe availability of comparable instruments;

othe occurrence of certain events affecting the underliers that may or may not require an adjustment to an adjustment factor;

othe time remaining until the securities mature; and

oany actual or anticipated changes in our credit ratings or credit spreads.

Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. For example, you may have to sell your securities at a substantial discount from the stated principal amount if, at the time of sale, the closing level of any underlier is at, below or not sufficiently above its downside threshold level, or if market interest rates rise.

You can review the historical closing levels of the underliers in the section of this document called "Historical Information." You cannot predict the future performance of an underlier based on its historical performance. The values of the underliers may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that a **redemption event** will have occurred with respect to **each** underlier on any determination date so that you will receive a payment on the securities that exceeds the stated principal amount, or that the final level of **each** underlier will be **greater than or equal to** its downside threshold level so that you do not suffer a significant loss on your initial investment in the securities.

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

￭**The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.** You are dependent on our ability to pay all amounts due on the securities, and, therefore, you are subject to our credit risk. The securities are not guaranteed by any other entity. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market's view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

￭**As a finance subsidiary, MSFL has no independent operations and will have no independent assets.** As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank *pari passu* with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated *pari passu* with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

￭**The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.** Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underliers, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.

￭**The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.** These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also "The market price of the securities may be influenced by many unpredictable factors" above.

￭**The securities will not be listed on any securities exchange and secondary trading may be limited.** The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

￭As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

￭**The U.S. federal income tax consequences of an investment in the securities are uncertain.** There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. You should review carefully the section entitled "United States Federal Income Tax Considerations" herein, in combination with the section entitled "United States Federal Income Tax Considerations" in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.

<u>Risks Relating to the</u> <u>Underlier</u><u>(s)</u>

￭Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

oYou are exposed to the price risk of each underlier.

oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.

oWe have no affiliation with any underlying stock issuer.

oWe may engage in business with or involving any underlying stock issuer without regard to your interests.

oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.

<u>Risks Relating to Conflicts of Interest</u>

*In engaging in certain activities described below and as discussed in more detail in the accompanying product supplement, our affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities.*

￭**The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.** As calculation agent, MS & Co. will make any determinations necessary to calculate any payment(s) on the securities. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, which may adversely affect your return on the securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

￭Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Historical Information

**Salesforce, Inc. Overview**

**Bloomberg Ticker Symbol: CRM**

Salesforce, Inc. is a provider of enterprise cloud computing solutions. The underlier is registered under the Securities Exchange Act of 1934, as amended. Information provided to or filed with the Securities and Exchange Commission by the underlying stock issuer pursuant to the Securities Exchange Act of 1934, as amended, can be located by reference to Securities and Exchange Commission file number 001-32224 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding the underlying stock issuer may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. **Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete.** 

The closing level of the CRM Stock on October 31, 2025 was $260.41. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

---

| |
|:---|
| &nbsp;&nbsp; **CRM Stock Daily Closing Levels**<br> **January 1, 2020 to October 31, 2025**  |
| &nbsp;&nbsp; ![](image1.gif)  |

---

**This document relates only to the securities referenced hereby and does not relate to the underlier or other securities of the underlying stock issuer. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stock issuer. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.**

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

**Broadcom Inc. Overview**

**Bloomberg Ticker Symbol: AVGO**

Broadcom Inc. is a technology company that designs, develops and supplies a range of semiconductor and infrastructure software solutions. The underlier is registered under the Securities Exchange Act of 1934, as amended. Information provided to or filed with the Securities and Exchange Commission by the underlying stock issuer pursuant to the Securities Exchange Act of 1934, as amended, can be located by reference to Securities and Exchange Commission file number 001-38449 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding the underlying stock issuer may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. **Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete.**

The closing level of the AVGO Stock on October 31, 2025 was $369.63. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

---

| |
|:---|
| &nbsp;&nbsp; **AVGO Stock Daily Closing Levels**<br> **January 1, 2020 to October 31, 2025**  |
| &nbsp;&nbsp; ![](image2.gif)  |

---

**This document relates only to the securities referenced hereby and does not relate to the underlier or other securities of the underlying stock issuer. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stock issuer. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.**

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

**PayPal Holdings, Inc. Overview**

**Bloomberg Ticker Symbol: PYPL**

PayPal Holdings, Inc. is a technology platform and digital payments company. The underlier is registered under the Securities Exchange Act of 1934, as amended. Information provided to or filed with the Securities and Exchange Commission by the underlying stock issuer pursuant to the Securities Exchange Act of 1934, as amended, can be located by reference to Securities and Exchange Commission file number 001-36859 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding the underlying stock issuer may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. **Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete.** 

The closing level of the PYPL Stock on October 31, 2025 was $69.27. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

---

| |
|:---|
| &nbsp;&nbsp; **PYPL Stock Daily Closing Levels**<br> **January 1, 2020 to October 31, 2025**  |
| &nbsp;&nbsp; ![](image3.gif)  |

---

**This document relates only to the securities referenced hereby and does not relate to the underlier or other securities of the underlying stock issuer. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stock issuer. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.**

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Additional Terms of the Securities

Please read this information in conjunction with the terms on the cover of this document.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Additional Terms:** | &nbsp;&nbsp; **Additional Terms:** |
| &nbsp;&nbsp; If the terms described herein are inconsistent with those described in the accompanying product supplement or prospectus, the terms described herein shall control. | &nbsp;&nbsp; If the terms described herein are inconsistent with those described in the accompanying product supplement or prospectus, the terms described herein shall control. |
| &nbsp;&nbsp; **Denominations:** | &nbsp;&nbsp; $1,000 per security and integral multiples thereof |
| &nbsp;&nbsp; **Underlying stock issuer:** | &nbsp;&nbsp; With respect to the CRM Stock, Salesforce, Inc. <br> With respect to the AVGO Stock, Broadcom Inc.<br> With respect to the PYPL Stock, PayPal Holdings, Inc. |
| &nbsp;&nbsp; **Amortization period:** | &nbsp;&nbsp; The 6-month period following the issue date |
| &nbsp;&nbsp; **Trustee:** | &nbsp;&nbsp; The Bank of New York Mellon |
| &nbsp;&nbsp; **Calculation agent:** | &nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co.") |

---

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

Additional Information About the Securities

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Additional Information:** | &nbsp;&nbsp; **Additional Information:** |
| &nbsp;&nbsp; **Minimum ticketing size:** | &nbsp;&nbsp; $1,000 / 1 security |
| &nbsp;&nbsp; **United States federal income tax considerations:** | &nbsp;&nbsp; You should review carefully the section in the accompanying product supplement entitled "United States Federal Income Tax Considerations." The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. <br> Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.<br> In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts that are "open transactions," as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts that are Open Transactions" in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel's opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your securities (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your securities should be treated as capital gain or loss.<br> We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. 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. <br> **Non-U.S. Holders.** As discussed under "United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code" in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% 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. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities. <br> We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.<br> You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction. |
| &nbsp;&nbsp; **Additional considerations:** | &nbsp;&nbsp; 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. |
| &nbsp;&nbsp; **Supplemental information regarding plan of distribution; conflicts of interest:** | &nbsp;&nbsp; Selected dealers and their financial advisors will receive a structuring fee of up to $8 for each security from the agent or its affiliates. MS & Co., the agent, will not receive a sales commission in connection with the securities.<br> 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. |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Jump Securities with Auto-Callable Feature<br> **Principal at Risk Securities**<br>

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|  | &nbsp;&nbsp; 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. |
| &nbsp;&nbsp; **Where you can find more information:** | &nbsp;&nbsp; Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC website 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 if you so request by calling toll-free 1-(800)-584-6837.<br> Terms used but not defined in this document are defined in the product supplement or in the prospectus. Each of the product supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document.<br>|

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