FWP Morgan Stanley Finance Form Provided by: Morgan Stanley Finance LLC

FWP Morgan Stanley Finance Form Provided by: Morgan Stanley Finance LLC

Where dealers, including MS & Co., are ready to purchase your securities on the secondary market (if available) at any time. The value of your securities at any time after the date hereof will vary based on many factors that cannot be accurately predicted, including our creditworthiness and changes in market conditions. See also “The market price of securities may be affected 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 stock exchange. Therefore, there may be little or no secondary market for the securities. Morgan Stanley & Co. may LLC, which we refer to as MS & Co., may, but is not obligated to, create a market for the securities and, if it chooses to create a market at any time, may cease doing so at any time. When it creates a market, it will generally do so for routine secondary market volume transactions at prices based on its estimate of the current value of the securities, taking into account the bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, and the cost of unwinding. Any relevant hedging positions, the time remaining until maturity, and the likelihood of being able to resell the securities. Even if there is a secondary market, it may not provide sufficient liquidity to allow you to easily trade or sell securities. Because brokers and other dealers may not be heavily involved in the secondary market for securities, the price at which you may be able to trade your securities will likely depend on the price, if any, that MS & Co. is willing to trade. In dealing with it. If, at any time, MS & Co. ceases to have a market for the securities, there will likely be no secondary market for the securities. Accordingly, you should be willing to hold your securities until maturity.

Investing in securities is not equivalent to investing in the underlying index. Investing in securities is not equivalent to investing in the underlying index or its constituent stocks. Investors in the securities will not have voting rights, rights to receive dividends or other distributions, or any other rights with respect to the shares constituting the Underlying Index.

The Account Agent, an affiliate of Morgan Stanley and an affiliate of MSFL, will make decisions with respect to the securities. As Account Agent, MS & Co. will determine The initial index value, the downside threshold level, the final index value, the percentage change in the index or index performance factor, as applicable, and the payment you will receive at maturity, if any. . Furthermore, certain decisions made by MS & Co., as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events, the selection of an index successor, or the calculation of an index closing value in In the event of market turmoil or the underlying index stops. These potential self-determinations may adversely affect your payment at maturity, if any. For more information regarding these types of determinations, see “Description of Securities – Defer Valuation Date(s)”, “-Stop Any Underlying Index or Basket Index; “Change Calculation Method”, “-Alternate Exchange Calculation in the Event of a Default Event.” Payment” and “-Agent and Accounts” in the product supplement accompanying Jump Securities. Additionally, MS & Co. has determined the estimated value of the securities on the pricing date.

Hedging and trading activity by our subsidiaries has the potential to adversely affect the value of securities. One or more of our affiliates and/or third party dealers expects to perform hedging activities in relation to securities (and other instruments linked to the Underlying Index or its constituent stocks), including trading in the stocks constituting the Underlying Index as well as in other instruments related to the Underlying Index. As a result, these entities may unwind or modify hedging positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the valuation date approaches. Some of our affiliates also trade the shares constituting the Underlying Index and other financial instruments related to the Underlying Index on a regular basis as part of their general brokerage and other businesses. Any such hedging or trading activities on or prior to the pricing date would likely increase the initial index value, and therefore the value at or above which the underlying index must close on the valuation date in order for investors not to suffer a significant loss. on their initial investment in securities. In addition, such hedging or trading activities during the term of the securities, including on the valuation date, could adversely affect the value of the underlying index on the valuation date and, therefore, the amount of cash an investor would receive at maturity, if any.

The U.S. federal income tax consequences of investing in securities are uncertain. Please read the discussion under “Additional Information – Tax Considerations” in this document and the discussion under “United States Federal Taxes” in the product supplement accompanying Jump Securities (together, “Federal Taxes”).

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