Morgan Stanley Finance LLC is issuing Dual Directional Trigger Participation Securities linked to the Nasdaq-100 Index, due July 2, 2026. The securities offer potential upside participation up to 107.50% of the principal amount, with a unique feature providing positive returns for index declines up to 40%.If the index appreciates, investors receive 100% participation up to the 7.50% cap. For index declines up to 40%, investors receive positive returns equal to the absolute value of the decline. However, if the index falls more than 40%, investors are fully exposed to losses with no principal protection.The securities involve significant risks, including potential loss of principal. They are subject to Morgan Stanley's credit risk and offer no interest payments. The estimated value on the pricing date is expected to be about $982.70 per $1,000 principal amount. Investors should carefully consider the risks and suitability of this complex investment.

Morgan Stanley Finance LLC is issuing Dual Directional Trigger Participation Securities linked to the Nasdaq-100 Index, due July 2, 2026. The securities offer potential upside participation up to 107.50% of the principal amount, with a unique feature providing positive returns for index declines up to 40%.If the index appreciates, investors receive 100% participation up to the 7.50% cap. For index declines up to 40%, investors receive positive returns equal to the absolute value of the decline. However, if the index falls more than 40%, investors are fully exposed to losses with no principal protection.The securities involve significant risks, including potential loss of principal. They are subject to Morgan Stanley's credit risk and offer no interest payments. The estimated value on the pricing date is expected to be about $982.70 per $1,000 principal amount. Investors should carefully consider the risks and suitability of this complex investment.