# EDGAR Filing Document

**Accession Number:** 0001666268
**File Stem:** 0001839882-26-012572
**Filing Date:** 2026-3
**Character Count:** 137297
**Document Hash:** fff3b69a627b0beb1c5d54d7ba054955
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-26-012572.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001839882-26-012572

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26708934

**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:** 26708935

**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

**February 2026**

Pricing Supplement No. 14,227

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

Dated February 26, 2026

Filed pursuant to Rule 424(b)(2)

**Morgan Stanley Finance LLC**

**Structured Investments**

Opportunities in Commodities, U.S. Assets and Equities

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

***Fully and Unconditionally Guaranteed by Morgan Stanley***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ￭Linked to the lowest performing of the common stock of Micron Technology, Inc., the common stock of Oracle Corporation, the iShares<sup>®</sup> Silver Trust and the iShares<sup>®</sup> Bitcoin Trust ETF (each referred to as an "underlying")<br> ￭The securities are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally guaranteed by Morgan Stanley. Unlike ordinary debt securities, the securities do not guarantee the payment of interest, do not guarantee the repayment of principal and are subject to potential automatic call prior to the maturity date upon the terms described below. The securities have the terms described in the accompanying product supplement for principal at risk securities and prospectus, as supplemented or modified by this document. <br> ￭**Contingent Coupon.** The securities will pay a contingent coupon on a monthly basis until the earlier of the maturity date or automatic call if, and only if, the closing price of the lowest performing underlying on the calculation day for that month is **greater than or equal to** its coupon threshold price. If the closing price of the lowest performing underlying on a calculation day is **less than** its coupon threshold price, you will not receive any contingent coupon payment for the relevant month. However, if the closing price of the lowest performing underlying on one or more calculation days is less than its coupon threshold price and, on a subsequent calculation day, the closing price of the lowest performing underlying is **greater than or equal to** its coupon threshold price, the securities will pay the contingent coupon payment due for that subsequent calculation day *plus* all previously unpaid contingent coupon payments (without interest accruing on amounts previously unpaid). If the closing price of the lowest performing underlying is **less than** its coupon threshold price on every calculation day, you will not receive any contingent coupon payments throughout the entire term of the securities. The coupon threshold price for each underlying is equal to 40% of its starting price. The contingent coupon rate is 21.50% *per annum*.<br> ￭**Automatic Call.** Beginning after six months, the securities will be automatically called if the closing price of each underlying on any of the calculation days (other than the final calculation day) is **greater than or equal to** its respective call threshold price for a cash payment equal to the face amount *plus* a final contingent coupon payment and any previously unpaid contingent coupon payments. No further payments will be made on the securities once they have been called. The call threshold price for each underlying is equal to 100% of its starting price.<br> ￭**Potential Loss of Principal.** If the securities are not automatically called prior to maturity, you will receive the face amount at maturity if, and only if, the ending price of each underlying is **greater than or equal to** its respective downside threshold price. If the ending price of any underlying is **less than** its respective downside threshold price, investors will be fully exposed to the decline in the lowest performing underlying on a 1-to-1 basis and will receive a maturity payment amount that is less than 40% of the face amount of the securities and could be zero.<br> ￭**Accordingly, investors in the securities must be willing to accept the risk of losing their entire initial investment and also the risk of not receiving any contingent coupon payments throughout the entire term of the securities.** <br> ￭Because all payments on the securities are based on the lowest performing underlying, a decline beyond the respective coupon threshold price or respective downside threshold price of any underlying will result in no contingent coupon payments or a significant loss of your investment, as applicable, even if one or more of the other underlyings have appreciated or have not declined as much.<br> ￭The securities are for investors who are willing to risk their principal based on the lowest performing of four underlyings and who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving no contingent coupon payments over the entire term of the securities.<br> ￭Investors will not participate in any appreciation of any underlying.<br> ￭The securities are notes issued as part of MSFL's Series A Global Medium-Term Notes program.<br> ￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment.<br> ￭These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any of the underlyings.<br>

**The current estimated value of the securities is $906.30 per security. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlyings, instruments based on the underlyings, 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. See "Estimated Value of the Securities" on page 5.**

**The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 13. All payments on the securities are subject to our credit risk.**

**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 for principal at risk securities and prospectus, each of which can be accessed via the hyperlinks below. 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. Please also see "Additional Information About the Securities" at the end of this document.**

**As used in this document, "we," "us" and "our" refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Commissions and offering price:** | &nbsp;&nbsp; **Price to public** | &nbsp;&nbsp; **Agent's commissions**<sup>(1)(2)</sup> | &nbsp;&nbsp; **Proceeds to us**<sup>(3)</sup> |
| &nbsp;&nbsp; **Per security** | &nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp; $976.75 |
| &nbsp;&nbsp; **Total** | &nbsp;&nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $23250 | &nbsp;&nbsp;&nbsp; $976750 |

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*(1)*Wells Fargo Securities, LLC, an agent for this offering, will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. See "Supplemental information concerning plan of distribution; conflicts of interest."

*(2)*In respect of certain securities sold in this offering, we may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

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

[**<u>Product Supplement for Principal at Risk Securities dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016341/dp202703_424b2-wffpar.htm)[**<u>Prospectus dated April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

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| | |
|:---|:---|
| &nbsp;&nbsp; **Morgan Stanley** | &nbsp;&nbsp; **Wells Fargo Securities** |

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Final Terms** | &nbsp;&nbsp; **Final Terms** |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Maturity date:** | &nbsp;&nbsp; March 1, 2029, subject to postponement if the final calculation day is postponed |
| &nbsp;&nbsp; **Underlyings:** | &nbsp;&nbsp; The common stock of Micron Technology, Inc. (the "MU Stock"), the common stock of Oracle Corporation (the "ORCL Stock"), iShares<sup>®</sup> Silver Trust (the "SLV Shares") and iShares<sup>®</sup> Bitcoin Trust ETF (the "IBIT Shares"). We refer to each of the SLV Shares and the IBIT Shares as a "Fund" and to the MU and ORCL Stock as an "Underlying Stock," and collectively as the "Underlyings." |
| &nbsp;&nbsp; **Underlying commodities:** | &nbsp;&nbsp; With respect to the SLV Shares, Silver |
| &nbsp;&nbsp; **Underlying asset:** | &nbsp;&nbsp; With respect to the IBIT Shares, Bitcoin |
| &nbsp;&nbsp; **Contingent coupon payment (with memory feature):**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate **if, and only if,** the closing price of the lowest performing underlying on the related calculation day is greater than or equal to its coupon threshold price. <br> Each "contingent coupon payment", if any, will be calculated per security as follows:<br> ($1,000 × contingent coupon rate) / 12.<br> Any contingent coupon payment will be rounded to the nearest cent, with one-half cent rounded upward. In addition, if the closing price of the lowest performing underlying on one or more calculation days is less than its coupon threshold price and, on a subsequent calculation day, the closing price of the lowest performing underlying is **greater than or equal to** its coupon threshold price, the securities will pay the contingent coupon payment due for the subsequent calculation day *plus* all previously unpaid contingent coupon payments (without interest accruing on amounts previously unpaid).<br> **If the closing price of the lowest performing underlying on any calculation day is less than its coupon threshold price, you will not receive any contingent coupon payment on the related contingent coupon payment date. In addition, if the closing price of the lowest performing underlying on a calculation day is less than its coupon threshold price and the closing price of the lowest performing underlying on each subsequent calculation day up to and including the final calculation day is less than its coupon threshold price, you will not receive any unpaid contingent coupon payment in respect of any of those calculation days.**<br> **If the closing price of the lowest performing underlying is less than its coupon threshold price on all monthly calculation days, you will not receive any contingent coupon payments over the term of the securities.** |
| &nbsp;&nbsp; **Contingent coupon payment dates:** | &nbsp;&nbsp; Three business days after the applicable calculation day.\* |
| &nbsp;&nbsp; **Contingent coupon rate:** | &nbsp;&nbsp; The "<u>contingent coupon rate</u>" is 21.50% *per annum*. |
| &nbsp;&nbsp; **Automatic call**: | &nbsp;&nbsp; The securities are not subject to automatic call until approximately six months after the original issue date. Following this 6-month non-call period, if, on any calculation day (other than the final calculation day), beginning in August 2026, the closing price of each underlying is **greater than or equal to** its respective call threshold price, the securities will be automatically called on the related call settlement date for a cash payment per security equal to the face amount *plus* a final contingent coupon payment and any previously unpaid contingent coupon payments.<br> **The securities will not be automatically called on any call settlement date if the closing price of any underlying is less than its respective call threshold price on the related calculation day.** <br> **Any positive return on the securities will be limited to the contingent coupon payments, if any, even if the closing price of any underlying on the applicable calculation day significantly exceeds its respective starting price. You will not participate in any appreciation of any underlying.** |
| &nbsp;&nbsp; **Calculation days:** | &nbsp;&nbsp; Monthly, on the 26<sup>th</sup> of each month, commencing in March 2026 and ending on the final calculation day. We also refer to the February 2029 calculation day as the "<u>final</u> <u>calculation day</u>."\*\* |
| &nbsp;&nbsp; **Call settlement date:** | &nbsp;&nbsp; Three business days after the applicable calculation day.\*\* |
| &nbsp;&nbsp; **Maturity payment amount:** | &nbsp;&nbsp; If the securities are not automatically called, you will be entitled to receive on the maturity date a cash payment per security equal to the maturity payment amount (in addition to the final  |

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February 2026 Page 2

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

contingent coupon payment due at maturity and any previously unpaid contingent coupon payments, if payable). The "maturity payment amount" per security will equal:●if the ending price of**each**underlying is**greater than or equal to**its respective downside threshold price:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,000; or●if the ending price of**any**underlying is**less than**its respective downside threshold price:$1,000 × performance factor of the lowest performing underlying on the final calculation day**If the securities are not automatically called prior to maturity and the ending price of the lowest performing underlying is less than its downside threshold price, you will receive significantly less than the face amount of your securities and you will not receive any contingent coupon payment at maturity (including any previously unpaid contingent coupon payments). Under these circumstances, you will lose more than 60%, and possibly all, of your investment.** 

February 2026 Page 3

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

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| | |
|:---|:---|
|  | &nbsp;&nbsp; event of certain events affecting such Underlying. See "Additional Terms of the Securities—Anti-dilution Adjustments Relating to a Fund; Alternate Calculation" below. |
| &nbsp;&nbsp; **CUSIP / ISIN:** | &nbsp;&nbsp; 61780EB63 / US61780EB631 |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp; The securities will not be listed on any securities exchange. |
| &nbsp;&nbsp; **Agents:** | &nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and Wells Fargo Securities, LLC ("WFS"). See "Additional Information About the Securities—Supplemental information regarding plan of distribution; conflicts of interest." |
| &nbsp;&nbsp;&nbsp; \* Subject to postponement pursuant to "General Terms of the Securities—Payment Dates" in the accompanying product supplement<br> for principal at risk securities.<br> \*\* Subject to postponement pursuant to "General Terms of the Securities—Consequences of a Market Disruption Event;<br> Postponement of a Calculation Day" in the accompanying product supplement for principal at risk securities. | &nbsp;&nbsp;&nbsp; \* Subject to postponement pursuant to "General Terms of the Securities—Payment Dates" in the accompanying product supplement<br> for principal at risk securities.<br> \*\* Subject to postponement pursuant to "General Terms of the Securities—Consequences of a Market Disruption Event;<br> Postponement of a Calculation Day" in the accompanying product supplement for principal at risk securities. |

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February 2026 Page 4

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

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| |
|:---|
| &nbsp;&nbsp; **Estimated Value of the Securities** |
| &nbsp;&nbsp; The face amount 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 is less than $1,000 per security. We estimate that the value of each security on the pricing date is $906.30.<br> *What goes into the estimated value on the pricing date?*<br> 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 underlyings. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlyings, instruments based on the underlyings, 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.<br> *What determines the economic terms of the securities?*<br> In determining the economic terms of the securities, including the contingent coupon rate, the call threshold prices, the coupon threshold prices and the downside threshold prices, 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.<br> *What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?*<br> The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlyings, 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, for a period of up to 3 months following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlyings, 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.<br> 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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February 2026 Page 5

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

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| |
|:---|
| &nbsp;&nbsp; **Investor Considerations** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares<sup>®</sup> Silver Trust and the iShares<sup>®</sup> Bitcoin Trust ETF due March 1, 2029 (the "securities") may be appropriate for investors who:<br> ￭seek an investment with contingent coupon payments at a rate of 21.50% *per annum* until the earlier of the maturity date or automatic call **if, and only if**, the closing price of the lowest performing underlying on the applicable monthly calculation day is **greater than or equal to** its coupon threshold price; <br> ￭understand that if the closing price of any underlying on the final calculation day has declined by more than 60% from its starting price, they will be fully exposed to the decline in the lowest performing underlying from its starting price and will lose more than 60%, and possibly all, of the face amount of their securities at maturity; <br> ￭are willing to accept the risk that they may receive few or no contingent coupon payments over the term of the securities;<br> ￭understand that the securities may be automatically called prior to the maturity date and that the term of the securities may be as short as approximately six months;<br> ￭understand that the return on the securities will depend solely on the performance of the underlying that is the lowest performing underlying on each calculation day and that they will not benefit in any way from the performance of the better performing underlyings;<br> ￭understand that the securities are riskier than alternative investments linked to only one of the underlyings or linked to a basket composed of each underlying;<br> ￭understand and are willing to accept the full downside risks of each underlying; <br> ￭are willing to forgo participation in any appreciation of any underlying, fixed interest payments on the securities and dividends on the underlyings; and<br> ￭are willing to hold the securities until maturity.<br> The securities are not designed for, and may not be an appropriate investment for, investors who:<br> ￭seek a liquid investment or are unable or unwilling to hold the securities to maturity;<br> ￭require full payment of the face amount of the securities at maturity;<br> ￭seek a security with a fixed term;<br> ￭are unwilling to accept the risk that the closing price of any underlying may decline by more than 60% from its starting price to its ending price, in which case they will lose a significant portion or all of their investment;<br> ￭seek current income;<br> ￭are unwilling to accept the risk of exposure to each of the underlyings, including risks associated with bitcoin;<br> ￭seek exposure to a basket composed of each underlying or a similar investment in which the overall return is based on a blend of the performances of the underlyings, rather than solely on the lowest performing underlying;<br> ￭seek exposure to the upside performance of any or each underlying; <br> ￭are unwilling to accept our credit risk; or<br> ￭prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings. |

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**The considerations identified above are not exhaustive. Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the "Risk Factors" herein and in the accompanying product supplement for risks related to an investment in the securities. For more information about the underlyings, please see the sections titled "Micron Technology, Inc. Overview," "Oracle Corporation Overview," "iShares**<sup>®</sup> **Silver Trust Overview" and "iShares**<sup>®</sup> **Bitcoin Trust ETF Overview" below.**

February 2026 Page 6

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Determining Payment on a Contingent Coupon Payment Date and on the Maturity Date** <br>

If the securities have not been previously automatically called, on each monthly contingent coupon payment date, you will either receive a contingent coupon payment (including any previously unpaid contingent coupon payments) or you will not receive a contingent coupon payment, depending on the closing price of the lowest performing underlying on the related monthly calculation day.

**Step 1**: Determine which underlying is the lowest performing underlying on the relevant calculation day. The lowest performing underlying on any calculation day is the underlying with the lowest performance factor on that calculation day. The performance factor of an underlying on a calculation day is its closing price on that calculation day as a percentage of its starting price (i.e., its closing price on that calculation day *divided by* its starting price).

**Step 2**: Determine whether a contingent coupon payment (including any previously unpaid contingent coupons) is paid on the applicable contingent coupon payment date based on the closing price of the lowest performing underlying on the relevant calculation day, as follows:

![](image1.gif)

Beginning after six months, if the closing price of each underlying on a calculation day is **greater than or equal to** its respective call threshold price, the securities will be automatically called on the applicable call settlement date for an amount in cash equal to $1,000 *plus* the related contingent coupon payment and any previously unpaid contingent coupon payments.

On the maturity date, if the securities have not been automatically called prior to the maturity date, you will receive (in addition to the final contingent coupon payment and any previously unpaid contingent coupon payments, if any) a cash payment per security (the maturity payment amount) calculated as follows:

**Step 1**: Determine which underlying is the lowest performing underlying on the final calculation day. The lowest performing underlying on the final calculation day is the underlying with the lowest performance factor on the final calculation day. The performance factor of an underlying on the final calculation day is its ending price as a percentage of its starting price (i.e., its ending price *divided by* its starting price).

**Step 2**: Calculate the maturity payment amount based on the ending price of the lowest performing underlying, as follows:

February 2026 Page 7

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

![](image2.gif)

February 2026 Page 8

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Hypothetical Payout Profile**<br>

The hypothetical payout profile below illustrates the maturity payment amount on the securities for a range of hypothetical performances of the lowest performing underlying from its respective starting price to its respective closing price on the final calculation day. The hypothetical payout profile excludes any hypothetical contingent coupon payments.

![](image3.gif)

February 2026 Page 9

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Scenario Analysis and Examples of Hypothetical Payments on the Securities** <br>

The following hypothetical examples illustrate how to determine whether a contingent coupon payment is paid (and whether any previously unpaid contingent coupon payments will be paid) with respect to a calculation day and how to calculate the maturity payment amount, if any, if the securities have not been automatically called. The following examples are for illustrative purposes only. Whether you receive a contingent coupon payment will be determined by reference to the closing price of each underlying on each calculation day, and the amount you will receive at maturity, if any, will be determined by reference to the ending price of each underlying on the final calculation day. The actual starting price, coupon threshold price and downside threshold price for each underlying are set forth under "Final Terms" above. All payments on the securities, if any, are subject to our credit risk. The numbers in the hypothetical examples below may have been rounded for the ease of analysis. The below examples are based on the following terms\*:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contingent coupon payment: | &nbsp;&nbsp;&nbsp;&nbsp; On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate **if**, **and only if**, the closing price of the lowest performing underlying on the related calculation day is **greater than or equal to** its coupon threshold price.<br> If payable, the contingent coupon payment will be an amount in cash per face amount corresponding to a return of 21.50% per annum for each interest payment period for each applicable calculation day. These hypothetical examples reflect the contingent monthly coupon rate of 21.50% (corresponding to $17.917 per month per security\*\*).<br> If the closing price of the lowest performing underlying on one or more calculation days is **less than** its coupon threshold price and, on a subsequent calculation day, the closing price of the lowest performing underlying is **greater than or equal to** its coupon threshold price, the securities will pay the contingent coupon payment due for the subsequent calculation day plus all previously unpaid contingent coupon payments (without interest accruing on amounts previously unpaid).<br> **It is possible that the closing price of the lowest performing underlying will be less than its coupon threshold price for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupon payments.** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Hypothetical starting price: | &nbsp;&nbsp; With respect to the MU Stock: $100.00 |
|  | &nbsp;&nbsp; With respect to the ORCL Stock: $100.00 |
|  | &nbsp;&nbsp; With respect to the SLV Shares: $100.00 |
|  | &nbsp;&nbsp; With respect to the IBIT Shares: $100.00 |
| &nbsp;&nbsp; Hypothetical coupon threshold price: | &nbsp;&nbsp; With respect to the MU Stock: $40.00, which is 40% of its hypothetical starting price |
|  | &nbsp;&nbsp; With respect to the ORCL Stock: $40.00, which is 40% of its hypothetical starting price |
|  | &nbsp;&nbsp; With respect to the SLV Shares: $40.00, which is 40% of its hypothetical starting price |
|  | &nbsp;&nbsp; With respect to the IBIT Shares: $40.00, which is 40% of its hypothetical starting price |
| &nbsp;&nbsp; Hypothetical downside threshold price: | &nbsp;&nbsp; With respect to the MU Stock: $40.00, which is 40% of its hypothetical starting price |
|  | &nbsp;&nbsp; With respect to the ORCL Stock: $40.00, which is 40% of its hypothetical starting price |
|  | &nbsp;&nbsp; With respect to the SLV Shares: $40.00, which is 40% of its hypothetical starting price |
|  | &nbsp;&nbsp; With respect to the IBIT Shares: $40.00, which is 40% of its hypothetical starting price |

---

\* The hypothetical starting price of $100.00 for the underlyings has been chosen for illustrative purposes only and does not represent the actual starting price of any underlying. The actual starting prices, coupon threshold prices and downside threshold prices are set forth under "Final Terms" above. For historical data regarding the actual closing prices of the underlyings, see the historical information set forth herein.

\*\*The actual contingent coupon payment will be an amount determined by the calculation agent based on the actual contingent coupon rate. The hypothetical contingent monthly coupon of $17.917 is used in these examples for ease of analysis.

February 2026 Page 10

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

**<u>How to determine whether a contingent coupon payment is payable with respect to a calculation day:</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Date | &nbsp;&nbsp; MU Stock Closing Price | &nbsp;&nbsp; ORCL Stock Closing Price | &nbsp;&nbsp; SLV Shares Closing Price | &nbsp;&nbsp; IBIT Shares Closing Price | &nbsp;&nbsp; Contingent Coupon Payment (per Security) |
| &nbsp;&nbsp; Hypothetical Calculation Day 1 | &nbsp;&nbsp; $102.50 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $78.00 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $110.50 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $90.00 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $17.917 |
| &nbsp;&nbsp; Hypothetical Calculation Day 2 | &nbsp;&nbsp; $30.50 (**below** the coupon threshold price) | &nbsp;&nbsp; $77.50 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $76.00 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $72.50 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Hypothetical Calculation Day 3 | &nbsp;&nbsp; $72.50 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $87.50 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $90.00 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $77.00 (**at or above** the coupon threshold price) | &nbsp;&nbsp; $17.917 × 2 = $35.834 |
| &nbsp;&nbsp; Hypothetical Calculation Day 4 | &nbsp;&nbsp; $35.00 (**below** the coupon threshold price) | &nbsp;&nbsp; $20.00 (**below** the coupon threshold price) | &nbsp;&nbsp; $32.50 (**below** the coupon threshold price) | &nbsp;&nbsp; $20.00 (**below** the coupon threshold price) | &nbsp;&nbsp; $0 |

---

On hypothetical calculation day 1, the closing price of each underlying is at or above its respective coupon threshold price. Therefore, a contingent coupon payment of $17.917 is paid on the relevant contingent coupon payment date.

On hypothetical calculation day 2, three underlyings close at or above its respective coupon threshold prices, but the other underlying closes below its respective coupon threshold price. Therefore, no contingent coupon payment is paid on the relevant contingent coupon payment date.

On hypothetical calculation day 3, the closing price of each underlying is at or above its respective coupon threshold price. Therefore, investors receive the contingent coupon payment with respect to the third calculation day as well as the previously unpaid contingent coupon payment with respect to the second calculation day.

On hypothetical calculation day 4, the closing price of each underlying is below its respective coupon threshold price, and, accordingly no contingent coupon payment is paid on the relevant coupon payment date.

*If the closing price of any underlying is less than its respective coupon threshold price on every calculation day, you will not receive any contingent coupon payments throughout the entire term of the securities.*

**<u>How to calculate the payment investors will receive at maturity (if the securities have not been automatically redeemed):</u>**

Starting after six months, if the closing price of each underlying is greater than or equal to its respective call threshold price on any calculation day, the securities will be automatically called for a cash payment per security equal to the face amount *plus* the related contingent coupon payment and any previously unpaid contingent coupon payments.

The examples below illustrate how to calculate the maturity payment amount if the securities have not been automatically redeemed prior to maturity.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; MU Stock Ending Price | &nbsp;&nbsp; ORCL Stock Ending Price | &nbsp;&nbsp; SLV Shares Ending Price | &nbsp;&nbsp; IBIT Shares Ending Price | &nbsp;&nbsp; Maturity Payment Amount (per Security) |
| &nbsp;&nbsp; Example 1: | &nbsp;&nbsp; $150.00 (**at or above** the downside threshold price) | &nbsp;&nbsp; $125.00 (**at or above** the downside threshold price) | &nbsp;&nbsp; $135.00 (**at or above** the downside threshold price) | &nbsp;&nbsp; $114.75 (**at or above** the downside threshold price) | &nbsp;&nbsp; $1,000 *plus* the contingent coupon payment with respect to the final calculation day and any previously unpaid contingent coupon payments from the prior calculation days |
| &nbsp;&nbsp; Example 2: | &nbsp;&nbsp; $90.00 (**at or above** the  | &nbsp;&nbsp; $80.00 (**at or above** the  | &nbsp;&nbsp; $70.00 (**at or above** the  | &nbsp;&nbsp; $35.00 (**below** the downside  | &nbsp;&nbsp; $1,000 × ($35.00 / $100.00) = $350.00 |

---

February 2026 Page 11

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; downside threshold price) | &nbsp;&nbsp; downside threshold price) | &nbsp;&nbsp; downside threshold price) | &nbsp;&nbsp; threshold price) |  |
| &nbsp;&nbsp; Example 3: | &nbsp;&nbsp; $75.00 (**at or above** the downside threshold price) | &nbsp;&nbsp; $75.50 (**at or above** the downside threshold price) | &nbsp;&nbsp; $30.00 (**below** the downside threshold price) | &nbsp;&nbsp; $80.00 (**at or above** the downside threshold price) | &nbsp;&nbsp; $1,000 × ($30.00 / $100.00) = $300.00 |
| &nbsp;&nbsp; Example 4: | &nbsp;&nbsp; $38.00 (**below** the downside threshold price) | &nbsp;&nbsp; $35.00 (**below** the downside threshold price) | &nbsp;&nbsp; $30.00 (**below** the downside threshold price) | &nbsp;&nbsp; $32.00 (**below** the downside threshold price) | &nbsp;&nbsp; $1,000 × ($30.00 / $100.00) = $300.00 |
| &nbsp;&nbsp; Example 5: | &nbsp;&nbsp; $20.00 (**below** the downside threshold price) | &nbsp;&nbsp; $35.00 (**below** the downside threshold price) | &nbsp;&nbsp; $25.00 (**below** the downside threshold price) | &nbsp;&nbsp; $30.00 (**below** the downside threshold price) | &nbsp;&nbsp; $1,000 × ($20.00 / $100.00) = $200.00 |

---

In example 1, the ending price of each underlying is at or above its respective downside threshold price. Therefore, investors receive at maturity a cash payment per security equal to the face amount of the securities *plus* the contingent coupon payment with respect to the final calculation day and any previously unpaid contingent coupon payments from the prior calculation days. Investors do not participate in any appreciation of any underlying.

In examples 2 and 3, the ending prices of three underlyings are above their respective downside threshold prices, but the ending price of the other underlying is below its downside threshold price. Therefore, investors are exposed to the downside performance of the lowest performing underlying at maturity.

In examples 4 and 5, the ending price of each underlying is below its respective downside threshold price, and investors receive at maturity an amount equal to the face amount *multiplied by* the performance factor of the lowest performing underlying. In example 4, the ending price of each underlying is below its respective downside threshold price, and investors receive at maturity an amount equal to the face amount times the performance factor of the lowest performing underlying. Therefore, the maturity payment amount equals the face amount *multiplied by* the performance factor of the SLV Shares, which is the lowest performing underlying in this example. In example 5, the ending price of each underlying is below its respective downside threshold price, and investors receive at maturity an amount equal to the face amount times the performance factor of the lowest performing underlying. Therefore, the maturity payment amount equals the face amount *multiplied by* the performance factor of the MU Stock, which is the lowest performing underlying in this example.

**If the ending price of any underlying is below its respective downside threshold price, investors will be exposed to the downside performance of the lowest performing underlying at maturity, and the maturity payment amount will be less than 40% of the face amount per security and could be zero.**

February 2026 Page 12

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Risk Factors**<br>

*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 for principal at risk securities and prospectus. We also urge you to consult 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 the face amount of your securities at maturity.** The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the return of the face amount of your securities at maturity. If the securities have not been automatically called and if the ending price of any underlying is less than its respective downside threshold price of 40% of the starting price, you will be exposed to the decline in the value of the lowest performing underlying, as compared to its starting price, on a 1-to-1 basis, and you will receive for each security that you hold at maturity an amount equal to the face amount *multiplied by* the performance factor of the lowest performing underlying. In this case, you will lose more than 60%, and possibly all, of the face amount of your securities at maturity.

￭**The securities do not provide for the regular payment of interest.** The terms of the securities differ from those of ordinary debt securities in that they do not provide for the regular payment of interest. Instead, the securities will pay a contingent coupon payment **but only if** the closing price of the lowest performing underlying is **greater than or equal to** its coupon threshold price on the related calculation day. If the closing price of any underlying is **less than** its respective coupon threshold price on the relevant calculation day for any interest period, we will pay no contingent coupon payment on the applicable contingent coupon payment date. However, if the contingent coupon payment is not paid on any contingent coupon payment date because the closing price of the lowest performing underlying is less than its coupon threshold price on the related contingent coupon payment date, such unpaid contingent coupon payment will be paid on a later contingent coupon payment date **but only if** the closing price of the lowest performing underlying on the related calculation day is **greater than or equal to** its coupon threshold price. Therefore, you will not receive payment for such unpaid contingent coupon payments if the closing price of the lowest performing underlying is **less than** its coupon threshold price on each subsequent calculation day. If the closing price of the lowest performing underlying is **less than** its coupon threshold price on each calculation day, you will not receive any contingent coupon payments for the entire term of the securities. It is possible that the closing price of any underlying will be less than its respective coupon threshold price for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupon payments. If you do not earn sufficient contingent coupon payments over the term of the securities, the overall return on the securities may be less than the amount that would be paid on a conventional debt security of ours of comparable maturity.

￭**The contingent coupon payment, if any, is based on the value of each underlying on only the related monthly calculation day at the end of the related interest period.** Whether the contingent coupon payment will be paid on any contingent coupon payment date will be determined at the end of the relevant interest period based on the closing price of each underlying on the relevant monthly calculation day. As a result, you will not know whether you will receive the contingent coupon payments on any contingent coupon payment date until near the end of the relevant interest period. Moreover, because the contingent coupon payment is based solely on the value of each underlying on the monthly calculation days, if the closing price of any underlying on any calculation day is below the coupon threshold price for such underlying, you will not receive the contingent coupon payment for the related interest period, even if the price of such underlying was at or above its coupon threshold price on other days during that interest period, and even if the closing prices of the other underlyings are greater than or equal to the respective coupon threshold prices.

￭**Investors will not participate in any appreciation in any underlying.** Investors will not participate in any appreciation in any underlying from the starting price for such underlying, and the return on the securities will be limited to the contingent coupon payments, if any, that are paid with respect to each calculation day on which the closing price of each underlying is greater than or equal to its respective coupon threshold price, if any.

￭**The market price will 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 level of interest rates available in the market and the value of each underlying on any day, including in relation to its respective starting price, call threshold price, coupon threshold price and downside threshold price, will affect the value of the securities more than any other factors. Other factors that may influence the value of the securities include:

othe trading price and volatility (frequency and magnitude of changes in value) of the underlyings,

owhether the closing price of any underlying has been below its respective coupon threshold price on any calculation day,

February 2026 Page 13

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

ogeopolitical conditions and economic, financial, political, regulatory , geographical, agricultural, meteorological or judicial events that affect the underlyings or commodities or securities markets generally and which may affect the price of each underlying,

odividend rates on the underlyings, as applicable,

othe time remaining until the securities mature,

ointerest and yield rates in the market,

othe availability of comparable instruments,

othe occurrence of certain events affecting the underlyings that may or may not require an adjustment to the adjustment factors, and

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

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. Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. In particular, if any underlying has closed near or below its respective coupon threshold price and downside threshold price, the market value of the securities is expected to decrease substantially, and you may have to sell your securities at a substantial discount from the face amount of your securities.

You cannot predict the future performance of any underlying based on its historical performance. The iShares<sup>®</sup> Bitcoin Trust ETF began trading on January 11, 2024 and therefore has limited historical performance. The prices of the underlyings may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. The prices of one or more of the underlyings may decrease and be below the respective coupon threshold price(s) on each calculation day so that you will receive no return on your investment, and one or more of the underlyings may close below the respective downside threshold price(s) on the final calculation day so that you will lose a significant portion or all of your initial investment in the securities. There can be no assurance that the closing price of each underlying will be at or above its respective coupon threshold price on any calculation day so that you will receive a coupon payment on the securities for the applicable interest period, or that it will be at or above its respective downside threshold price on the final calculation day so that you do not suffer a significant loss on your initial investment in the securities. See "Micron Technology, Inc. Overview," "Oracle Corporation Overview," **"**iShares<sup>®</sup> Silver Trust Overview" and "iShares<sup>®</sup> Bitcoin Trust ETF Overview" below.

￭**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 upon an automatic call, on any contingent coupon payment date or at maturity, and therefore you are subject to our credit risk. 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.

￭**Investing in the securities is not equivalent to investing in the underlyings, the underlying commodity with respect to the SLV Shares or the underlying asset with respect to the IBIT Shares.** Investing in the securities is not equivalent to investing in the underlyings, the underlying commodity with respect to the SLV Shares, or the underlying asset with respect to the IBIT Shares. Investors in the securities will not participate in any positive performance of any underlying, and will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the underlyings, if application. As a result, any return on the securities will not reflect the return you would realize if you actually owned shares of the underlyings and received dividends paid or distributions made on them, if applicable, nor will it reflect the underlying commodity with respect to the SLV Shares or the underlying asset with respect to the IBIT Shares.

￭**Reinvestment risk.** The term of your investment in the securities may be shortened due to the automatic call feature of the securities. If the securities are called prior to maturity, you will receive no further payments on the securities and may be forced to

February 2026 Page 14

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

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 called within the first six months of the term of the 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 face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount 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 face amount, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the face amount 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 face amount 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, for a period of up to 3 months following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlyings, 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 will 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. and WFS may, but are not obligated to, make a market in the securities and, if either of them once chooses to make a market, may cease doing so at any time. When they do make a market, they will generally do so for transactions of routine secondary market size at prices based on their respective estimates of the current value of the securities, taking into account their respective bid/offer spreads, 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 they 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. or WFS is willing to transact. If, at any time, MS & Co. and WFS 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.

￭**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 determine the starting prices, the call threshold prices, the coupon threshold prices, the downside threshold prices and the ending prices, and will calculate the amount of cash you receive upon an automatic call or at maturity, if any. Moreover, certain determinations made by MS & Co., in its capacity 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 and certain adjustments to the adjustment factors. These potentially subjective determinations may adversely affect the payout to you upon an automatic call or at maturity, if any. For further information regarding these types of determinations, see "General Terms of the Securities—Certain Terms for Securities Linked to an Underlying Stock—Market Disruption Events," "—Adjustment Events," "—Consequences of a Market Disruption Event; Postponement of a Calculation Day," "—Alternate Exchange Calculation in Case of an Event of Default" and related definitions in the accompanying product supplement for principal at risk securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

February 2026 Page 15

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

￭**Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.** One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the securities (and possibly to other instruments linked to the underlyings, the underlying commodity with respect to the SLV Shares or the underlying asset, with respect to the IBIT Shares), including trading in the underlyings and in other instruments related to the underlying commodity with respect to the SLV Shares, or the underlying asset, with respect to the IBIT Shares. As a result, 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 calculation day approaches. Some of our affiliates also trade the underlyings or the underlying asset, with respect to the IBIT Shares and other financial instruments related to the underlyings or the underlying asset, with respect to the IBIT Shares, on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could potentially affect the starting price of an underlying, and, therefore, could increase (i) the price at or above which such underlying must close on the calculation days so that the securities are called for a cash payment equal to the face amount *plus* a final contingent coupon payment and any previously unpaid contingent coupon payments (depending also on the performance of the other underlyings), (ii) the price at or above which such underlying must close on each calculation day in order for you to earn a contingent coupon payment and any previously unpaid contingent coupon payments (depending also on the performance of the other underlyings) and (iii) the price at or above which such underlying must close on the final calculation day so that you are not exposed to the negative performance of the lowest performing underlying at maturity (depending also on the performance of the other underlyings). Additionally, such hedging or trading activities during the term of the securities could potentially affect the price of any underlying on the calculation days, and, accordingly, whether we call the securities prior to maturity, whether we pay a contingent coupon payment on the securities and the amount of cash you will receive at maturity, if any (depending also on the performance of the other underlyings).

￭**The maturity date may be postponed if the final calculation day is postponed.** If the scheduled final calculation day is not a trading day or if a market disruption event occurs on that day so that the final calculation day is postponed and falls less than three business days prior to the maturity date, the maturity date of the securities will be postponed to the third business day following that final calculation day as postponed.

￭**Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.** Morgan Stanley, MSFL, WFS and our or their respective affiliates may publish research from time to time on financial markets and other matters that may influence the value of the securities, or express opinions or provide recommendations that are inconsistent with purchasing or holding the securities. Any research, opinions or recommendations expressed by Morgan Stanley, MSFL, WFS or our or their respective affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make their own independent investigation of the merits of investing in the securities and the underlyings to which the securities are linked.

￭**The U.S. federal income tax consequences of an investment in the securities are uncertain.** There is no direct legal authority as to the proper treatment of the securities for U.S. federal income tax purposes, and, therefore, significant aspects of the tax treatment of the securities are uncertain.

Please read the discussion under "Additional Information About the Securities—Tax considerations" in this document concerning the U.S. federal income tax consequences of an investment in the securities. 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. Under this treatment, 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. We do not plan to request a ruling from the Internal Revenue Service (the "IRS") regarding the tax treatment of the securities, and the IRS or a court may not agree with the tax treatment described herein. If the IRS were successful in asserting an alternative treatment for the securities, the timing and character of income or loss on the securities might differ significantly from the tax treatment described herein. For example, under one possible treatment, the IRS could seek to recharacterize the securities as debt instruments. In that event, U.S. Holders (as defined below) would be required to accrue into income original issue discount on the securities every year at a "comparable yield" determined at the time of issuance (as adjusted based on the difference, if any, between the actual and the projected amount of any contingent payments on the securities) and recognize all income and gain in respect of the securities as ordinary income. 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. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax consequences of an investment in the securities, possibly retroactively.

February 2026 Page 16

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

**Non-U.S. Holders (as defined below) should note that we currently intend to withhold on any coupon paid to Non-U.S. Holders 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, and 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 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.

<u>Risks Relating to the</u> <u>Underlying</u><u>s</u>

￭**You are exposed to the price risk of each underlying, with respect to both the contingent coupon payments, if any, and the maturity payment amount, if any.** Your return on the securities is not linked to a basket consisting of the underlyings. Rather, it will be contingent upon the independent performance of each underlying. Unlike an instrument with a return linked to a basket of underlying assets, in which risk is mitigated and diversified among all the components of the basket, you will be exposed to the risks related to each underlying. Poor performance by any underlying over the term of the securities may negatively affect your return and will not be offset or mitigated by any positive performance by the other underlyings. To receive any contingent coupon payments, each underlying must close at or above its respective coupon threshold price on the applicable calculation day. In addition, if the securities have not been called and any underlying has declined to below its respective downside threshold price as of the final calculation day, you will be fully exposed to the decline in the lowest performing underlying over the term of the securities on a 1-to-1 basis, even if the other underlyings have appreciated or have not declined as much. Under this scenario, the value of any such maturity payment amount will be less than 40% of the face amount of your securities and could be zero. Accordingly, your investment is subject to the price risk of each underlying.

￭**No affiliation with Micron Technology, Inc. or Oracle Corporation.** Micron Technology, Inc. or Oracle Corporation are not affiliates of ours, are not involved with this offering in any way, and have no obligation to consider your interests in taking any corporate actions that might affect the value of the securities. We have not made any due diligence inquiry with respect to Micron Technology, Inc. or Oracle Corporation in connection with this offering.

￭**We may engage in business with or involving Micron Technology, Inc. or Oracle Corporation without regard to your interests.** We or our affiliates may presently or from time to time engage in business with Micron Technology, Inc. or Oracle Corporation without regard to your interests and thus may acquire non-public information about Micron Technology, Inc. or Oracle Corporation. Neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, we or our affiliates from time to time have published and in the future may publish research reports with respect to Micron Technology, Inc. or Oracle Corporation which may or may not recommend that investors buy or hold the underlying.

￭**Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.** The SLV Shares are linked exclusively to the prices of silver and not to a diverse basket of commodities or a broad-based commodity index. The prices of silver may not correlate with, and may diverge significantly from, the prices of commodities generally. Because the securities are linked to underlying commodity shares, each of which reflects the performance of the price of a single commodity, they carry greater risk and may be more volatile than a security linked to the prices of multiple commodities or a broad-based commodity index. The prices of silver may be, and have recently been, highly volatile, and we can give you no assurance that such volatility will lessen.

￭**The securities are subject to risks associated with silver.** The SLV Shares seeks to reflect generally the performance of the price of silver, less the SLV Shares' expenses and liabilities. The price of silver is primarily affected by global demand for and supply of silver. Silver prices can fluctuate widely and may be affected by numerous factors. These include general economic trends, technical developments, substitution issues and regulation, as well as specific factors including industrial and jewelry demand, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar (as the currency in which the price of silver is generally quoted) and other currencies, interest rates, central bank sales, forward sales by producers, global or regional political or economic events and production costs and disruptions in major silver-producing countries, such as Mexico, China and Peru. The demand for and supply of silver affect silver prices, but not necessarily in the same manner as supply and demand affect the prices of other commodities. The supply of silver consists of a combination of new mine production and existing stocks of bullion and fabricated silver held by governments, public and private financial institutions, industrial organizations and private individuals. In addition, the price of silver has on occasion been subject to very rapid short-term changes due to speculative activities. From time to time, above-ground inventories of silver may also influence the market. The major end-uses for silver include industrial applications, jewelry and silverware. It is not possible to predict the aggregate effect of any or all of these factors.

February 2026 Page 17

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

￭**There are risks relating to trading of commodities on the London Bullion Market Association.** The investment objective of the SLV Shares is to reflect generally the performance of the price of silver, less the SLV Shares' expenses and liabilities. The price of silver is determined by the LBMA or an independent service-provider appointed by the LBMA. The LBMA is a self-regulatory association of bullion market participants. Although all market-making members of the LBMA are supervised by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation not currently in place, the role of LBMA prices as a global benchmark for the value of silver may be adversely affected. The LBMA is a principals' market that operates in a manner more closely analogous to an over-the-counter physical commodity market than a regulated futures markets, and certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the LBMA that would otherwise restrict fluctuations in the prices of LBMA contracts. In a declining market, it is possible that prices would continue to decline without limitation within a Trading Day or over a period of Trading Days. The LBMA may alter, discontinue or suspend calculation or dissemination of the LBMA silver price, which could adversely affect the value of the securities. The LBMA, or an independent service-provider appointed by the LBMA, will have no obligation to consider your interests in calculating or revising LBMA prices.

￭**Suspensions or disruptions of market trading in commodity and related futures markets could adversely affect the price of the securities.** The commodity markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. These limits are generally referred to as "daily price fluctuation limits" and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a "limit price." Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the value of the commodity that constitutes the GLD Shares and the SLV Shares, and, therefore, the value of the securities.

￭**The securities are subject to risks associated with bitcoin and digital assets.** The investment objective of the iShares<sup>®</sup> Bitcoin Trust ETF is to reflect generally the performance of the price of bitcoin, less the iShares<sup>®</sup> Bitcoin Trust ETF's expenses. Bitcoin is a digital asset, and use of bitcoin in the retail and commercial marketplace is relatively limited. Bitcoin generally operates without central authority or banks and is not backed by any government or organized governing body. Digital assets such as bitcoin represent new, novel and rapidly evolving products, and their value is influenced by a wide variety of factors that are uncertain and difficult to evaluate. The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Digital asset markets in the United States exist in a state of regulatory uncertainty and the exchanges on which bitcoin trades globally, including in the United States, are relatively new and, in most cases, largely unregulated. Legislative or regulatory developments could significantly affect the value of bitcoin, as could competition from other digital assets. Political or economic crises may motivate large-scale sales of bitcoin, resulting in a reduction in the price of bitcoin. The value of bitcoin could be adversely affected by the actions of bitcoin miners and changes in the block rewards and transaction fees miners earn. Bitcoin is susceptible to theft, loss and fraud. The bitcoin network, bitcoin custodians and trading platforms are subject to risks relating to operational problems, technical glitches, internet disruptions, shutdowns, hackers and malware, all of which may also affect the price of bitcoin. Over the past several years, some digital asset platforms have been closed, been subject to criminal and civil litigation and have entered into bankruptcy proceedings due to fraud and manipulative activity, business failure and/or security breaches. Negative perception, a lack of stability and standardized regulation in the digital asset markets and/or the closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, security breaches or government mandated regulation, and associated losses by customers, may reduce confidence in digital asset networks and result in greater volatility in the prices of digital assets, including bitcoin. These and other factors could have an adverse effect on the price of bitcoin and, therefore, the value of the securities.

￭**Investments linked to bitcoin are subject to specific risks relating to security threats.** Security breaches, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets, including bitcoin. The sponsor of the underlying has stated that it believes that the bitcoins held in the underlying's account at its bitcoin custodian or trading balance held with its prime execution agent will be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the underlying's bitcoins and will only become more appealing as the amount or value of the underlying's assets grow. To the extent that the underlying is unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the underlying's bitcoins may be subject to theft, loss, destruction or other attack.

￭**Investments linked to bitcoin are subject to specific risks relating to fraud and manipulation.** Many digital asset platforms, both in the United States and abroad, are unlicensed, not subject to, or not in compliance with, regulation in relevant

February 2026 Page 18

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

jurisdictions, or operate without extensive supervision by governmental authorities, and therefore may be more susceptible to fraudulent or manipulative acts and practices. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions and may take the position that they are not subject to laws and regulations that would apply to a regulated financial market in the United States, or may, as a practical matter, be beyond the ambit of U.S. regulators. Furthermore, many bitcoin trading venues lack certain safeguards put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges, such as circuit breakers. Tools to detect and deter fraudulent or manipulative trading activities such as market manipulation, front-running of trades, and wash-trading may not be available to or employed by digital asset platforms, or may not exist at all. Sources of fraud and manipulation in the bitcoin market generally include, among others (1) wash trading; (2) persons with a dominant position in bitcoin manipulating bitcoin pricing; (3) hacking of the bitcoin network and trading platforms; (4) malicious control of the bitcoin network; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in bitcoin, new sources of demand for bitcoin) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," and (7) fraud and manipulation at bitcoin trading platforms. The effect of potential market manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes actually present in crypto market and/or cause distortions in price, which could adversely impact the underlying's creation and redemption arbitrage mechanism and affect the value of the underlying and, consequently, the securities.

￭**The iShares**<sup>®</sup> **Bitcoin Trust ETF has very limited historical performance.** The iShares<sup>®</sup> Bitcoin Trust ETF began trading on January 11, 2024 and therefore has very limited historical performance. Past performance should not be considered indicative of future performance.

￭**Suspensions or disruptions of market trading in commodity and related futures markets could adversely affect the price of the securities.** The commodity markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. These limits are generally referred to as "daily price fluctuation limits" and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a "limit price." Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the value of the commodity that constitutes the SLV Shares, and, therefore, the value of the securities.

￭**The performance and market price of the SLV Shares and the IBIT Shares, particularly during periods of market volatility, may not correlate with the performance of the underlying commodity, with respect to the SLV Shares, or the underlying asset, with respect to the IBIT Shares, or the net asset value per share of the respective underlying.** The SLV Shares do not fully replicate the performance of their respective underlying commodity and the IBIT Shares do not fully replicate the performance of its underlying asset.

The SLV Shares and the IBIT Shares do not fully replicate the performance of their respective underlying commodity, with respect to the SLV Shares, or underlying asset, with respect to the IBIT Shares, due to the fees and expenses charged by their respective underlying shares, or by restrictions on access to the relevant underlying commodity or underlying asset, as applicable, due to other circumstances. Each of the underlying commodity shares and underlying asset do not generate any income, and as each underlying regularly sells its underlying commodity or underlying asset, as applicable, to pay for ongoing expenses, the amount of its underlying commodity or underlying asset represented by each share gradually declines over time. Each underlying sells its underlying commodity, with respect to the SLV Shares, or underlying asset, with respect to the IBIT Shares, to pay expenses on an ongoing basis irrespective of whether the trading price of the shares rises or falls in response to changes in the price of its underlying commodity or underlying asset, as applicable. The sale by the respective underlying of its underlying commodity, with respect to the SLV Shares, or underlying asset, with respect to the IBIT Shares, to pay expenses at a time of relatively low prices for such underlying commodity or asset, as applicable, could adversely affect the value of the securities. Additionally, there is a risk that part or all of the holdings of either the respective underlying commodity shares in its underlying commodity, with respect to the SLV Shares, or the underlying asset, with respect to the IBIT Shares, could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise.

Additionally, because the shares of each of the SLV Shares and the IBIT Shares are traded on an exchange and are subject to market supply and investor demand, the market price of one share of each of the SLV Shares and the IBIT Shares may differ from the net asset value per share of such underlying.

In particular, during periods of market volatility, or unusual trading activity, trading in the components underlying each of the SLV Shares and the IBIT Shares may be disrupted or limited, or such components may be unavailable in the secondary market. Under

February 2026 Page 19

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

these circumstances, the liquidity of each underlying may be adversely affected, market participants may be unable to calculate accurately the net asset value per share of each of the SLV Shares and the IBIT Shares, and their ability to create and redeem shares of each of the SLV Shares and the IBIT Shares may be disrupted. Under these circumstances, the market price of shares of each of the SLV Shares and the IBIT Shares may vary substantially from the net asset value per share of each underlying share, the performance of the underlying commodity, with respect to the SLV Shares, or the performance of the underlying asset, with respect to the IBIT Shares.

For all of the foregoing reasons, the performance of an underlying may not correlate with the performance of its underlying commodity or its underlying asset, as applicable, or the net asset value per share of such underlying. Any of these events could materially and adversely affect the price of an underlying and, therefore, the value of the securities. Additionally, if market volatility or these events were to occur with respect to an underlying on the calculation day, the calculation agent would maintain discretion to determine whether such market volatility or events have caused a market disruption event with respect to such underlying to occur, and such determination may affect the maturity payment amount of the securities. If the calculation agent determines that no market disruption event with respect to an underlying has taken place, the payment at maturity would be based on the published closing price per share of such underlying on the calculation day, even if such underlying is underperforming its underlying commodity, with respect to the SLV Shares, or its underlying asset, with respect to the IBIT Shares, and/or trading below the net asset value per share of such underlying.

￭**The anti-dilution adjustments the calculation agent is required to make do not cover every event that could affect the SLV Shares and the IBIT Shares.** MS & Co., as calculation agent, will adjust the adjustment factors for certain events affecting the SLV Shares and the IBIT Shares. However, the calculation agent will not make an adjustment for every event that can affect the SLV Shares and the IBIT Shares. If an event occurs that does not require the calculation agent to adjust an adjustment factor, the market price of the securities may be materially and adversely affected.

￭**The anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stocks.** MS & Co., as calculation agent, will adjust the adjustment factors for certain corporate events affecting the underlying stocks, such as stock splits, stock dividends and extraordinary dividends, and certain other corporate actions involving the issuers of the underlying stocks, such as mergers. However, the calculation agent will not make an adjustment for every corporate event that can affect the underlying stocks. For example, the calculation agent is not required to make any adjustments if the issuers of the underlying stocks or anyone else makes a partial tender or partial exchange offer for the underlying stocks, nor will adjustments be made following the final calculation day. In addition, no adjustments will be made for regular cash dividends, which are expected to reduce the price of the underlying stocks by the amount of such dividends. If an event occurs that does not require the calculation agent to adjust an adjustment factor, such as a regular cash dividend, the market price of the securities and your return on the securities may be materially and adversely affected. For example, if the record date for a regular cash dividend were to occur on or shortly before a calculation day, this may decrease the closing price of an underlying stock to be less than its downside threshold price (resulting in a loss of a significant portion of all of your investment in the securities), materially and adversely affecting your return.

￭**Historical closing prices of the underlyings should not be taken as an indication of the future performance of the underlyings during the term of the securities.** No assurance can be given as to the price of the underlyings at any time, including on the final calculation day, because historical closing prices of the underlyings do not provide an indication of future performance of the underlyings.

February 2026 Page 20

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Micron Technology, Inc. Overview**<br>

Micron Technology, Inc. designs, develops and manufactures memory and storage products. The MU Stock is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the Securities and Exchange Commission by Micron Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10658 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding Micron Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. **Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the issuer of the MU Stock is accurate or complete.**

The following graph sets forth the daily closing prices of the MU Stock for the period from January 1, 2021 through February 26, 2026. The closing price of the MU Stock on February 26, 2026 was $415.56. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The historical closing prices of the MU Stock may have been adjusted for stock splits and other corporate events. The historical performance of the MU Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of the MU Stock at any time, including on the calculation days.

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| &nbsp;&nbsp; **Common Stock of Micron Technology, Inc. – Daily Closing Prices**<br> **January 1, 2021 to February 26, 2026** |
| &nbsp;&nbsp; ![](image4.gif)  |

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**This document relates only to the securities referenced hereby and does not relate to the MU Stock or other securities of Micron Technology, Inc. We have derived all disclosures contained in this document regarding the MU Stock from the publicly available documents described above. In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to Micron Technology, Inc. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding Micron Technology, Inc. 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 MU Stock (and therefore the price of the MU Stock at the time we priced the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Micron Technology, Inc. could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the MU Stock.**

February 2026 Page 21

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Oracle Corporation Overview**<br>

Oracle Corporation provides products and services that address enterprise information technology environments. The ORCL Stock is registered under the Exchange Act. Information provided to or filed with the Securities and Exchange Commission by Oracle Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35992 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding Oracle Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. **Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the issuer of the ORCL Stock is accurate or complete.**

The following graph sets forth the daily closing prices of the ORCL Stock for the period from January 1, 2021 through February 26, 2026. The closing price of the ORCL Stock on February 26, 2026 was $150.31. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The historical closing prices of the ORCL Stock may have been adjusted for stock splits and other corporate events. The historical performance of the ORCL Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of the ORCL Stock at any time, including on the calculation days.

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|:---|
| &nbsp;&nbsp; **Common Stock of Oracle Corporation – Daily Closing Prices**<br> **January 1, 2021 to February 26, 2026**  |
| &nbsp;&nbsp; ![](image5.gif)  |

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**This document relates only to the securities referenced hereby and does not relate to the ORCL Stock or other securities of Oracle Corporation We have derived all disclosures contained in this document regarding the ORCL Stock from the publicly available documents described above. In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to Oracle Corporation. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding Oracle Corporation 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 ORCL Stock (and therefore the price of the ORCL Stock at the time we priced the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Oracle Corporation could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the ORCL Stock.**

February 2026 Page 22

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **iShares**<sup>®</sup> **Silver Trust Overview**<br>

The iShares<sup>®</sup> Silver Trust (the "Silver Trust") is an investment trust sponsored by iShares<sup>®</sup> Delaware Trust Sponsor LLC , which seeks to provide investment results that reflect the performance of the price of silver, less the iShares<sup>®</sup> Silver Trust's expenses and liabilities. The assets of the iShares<sup>®</sup> Silver Trust consists primarily of silver held by a custodian on behalf of the iShares<sup>®</sup> Silver Trust. Information provided to or filed with the Securities and Exchange Commission (the "Commission") by the iShares<sup>®</sup> Silver Trust pursuant to the Securities Act of 1933 can be located by reference to Commission file number 001-32863 through the Commission's website at www.sec.gov. In addition, information may be obtained from other publicly available sources. **Neither the issuer nor the agent makes any representation that any such publicly available information regarding the iShares**<sup>®</sup> **Silver Trust is accurate or complete.**

All information contained in this document regarding the Silver Trust has been derived from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, iShares<sup>®</sup> Delaware Trust Sponsor LLC, a subsidiary of BlackRock, Inc., the sponsor of the Silver Trust. The Bank of New York Mellon is the trustee of the Silver Trust, and JPMorgan Chase Bank, N.A. is the custodian of the Silver Trust. Shares of the Silver Trust trades under the ticker symbol "SLV" on NYSE Arca, Inc.

The Silver Trust seeks to reflect generally the performance of the price of silver, less the Silver Trust's expenses and liabilities. The assets of the Silver Trust consist primarily of silver held by a custodian on behalf of the Silver Trust. The Silver Trust issues shares in exchange for deposits of silver and distributes silver in connection with the redemption of shares. The shares of the Silver Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.

The Silver Trust does not engage in any activity designed to derive a profit from changes in the price of silver. The Silver Trust's only ordinary recurring expense is expected to be the sponsor's fee, which accrues daily at an annualized rate equal to 0.50% of the net asset value of the Silver Trust and is payable monthly in arrears. The trustee of the Silver Trust will, when directed by the sponsor of the Silver Trust, and, in the absence of such direction, may in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Silver Trust sponsor's fee and of Silver Trust expenses or liabilities not assumed by the sponsor. As a result of the recurring sales of silver necessary to pay the Silver Trust sponsor's fee and the Silver Trust expenses or liabilities not assumed by the Silver Trust sponsor, the net asset value of the Silver Trust will decrease over time.

The following graph sets forth the daily closing prices of the SLV Shares for the period from January 1, 2021 through February 26, 2026. The closing price of the SLV Shares on February 26, 2026 was $80.45. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The SLV Shares have at times experienced periods of high volatility. You should not take the historical closing prices of the SLV Shares as an indication of its future performance, and no assurance can be given as to the closing price of the SLV Shares on the calculation days.

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|:---|
| &nbsp;&nbsp; **iShares**<sup>®</sup> **Silver Trust - Daily Closing Prices**<br> **January 1, 2021 to February 26, 2026**  |
| &nbsp;&nbsp; ![](image6.gif)  |

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February 2026 Page 23

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

**This document relates only to the securities referenced hereby and does not relate to the SLV Shares. We have derived all disclosures contained in this document regarding the Silver Trust from the publicly available documents described above. In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the Silver Trust. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the Silver Trust 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 SLV Shares (and therefore the price of the SLV Shares at the time we priced the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Silver Trust could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the SLV Shares.**

We and/or our affiliates may presently or from time to time engage in business with the Silver Trust. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the Silver Trust, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the SLV Shares. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. As a prospective purchaser of the securities, you should undertake an independent investigation of the Silver Trust as in your judgment is appropriate to make an informed decision with respect to an investment linked to the SLV Shares.

February 2026 Page 24

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **iShares**<sup>®</sup> **Bitcoin Trust ETF Overview**<br>

The iShares<sup>®</sup> Bitcoin Trust ETF ("the Trust") is a Delaware statutory trust sponsored by iShares<sup>®</sup> Delaware Trust Sponsor LLC that seeks to reflect generally the performance of the price of bitcoin, which is its underlying asset, less the Trust's expenses and liabilities. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. Information provided to or filed with the Securities and Exchange Commission by the Trust pursuant to the Securities Act of 1933 can be located by reference to Securities and Exchange Commission file number 001- 41914 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding the underlying may be obtained from other publicly available sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

We have derived all information regarding the Trust, including its composition and method of calculation, from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by the sponsor of the Trust, iShares<sup>®</sup> Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors is the trustee of the Trust; Coinbase Custody Trust Company, LLC is the custodian for the Trust's bitcoin holdings; Anchorage Digital Bank N.A. is an available alternative custodian for the Trust's bitcoin holdings; Coinbase, Inc., an affiliate of Coinbase Custody Trust Company, LLC, is the prime exchange agent; the Bank of New York Mellon is the custodian for the Trust's cash holdings and the administrator of the trust; and Wilmington Trust Company, a Delaware trust company, serves as the trustee of the Trust.

The Trust issues (in blocks of 40,000 shares, each of which is referred to as a "basket") shares representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The shares of the Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform. The trustee of the Trust sells bitcoin held by the Trust to pay the Trust's expenses on an as-needed basis irrespective of then-current bitcoin prices.

The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of bitcoin. The Trust pays the sponsor's fee, which accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, at least quarterly in arrears. The trustee of the Trust will, when directed by the sponsor of the Trust, and, in the absence of such direction, may in its discretion, sell bitcoin in such quantity and at such times as may be necessary to permit payment of the Trust sponsor's fee and Trust expenses or liabilities not assumed by the sponsor. As a result of the recurring sales of bitcoin necessary to pay the Trust sponsor's fee and Trust expenses or liabilities not assumed by the Trust sponsor, the net asset value of the Trust will decrease over the life of the trust. New purchases of bitcoin utilizing cash proceeds from new shares issued by the Trust do not reverse this trend. **Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the iShares**<sup>®</sup> **Bitcoin Trust ETF is accurate or complete.**

The following graph sets forth the daily closing prices of the IBIT Shares for the period from January 1, 2021 through February 26, 2026. The closing price of the IBIT Shares on February 26, 2026 was $38.26. The IBIT Shares began trading on January 11, 2024 and therefore has limited historical performance. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The IBIT Shares have at times experienced periods of high volatility. You should not take the historical closing prices of the IBIT Shares as an indication of its future performance, and no assurance can be given as to the closing price of the IBIT Shares on the calculation days.

February 2026 Page 25

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

---

| |
|:---|
| &nbsp;&nbsp; **iShares**<sup>®</sup> **Bitcoin Trust ETF - Daily Closing Prices**<br> **January 11, 2024\* to February 26, 2026** |
| &nbsp;&nbsp; ![](image7.gif)  |

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*\*The IBIT Shares began trading on January 11, 2024 and therefore has limited historical performance.*

**This document relates only to the securities referenced hereby and does not relate to the IBIT Shares. We have derived all disclosures contained in this document regarding the Trust from the publicly available documents described above. In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the Trust. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the Trust 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 IBIT Shares (and therefore the price of the IBIT Shares at the time we priced the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Trust could affect the value received with respect to the securities and therefore the value of the securities.**

**Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the IBIT Shares.**

We and/or our affiliates may presently or from time to time engage in business with the Trust. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the Trust, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the IBIT Shares. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. As a prospective purchaser of the securities, you should undertake an independent investigation of the Trust as in your judgment is appropriate to make an informed decision with respect to an investment linked to the IBIT Shares.

***Bitcoin.*** Bitcoin is a digital asset, the ownership and behavior of which are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the Bitcoin Network, commonly referred to as the Bitcoin Protocol. The value of bitcoin, like the value of other digital assets, is not backed by any government, corporation or other identified body. Ownership and the ability to transfer or take other actions with respect to bitcoin are protected through public-key cryptography. The supply of bitcoin is constrained or formulated by its protocol instead of being explicitly delegated to an identified body (e.g., a central bank) to control. Units of bitcoin, called tokens, are treated as fungible. Bitcoin and certain other types of digital assets are often referred to as digital currencies or cryptocurrencies. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "miners"), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose what bitcoin software to run.

February 2026 Page 26

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

February 2026 Page 27

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

&nbsp;&nbsp; **Additional Information About the Securities**<br>

**Minimum ticketing size**

$1,000 / 1 security

**Tax considerations**

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.

**Tax Consequences to U.S. Holders** 

Assuming the treatment of the securities as set forth above is respected and subject to the discussion in "United States Federal Taxation" in the accompanying product supplement for principal at risk securities, 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.

As discussed under "United States Federal Taxation— Possible Alternative Tax Treatments of an Investment in the Securities" in the accompanying product supplement for principal at risk securities, alternative U.S. federal income tax treatments of the securities are possible that, if applied, could materially and adversely affect the timing and character of income, gain or loss with respect to the securities.

**Tax Consequences to Non-U.S. Holders** 

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***

As discussed in the accompanying product supplement for principal at risk securities, 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

February 2026 Page 28

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

to securities issued before January 1, 2027 that do not have a delta of one with respect to any Underlying Security. Based on our determination 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.

**Both U.S. and non-U.S. investors considering an investment in the securities should read the discussion under "Risk Factors" in this document and the discussion under "United States Federal Taxation" in the accompanying product supplement for principal at risk securities and consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.** 

**The discussion in the preceding paragraphs under "Tax considerations" and the discussion contained in the section entitled "United States Federal Taxation" in the accompanying product supplement for principal at risk securities, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the securities.**

**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**

MS & Co. and WFS will act as the agents for this offering. WFS will receive a commission of up to $23.25 for each security it sells. WFS proposes to offer the securities in part directly to the public at the price to public set forth on the cover page of this document and in part to Wells Fargo Advisors ("WFA") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), an affiliate of WFS, or other securities dealers at such price less a selling concession of up to $17.50 per security. In addition to the selling concession allowed to WFA, WFS may pay $0.75 per security of the commission to WFA as a distribution expense fee for each security sold by WFA.

In addition, in respect of certain securities sold in this offering, we may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

See "Plan of Distribution, Conflicts of Interest" in the accompanying product supplement for principal at risk securities for information about the distribution arrangements for the securities. References therein to "agent" refer to each of MS & Co. and WFS, as agents for this offering, except that references to "agent" in the context of offers to certain Morgan Stanley dealers and compliance with FINRA Rule 5121 do not apply to WFS. MS & Co., WFS or their affiliates may enter into hedging transactions with us in connection with this offering.

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.

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.

February 2026 Page 29

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside**

**Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Micron Technology, Inc., the Common Stock of Oracle Corporation, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due March 1, 2029**

**Validity of the securities**

In the opinion of Davis Polk & Wardwell LLP, as special counsel to MSFL and Morgan Stanley, when the securities offered by this pricing supplement have been issued by MSFL pursuant to the MSFL Senior Debt Indenture (as defined in the accompanying prospectus), the trustee and/or paying agent has made, in accordance with the instructions from MSFL, the appropriate entries or notations in its records relating to the master note that represents such securities (the "master note"), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of MSFL and the related guarantee will be a valid and binding obligation of Morgan Stanley, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (ii) any provision of the MSFL Senior Debt Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of Morgan Stanley's obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the MSFL Senior Debt Indenture and its authentication of the master note and the validity, binding nature and enforceability of the MSFL Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated September 23, 2025, which was filed as an exhibit to a Current Report on Form 8-K by the Company on September 23, 2025.

**Where you can find more information**

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement for principal at risk 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 principal at risk securities and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL 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, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the product supplement for principal at risk securities and prospectus 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:

[**<u>Product Supplement for Principal at Risk Securities dated</u> <u>November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016341/dp202703_424b2-wffpar.htm)

[**<u>Prospectus dated April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

Terms used but not defined in this document are defined in the product supplement for principal at risk securities or in the prospectus.

February 2026 Page 30

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX Filing Fees

**EX-FILING FEES**

**CALCULATION OF FILING FEE TABLES**

**S-3**

**MORGAN STANLEY**

Submission Type: 424B2

SEC File No. 333-275587

Final Prospectus: True

N/A

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**Narrative Disclosure**

The maximum aggregate offering price of the securities to which the prospectus relates is $1,000,000.00. The prospectus is a final prospectus for the related offering.