# EDGAR Filing Document

**Accession Number:** 0001666268
**File Stem:** 0001839882-25-065650
**Filing Date:** 2025-11
**Character Count:** 109377
**Document Hash:** 52a8c80244bd0e4a54d889887463aad7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-065650.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001839882-25-065650

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**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:** 251487582

**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:** 251487583

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

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

Preliminary Pricing Supplement No. 12,159

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

Dated November 14, 2025

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor due October 28, 2027

**Based on the Worst Performing of the Nasdaq-100 Index**<sup>®</sup>**, the Consumer Staples Select Sector SPDR**<sup>®</sup> **Fund and the S&P 500**<sup>®</sup> **Futures Excess Return Index**

**Fully and Unconditionally Guaranteed by Morgan Stanley**

**Principal at Risk Securities**

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

￭**Contingent coupon.** The securities will pay a contingent coupon (as well as any previously unpaid contingent coupons) but only if the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. However, if the closing level of **any** underlier is **less than** its then-applicable coupon barrier level on any observation date, we will pay no interest with respect to the related interest period.

￭**Call feature.** We will redeem the securities on any redemption date for a redemption payment equal to the stated principal amount *plus* the contingent coupon with respect to the related interest period and any previously unpaid contingent coupons, if and only if the output of a risk neutral valuation model on a business day, as selected by the calculation agent, that is no earlier than three business days before the observation date preceding such redemption date and no later than such observation date, based on the inputs indicated under "Call feature" below, indicates that redeeming on such date is economically rational for us as compared to not redeeming on such date. An early redemption of the securities will not automatically occur based on the performance of the underliers. No further payments will be made on the securities once they have been redeemed.

￭**Payment at maturity.** If the securities have not been redeemed prior to maturity and the final level of **each** underlier is **greater than or equal to** its buffer level, investors will receive (in addition to the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons, if payable) the stated principal amount at maturity. If, however, the final level of **any** underlier is **less than** its buffer level, investors will lose 1.3333% for every 1% decline in the level of the worst performing underlier beyond the specified buffer amount. **Under these circumstances, the payment at maturity will be less, and may be significantly less, than the stated principal amount and could be zero.** 

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

￭The securities are for investors who are willing to risk their principal and accept the risk of receiving no coupons over the entire term of the securities and the risk of an early redemption of the securities based on the output of a risk neutral valuation model in exchange for the buffer feature and the opportunity to earn interest at a potentially above-market rate. You will not participate in any appreciation of any underlier. **Investors in the securities must be willing to accept the risk of losing their entire initial investment based on the performance of any underlier.** The securities are notes issued as part of MSFL's Series A Global Medium-Term Notes program.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **TERMS** | &nbsp;&nbsp; **TERMS** | &nbsp;&nbsp; **TERMS** |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Issue price:** | &nbsp;&nbsp;&nbsp; $1,000 per security (see "Commissions and issue price" below) | &nbsp;&nbsp;&nbsp; $1,000 per security (see "Commissions and issue price" below) |
| &nbsp;&nbsp; **Aggregate principal amount:** | &nbsp;&nbsp;&nbsp; $ | &nbsp;&nbsp;&nbsp; $ |
| &nbsp;&nbsp; **Underliers:** | &nbsp;&nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> (the "NDX Index"), Consumer Staples Select Sector SPDR<sup>®</sup> Fund (the "XLP Fund") and S&P 500<sup>®</sup> Futures Excess Return Index (the "SPXFP Index"). We refer to each of the NDX Index and the SPXFP Index as an underlying index. We refer to the XLP Fund as an underlying fund. | &nbsp;&nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> (the "NDX Index"), Consumer Staples Select Sector SPDR<sup>®</sup> Fund (the "XLP Fund") and S&P 500<sup>®</sup> Futures Excess Return Index (the "SPXFP Index"). We refer to each of the NDX Index and the SPXFP Index as an underlying index. We refer to the XLP Fund as an underlying fund. |
| &nbsp;&nbsp; **Strike date:** | &nbsp;&nbsp;&nbsp; November 24, 2025 | &nbsp;&nbsp;&nbsp; November 24, 2025 |
| &nbsp;&nbsp; **Pricing date:** | &nbsp;&nbsp;&nbsp; November 24, 2025 | &nbsp;&nbsp;&nbsp; November 24, 2025 |
| &nbsp;&nbsp; **Original issue date:** | &nbsp;&nbsp;&nbsp; November 28, 2025 | &nbsp;&nbsp;&nbsp; November 28, 2025 |
| &nbsp;&nbsp; **Final observation date:** | &nbsp;&nbsp;&nbsp; October 25, 2027, subject to postponement for non-trading days and certain market disruption events | &nbsp;&nbsp;&nbsp; October 25, 2027, subject to postponement for non-trading days and certain market disruption events |
| &nbsp;&nbsp; **Maturity date:** | &nbsp;&nbsp;&nbsp; October 28, 2027 | &nbsp;&nbsp;&nbsp; October 28, 2027 |
| &nbsp;&nbsp; ***Terms continued on the following page*** | &nbsp;&nbsp; ***Terms continued on the following page*** | &nbsp;&nbsp; ***Terms continued on the following page*** |
| &nbsp;&nbsp; **Agent:** | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." |
| &nbsp;&nbsp; **Estimated value on the pricing date:** | &nbsp;&nbsp;&nbsp; Approximately $988.80 per security, or within $35.00 of that estimate. See "Estimated Value of the Securities" on page 4. | &nbsp;&nbsp;&nbsp; Approximately $988.80 per security, or within $35.00 of that estimate. See "Estimated Value of the Securities" on page 4. |
| &nbsp;&nbsp; **Commissions and issue price:** | &nbsp;&nbsp; **Price to public** | &nbsp;&nbsp; **Proceeds to us**<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Per security** | &nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp; $ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | &nbsp;&nbsp;&nbsp; $ | &nbsp;&nbsp;&nbsp; $ |

---

*(1)*The securities will be sold only to investors purchasing the securities in fee-based advisory accounts.

*(2)*MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities. See "Supplemental information regarding plan of distribution; conflicts of interest." For additional information, see "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

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

**The securities involve risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 10.**

**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, index 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, index supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying index 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 Terms of the Securities" and "Additional Information About the Securities" at the end of this document.** 

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

[**<u>Product Supplement for Principal at Risk Securities dated</u> <u>February 7</u><u>, 2025</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010325001753/dp224623_424b2-parsupp.htm)[**<u>Index Supplement dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016332/dp202718_424b2-isn2023.htm)

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

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Terms continued from the previous page*** | &nbsp;&nbsp; ***Terms continued from the previous page*** |
| &nbsp;&nbsp; **Call feature:** | &nbsp;&nbsp;&nbsp; The securities are not subject to early redemption until the first redemption date. Beginning on the first redemption date, an early redemption, in whole but not in part, will occur on a redemption date for the redemption payment if and only if the output of a risk neutral valuation model on a business day, as selected by the calculation agent, that is no earlier than three business days before the observation date preceding such redemption date and no later than such observation date (the "determination date"), taking as input: (i) prevailing reference market levels, volatilities and correlations, as applicable and in each case as of the determination date and (ii) Morgan Stanley's credit spreads as of the pricing date, indicates that redeeming on such date is economically rational for us as compared to not redeeming on such date. If we call the securities, we will give you notice no later than the observation date preceding the redemption date specified in the notice. No further payments will be made on the securities once they have been redeemed. |
| &nbsp;&nbsp; **Redemption payment:** | &nbsp;&nbsp;&nbsp; The stated principal amount *plus* the contingent coupon with respect to the related interest period and any previously unpaid contingent coupons |
| &nbsp;&nbsp; **Contingent coupon:** | &nbsp;&nbsp;&nbsp; A *contingent* coupon at an annual rate of 10.00% will be paid on the securities on each coupon payment date but only if the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date.<br> If the contingent coupon is not paid on any coupon payment date (because the closing level of **any** underlier is **less than** its then-applicable coupon barrier level on the related observation date), such unpaid contingent coupon will be paid on a later coupon payment date **but only if** the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. Any such unpaid contingent coupon will be paid on the first subsequent coupon payment date for which the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date; provided, however, in the case of any such payment of a previously unpaid contingent coupon, no additional interest shall accrue or be payable in respect of such unpaid contingent coupon from and after the end of the original interest period for such unpaid contingent coupon.<br> **You will not receive payment for any unpaid contingent coupons if, the closing level of any underlier is less than its then-applicable coupon barrier level on each subsequent observation date.** |
| &nbsp;&nbsp; **Payment at maturity per security:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities have not been redeemed prior to maturity, investors will receive (in addition to the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons, if payable) a payment at maturity determined as follows:<br> •If the final level of **each** underlier is **greater than or equal to** its buffer level:<br> stated principal amount<br> •If the final level of **any** underlier is **less than** its buffer level:<br> stated principal amount + [stated principal amount × (underlier percent change of the worst performing underlier + buffer amount) × downside factor]<br> *Under these circumstances, the payment at maturity will be less, and may be significantly less, than the stated principal amount and could be zero.* |
| &nbsp;&nbsp; **Initial level:** | &nbsp;&nbsp;&nbsp; With respect to the NDX Index, , which is its closing level on the strike date<br> With respect to the XLP Fund, $, which is its closing level on the strike date<br> With respect to the SPXFP Index, , which is its closing level on the strike date |
| &nbsp;&nbsp; **Buffer level:** | &nbsp;&nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level |
| &nbsp;&nbsp; **Buffer amount:** | &nbsp;&nbsp;&nbsp; 25% |
| &nbsp;&nbsp; **Downside factor:** | &nbsp;&nbsp;&nbsp; 1.3333 |
| &nbsp;&nbsp; **Minimum payment at maturity:** |  |
| &nbsp;&nbsp; **Coupon barrier level:** | &nbsp;&nbsp;&nbsp; For each underlier, as set forth under "Observation Dates, Coupon Barrier Levels and Coupon Payment Dates" below |
| &nbsp;&nbsp; **Redemption dates:** | &nbsp;&nbsp;&nbsp; December 30, 2025, January 29, 2026, February 27, 2026, March 27, 2026, April 29, 2026, May 29, 2026, June 29, 2026, July 29, 2026, August 27, 2026, September 29, 2026, October 29, 2026, November 30, 2026, December 30, 2026, January 28, 2027, March 1, 2027, March 29, 2027, April 29, 2027, May 27, 2027, June 29, 2027, July 29, 2027, August 27, 2027 and September 29, 2027 |
| &nbsp;&nbsp; **First redemption date:** | &nbsp;&nbsp;&nbsp; December 30, 2025. Under no circumstances will the securities be redeemed prior to the first redemption date. |
| &nbsp;&nbsp; **Observation dates:** | &nbsp;&nbsp;&nbsp; As set forth under "Observation Dates, Coupon Barrier Levels and Coupon Payment Dates" below, subject to postponement for non-trading days and certain market disruption events. |
| &nbsp;&nbsp; **Coupon payment dates:** | &nbsp;&nbsp;&nbsp; As set forth under "Observation Dates, Coupon Barrier Levels and Coupon Payment Dates" below. If any coupon payment date is not a business day, the coupon payment with respect to such date, if any, will be made on the next succeeding business day and no adjustment will be made to any coupon payment made on that succeeding business day. The coupon payment, if any, with respect to the final observation date shall be made on the maturity date. |
| &nbsp;&nbsp; **Final level:** | &nbsp;&nbsp;&nbsp; With respect to each underlier, the closing level on the final observation date |
| &nbsp;&nbsp; **Underlier percent change:** | &nbsp;&nbsp;&nbsp; (final level – initial level) / initial level |
| &nbsp;&nbsp; **Closing level:** | &nbsp;&nbsp;&nbsp; "Closing level" and "adjustment factor" have the meanings set forth under "General Terms of the Securities—Some Definitions" in the accompanying product supplement. |
| &nbsp;&nbsp; **Worst performing underlier:** | &nbsp;&nbsp;&nbsp; The underlier with the lowest percentage return from its initial level to its final level |
| &nbsp;&nbsp; **CUSIP:** | &nbsp;&nbsp;&nbsp; 61779TTY3 |
| &nbsp;&nbsp; **ISIN:** | &nbsp;&nbsp;&nbsp; US61779TTY37 |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange. |

---

------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Observation Dates, Coupon Barrier Levels and Coupon Payment Dates

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Observation Dates** | &nbsp;&nbsp; **Observation Dates** | &nbsp;&nbsp; **Coupon Barrier Level** | &nbsp;&nbsp; **Coupon Payment Dates** |
| &nbsp;&nbsp; #1 | &nbsp;&nbsp; December 24, 2025 | &nbsp;&nbsp; With respect to the NDX Index, , which is 85% of its initial level<br> With respect to the XLP Fund, $, which is 85% of its initial level<br> With respect to the SPXFP Index, , which is 85% of its initial level | &nbsp;&nbsp; December 30, 2025 |
| &nbsp;&nbsp; #2 | &nbsp;&nbsp; January 26, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 80% of its initial level<br> With respect to the XLP Fund, $, which is 80% of its initial level<br> With respect to the SPXFP Index, , which is 80% of its initial level | &nbsp;&nbsp; January 29, 2026 |
| &nbsp;&nbsp; #3 | &nbsp;&nbsp; February 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; February 27, 2026 |
| &nbsp;&nbsp; #4 | &nbsp;&nbsp; March 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; March 27, 2026 |
| &nbsp;&nbsp; #5 | &nbsp;&nbsp; April 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; April 29, 2026 |
| &nbsp;&nbsp; #6 | &nbsp;&nbsp; May 26, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; May 29, 2026 |
| &nbsp;&nbsp; #7 | &nbsp;&nbsp; June 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; June 29, 2026 |
| &nbsp;&nbsp; #8 | &nbsp;&nbsp; July 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; July 29, 2026 |
| &nbsp;&nbsp; #9 | &nbsp;&nbsp; August 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; August 27, 2026 |
| &nbsp;&nbsp; #10 | &nbsp;&nbsp; September 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; September 29, 2026 |
| &nbsp;&nbsp; #11 | &nbsp;&nbsp; October 26, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; October 29, 2026 |
| &nbsp;&nbsp; #12 | &nbsp;&nbsp; November 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; November 30, 2026 |
| &nbsp;&nbsp; #13 | &nbsp;&nbsp; December 24, 2026 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; December 30, 2026 |
| &nbsp;&nbsp; #14 | &nbsp;&nbsp; January 25, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; January 28, 2027 |
| &nbsp;&nbsp; #15 | &nbsp;&nbsp; February 24, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; March 1, 2027 |
| &nbsp;&nbsp; #16 | &nbsp;&nbsp; March 24, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; March 29, 2027 |
| &nbsp;&nbsp; #17 | &nbsp;&nbsp; April 26, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; April 29, 2027 |
| &nbsp;&nbsp; #18 | &nbsp;&nbsp; May 24, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; May 27, 2027 |
| &nbsp;&nbsp; #19 | &nbsp;&nbsp; June 24, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; June 29, 2027 |
| &nbsp;&nbsp; #20 | &nbsp;&nbsp; July 26, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; July 29, 2027 |
| &nbsp;&nbsp; #21 | &nbsp;&nbsp; August 24, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; August 27, 2027 |
| &nbsp;&nbsp; #22 | &nbsp;&nbsp; September 24, 2027 | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; September 29, 2027 |
| &nbsp;&nbsp; #23 | &nbsp;&nbsp; October 25, 2027 (final observation date) | &nbsp;&nbsp; With respect to the NDX Index, , which is 75% of its initial level<br> With respect to the XLP Fund, $, which is 75% of its initial level<br> With respect to the SPXFP Index, , which is 75% of its initial level | &nbsp;&nbsp; October 28, 2027 (maturity date) |

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------

Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Estimated Value of the Securities

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

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

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

*What determines the economic terms of the securities?*

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

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

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

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

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Hypothetical Examples

The following hypothetical examples illustrate how to determine whether a contingent coupon is payable with respect to an observation date and how to calculate the payment at maturity if we do not redeem the securities based on the output of a risk neutral valuation model prior to maturity. The following examples are for illustrative purposes only. Whether you receive a contingent coupon will be determined by reference to the closing level of each underlier on each observation date. The payment at maturity will be determined by reference to the closing level of each underlier on the final observation date. The actual initial level, coupon barrier levels and buffer level for each underlier will be determined on the strike date. All payments on the securities are subject to our credit risk. The numbers in the hypothetical examples below may have been rounded for ease of analysis. The below examples are based on the following terms:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Hypothetical initial level:** | &nbsp;&nbsp; With respect to the NDX Index, 100.00\*<br> With respect to the XLP Fund, $100.00\*<br> With respect to the SPXFP Index, 100.00\* | &nbsp;&nbsp; With respect to the NDX Index, 100.00\*<br> With respect to the XLP Fund, $100.00\*<br> With respect to the SPXFP Index, 100.00\* |
| &nbsp;&nbsp; **Hypothetical buffer level:** | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its hypothetical initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its hypothetical initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its hypothetical initial level | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its hypothetical initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its hypothetical initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its hypothetical initial level |
| &nbsp;&nbsp; **Buffer amount:** | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 25% |
| &nbsp;&nbsp; **Downside factor:** | &nbsp;&nbsp; 1.3333 | &nbsp;&nbsp; 1.3333 |
| &nbsp;&nbsp; **Contingent coupon:** | &nbsp;&nbsp; 10.00% *per annum* (corresponding to approximately $8.333 per interest period per security). The actual contingent coupon will be an amount determined by the calculation agent based on the number of days in the applicable payment period, calculated on a 30/360 day-count basis. The hypothetical contingent coupon of $8.333 is used in these examples for ease of analysis.<br> If the contingent coupon is not paid on any coupon payment date (because the closing level of **any** underlier is **less than** its then-applicable coupon barrier level on the related observation date), such unpaid contingent coupon will be paid on a later coupon payment date but only if the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. Any such unpaid contingent coupon will be paid on the first subsequent coupon payment date for which the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. | &nbsp;&nbsp; 10.00% *per annum* (corresponding to approximately $8.333 per interest period per security). The actual contingent coupon will be an amount determined by the calculation agent based on the number of days in the applicable payment period, calculated on a 30/360 day-count basis. The hypothetical contingent coupon of $8.333 is used in these examples for ease of analysis.<br> If the contingent coupon is not paid on any coupon payment date (because the closing level of **any** underlier is **less than** its then-applicable coupon barrier level on the related observation date), such unpaid contingent coupon will be paid on a later coupon payment date but only if the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. Any such unpaid contingent coupon will be paid on the first subsequent coupon payment date for which the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. |
|  | &nbsp;&nbsp; **Observation date:** | &nbsp;&nbsp; **Hypothetical coupon barrier level:** |
|  | &nbsp;&nbsp; #1 | &nbsp;&nbsp; With respect to the NDX Index, 85.00, which is 85% of its initial level<br> With respect to the XLP Fund, $85.00, which is 85% of its initial level<br> With respect to the SPXFP Index, 85.00, which is 85% of its initial level |
|  | &nbsp;&nbsp; #2 | &nbsp;&nbsp; With respect to the NDX Index, 80.00, which is 80% of its initial level<br> With respect to the XLP Fund, $80.00, which is 80% of its initial level<br> With respect to the SPXFP Index, 80.00, which is 80% of its initial level |
|  | &nbsp;&nbsp; #3 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #4 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #5 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #6 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #7 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #8 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #9 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
|  | &nbsp;&nbsp; #10 | &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |
| &nbsp;&nbsp; With respect to the NDX Index, 75.00, which is 75% of its initial level<br> With respect to the XLP Fund, $75.00, which is 75% of its initial level<br> With respect to the SPXFP Index, 75.00, which is 75% of its initial level |  |  |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

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| |
|:---|
| &nbsp;&nbsp; #11 |
| &nbsp;&nbsp; #12 |
| &nbsp;&nbsp; #13 |
| &nbsp;&nbsp; #14 |
| &nbsp;&nbsp; #15 |
| &nbsp;&nbsp; #16 |
| &nbsp;&nbsp; #17 |
| &nbsp;&nbsp; #18 |
| &nbsp;&nbsp; #19 |
| &nbsp;&nbsp; #20 |
| &nbsp;&nbsp; #21 |
| &nbsp;&nbsp; #22 |
| &nbsp;&nbsp; #23 |

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

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously redeemed):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Closing Level | &nbsp;&nbsp; Closing Level | &nbsp;&nbsp; Closing Level | &nbsp;&nbsp; Payment per Security |
|  | &nbsp;&nbsp; NDX Index | &nbsp;&nbsp; XLP Fund | &nbsp;&nbsp; SPXFP Index | &nbsp;&nbsp; Payment per Security |
| &nbsp;&nbsp; Hypothetical Observation Date #1 | &nbsp;&nbsp; 110.00 (**greater than or equal to** its then-applicable coupon barrier level) | &nbsp;&nbsp; $125.00 (**greater than or equal** to its then-applicable coupon barrier level) | &nbsp;&nbsp; 115.00 (**greater than or equal to** its then-applicable coupon barrier level) | &nbsp;&nbsp; $8.333 |
| &nbsp;&nbsp; Hypothetical Observation Date #2 | &nbsp;&nbsp; 85.00 (**greater than or equal** to its then-applicable coupon barrier level) | &nbsp;&nbsp; $45.00 (**less than** its then-applicable coupon barrier level) | &nbsp;&nbsp; 110.00 (**greater than or equal to** its then-applicable coupon barrier level) | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Hypothetical Observation Date #3 | &nbsp;&nbsp; 105.00 (**greater than or equal to** its then-applicable coupon barrier level) | &nbsp;&nbsp; $120.00 (**greater than or equal** to its then-applicable coupon barrier level) | &nbsp;&nbsp; 110.00 (**greater than or equal to** its then-applicable coupon barrier level) | &nbsp;&nbsp; $8.333 + $8.333 = $16.666 |
| &nbsp;&nbsp; Hypothetical Observation Date #4 | &nbsp;&nbsp; 50.00 (**less than** its then-applicable coupon barrier level) | &nbsp;&nbsp; $30.00 (**less than** its then-applicable coupon barrier level) | &nbsp;&nbsp; 20.00 (**less than** its then-applicable coupon barrier level) | &nbsp;&nbsp; $0 |

---

On hypothetical observation date #1, because the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level, the contingent coupon is paid on the related coupon payment date.

On hypothetical observation date #2, because the closing level of **at least one** underlier is **less than** its then-applicable coupon barrier level, no contingent coupon is paid on the related coupon payment date.

On hypothetical observation date #3, because the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level, investors receive the contingent coupon with respect to hypothetical observation date #3 as well as the previously unpaid contingent coupon with respect to hypothetical observation date #2.

On hypothetical observation date #4, because the closing level of **at least one** underlier is **less than** its then-applicable coupon barrier level, no contingent coupon is paid on the related coupon payment date.

**If the closing level of any underlier is less than its then-applicable coupon barrier level on each observation date, you will not receive any contingent coupons for the entire term of the securities.**

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

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

The hypothetical examples below illustrate how to calculate the payment at maturity if we do not redeem the securities based on the output of a risk neutral valuation model prior to maturity.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Final Level | &nbsp;&nbsp; Payment at Maturity per Security |
|  | &nbsp;&nbsp; NDX Index | &nbsp;&nbsp; XLP Fund | &nbsp;&nbsp; SPXFP Index |  |  |
| &nbsp;&nbsp; Example #1 | &nbsp;&nbsp; 110.00 (**greater than or equal to** its buffer level) | &nbsp;&nbsp; $125.00 (**greater than or equal** to its buffer level) | &nbsp;&nbsp; 115.00 (**greater than or equal to** its buffer level) | &nbsp;&nbsp; The stated principal amount + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons<br> For more information, please see "How to determine whether a contingent coupon is payable with respect to an observation date" above. | &nbsp;&nbsp; The stated principal amount + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons<br> For more information, please see "How to determine whether a contingent coupon is payable with respect to an observation date" above. |
| &nbsp;&nbsp; Example #2 | &nbsp;&nbsp; 90.00 (**greater than or equal** to its buffer level) | &nbsp;&nbsp; $74.00 (**less than** its buffer level but **greater than or equal to** its then-applicable coupon barrier level) | &nbsp;&nbsp; 95.00 (**greater than or equal** to its buffer level) | &nbsp;&nbsp; $1,000 + [$1,000 × (underlier percent change of the worst performing underlier + buffer amount) × downside factor] + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons = $1,000 + [$1,000 × (-26% + 25%) × 1.3333] + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons = $986.667 + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons<br> For more information, please see "How to determine whether a contingent coupon is payable with respect to an observation date" above. | &nbsp;&nbsp; $1,000 + [$1,000 × (underlier percent change of the worst performing underlier + buffer amount) × downside factor] + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons = $1,000 + [$1,000 × (-26% + 25%) × 1.3333] + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons = $986.667 + the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons<br> For more information, please see "How to determine whether a contingent coupon is payable with respect to an observation date" above. |
| &nbsp;&nbsp; Example #3 | &nbsp;&nbsp; 85.00 (**greater than or equal** to its buffer level) | &nbsp;&nbsp; $45.00 (**less than** its buffer level) | &nbsp;&nbsp; 110.00 (**greater than or equal to** its buffer level) | &nbsp;&nbsp; $1,000 + [$1,000 × (underlier percent change of the worst performing underlier + buffer amount) × downside factor] = $1,000 + [$1,000 × (-55% + 25%) × 1.3333] = $600.01 | &nbsp;&nbsp; $1,000 + [$1,000 × (underlier percent change of the worst performing underlier + buffer amount) × downside factor] = $1,000 + [$1,000 × (-55% + 25%) × 1.3333] = $600.01 |
| &nbsp;&nbsp; Example #4 | &nbsp;&nbsp; 50.00 (**less than** its buffer level) | &nbsp;&nbsp; $30.00 (**less than** its buffer level) | &nbsp;&nbsp; 20.00 (**less than** its buffer level) | &nbsp;&nbsp; $1,000 + [$1,000 × (-80% + 25%) × 1.3333] = $266.685 | &nbsp;&nbsp; $1,000 + [$1,000 × (-80% + 25%) × 1.3333] = $266.685 |

---

In example #1, the final level of **each** underlier is **greater than or equal to** its buffer level. Therefore, investors receive at maturity the stated principal amount. Because the final level of **each** underlier is also **greater than or equal to** its then-applicable coupon barrier level, investors receive the contingent coupon with respect to the final observation date and any previously unpaid contingent coupons. Investors do not participate in any appreciation of any underlier.

In example #2, the final level of **at least one** underlier is **less than** its buffer level but **greater than or equal to** its then-applicable coupon barrier level. Therefore, investors receive at maturity a payment that reflects a loss of 1.3333% of principal for each 1% decline in the level of the worst performing underlier beyond the buffer amount. Moreover, because the final level of **each** underlier is also **greater than or equal to** its then-applicable coupon barrier level, investors receive a contingent coupon with respect to the final observation date and any previously unpaid contingent coupons.

In examples #3 and #4, the final level of **at least one** underlier is **less than** its buffer level. Therefore, investors receive at maturity a payment that reflects a loss of 1.3333% of principal for each 1% decline in the level of the worst performing underlier beyond the buffer

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

amount. Moreover, because the final level of **at least one** underlier is also **less than** its then-applicable coupon barrier level, investors do not receive a contingent coupon with respect to the final observation date or any previously unpaid contingent coupons.

**If the securities have not been redeemed prior to maturity and the final level of any underlier is less than its buffer level, you will be exposed to the negative performance of the worst performing underlier beyond the buffer amount at maturity, and your payment at maturity will be less, and may be significantly less, than the stated principal amount of the securities and could be zero.** 

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Risk Factors

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

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

￭**The securities do not guarantee the return of any principal.** The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal. If the securities have not been redeemed prior to maturity and the final level of **any** underlier is **less than** its buffer level, the payout at maturity will be an amount in cash that is less, and may be significantly less, than the stated principal amount of each security, and you will lose an amount proportionate to the decline in the level of the worst performing underlier over the term of the securities beyond the buffer amount *multiplied by* the downside factor. **There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities.**

￭**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 on a coupon payment date **but only if** the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. However, if the closing level of **any** underlier is **less than** its then-applicable coupon barrier level on any observation date, we will pay no coupon with respect to the applicable interest period. Any such unpaid contingent coupon will be paid on a subsequent coupon payment date but only if the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level on the related observation date. You will not receive payment for any such unpaid contingent coupon if the closing level of **any** underlier is **less than** its then-applicable coupon barrier level on each subsequent observation date. It is possible that the closing level of an underlier will remain below its then-applicable coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons. If you do not earn sufficient contingent coupons 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.

￭**Payment of the contingent coupon is based on the closing levels of the underliers on only the related observation date at the end of the related interest period.** Whether the contingent coupon will be paid on any coupon payment date will be determined at the end of the related interest period based on the closing level of each underlier on the related observation date. As a result, you will not know whether you will receive the contingent coupon on a coupon payment date until near the end of the relevant interest period. Moreover, because the contingent coupon is based solely on the closing levels of the underliers on the observation dates, if the closing level of **any** underlier on any observation date is **less than** its then-applicable coupon barrier level, you will not receive a contingent coupon with respect to the related interest period (or any previously unpaid contingent coupons), even if the closing level of such underlier was **greater than or equal to** its then-applicable coupon barrier level on other days during that interest period and even if the closing levels of the other underliers are **greater than or equal to** their then-applicable coupon barrier levels on such observation date.

￭**Investors will not participate in any appreciation in the value of any underlier.** Investors will not participate in any appreciation in the value of any underlier from the strike date to the final observation date, and the return on the securities will be limited to the contingent coupons that are paid with respect to the observation dates on which the closing level of **each** underlier is **greater than or equal to** its then-applicable coupon barrier level. It is possible that the closing level of an underlier will remain below its then-applicable coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons.

￭**The securities are subject to early redemption risk.** The term of your investment in the securities will be shortened if we redeem the securities based on the output of a risk neutral valuation model on any redemption date. In accordance with the risk neutral valuation model determination noted herein, it is more likely that we will redeem the securities when it would be advantageous for you to continue to hold them. As such, we will be more likely to redeem the securities when not redeeming the securities would result in an amount of interest payable on the securities that is greater than instruments of a comparable maturity and credit rating trading in the market. In other words, we will be more likely to redeem the securities at a time when the securities are paying an above-market coupon. If we redeem the securities prior to maturity, you will receive no further payments on the securities, may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns.

On the other hand, we will be less likely to redeem the securities when the closing level of **any** underlier is **less than** its then-applicable coupon barrier level and/or when the final level of **any** underlier is expected to be **less than** its buffer level, such that you will receive no contingent coupons and/or suffer a loss on your initial investment in the securities at maturity. Therefore, if we do not redeem the securities prior to maturity, it is more likely that you will receive few or no contingent coupons and suffer a loss at maturity. Under no circumstances will we redeem the securities prior to the first redemption date.

￭**The market price of the securities may be influenced by many unpredictable factors.** Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

willing to purchase or sell the securities in the secondary market. We expect that generally the value of each underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:

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

ointerest and yield rates in the market;

odividend rates on the underlying fund;

othe level of correlation between the underliers;

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

othe availability of comparable instruments;

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

othe composition of each underlier and changes in the component securities of each underlier;

othe time remaining until the securities mature; and

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

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

You can review the historical closing levels of the underliers in the section of this document called "Historical Information." You cannot predict the future performance of an underlier based on its historical performance. The values of the underliers may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that the closing level of **each** underlier will be **greater than or equal to** its then-applicable coupon barrier level on any observation date so that you will receive a contingent coupon with respect to the applicable interest period, or that the final level of **each** underlier will be **greater than or equal to** its buffer level so that you do not suffer a loss of some or all of your initial investment in the securities.

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

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

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

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

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

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

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

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

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

￭**The U.S. federal income tax consequences of an investment in the securities are uncertain.** There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. Moreover, non-U.S. investors should note that persons having withholding responsibility in respect of the securities are, absent an exception, expected to withhold on any coupon paid to a non-U.S. investor, generally at a rate of 30%. We will not pay any additional amounts in respect of such withholding. You should review carefully the section entitled "United States Federal Income Tax Considerations" herein, in combination with the section entitled "United States Federal Income Tax Considerations" in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.

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

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

oYou are exposed to the price risk of each underlier.

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

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

oAdjustments to an underlying fund or the index tracked by such underlying fund could adversely affect the value of the securities.

oThe performance and market price of an underlying fund, particularly during periods of market volatility, may not correlate with the performance of its share underlying index, the performance of the component securities of its share underlying index or the net asset value per share of such underlying fund.

oHigher future prices of a futures contract to which the underlier is linked relative to its current prices may adversely affect the value of the underlier and the value of the securities.

oSuspensions or disruptions of market trading in futures markets could adversely affect the value of the securities.

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

oLegal and regulatory changes could adversely affect the return on and value of the securities.

oAdjustments to an underlying index could adversely affect the value of the securities.

￭**The securities are subject to risks associated with investments in securities with a concentration in the consumer staples sector.** The securities included in the Consumer Staples Select Sector Index and that are generally tracked by the Consumer Staples Select Sector SPDR<sup>®</sup> Fund are securities of companies whose primary business is associated with the consumer staples sector. As a result, the value of the securities may be subject to greater volatility and may be more adversely affected by a single economic, political or regulatory occurrence affecting this industry than a different investment linked to securities of a more broadly diversified group of issuers or issuers in a less-volatile industry. Consumer staples companies are subject to government regulation affecting their products, which may negatively impact their performance. For instance, government regulations may affect the permissibility of using various food additives and production methods, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation or regulatory developments. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.

￭**Adjustments to the S&P 500**<sup>®</sup> **Futures Excess Return Index could adversely affect the value of the securities.** As the underlying index publisher for the S&P 500<sup>®</sup> Futures Excess Return Index, S&P<sup>®</sup> Dow Jones Indices LLC can make methodological changes that could change the value of such underlying index. Any of these actions could adversely affect the value of the securities. An underlying index publisher has no obligation to consider your interests in calculating or revising an underlying index. An underlying index publisher may discontinue or suspend calculation or publication of an underlying index at any time. In these circumstances, MS & Co., as the calculation agent, will have the sole discretion to substitute a successor index that is comparable to the discontinued underlying index. MS & Co. could have an economic interest that is different than that of investors in the securities insofar as, for example, MS & Co. is permitted to consider indices that are calculated and published by MS & Co. or any of its affiliates.

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

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

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

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

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Historical Information

**Nasdaq-100 Index**<sup>®</sup> **Overview**

**Bloomberg Ticker Symbol: NDX**

The Nasdaq-100 Index<sup>®</sup> is a modified capitalization-weighted index of 100 of the largest and most actively traded equity securities of non-financial companies listed on The Nasdaq Stock Market LLC (the "Nasdaq"). The underlying index publisher with respect to the Nasdaq-100 Index<sup>®</sup> is Nasdaq, Inc., or any successor thereof. The Nasdaq-100 Index<sup>®</sup> includes companies across a variety of major industry groups. At any moment in time, the value of the Nasdaq-100 Index<sup>®</sup> equals the aggregate value of the then-current Nasdaq-100 Index<sup>®</sup> share weights of each of the Nasdaq-100 Index<sup>®</sup> component securities, which are based on the total shares outstanding of each such Nasdaq-100 Index<sup>®</sup> component security, *multiplied by* each such security's respective last sale price on the Nasdaq (which may be the official closing price published by the Nasdaq), and divided by a scaling factor, which becomes the basis for the reported Nasdaq-100 Index<sup>®</sup> value. For additional information about the Nasdaq-100 Index<sup>®</sup>, see the information set forth under "Nasdaq-100 Index<sup>®</sup>" in the accompanying index supplement.

The closing level of the NDX Index on November 12, 2025 was 25,517.33. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

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| &nbsp;&nbsp; **NDX Index Daily Closing Levels**<br> **January 1, 2020 to November 12, 2025**  |
| &nbsp;&nbsp; ![](image1.gif)  |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

**Consumer Staples Select Sector SPDR**<sup>®</sup> **Fund Overview**

**Bloomberg Ticker Symbol: XLP UP**

The Consumer Staples Select Sector SPDR<sup>®</sup> Fund is an exchange-traded fund that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of its share underlying index, which is the Consumer Staples Select Sector Index. The underlying fund manager with respect to the Consumer Staples Select Sector SPDR<sup>®</sup> Fund is the Select Sector SPDR<sup>®</sup> Trust, which is a registered investment company. It is possible that the underlier may not fully replicate the performance of its share underlying index due to the temporary unavailability of certain securities in the secondary market or due to other extraordinary circumstances. Information provided to or filed with the Securities and Exchange Commission by the underlying fund manager pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to Securities and Exchange Commission file numbers 333-57791 and 811-08837, respectively, through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding the underlier may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. **Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlier is accurate or complete.**

The closing level of the XLP Fund on November 12, 2025 was $77.32. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

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| &nbsp;&nbsp; **XLP Fund Daily Closing Levels**<br> **January 1, 2020 to November 12, 2025**  |
| &nbsp;&nbsp; ![](image2.gif)  |

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

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

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

We and/or our affiliates may presently or from time to time engage in business with the underlying fund manager. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the underlier, 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 underlier. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. You should undertake an independent investigation of the underlier as in your judgment is appropriate to make an informed decision with respect to an investment linked to the underlier.

The securities are not sponsored, endorsed, sold, or promoted by the underlying fund manager. The underlying fund manager makes no representations or warranties to the owners of the securities or any member of the public regarding the advisability of investing in the securities. The underlying fund manager has no obligation or liability in connection with the operation, marketing, trading or sale of the securities.

***Consumer Staples Select Sector Index.*** The Consumer Staples Select Sector Index, which is one of the Select Sector sub-indices of the S&P 500<sup>®</sup> Index, is intended to give investors an efficient, modified market capitalization-based way to track the movements of certain public companies that represent the consumer staples sector of the S&P 500<sup>®</sup> Index. The share underlying index publisher with respect to the Consumer Discretionary Select Sector Index is S&P<sup>®</sup> Dow Jones Indices LLC, or any successor thereof. The Consumer Staples Select Sector Index includes component stocks in industries such as food & staples retailing; food products; beverages; tobacco; household products; and personal products. For more information, see "S&P<sup>®</sup> Select Sector Indices—Consumer Staples Select Sector Index" in the accompanying index supplement.

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

**S&P 500**<sup>®</sup> **Futures Excess Return Index Overview**

**Bloomberg Ticker Symbol: SPXFP**

The S&P 500<sup>®</sup> Futures Excess Return Index is an equity futures index that measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract (its "futures contract") trading on the Chicago Mercantile Exchange. The underlying index publisher with respect to the S&P 500<sup>®</sup> Futures Excess Return Index is S&P<sup>®</sup> Dow Jones Indices LLC, or any successor thereof. E-mini S&P 500 futures contracts are U.S. dollar-denominated futures contracts based on the performance of the S&P 500<sup>®</sup> Index (its "reference index"). For additional information about the S&P 500<sup>®</sup> Index and how it is calculated and maintained, see "S&P<sup>®</sup> U.S. Indices—S&P 500<sup>®</sup> Index" in the accompanying index supplement. For additional information about the S&P 500<sup>®</sup> Futures Excess Return Index, see the information set forth under "Annex A—S&P 500<sup>®</sup> Futures Excess Return Index" below.

The closing level of the SPXFP Index on November 12, 2025 was 560.83. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

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| &nbsp;&nbsp; **SPXFP Index Daily Closing Levels**<br> **January 1, 2020 to November 12, 2025**  |
| &nbsp;&nbsp; ![](image3.gif)  |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Additional Terms of the Securities

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

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| &nbsp;&nbsp; **Additional Terms:** | &nbsp;&nbsp; **Additional Terms:** |
| &nbsp;&nbsp; If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control. | &nbsp;&nbsp; If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control. |
| &nbsp;&nbsp; **Denominations:** | &nbsp;&nbsp; $1,000 per security and integral multiples thereof |
| &nbsp;&nbsp; **Day-count convention:** | &nbsp;&nbsp; Interest will be computed on the basis of a 360-day year of twelve 30-day months. |
| &nbsp;&nbsp; **Interest period:** | &nbsp;&nbsp; The period from and including the original issue date (in the case of the first interest period) or the previous scheduled coupon payment date, as applicable, to but excluding the following scheduled coupon payment date, with no adjustment for any postponement thereof. |
| &nbsp;&nbsp; **Amortization period:** | &nbsp;&nbsp; The 4-month period following the issue date |
| &nbsp;&nbsp; **Trustee:** | &nbsp;&nbsp; The Bank of New York Mellon |
| &nbsp;&nbsp; **Calculation agent:** | &nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co.") |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Additional Information About the Securities

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| &nbsp;&nbsp; **Additional Information:** | &nbsp;&nbsp; **Additional Information:** |
| &nbsp;&nbsp; **Minimum ticketing size:** | &nbsp;&nbsp; $1,000 / 1 security |
| &nbsp;&nbsp; **United States federal income tax considerations:** | &nbsp;&nbsp; You should review carefully the section in the accompanying product supplement entitled "United States Federal Income Tax Considerations." The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. <br> Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.<br> In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts with associated coupons, and any coupons as ordinary income, as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts with Associated Coupons" in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel's opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. <br> We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In particular, there is a risk that the securities could be characterized as debt instruments for U.S. federal income tax purposes, in which case the tax consequences of an investment in the securities could be different from those described herein and possibly adverse to certain investors. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. <br> **Non-U.S. Holders.** The U.S. federal income tax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the securities, we would expect generally to treat the coupons paid to Non-U.S. Holders (as defined in the accompanying product supplement) as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent determines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from, or a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the coupons. <br> As discussed under "United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code" in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities.<br> We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.<br> You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction. |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

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| &nbsp;&nbsp; **Additional** **considerations:** | &nbsp;&nbsp; Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly. |
| &nbsp;&nbsp; **Supplemental information regarding plan of distribution; conflicts of interest:** | &nbsp;&nbsp; MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities.<br> MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities. <br> MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm's distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See "Plan of Distribution (Conflicts of Interest)" and "Use of Proceeds and Hedging" in the accompanying product supplement. |
| &nbsp;&nbsp; **Where you can find more information:** | &nbsp;&nbsp; Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement and the index supplement) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement, the index supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. When you read the accompanying index 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 website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, the index supplement and the product supplement if you so request by calling toll-free 1-(800)-584-6837.<br> Terms used but not defined in this document are defined in the product supplement, in the index supplement or in the prospectus. Each of the product supplement, the index supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document. |

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

Annex A—S&P 500<sup>®</sup> Futures Excess Return Index

The S&P 500<sup>®</sup> Futures Excess Return Index (the "SPXFP Index") is an equity futures index that measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract (its "futures contract") trading on the Chicago Mercantile Exchange (the "CME"). The underlying index publisher with respect to the SPXFP Index is S&P<sup>®</sup> Dow Jones Indices LLC ("S&P<sup>®</sup>"), or any successor thereof. E-mini S&P 500 futures contracts are U.S. dollar-denominated futures contracts based on the performance of the S&P 500<sup>®</sup> Index (its "reference index"). For additional information about the S&P 500<sup>®</sup> Index and how it is calculated and maintained, see "S&P<sup>®</sup> U.S. Indices—S&P 500<sup>®</sup> Index" in the accompanying index supplement.

The SPXFP Index is the excess return version of the S&P 500 Futures Index, which measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract trading on the CME. The SPXFP Index includes a provision for the replacement of the E-mini S&P 500 futures contract as the contract approaches maturity (also referred to as "rolling" or "the roll"). This replacement occurs over a one-day rolling period every March, June, September and December, effective after the close of trading five business days preceding the last trading date of the E-mini S&P 500 futures contract.

S&P<sup>®</sup> is a joint venture between S&P<sup>®</sup> Global, Inc. (majority owner) and CME Group Inc. (minority owner), owner of CME Group Index Services LLC. The SPXFP Index is reported by Bloomberg under the ticker symbol "SPXFP." All information contained in this document regarding the SPXFP Index has been derived from publicly available information, without independent verification.

***E-Mini S&P 500 Futures Contract***

The SPXFP Index is constructed from the front-quarter E-mini S&P 500 futures contract. Futures contracts are contracts that legally obligate the holder to buy or sell an asset at a predetermined delivery price during a specified future time period. The futures contract is rolled forward once a quarter, effective after the close of trading five business days prior to expiration.

The E-mini S&P 500 futures ("ES") contracts are U.S. dollar-denominated futures contracts, based on the S&P 500<sup>®</sup>Index, traded on the CME, representing a contract unit of $50 *multiplied by* the reference index, measured in dollars and cents per index point. The ES contracts are listed for the nearest twenty-one consecutive quarters, for each March, June, September and December. Trading of the ES contracts terminates at 9:30 A.M. Eastern time on the third Friday of the contract month. The daily settlement prices of the ES contracts are based on trading activity in the relevant contract (and in the case of a lead month also being the expiry month, together with trading activity on lead month-second month spread contracts) on the CME during a specified settlement period. The final settlement price of ES contracts is based on the opening prices of the component stocks in the reference index, determined on the third Friday of the contract month. For more information about the reference index, see "S&P<sup>®</sup>U.S. Indices—S&P 500<sup>®</sup>Index" in the accompanying index supplement.

***SPXFP Index Calculation***

The SPXFP Index, calculated from the price change of the futures contract, reflects the excess return of the S&P 500 Futures Index. The level of the SPXFP Index on a trading day is calculated as follows:

*IndexERd = IndexERd-1* × (1 + *CDRd*)

where:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *IndexERd-1* | &nbsp;&nbsp; = | &nbsp;&nbsp; The Excess Return Index level on the preceding business day, defined as any date on which the index is calculated | &nbsp;&nbsp; The Excess Return Index level on the preceding business day, defined as any date on which the index is calculated | &nbsp;&nbsp; The Excess Return Index level on the preceding business day, defined as any date on which the index is calculated |
| &nbsp;&nbsp; *CDRd* | &nbsp;&nbsp; = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contract Daily return, defined as:<br> ![](image4.gif)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contract Daily return, defined as:<br> ![](image4.gif)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Contract Daily return, defined as:<br> ![](image4.gif)  |
|  | &nbsp;&nbsp; where: |  |  |  |
|  |  | &nbsp;&nbsp; *t* | &nbsp;&nbsp; = | &nbsp;&nbsp; The business day on which the calculation is made |
|  |  | &nbsp;&nbsp; *TDW0t* | &nbsp;&nbsp; = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dollar Weight Obtained on *t*, defined as:<br> *CRW1t-1* × *DCRP1t* + *CRW2t-1* × *DCRP2t*  |
|  |  | &nbsp;&nbsp; *TDWIt-1* | &nbsp;&nbsp; = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dollar Weight Invested on the business day preceding *t*, defined as:<br> *CRW1t-1* × *DCRP1t-1* + *CRW2t-1* × *DCRP2t-1* |
|  |  | &nbsp;&nbsp; *CRW1* | &nbsp;&nbsp; = | &nbsp;&nbsp; The contract roll weight of the first nearby contract expiration |
|  |  | &nbsp;&nbsp; *CRW2* | &nbsp;&nbsp; = | &nbsp;&nbsp; The contract roll weight of the roll in contract expiration |
|  |  | &nbsp;&nbsp; *DCRP t* | &nbsp;&nbsp; = | &nbsp;&nbsp; The Daily Contract Reference Price (the official closing price per futures contract, as designated by the relevant exchange) of the futures contract |

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The SPXFP Index is calculated on an excess return basis, meaning that the level of the SPXFP Index is determined by its weighted return reduced by the return that could be earned on a notional cash deposit at the notional interest rate, which is a rate equal to the federal funds rate.

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Morgan Stanley Finance LLC

&nbsp;&nbsp; Step-Down Callable Contingent Income Memory Buffered Securities with Downside Factor<br> **Principal at Risk Securities**<br>

**Overview of Futures Markets**

Futures contracts are traded on regulated futures exchanges, in the over-the-counter market and on various types of electronic trading facilities and markets. As of the date of this pricing supplement, the futures contract is an exchange-traded futures contract. A futures contract provides for a specified settlement month in which the cash settlement is made by the seller (whose position is therefore described as "short") and acquired by the purchaser (whose position is therefore described as "long").

No purchase price is paid or received on the purchase or sale of a futures contract. Instead, an amount of cash or cash equivalents must be deposited with the broker as "initial margin." This amount varies based on the requirements imposed by the exchange clearing houses, but it may be lower than 5% of the notional value of the contract. This margin deposit provides collateral for the obligations of the parties to the futures contract.

By depositing margin, which may vary in form depending on the exchange, with the clearing house or broker involved, a market participant may be able to earn interest on its margin funds, thereby increasing the total return that it may realize from an investment in futures contracts. However, the SPXFP Index is not a total return index and does not reflect interest that could be earned on funds notionally committed to the trading of futures contracts.

At any time prior to the expiration of a futures contract, a trader may elect to close out its position by taking an opposite position on the exchange on which the trader obtained the position, subject to the availability of a liquid secondary market. This operates to terminate the position and fix the trader's profit or loss. Futures contracts are cleared through the facilities of a centralized clearing house and a brokerage firm that is a member of the clearing house. Futures exchanges may adopt rules and take other actions that affect trading, including imposing speculative position limits, maximum price fluctuations and trading halts and suspensions and requiring liquidation of contracts in certain circumstances.

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The securities are not sponsored, endorsed, sold or promoted by S&P<sup>®</sup>. S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the securities or any member of the public regarding the advisability of investing in securities generally or in the securities particularly or the ability of the SPXFP Index to track general stock market performance. The SPXFP Index is determined, composed and calculated by S&P<sup>®</sup> without regard to us or the securities. S&P<sup>®</sup> has no obligation to take our needs or the needs of the owners of the securities into consideration in determining, composing or calculating the SPXFP Index. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the securities to be issued or in the determination or calculation of the equation by which the securities are to be converted into cash. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the securities.

S&P<sup>®</sup> DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE SPXFP INDEX, THE REFERENCE INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY MORGAN STANLEY, OWNERS OF THE SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SPXFP INDEX, THE REFERENCE INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE SPXFP INDEX, THE REFERENCE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

"Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "S&P 500<sup>®</sup>," "Standard & Poor's 500" and "500" are trademarks of Standard and Poor's Financial Services LLC.