424B2 1 ms12695_424b2-41625.htm PRELIMINARY PRICING SUPPLEMENT NO. 12,695

December 2025

Preliminary Pricing Supplement No. 12,695

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

Dated December 12, 2025

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Opportunities in International Equities

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Fully and Unconditionally Guaranteed by Morgan Stanley

Principal at Risk Securities

The Trigger PLUS are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The Trigger PLUS will pay no interest, do not guarantee any return of principal at maturity and have the terms described in the accompanying product supplement for PLUS, index supplement and prospectus, as supplemented or modified by this document. At maturity, if the basket has appreciated in value, investors will receive the stated principal amount of their investment plus leveraged upside performance of the basket. If the basket has remained unchanged or depreciated in value but the final basket value is greater than or equal to the trigger level, investors will receive the stated principal amount of their investment. However, if the basket has depreciated in value so that the final basket value is less than the trigger level, investors will lose a significant portion or all of their investment, resulting in a 1% loss for every 1% decline in the basket value over the term of the Trigger PLUS. Under these circumstances, the payment at maturity will be less than 80% of the principal amount and could be zero. Accordingly, you may lose your entire investment. The Trigger PLUS are for investors who seek an equity-based return and who are willing to risk their principal and forgo current income in exchange for the upside leverage feature and the limited protection against loss that applies only if the final basket value is greater than or equal to the trigger level. I nvestors may lose their entire initial investment in the Trigger PLUS. The Trigger PLUS 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 Trigger PLUS 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.

SUMMARY TERMS |  |
Issuer: | Morgan Stanley Finance LLC |
Guarantor: | Morgan Stanley |
Maturity date: | January 4, 2029 |
Original issue price: | $1,000 per Trigger PLUS |
Stated principal amount: | $1,000 per Trigger PLUS |
Pricing date: | December 30, 2025 |
Original issue date: | January 6, 2026 (4 business days after the pricing date) |
Aggregate principal amount: | $ |
Interest: | None |
Basket: | Basket component | Bloomberg ticker symbol | Basket component weighting | Initial basket component value | Multiplier
| S&P®/ASX 200 Index (the “AS51 Index”) | AS51 | 7.50% |  |
| FTSE® 100 Index (the “UKX Index”) | UKX | 17.50% |  |
| Swiss Market Index® (the “SMI Index”) | SMI | 10.00% |  |
| EURO STOXX 50® Index (the “SX5E Index”) | SX5E | 40.00% |  |
| Tokyo Stock Price Index (the “TPX Index”) | TPX | 25.00% |  |
| We refer to each of the AS51 Index, the UKX Index, the SMI Index, the SX5E Index and the TPX Index as an underlying index and, together, as the underlying indices. |
Payment at maturity (per Trigger PLUS): | ●If the final basket value is greater than the initial basket value: $1,000 + the leveraged upside payment |
| ●If the final basket value is less than or equal to the initial basket value but is greater than or equal to the trigger level: $1,000 |
| ●If the final basket value is less than the trigger level: $1,000 × the basket performance factor Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will represent a loss of more than 20%, and possibly all, of your investment. |
Leveraged upside payment: | $1,000 × leverage factor × basket percent increase |
Leverage factor: | 144.23% |
Basket percent increase: | (final basket value – initial basket value) / initial basket value |
Basket performance factor: | final basket value / initial basket value |
Trigger level: | 80, which is 80% of the initial basket value |
Initial basket value: | 100, which will be equal to the sum of the products of the initial basket component value of each basket component, as set forth under “Basket—Initial basket component value” above, and the applicable multiplier for such basket component, each of which will be determined on the pricing date. |
Final basket value: | The basket closing value on the valuation date. |
Valuation date: | December 29, 2028, subject to postponement for non-index business days and certain market disruption events. |
Basket closing value: | The basket closing value on any day is the sum of the products of the basket component closing value of each basket component and the applicable multiplier for such basket component on such date. |
Basket component closing value: | In the case of each underlying index, the index closing value as published by the index publisher. |
Multiplier: | The multiplier will be set on the pricing date based on each basket component’s respective initial basket component value so that each basket component will represent its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Trigger PLUS. See “Basket—Multiplier” above. |
Listing: | The Trigger PLUS will not be listed on any securities exchange. |
CUSIP / ISIN: | 61780ABG9 / US61780ABG94 |
Agent: | 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.” |
Estimated value on the pricing date: | Approximately $955.10 per Trigger PLUS, or within $45.00 of that estimate. See “Investment Summary” beginning on page 2. |
Commissions and issue price: |  | Price to public | Agent’s commissions and fees | Proceeds to us(3) |
Per Trigger PLUS |  | $1,000 | $25(1) | $970 |
|  |  | $5(2) |  |
Total |  | $ | $ | $ |

(1) Selected dealers, including Morgan Stanley Wealth Management (an affiliate of the agent), and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $25 for each Trigger PLUS they sell. 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 for PLUS.

(2) Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5 for each Trigger PLUS.

(3) See “Use of proceeds and hedging” on page 20.

The Trigger PLUS involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 5.

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 Trigger PLUS 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 product supplement and index supplement, please note that all references in such supplements 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 Trigger PLUS” and “Additional Information About the Trigger PLUS” at the end of this document.

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

Product Supplement for PLUS dated November 16, 2023 ​Index Supplement dated November 16, 2023 ​Prospectus dated April 12, 2024

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Investment Summary

Trigger Performance Leveraged Upside Securities

Principal at Risk Securities

The Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029 (the “Trigger PLUS”) can be used:

￭As an alternative to direct exposure to the basket that enhances returns for any positive performance of the basket

￭To enhance returns and potentially outperform the basket in a bullish scenario, with no limitation on the appreciation potential

￭To provide limited protection against a loss of principal in the event of a decline in the value of the basket as of the valuation date, but only if the final basket value is greater than or equal to the trigger level

Maturity: | Approximately 3 years
Leverage factor: | 144.23%
Trigger level: | 80% of the initial basket value
Minimum payment at maturity: | None. Investors may lose their entire initial investment in the Trigger PLUS.
Basket component weightings: | 7.50% for the AS51 Index, 17.50% for the UKX Index, 10.00% for the SMI Index, 40.00% for the SX5E Index and 25.00% for the TPX Index
Interest: | None

The original issue price of each Trigger PLUS is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the Trigger PLUS, which are borne by you, and, consequently, the estimated value of the Trigger PLUS on the pricing date will be less than $1,000. We estimate that the value of each Trigger PLUS on the pricing date will be approximately $955.10, or within $45.00 of that estimate. Our estimate of the value of the Trigger PLUS as determined on the pricing date will be set forth in the final pricing supplement.

What goes into the estimated value on the pricing date?

In valuing the Trigger PLUS on the pricing date, we take into account that the Trigger PLUS comprise both a debt component and a performance-based component linked to the basket components. The estimated value of the Trigger PLUS is determined using our own pricing and valuation models, market inputs and assumptions relating to the basket components, instruments based on the basket components, 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 Trigger PLUS?

In determining the economic terms of the Trigger PLUS, including the leverage factor and the trigger level, 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 Trigger PLUS 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 Trigger PLUS?

The price at which MS & Co. purchases the Trigger PLUS in the secondary market, absent changes in market conditions, including those related to the basket components, 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 Trigger PLUS are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to the extent that MS & Co. may buy or sell the Trigger PLUS in the secondary market, absent changes in market conditions, including those related to the basket components, 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 Trigger PLUS and, if it once chooses to make a market, may cease doing so at any time.

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Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Key Investment Rationale

The Trigger PLUS offer leveraged exposure to any positive performance of the basket. In exchange for the leverage feature, investors are exposed to the risk of loss of a significant portion or all of their investment due to the trigger feature. At maturity, an investor will receive an amount in cash based upon the value of the basket on the valuation date. The Trigger PLUS are unsecured obligations of ours, and all payments on the Trigger PLUS are subject to our credit risk. Investors may lose their entire initial investment in the Trigger PLUS.

Leveraged Performance | The Trigger PLUS offer investors an opportunity to capture enhanced returns for any positive performance relative to a direct investment in the basket.
Trigger Feature | At maturity, even if the basket has declined in value over the term of the Trigger PLUS, you will receive your stated principal amount, but only if the final basket value is greater than or equal to the trigger level.
Upside Scenario | The basket increases in value, and, at maturity, the Trigger PLUS redeem for the stated principal amount of $1,000 plus 144.23% of the basket percent increase. For example, if the final basket value is 10% greater than the initial basket value, the Trigger PLUS will provide a total return of 14.423% at maturity.
Par Scenario | The final basket value is less than or equal to the initial basket value but is greater than or equal to the trigger level. In this case, you receive the stated principal amount of $1,000 at maturity even though the basket has declined in value.
Downside Scenario | The final basket value is less than the trigger level. In this case, the Trigger PLUS redeem for at least 20% less than the stated principal amount, and this decrease will be by an amount proportionate to the full decline in the value of the basket over the term of the Trigger PLUS. Under these circumstances, the payment at maturity will be less than 80% of the stated principal amount and could be zero. There is no minimum payment at maturity on the Trigger PLUS, and you could lose your entire investment.

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Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

How the Trigger PLUS Work

Payoff Diagram

The payoff diagram below illustrates the payment at maturity on the Trigger PLUS based on the following terms:

Stated principal amount: | $1,000 per Trigger PLUS
Leverage factor: | 144.23%
Trigger level: | 80% of the initial basket value
Minimum payment at maturity: | None

Trigger PLUS Payoff Diagram

How it works

￭Upside Scenario. If the final basket value is greater than the initial basket value, investors will receive the $1,000 stated principal amount plus 144.23% of the appreciation of the basket over the term of the Trigger PLUS.

￭If the basket appreciates 10%, investors would receive a 14.423% return, or $1,144.23 per Trigger PLUS.

￭Par Scenario. If the final basket value is less than or equal to the initial basket value but is greater than or equal to the trigger level, investors will receive the $1,000 stated principal amount.

￭If the basket depreciates 5%, investors will receive the $1,000 stated principal amount.

￭Downside Scenario. If the final basket value is less than the trigger level, investors will receive an amount that is significantly less than the $1,000 stated principal amount, based on a 1% loss of principal for each 1% decline in the basket value.

￭If the basket depreciates 60%, investors will lose 60% of their principal and receive only $400 per Trigger PLUS at maturity, or 40% of the stated principal amount.

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Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Risk Factors

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

Risks Relating to an Investment in the Trigger PLUS

￭The Trigger PLUS do not pay interest or guarantee return of any principal. The terms of the Trigger PLUS differ from those of ordinary debt securities in that the Trigger PLUS do not pay interest or guarantee the payment of any of the principal amount at maturity. If the final basket value is less than the trigger level (which is 80% of the initial basket value), the payment at maturity will be an amount in cash that is at least 20% less than the $1,000 stated principal amount of each Trigger PLUS, and this decrease will be by an amount proportionate to the full amount of the decline in the value of the basket over the term of the Trigger PLUS, without any buffer. There is no minimum payment at maturity on the Trigger PLUS, and you could lose your entire investment.

￭The market price of the Trigger PLUS will be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the Trigger PLUS in the secondary market and the price at which MS & Co. may be willing to purchase or sell the Trigger PLUS in the secondary market, including: the value, volatility (frequency and magnitude of changes in value) and dividend yield of the basket components, interest and yield rates, time remaining to maturity, geopolitical conditions and economic, financial, political and regulatory or judicial events that affect the basket components or equities markets generally and which may affect the final basket value, and any actual or anticipated changes to our credit ratings or credit spreads. The values of the basket components may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. See “Basket Overview” below. You may receive less, and possibly significantly less, than the stated principal amount per Trigger PLUS if you try to sell your Trigger PLUS prior to maturity.

￭The Trigger PLUS 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 Trigger PLUS. You are dependent on our ability to pay all amounts due on the Trigger PLUS at maturity and therefore you are subject to our credit risk. If we default on our obligations under the Trigger PLUS, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the Trigger PLUS 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 Trigger PLUS.

￭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 amount payable on the Trigger PLUS is not linked to the value of the basket at any time other than the valuation date. The final basket value will be based on the basket closing value on the valuation date, subject to postponement for non-index business days and certain market disruption events. Even if the value of the basket appreciates prior to the valuation date but then drops by the valuation date, the payment at maturity may be less, and may be significantly less, than it would have been had the payment at maturity been linked to the value of the basket prior to such drop. Although the actual value of the basket on the stated maturity date or at other times during the term of the Trigger PLUS may be higher than the basket closing value on the valuation date, the payment at maturity will be based solely on the basket closing value on the valuation date.

￭Investing in the Trigger PLUS is not equivalent to investing in the basket components. Investing in the Trigger PLUS is not equivalent to investing directly in the basket components or any of the component stocks of the basket components. As an investor in the Trigger PLUS, you will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the basket components or any of the component stocks of the basket components.

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Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk 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 Trigger PLUS in the original issue price reduce the economic terms of the Trigger PLUS, cause the estimated value of the Trigger PLUS 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 Trigger PLUS 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 Trigger PLUS in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the Trigger PLUS less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the Trigger PLUS are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to the extent that MS & Co. may buy or sell the Trigger PLUS in the secondary market, absent changes in market conditions, including those related to the basket components, 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 Trigger PLUS 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 Trigger PLUS than those generated by others, including other dealers in the market, if they attempted to value the Trigger PLUS. 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 Trigger PLUS in the secondary market (if any exists) at any time. The value of your Trigger PLUS 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 Trigger PLUS will be influenced by many unpredictable factors” above.

￭The Trigger PLUS will not be listed on any securities exchange and secondary trading may be limited. The Trigger PLUS will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the Trigger PLUS. MS & Co. may, but is not obligated to, make a market in the Trigger PLUS 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 Trigger PLUS, 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 Trigger PLUS. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Trigger PLUS easily. Since other broker-dealers may not participate significantly in the secondary market for the Trigger PLUS, the price at which you may be able to trade your Trigger PLUS 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 Trigger PLUS, it is likely that there would be no secondary market for the Trigger PLUS. Accordingly, you should be willing to hold your Trigger PLUS to maturity.

￭The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the Trigger PLUS. As calculation agent, MS & Co. will determine the initial basket component values, the multipliers and the final basket value, including whether the basket has decreased in value to below the trigger level, and will calculate the basket percent increase or the basket performance factor, as applicable, and the amount of cash, if any, you will receive at maturity. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events and the selection of a successor index or calculation of the basket component closing value in the event of a discontinuance of the relevant basket component. These potentially subjective determinations may adversely affect the payout to you at maturity, if any. For further information regarding these types of determinations, see “Description of PLUS—Postponement of Valuation Date(s),” —Calculation Agent and Calculations” and related definitions in the accompanying product supplement. In addition, MS & Co. has determined the estimated value of the Trigger PLUS on the pricing date.

￭Hedging and trading activity by our affiliates could potentially adversely affect the value of the Trigger PLUS. One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the Trigger PLUS (and to other instruments linked to the underlying indices or component stocks of the underlying indices), including trading

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Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

in the stocks that constitute the underlying indices as well as in other instruments related to the basket components. As a result, these entities may be unwinding or adjusting hedge positions during the term of the Trigger PLUS, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the valuation date approaches. Some of our affiliates also trade the stocks that constitute the underlying indices and other financial instruments related to the underlying indices on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could potentially increase the initial basket component values, and, therefore, could increase the values at or above which the basket components must close on the valuation date so that investors do not suffer a significant loss on their initial investment in the Trigger PLUS. Additionally, such hedging or trading activities during the term of the Trigger PLUS, including on the valuation date, could potentially affect whether the basket closing value on the valuation date is below the trigger level, and, therefore, whether an investor would receive significantly less than the stated principal amount of the Trigger PLUS at maturity.

￭The U.S. federal income tax consequences of an investment in the Trigger PLUS are uncertain. Please read the discussion under “Additional Information—Tax considerations” in this document and the discussion under “United States Federal Taxation” in the accompanying product supplement for PLUS (together, the “Tax Disclosure Sections”) concerning the U.S. federal income tax consequences of an investment in the Trigger PLUS. There is no direct legal authority regarding the proper U.S. federal tax treatment of the Trigger PLUS, and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”). Consequently, significant aspects of the tax treatment of the Trigger PLUS are uncertain, and the IRS or a court might not agree with the tax treatment of a Trigger PLUS as a single financial contract that is an “open transaction” for U.S. federal income tax purposes. If the IRS were successful in asserting an alternative treatment of the Trigger PLUS, the tax consequences of the ownership and disposition of the Trigger PLUS, including the timing and character of income recognized by U.S. Holders and the withholding tax consequences to Non-U.S. Holders, might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the Trigger PLUS, possibly retroactively.

Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the Trigger PLUS, including possible alternative treatments, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Risks Relating to the Basket Components

￭Changes in the value of the basket components may offset each other. Value movements in the basket components may not correlate with each other. At a time when the values of one or more basket components increase, the values of the other basket components may not increase as much, or may even decline. Therefore, in calculating the basket components’ performance on the valuation date, increases in the values of one or more basket components may be moderated, or wholly offset, by lesser increases or declines in the values of other basket components.

￭There are risks associated with investments in securities linked to the value of foreign equity securities. The Trigger PLUS are linked to the value of foreign equity securities. Investments in securities linked to the value of foreign equity securities involve risks associated with the securities markets in those countries, including risks of volatility in those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there is generally less publicly available information about foreign companies than about U.S. companies that are subject to the reporting requirements of the United States Securities and Exchange Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements different from those applicable to U.S. reporting companies. The prices of securities issued in foreign markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the economies in such countries may differ favorably or unfavorably from the economy in the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment positions between countries.

￭The basket components are not equally weighted. The Trigger PLUS are linked to a basket of five basket components, and the basket components have significantly different weights in determining the value of the basket. The same percentage change in each of the basket components would therefore have different effects on the basket closing value because of the unequal weighting. For example, if the weighting of one basket component is greater than the weighting of another basket component, a 5% decrease in the value of the basket component with the greater weighting will have a greater impact on the basket closing value than a 5% increase in the value of the basket component with the lesser weighting.

￭Governmental regulatory actions, such as sanctions, could adversely affect your investment in the Trigger PLUS. Governmental regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the Trigger PLUS or the component securities of the

December 2025 Page 7

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

underlying indices, or engaging in transactions therein, and any such action could adversely affect the value of the underlying indices or the Trigger PLUS. These regulatory actions could result in restrictions on the Trigger PLUS and could result in the loss of a significant portion or all of your initial investment in the Trigger PLUS, including if you are forced to divest the Trigger PLUS due to the government mandates, especially if such divestment must be made at a time when the value of the Trigger PLUS has declined.

￭Adjustments to the underlying indices could adversely affect the value of the Trigger PLUS. The publisher of each underlying index may add, delete or substitute the stocks constituting such underlying index or make other methodological changes that could change the value of such underlying index. The publisher of each underlying index may discontinue or suspend calculation or publication of such underlying index at any time. In these circumstances, the calculation agent will have the sole discretion to substitute a successor index that is comparable to the discontinued underlying index and will be permitted to consider indices that are calculated and published by the calculation agent or any of its affiliates. If the calculation agent determines that there is no appropriate successor index for such index, the payment at maturity on the Trigger PLUS will be an amount based on the closing prices on the valuation date of the securities constituting such underlying index at the time of such discontinuance, without rebalancing or substitution, computed by the calculation agent in accordance with the formula for calculating such underlying index last in effect prior to discontinuance of such index.

￭Past performance is not indicative of future performance. The actual performance of the basket components over the term of the Trigger PLUS, as well as the amount payable at maturity, may bear little relation to the historical closing values or to the hypothetical payoff examples set forth herein. We cannot predict the future performance of the basket components.

December 2025 Page 8

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Basket Overview

The basket consists of the S&P®/ASX 200 Index (the “AS51 Index”), the FTSE® 100 Index (the “UKX Index”), the Swiss Market Index® (the “SMI Index”), the EURO STOXX 50® Index (the “SX5E Index”) and the Tokyo Stock Price Index (the “TPX Index”) and offers exposure to price movements in international equity markets.

S&P®/ASX 200 Index

The S&P®/ASX 200 Index is Australia’s large-capitalization tradable equity index and Australia’s institutional benchmark. The S&P®/ASX 200 Index measures the performance of the 200 largest index-eligible stocks listed on the Australian Securities Exchange by float-adjusted market capitalization. Only stocks that are actively and regularly traded are considered for inclusion in the S&P®/ASX 200 Index. For additional information about the S&P®/ASX 200 Index, see the information set forth under “S&P®/ASX 200.

“Standard & Poor’s®,” “S&P®” and “S&P/ASX 200®” are trademarks of Standard and Poor’s Financial Services LLC.

FTSE® 100 Index

The FTSE® 100 Index, which is calculated, published and disseminated by FTSE Russell, is a free-float-adjusted index which measures the composite price performance of stocks of the largest 100 companies (determined on the basis of market capitalization) traded on the London Stock Exchange. The 100 stocks included in the FTSE® 100 Index (the “FTSE Underlying Stocks”) are selected from a reference group of stocks trading on the London Stock Exchange which are in turn selected by excluding certain stocks that have low liquidity based on public float, accuracy and reliability of prices, size and number of trading days. The FTSE Underlying Stocks are selected from this reference group by selecting 100 stocks with the largest market value. For additional information about the FTSE® 100 Index, see the information set forth under “FTSE® 100 Index” in the accompanying index supplement.

“FTSE®” and “Footsie TM” are trademarks of London Stock Exchange Plc and The Financial Times Limited.

Swiss Market Index®

The Swiss Market Index® represents more than 75% of the free-float capitalization of the Swiss equity market. The Swiss Market Index® consists of the 20 largest, most highly capitalized and liquid equities of the Swiss Performance Index® traded on the SIX Swiss Exchange. The composition of the Swiss Market Index® is reviewed annually, and in order to ensure a high degree of continuity in the composition of the Swiss Market Index®, the component stocks are subject to a special procedure for addition to or removal from the Swiss Market Index® based on free-float market capitalization and liquidity. For additional information about the Swiss Market Index®, see the information set forth under “Swiss Market Index®” in the accompanying index supplement.

“Swiss Market Index®” and “SMI®” are trademarks of SIX Swiss Exchange.

EURO STOXX 50® Index

The EURO STOXX 50® Index was created by STOXX® Limited, a part of Qontigo, which is a wholly owned subsidiary of Deutsche Börse AG. Publication of the EURO STOXX 50® Index began on February 26, 1998 with a base value of 1,000 as of December 31, 1991. The EURO STOXX 50® Index is composed of 50 component stocks of market sector leaders among the 20 STOXX® supersectors, which includes stocks selected from the Eurozone. The component stocks have a high degree of liquidity and represent the largest companies across all market sectors. For additional information about the EURO STOXX 50® Index, see the information set forth under “EURO STOXX 50® Index” in the accompanying index supplement.

“EURO STOXX 50®” and “STOXX®” are registered trademarks of STOXX® Limited.

Tokyo Stock Price Index

The Tokyo Stock Price Index, which we also refer to as the TOPIX® Index, is published by JPX Market Innovation & Research, Inc. (“JPXI”). The TOPIX® Index was developed by the TSE. Publication of the TOPIX® Index began on July 1, 1969, based on a base index value of 100 as of January 4, 1968. Prior to April 4, 2022, the TSE domestic stock market was divided into two sections: the First Section and the Second Section. Listings of stocks on the TSE were divided between these two sections, with stocks listed on the First Section typically being limited to larger, longer-established and more actively traded issues and the Second Section to smaller and newly listed companies. At that time, the component stocks of the TOPIX® Index consisted

December 2025 Page 9

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

of all domestic common stocks listed on the First Section of the TSE. On April 4, 2022, JPXI began revisions to the TOPIX® Index in conjunction with the restructuring of the TSE into three new market segments: the Prime Market, the Standard Market and the Growth Market. Stocks that were components of the TOPIX® Index as of April 1, 2022 continue to be included after the market restructuring, regardless of their new market segment. However, component stocks with tradeable share market capitalization of under JPY 10 billion are designated as “phased weighting reduction constituents,” and their weighting was gradually reduced in ten stages on the last business day of each quarter beginning in October 2022 and ending in January 2025. The TOPIX® Index is computed and published every second via the Market Information System, and is reported to securities companies, news media, and other institutions across Japan. For additional information about the TOPIX® Index, see the information set forth under “Tokyo Stock Price Index” in the accompanying index supplement.

“TOPIX®” and “TOPIX® Index” are trademarks of JPXI. For more information, see “Tokyo Stock Price Index” in the accompanying index supplement.

December 2025 Page 10

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Information as of market close on December 11, 2025:

Basket Component Information as of December 11, 2025
Basket Component | Bloomberg Ticker Symbol | Current Basket Component Level | 52 Weeks Ago | 52 Week High | 52 Week Low
AS51 Index | AS51 | 8,592.047 | 8,353.597 | (on 10/21/2025): 9,094.711 | (on 4/7/2025): 7,343.255
UKX Index | UKX | 9,703.16 | 8,301.62 | (on 11/12/2025): 9,911.42 | (on 4/9/2025): 7,679.48
SMI Index | SMI | 12,905.17 | 11,681.87 | (on 3/3/2025): 13,166.68 | (on 4/9/2025): 10,887.73
SX5E Index | SX5E | 5,753.96 | 4,959.35 | (on 11/12/2025): 5,787.31 | (on 4/9/2025): 4,622.14
TPX Index | TPX | 3,357.24 | 2,749.31 | (on 12/4/2025): 3,398.21 | (on 4/7/2025): 2,288.66

The following graph is calculated based on an initial basket value of 100 on January 1, 2020 (assuming that each basket component is weighted as described in “Basket” on the cover page) and illustrates the effect of the offset and/or correlation among the basket components during such period. The graph does not take into account the leverage factor or the trigger level, nor does it attempt to show your expected return on an investment in the Trigger PLUS. The historical performance of the basket should not be taken as an indication of its future performance.

Basket Historical Performance January 1, 2020 to December 11, 2025

The following graphs set forth the daily closing values of each of the basket components for the period from January 1, 2020 through December 11, 2025. The related tables set forth the published high and low closing values as well as end-of-quarter closing values for each of the basket components for each quarter in the same period. The closing values for each of the basket components on December 11, 2025 were: (i) in the case of the AS51 Index, 8,592.047, (ii) in the case of the UKX Index, 9,703.16, (iii) in the case of the SMI Index, 12,905.17, (iv) in the case of the SX5E Index, 5,753.96 and (v) in the case of the TPX Index, 3,357.24. We obtained the information in the tables and graphs below from Bloomberg Financial Markets, without independent verification. The historical values of the basket components should not be taken as an indication of their future performance, and no assurance can be given as to the basket closing value on the valuation date.

December 2025 Page 11

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

S&P®/ASX 200 Index January 1, 2020 to December 11, 2025

S&P®/ASX 200 Index | High | Low | Period End
2020 |  |  |
First Quarter | 7,162.494 | 4,546.035 | 5,076.827
Second Quarter | 6,148.426 | 5,067.482 | 5,897.882
Third Quarter | 6,167.641 | 5,784.065 | 5,815.941
Fourth Quarter | 6,756.673 | 5,791.501 | 6,587.096
2021 |  |  |
First Quarter | 6,917.274 | 6,587.096 | 6,790.667
Second Quarter | 7,386.174 | 6,828.694 | 7,313.023
Third Quarter | 7,628.923 | 7,196.713 | 7,332.159
Fourth Quarter | 7,513.373 | 7,185.545 | 7,444.642
2022 |  |  |
First Quarter | 7,589.757 | 6,838.282 | 7,499.588
Second Quarter | 7,592.790 | 6,433.368 | 6,568.063
Third Quarter | 7,127.684 | 6,462.027 | 6,474.198
Fourth Quarter | 7,354.418 | 6,456.866 | 7,038.688
2023 |  |  |
First Quarter | 7,558.108 | 6,898.507 | 7,177.754
Second Quarter | 7,381.515 | 7,078.654 | 7,203.299
Third Quarter | 7,455.917 | 7,004.033 | 7,048.637
Fourth Quarter | 7,614.278 | 6,772.927 | 7,590.818
2024 |  |  |
First Quarter | 7,896.858 | 7,346.477 | 7,896.858
Second Quarter | 7,896.858 | 7,567.283 | 7,767.470
Third Quarter | 8,269.830 | 7,649.556 | 8,269.830
Fourth Quarter | 8,495.217 | 8,066.962 | 8,159.143
2025 |  |  |
First Quarter | 8,555.806 | 7,749.066 | 7,843.424
Second Quarter | 8,592.103 | 7,343.255 | 8,542.270
Third Quarter | 9,019.088 | 8,538.580 | 8,848.774
Fourth Quarter (through December 11, 2025) | 9,094.711 | 8,416.501 | 8,592.047

December 2025 Page 12

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

FTSE® 100 Index January 1, 2020 to December 11, 2025

FTSE® 100 Index | High | Low | Period End
2020 |  |  |
First Quarter | 7,674.56 | 4,993.89 | 5,671.96
Second Quarter | 6,484.30 | 5,415.50 | 6,169.74
Third Quarter | 6,292.65 | 5,799.08 | 5,866.10
Fourth Quarter | 6,602.65 | 5,577.27 | 6,460.52
2021 |  |  |
First Quarter | 6,873.26 | 6,407.46 | 6,713.63
Second Quarter | 7,184.95 | 6,737.30 | 7,037.47
Third Quarter | 7,220.14 | 6,844.39 | 7,086.42
Fourth Quarter | 7,420.69 | 6,995.87 | 7,384.54
2022 |  |  |
First Quarter | 7,672.40 | 6,959.48 | 7,515.68
Second Quarter | 7,669.56 | 7,016.25 | 7,169.28
Third Quarter | 7,550.37 | 6,881.59 | 6,893.81
Fourth Quarter | 7,573.05 | 6,826.15 | 7,451.74
2023 |  |  |
First Quarter | 8,014.31 | 7,335.40 | 7,631.74
Second Quarter | 7,914.13 | 7,446.14 | 7,531.53
Third Quarter | 7,731.65 | 7,256.94 | 7,608.08
Fourth Quarter | 7,733.24 | 7,291.28 | 7,733.24
2024 |  |  |
First Quarter | 7,952.62 | 7,446.29 | 7,952.62
Second Quarter | 8,445.80 | 7,820.36 | 8,164.12
Third Quarter | 8,379.64 | 8,008.23 | 8,236.95
Fourth Quarter | 8,385.13 | 8,025.77 | 8,173.02
2025 |  |  |
First Quarter | 8,871.31 | 8,173.02 | 8,582.81
Second Quarter | 8,884.92 | 7,679.48 | 8,760.96
Third Quarter | 9,350.43 | 8,774.69 | 9,350.43
Fourth Quarter (through December 11, 2025) | 9,911.42 | 9,354.57 | 9,703.16

December 2025 Page 13

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Swiss Market Index® January 1, 2020 to December 11, 2025

Swiss Market Index® | High | Low | Period End
2020 |  |  |
First Quarter | 11,263.01 | 8,160.79 | 9,311.92
Second Quarter | 10,266.29 | 9,168.98 | 10,045.30
Third Quarter | 10,552.04 | 10,005.90 | 10,187.00
Fourth Quarter | 10,703.51 | 9,556.14 | 10,703.51
2021 |  |  |
First Quarter | 11,121.42 | 10,522.22 | 11,047.37
Second Quarter | 12,028.45 | 10,970.93 | 11,942.72
Third Quarter | 12,545.35 | 11,485.58 | 11,642.45
Fourth Quarter | 12,970.53 | 11,569.39 | 12,875.66
2022 |  |  |
First Quarter | 12,939.17 | 11,057.06 | 12,161.53
Second Quarter | 12,528.61 | 10,451.31 | 10,741.21
Third Quarter | 11,202.66 | 10,072.62 | 10,267.55
Fourth Quarter | 11,238.20 | 10,199.32 | 10,729.40
2023 |  |  |
First Quarter | 11,435.99 | 10,516.40 | 11,106.24
Second Quarter | 11,595.25 | 11,073.48 | 11,280.29
Third Quarter | 11,373.21 | 10,839.06 | 10,963.50
Fourth Quarter | 11,209.95 | 10,323.71 | 11,137.79
2024 |  |  |
First Quarter | 11,790.46 | 11,091.58 | 11,730.43
Second Quarter | 12,254.76 | 11,196.67 | 11,993.83
Third Quarter | 12,451.48 | 11,510.46 | 12,168.87
Fourth Quarter | 12,326.76 | 11,384.92 | 11,600.90
2025 |  |  |
First Quarter | 13,166.68 | 11,600.90 | 12,598.12
Second Quarter | 12,686.62 | 10,887.73 | 11,921.46
Third Quarter | 12,383.47 | 11,755.32 | 12,109.42
Fourth Quarter (through December 11, 2025) | 12,981.42 | 12,234.50 | 12,905.17

December 2025 Page 14

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

EURO STOXX 50® Index January 1, 2020 to December 11, 2025

EURO STOXX 50® Index | High | Low | Period End
2020 |  |  |
First Quarter | 3,865.18 | 2,385.82 | 2,786.90
Second Quarter | 3,384.29 | 2,662.99 | 3,234.07
Third Quarter | 3,405.35 | 3,137.06 | 3,193.61
Fourth Quarter | 3,581.37 | 2,958.21 | 3,552.64
2021 |  |  |
First Quarter | 3,926.20 | 3,481.44 | 3,919.21
Second Quarter | 4,158.14 | 3,924.80 | 4,064.30
Third Quarter | 4,246.13 | 3,928.53 | 4,048.08
Fourth Quarter | 4,401.49 | 3,996.41 | 4,298.41
2022 |  |  |
First Quarter | 4,392.15 | 3,505.29 | 3,902.52
Second Quarter | 3,951.12 | 3,427.91 | 3,454.86
Third Quarter | 3,805.22 | 3,279.04 | 3,318.20
Fourth Quarter | 3,986.83 | 3,318.20 | 3,793.62
2023 |  |  |
First Quarter | 4,315.05 | 3,793.62 | 4,315.05
Second Quarter | 4,408.59 | 4,218.04 | 4,399.09
Third Quarter | 4,471.31 | 4,129.18 | 4,174.66
Fourth Quarter | 4,549.44 | 4,014.36 | 4,521.44
2024 |  |  |
First Quarter | 5,083.42 | 4,403.08 | 5,083.42
Second Quarter | 5,100.90 | 4,839.14 | 4,894.02
Third Quarter | 5,067.45 | 4,571.60 | 5,000.45
Fourth Quarter | 5,041.01 | 4,729.71 | 4,895.98
2025 |  |  |
First Quarter | 5,540.69 | 4,871.45 | 5,248.39
Second Quarter | 5,454.65 | 4,622.14 | 5,303.24
Third Quarter | 5,529.96 | 5,165.60 | 5,529.96
Fourth Quarter (through December 11, 2025) | 5,787.31 | 5,515.09 | 5,753.96

December 2025 Page 15

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Tokyo Stock Price Index January 1, 2020 to December 11, 2025

Tokyo Stock Price Index | High | Low | Period End
2020 |  |  |
First Quarter | 1,744.16 | 1,236.34 | 1,403.04
Second Quarter | 1,630.72 | 1,325.13 | 1,558.77
Third Quarter | 1,661.93 | 1,496.06 | 1,625.49
Fourth Quarter | 1,819.18 | 1,579.33 | 1,804.68
2021 |  |  |
First Quarter | 2,012.21 | 1,791.22 | 1,954.00
Second Quarter | 1,983.54 | 1,849.04 | 1,943.57
Third Quarter | 2,118.87 | 1,880.68 | 2,030.16
Fourth Quarter | 2,055.56 | 1,926.37 | 1,992.33
2022 |  |  |
First Quarter | 2,039.27 | 1,758.89 | 1,946.40
Second Quarter | 1,969.98 | 1,818.94 | 1,870.82
Third Quarter | 2,006.99 | 1,835.94 | 1,835.94
Fourth Quarter | 2,018.80 | 1,835.94 | 1,891.71
2023 |  |  |
First Quarter | 2,071.09 | 1,868.15 | 2,003.50
Second Quarter | 2,300.36 | 1,961.28 | 2,288.60
Third Quarter | 2,430.30 | 2,221.48 | 2,323.39
Fourth Quarter | 2,391.05 | 2,218.89 | 2,366.39
2024 |  |  |
First Quarter | 2,813.22 | 2,366.39 | 2,768.62
Second Quarter | 2,809.63 | 2,626.32 | 2,809.63
Third Quarter | 2,929.17 | 2,227.15 | 2,645.94
Fourth Quarter | 2,801.68 | 2,618.32 | 2,784.92
2025 |  |  |
First Quarter | 2,815.47 | 2,658.73 | 2,658.73
Second Quarter | 2,852.84 | 2,288.66 | 2,852.84
Third Quarter | 3,187.02 | 2,811.72 | 3,137.60
Fourth Quarter (through December 11, 2025) | 3,398.21 | 3,087.40 | 3,357.24

December 2025 Page 16

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Additional Terms of the Trigger PLUS

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

Additional Terms: |
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. |
Underlying index publishers: | With respect to the AS51 Index, S&P® Dow Jones Indices LLC, or any successor thereof. With respect to the UKX Index, FTSE International Limited, or any successor thereof. With respect to the SMI Index, SIX Group Ltd., or any successor thereof. With respect to the SX5E Index, STOXX® Limited, or any successor thereof. With respect to the TPX Index, JPX Market Innovation & Research, Inc., or any successor thereof. |
Index closing value: | With respect to each of the SX5E Index, the TPX Index, the SMI Index and the AS51 Index, the index closing value on any index business day shall be determined by the calculation agent and shall equal the official closing value of such basket component, or any successor index, published at the regular official weekday close of trading on such index business day by the basket component publisher for such basket component. In certain circumstances, the index closing value for each of the SX5E Index, the TPX Index, the SMI Index and the AS51 Index will be based on the alternate calculation of such basket component as described under “Discontinuance of Any Underlying Index or Basket Index; Alteration of Method of Calculation” in the accompanying product supplement. With respect to the UKX Index, the index closing value on any index business day shall be determined by the calculation agent and shall equal the closing value of the UKX Index, or any successor index reported by Bloomberg Financial Services, or any successor reporting service the calculation agent may select, on such index business day. In certain circumstances, the index closing value for the UKX Index will be based on the alternate calculation of the UKX Index as described under “Discontinuance of Any Underlying Index or Basket Index; Alteration of Method of Calculation” in the accompanying product supplement. The closing value of the UKX Index reported by Bloomberg Financial Services may be lower or higher than the official closing value of the UKX Index published by the basket component publisher for the UKX Index. |
Interest: | None |
Bull market or bear market PLUS: | Bull market PLUS |
Postponement of maturity date: | If the scheduled valuation date is not an index business day with respect to an underlying index or if a market disruption event occurs with respect to an underlying index on that day so that the valuation date is postponed and falls less than two business days prior to the scheduled maturity date, the maturity date of the Trigger PLUS will be postponed to the second business day following the latest valuation date as postponed with respect to such underlying index. |
Denominations: | $1,000 per Trigger PLUS and integral multiples thereof |
Trustee: | The Bank of New York Mellon |
Calculation agent: | MS & Co. |
Issuer notice to registered security holders, the trustee and the depositary: | In the event that the maturity date is postponed due to postponement of the valuation date, the issuer shall give notice of such postponement and, once it has been determined, of the date to which the maturity date has been rescheduled (i) to each registered holder of the Trigger PLUS by mailing notice of such postponement by first class mail, postage prepaid, to such registered holder’s last address as it shall appear upon the registry books, (ii) to the trustee by facsimile confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York office and (iii) to The Depository Trust Company (the “depositary”) by telephone or facsimile, confirmed by mailing such notice to the depositary by first class mail, postage prepaid. Any notice that is mailed to a registered holder of the Trigger PLUS in the manner herein provided shall be conclusively presumed to have been duly given to such registered holder, whether or not such registered holder receives the notice. The issuer shall give such notice as promptly as possible, and in no case later than (i) with respect to notice of postponement of the maturity date, the business day immediately preceding the scheduled maturity date and (ii) with respect to notice of the date to which the maturity date has been rescheduled, the business day immediately following the actual valuation date. The issuer shall, or shall cause the calculation agent to, (i) provide written notice to the trustee, on which notice the trustee may conclusively rely, and to the depositary of the amount of cash to be delivered, if any, with respect to each stated principal amount of the Trigger PLUS, on or prior to 10:30 a.m. (New York City time) on the business day preceding the maturity date, and (ii) deliver the |

December 2025 Page 17

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

| aggregate cash amount due, if any, with respect to the Trigger PLUS to the trustee for delivery to the depositary, as holder of the Trigger PLUS, on the maturity date. |

December 2025 Page 18

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Additional Information About the Trigger PLUS

Additional Information: |
Minimum ticketing size: | $1,000 / 1 Trigger PLUS
Tax considerations: | Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the Trigger PLUS due to the lack of governing authority, in the opinion of our counsel, Davis Polk & Wardwell LLP, under current law, and based on current market conditions, it is reasonable to treat a Trigger PLUS as a single financial contract that is an “open transaction” for U.S. federal income tax purposes. However, because our counsel’s opinion is based in part on market conditions as of the date of this document, it is subject to confirmation on the pricing date. Assuming this treatment of the Trigger PLUS is respected and subject to the discussion in “United States Federal Taxation” in the accompanying product supplement for PLUS, the following U.S. federal income tax consequences should result based on current law: ￭A U.S. Holder should not be required to recognize taxable income over the term of the Trigger PLUS prior to settlement, other than pursuant to a sale or exchange. ￭Upon sale, exchange or settlement of the Trigger PLUS, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized and the U.S. Holder’s tax basis in the Trigger PLUS. Such gain or loss should be long-term capital gain or loss if the investor has held the Trigger PLUS for more than one year, and short-term capital gain or loss otherwise. We do not plan to request a ruling from the Internal Revenue Service (the “IRS”) regarding the treatment of the Trigger PLUS. An alternative characterization of the Trigger PLUS could materially and adversely affect the tax consequences of ownership and disposition of the Trigger PLUS, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Trigger PLUS, possibly with retroactive effect. As discussed in the accompanying product supplement for PLUS, Section 871(m) of the Internal Revenue Code of 1986, as amended, and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% (or a lower applicable treaty rate) withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities (each, an “Underlying Security”). Subject to certain exceptions, Section 871(m) generally applies to securities that substantially replicate the economic performance of one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations (a “Specified Security”). However, pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta of one with respect to any Underlying Security. Based on the terms of the Trigger PLUS and current market conditions, we expect that the Trigger PLUS will not have a delta of one with respect to any Underlying Security on the pricing date. However, we will provide an updated determination in the final pricing supplement. Assuming that the Trigger PLUS do not have a delta of one with respect to any Underlying Security, our counsel is of the opinion that the Trigger PLUS should not be Specified Securities and, therefore, should not be subject to Section 871(m). Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. You should consult your tax adviser regarding the potential application of Section 871(m) to the Trigger PLUS. Both U.S. and non-U.S. investors considering an investment in the Trigger PLUS should read the discussion under “Risk Factors” in this document and the discussion under “United States Federal Taxation” in the accompanying product supplement for PLUS and consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment in the Trigger PLUS, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction. The discussion in the preceding paragraphs under “Tax considerations” and the discussion contained in the section entitled “United States Federal Taxation” in the accompanying product supplement for PLUS, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the Trigger PLUS.

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Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

Use of proceeds and hedging: | The proceeds from the sale of the Trigger PLUS will be used by us for general corporate purposes. We will receive, in aggregate, $1,000 per Trigger PLUS issued, because, when we enter into hedging transactions in order to meet our obligations under the Trigger PLUS, our hedging counterparty will reimburse the cost of the agent’s commissions. The costs of the Trigger PLUS borne by you and described beginning on page 2 above comprise the agent’s commissions and the cost of issuing, structuring and hedging the Trigger PLUS.
| On or prior to the pricing date, we will hedge our anticipated exposure in connection with the Trigger PLUS by entering into hedging transactions with our affiliates and/or third-party dealers. We expect our hedging counterparties to take positions in the underlying indices, in futures or options contracts on the underlying indices or component stocks of the underlying indices listed on major securities markets or positions in any other available securities or instruments that they may wish to use in connection with such hedging. Such purchase activity could potentially increase the initial basket component values of the basket components, and, therefore, could increase the values at or above which the basket components must close on the valuation date so that investors do not suffer a significant loss on their initial investment in the Trigger PLUS. In addition, through our affiliates, we are likely to modify our hedge position throughout the term of the Trigger PLUS, including on the valuation date, by purchasing and selling the stocks constituting the underlying indices, futures or options contracts on the underlying indices or component stocks of the underlying indices listed on major securities markets or positions in any other available securities or instruments that we may wish to use in connection with such hedging activities. As a result, these entities may be unwinding or adjusting hedge positions during the term of the Trigger PLUS, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the valuation date approaches. We cannot give any assurance that our hedging activities will not affect the value of the basket component and, therefore, adversely affect the value of the Trigger PLUS or the payment you will receive at maturity, if any. For further information on our use of proceeds and hedging, see “Use of Proceeds and Hedging” in the accompanying product supplement for PLUS.
Additional considerations: | Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the Trigger PLUS, either directly or indirectly.
Supplemental information regarding plan of distribution; conflicts of interest: | The agent may distribute the Trigger PLUS through Morgan Stanley Smith Barney LLC (“Morgan Stanley Wealth Management”), as selected dealer, or other dealers, which may include Morgan Stanley & Co. International plc (“MSIP”) and Bank Morgan Stanley AG. Morgan Stanley Wealth Management, MSIP and Bank Morgan Stanley AG are affiliates of ours. Selected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from the agent, Morgan Stanley & Co. LLC, a fixed sales commission of $25 for each Trigger PLUS they sell. In addition, Morgan Stanley Wealth Management will receive a structuring fee of $5 for each Trigger PLUS. The costs included in the original issue price of the Trigger PLUS will include a fee paid by MS & Co. to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering. MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the Trigger PLUS. When MS & Co. prices this offering of Trigger PLUS, it will determine the economic terms of the Trigger PLUS such that for each Trigger PLUS the estimated value on the pricing date will be no lower than the minimum level described in “Investment Summary” beginning on page 2. 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 for PLUS.
Where you can find more information: | Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement for PLUS and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement for PLUS, the index supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. When you read the accompanying product supplement and index supplement, please note that all references in such supplements to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the product supplement for PLUS, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837. You may access these documents on the SEC web site at.www.sec.gov.as follows:

December 2025 Page 20

Morgan Stanley Finance LLC

Trigger PLUS Based on the Value of a Basket Composed of the S&P®/ASX 200 Index, the FTSE® 100 Index, the Swiss Market Index®, the EURO STOXX 50® Index and the Tokyo Stock Price Index due January 4, 2029

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

| Product Supplement for PLUS dated November 16, 2023 Index Supplement dated November 16, 2023 Prospectus dated April 12, 2024 Terms used but not defined in this document are defined in the product supplement for PLUS, in the index supplement or in the prospectus. “Performance Leveraged Upside Securities SM” and “PLUS SM” are our service marks.

December 2025 Page 21