Primary Offering Prospectus (Form 424B2)

January 2026

Preliminary Pricing Supplement No. 13,573

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

Dated January 23, 2026

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Opportunities in U.S. Equities

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

Fully and Unconditionally Guaranteed by Morgan Stanley

The current estimated value of the notes is approximately $946.60 per note, or within $46.60 of that estimate. The estimated value of the notes is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlying stocks, instruments based on the underlying stocks, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market. See "Estimated Value of the Notes" on page 5.

The notes have complex features and investing in the notes involves risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 12. All payments on the notes are subject to our credit risk.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these notes, or determined if this document or the accompanying product supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The notes 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 and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see "Additional Information About the Notes" 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.

(1) Wells Fargo Securities, LLC, an agent for this offering, will receive a commission of up to $33.25 for each note it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $20.00 per note, and WFA may receive a distribution expense fee of $0.75 for each note sold by WFA. See "Supplemental information concerning plan of distribution; conflicts of interest."

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

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

Product Supplement for Notes Linked To One Or More Indices, Exchange-Traded Funds or Equity Securities dated November 16, 2023

Prospectus dated April 12, 2024

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

January 2026 Page 2

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

January 2026 Page 3

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

January 2026 Page 4

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

January 2026 Page 5

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

The considerations identified above are not exhaustive. Whether or not the notes are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the notes in light of your particular circumstances. You should also review carefully the "Risk Factors" herein and in the accompanying product supplement for risks related to an investment in the notes. For more information about the underlying stocks, please see the sections titled "Eli Lilly and Company Overview," "Micron Technology, Inc. Overview", "Meta Platforms, Inc. Overview" and "NVIDIA Corporation Overview" below.

January 2026 Page 6

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

The timing and amount of the payment you will receive will be determined as follows:

January 2026 Page 7

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

The hypothetical payout profile below illustrates the call payment or maturity payment amount on the notes, as applicable, for a range of hypothetical performances of the lowest performing underlying stock from its respective starting price to its respective stock closing price on the applicable calculation day.

* Not all calculation days reflected; reflects only the first, twenty-fifth and final calculation day for illustrative purposes only.

January 2026 Page 8

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

The following scenario analysis and examples are provided for illustrative purposes only and are hypothetical. Whether the notes are automatically called prior to or at maturity will be determined by reference to the stock closing price of each underlying stock on the calculation days and the maturity payment amount will be determined by reference to the stock closing price of each underlying stock on the final calculation day. The actual call payment with respect to each applicable calculation day and starting prices will be determined on the pricing date. Some numbers appearing in the examples below have been rounded for ease of analysis. All payments on the notes are subject to our credit risk. The below examples are based on the following terms*:

January 2026 Page 9

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

* The hypothetical starting price of $100 for the underlying stocks has been chosen for illustrative purposes only and does not represent the actual starting price of any underlying stock. The actual starting prices will be determined on the pricing date and will be set forth under "Terms" above. For historical data regarding the actual closing prices of the underlying stocks, see the historical information set forth herein.

January 2026 Page 10

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

Automatic Call:

Example 1 - The notes are automatically called following the second calculation day

In this example, on the first calculation day, the stock closing prices of three of the underlying stocks are at or above their respective starting prices, but the stock closing price of the other underlying stock is below its respective starting price. Therefore, the notes are not automatically called. On the second calculation day, the stock closing price of each underlying stock is at or above the respective starting price. Therefore, the notes are automatically called on the second call settlement date. Investors will receive a payment of $1,136.50 per note on the related call settlement date. No further payments will be made on the notes once they have been automatically called, and investors do not participate in the appreciation of any underlying stock.

How to calculate the payment investors will receive at maturity:

In the following examples, one or more of the underlying stocks close below the respective starting price(s) on each of the calculation days prior to the final calculation day, and, consequently, the notes are not automatically called prior to, and remain outstanding until, maturity.

In example 1, the ending price of each underlying stock is at or above its respective starting price. Therefore, investors receive at maturity the call payment applicable to the final calculation day. Investors do not participate in any appreciation in any underlying stock.

In example 2, the ending prices of three of the underlying stocks are at or above their starting prices, but the ending price of the other underlying stock is below its starting price. Investors receive at maturity an amount equal to the principal amount. Investors do not participate in any appreciation in any underlying stock.

In example 3, the ending price of each underlying stock is below its respective starting price, and investors receive at maturity an amount equal to the principal amount.

If the ending price of any underlying stock is below its starting price, investors will not receive any positive return on their investment in the notes.

January 2026 Page 11

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

This section describes the material risks relating to the notes. 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 your investment, legal, tax, accounting and other advisers in connection with your investment in the notes.

Risks Relating to an Investment in the Notes

￭You may not receive any positive return on the notes. The notes provide for a maturity payment amount that may be greater than or equal to the principal amount of the notes, depending on the performance of the lowest performing underlying stock on any calculation day. As the notes do not pay any interest, if the notes are not automatically called prior to maturity and the ending price of any underlying stock on the final calculation day is less than its starting price, you will not receive any positive return on your investment in the notes. Although the notes provide for the repayment of the principal amount at maturity (subject to our credit risk), regardless of the performance of any underlying stock, you may nevertheless suffer a loss on your investment in the notes, in real value terms, if you do not receive a positive return on the notes. This is because inflation may cause the real value of the principal amount to be less at maturity than it is at the time you invest, and because an investment in the notes represents a forgone opportunity to invest in an alternative asset that does generate a positive return. The potential loss in real value terms will be greater the longer the term of the notes.

Even if you do receive a positive return on your investment in the notes, there can be no assurance that your total return at maturity on the notes will compensate you for the effects of inflation, and your yield on the notes may be less than the yield you would earn if you bought a traditional interest-bearing debt security from us or another issuer with a similar credit rating with the same maturity date. You should carefully consider whether an investment that may not provide for any positive return, or may provide a return that is lower than the return on conventional debt securities, is appropriate for you.

￭The appreciation potential of the notes is limited by the call payment specified for each calculation day. The appreciation potential of the notes is limited to the call payment specified for each calculation day if each underlying stock closes at or above its respective starting price on any calculation day. In all cases, you will not participate in any appreciation of any underlying stock, which could be significant.

￭The market price will be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the notes in the secondary market and the price at which MS & Co. may be willing to purchase or sell the notes in the secondary market. We expect that generally the level of interest rates available in the market and the value of each underlying stock on any day, including in relation to its respective starting price, will affect the value of the notes more than any other factors. Other factors that may influence the value of the notes include:

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

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying stocks or securities markets generally and which may affect the price of each underlying stock,

odividend rates on the underlying stocks,

othe time remaining until the notes mature,

ointerest and yield rates in the market,

othe availability of comparable instruments,

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

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

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Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

Generally, the longer the time remaining to maturity, the more the market price of the notes will be affected by the other factors described above. Some or all of these factors will influence the price that you will receive if you sell your notes prior to maturity, and therefore, you may receive less, and possibly significantly less, than the principal amount per note if you try to sell your notes prior to maturity.

You cannot predict the future performance of any underlying stock based on its historical performance. The price(s) of the underlying stocks may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. The price(s) of one or more of the underlying stocks may decrease so that you receive only the principal amount at maturity and do not receive any positive return on your investment in the notes. See "Eli Lilly and Company Overview," "Micron Technology, Inc. Overview", "Meta Platforms, Inc. Overview" and "NVIDIA Corporation Overview" below.

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

￭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, including the notes, if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

￭Investing in the notes is not equivalent to investing in the underlying stocks. Investing in the notes is not equivalent to investing in the underlying stocks. Investors in the notes will not participate in any positive performance of any underlying stock, and will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the underlying stocks. As a result, any return on the notes will not reflect the return you would realize if you actually owned shares of the underlying stocks and received the dividends paid or distributions made on them.

￭Reinvestment risk. The term of your investment in the notes may be shortened due to the automatic call feature of the notes. If the notes are automatically called prior to maturity, you will receive no further payments on the notes and may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns. However, under no circumstances will the notes be automatically called within the first year of the term of the notes.

￭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 notes in the principal amount reduce the economic terms of the notes, cause the estimated value of the notes to be less than the principal amount and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the notes in secondary market transactions will likely be significantly lower than the principal amount, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the principal amount and borne by you and because the secondary market prices will reflect our secondary

January 2026 Page 13

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

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 notes in the principal amount and the lower rate we are willing to pay as issuer make the economic terms of the notes less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the notes are not fully deducted upon issuance, for a period of up to 5 months following the issue date, to the extent that MS & Co. may buy or sell the notes in the secondary market, absent changes in market conditions, including those related to the underlying stocks, 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 notes 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 notes than those generated by others, including other dealers in the market, if they attempted to value the notes. 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 notes in the secondary market (if any exists) at any time. The value of your notes at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also "The market price will be influenced by many unpredictable factors" above.

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

￭The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes. As calculation agent, MS & Co. will determine the starting prices and the ending prices and will calculate the amount of cash you receive upon an automatic call or 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 certain adjustments to the adjustment factors. These potentially subjective determinations may adversely affect the payout to you upon an automatic call or at maturity. For further information regarding these types of determinations, see "General Terms of the Notes- Certain Terms for Notes Linked to an Underlying Stock-Market Disruption Events," "-Adjustment Events," "-Consequences of a Market Disruption Event; Postponement of a Calculation Day," "-Alternate Exchange Calculation in Case of an Event of Default" and related definitions in the accompanying product supplement. In addition, MS & Co. has determined the estimated value of the notes on the pricing date.

￭Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes. One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the notes (and possibly to other instruments linked to the underlying stocks), including trading in the underlying stocks. As a result, these entities may be unwinding or adjusting hedge positions during the term of the notes, and the hedging strategy may

January 2026 Page 14

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

involve greater and more frequent dynamic adjustments to the hedge as the final calculation day approaches. Some of our affiliates also trade the underlying stocks and other financial instruments related to the underlying stocks on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could potentially affect the starting price of an underlying stock, and, therefore, could increase the starting price at or above which such underlying stock must close on the calculation days so that the notes are automatically called for the call payment (depending also on the performance of the other underlying stocks). Additionally, such hedging or trading activities during the term of the notes could potentially affect the price of any underlying stock on the calculation days, and, accordingly, whether the notes are automatically called prior to maturity and the amount of cash you will receive at maturity (depending also on the performance of the other underlying stocks).

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

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

Risks Relating to the Underlying Stocks

￭You are exposed to the price risk of each underlying stock. Your return on the notes is not linked to a basket consisting of the underlying stocks. Rather, it will be contingent upon the independent performance of each underlying stock. Unlike an instrument with a return linked to a basket of underlying assets, in which risk is mitigated and diversified among all the components of the basket, you will be exposed to the risks related to each underlying stock. Poor performance by any underlying stock over the term of the notes may negatively affect your return and will not be offset or mitigated by any positive performance by the other underlying stocks. To receive the call premium, each underlying stock must close at or above its respective starting price on the applicable calculation day. If any underlying stock depreciates over the term of the notes, you will not receive any positive return on your investment in the notes.

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

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

￭The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stocks. MS & Co., as calculation agent, will adjust the adjustment factors for certain corporate events affecting the underlying stocks, such as stock splits, stock dividends and extraordinary

January 2026 Page 15

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

dividends, and certain other corporate actions involving the issuers of the underlying stocks, such as mergers. However, the calculation agent will not make an adjustment for every corporate event that can affect the underlying stocks. For example, the calculation agent is not required to make any adjustments if the issuers of the underlying stocks or anyone else makes a partial tender or partial exchange offer for the underlying stocks, nor will adjustments be made following the final calculation day. In addition, no adjustments will be made for regular cash dividends, which are expected to reduce the price of the underlying stocks by the amount of such dividends. If an event occurs that does not require the calculation agent to adjust an adjustment factor, such as a regular cash dividend, the market price of the notes and your return on the notes may be materially and adversely affected. For example, if the record date for a regular cash dividend were to occur on or shortly before a calculation day, this may decrease the stock closing price of an underlying stock to be less than its starting price, materially and adversely affecting your return.

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

January 2026 Page 16

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

Eli Lilly and Company discovers, develops, manufactures and sells pharmaceutical products for humans and animals. The LLY Stock is registered under the Exchange Act. Information provided to or filed with the Securities and Exchange Commission by Eli Lilly and Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06351 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding Eli Lilly and Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the issuer of the LLY Stock is accurate or complete.

The following graph sets forth the daily closing prices of the LLY Stock for the period from January 1, 2021 through January 16, 2026. The closing price of the LLY Stock on January 16, 2026 was $1,038.40. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The historical closing prices of the LLY Stock may have been adjusted for stock splits and other corporate events. The historical performance of the LLY Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of the LLY Stock at any time, including on the calculation days.

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

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

January 2026 Page 17

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

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

The following graph sets forth the daily closing prices of the MU Stock for the period from January 1, 2021 through January 16, 2026. The closing price of the MU Stock on January 16, 2026 was $362.75. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The historical closing prices of the MU Stock may have been adjusted for stock splits and other corporate events. The historical performance of the MU Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of the MU Stock at any time, including on the calculation days.

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

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

January 2026 Page 18

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

Meta Platforms, Inc. (formerly known as Facebook, Inc.) is a social media and technology company that enables people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets and in-home devices. On June 9, 2022, the class A common stock of Meta Platforms, Inc., formerly trading under the ticker symbol "FB," began trading under the ticker symbol "META." The META Stock is registered under the Exchange Act. Information provided to or filed with the Securities and Exchange Commission by Meta Platforms, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35551 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding Meta Platforms, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the issuer of the META Stock is accurate or complete.

The following graph sets forth the daily closing prices of the META Stock for the period from January 1, 2021 through January 16, 2026. The closing price of the META Stock on January 16, 2026 was $620.25. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The historical closing prices of the META Stock may have been adjusted for stock splits and other corporate events. The historical performance of the META Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of the META Stock at any time, including on the calculation days.

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

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

January 2026 Page 19

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

NVIDIA Corporation is a visual computing company. The NVDA Stock is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-23985 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the issuer of the NVDA Stock is accurate or complete.

The following graph sets forth the daily closing prices of the NVDA Stock for the period from January 1, 2021 through January 16, 2026. The closing price of the NVDA Stock on January 16, 2026 was $186.23. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The historical closing prices of the NVDA Stock may have been adjusted for stock splits and other corporate events. The historical performance of the NVDA Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of the NVDA Stock at any time, including on the calculation days.

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

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

January 2026 Page 20

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

Minimum ticketing size

$1,000 / 1 note

Tax considerations

January 2026 Page 21

Morgan Stanley Finance LLC

Market Linked Notes-Auto-Callable with Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Eli Lilly and Company, the Common Stock of Micron Technology, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due January 30, 2031

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 notes, either directly or indirectly.

Supplemental information regarding plan of distribution; conflicts of interest

MS & Co. and WFS will act as the agents for this offering. WFS will receive a commission of up to $33.25 for each note it sells. WFS proposes to offer the notes in part directly to the public at the price to public set forth on the cover page of this document and in part to Wells Fargo Advisors ("WFA") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), an affiliate of WFS, or other securities dealers at such price less a selling concession of up to $20.00 per note. In addition to the selling concession allowed to WFA, WFS may pay $0.75 per note of the commission to WFA as a distribution expense fee for each note sold by WFA.

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

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

MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the notes. When MS & Co. prices this offering of notes, it will determine the economic terms of the notes, including the call payment amounts, such that for each note the estimated value on the pricing date will be no lower than the minimum level described in "Estimated Value of the Notes" beginning on page 5.

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.

Where you can find more information

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product 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 and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the product supplement 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:

Product Supplement for Notes Linked To One Or More Indices, Exchange-Traded Funds or Equity Securities dated November 16, 2023

Prospectus dated April 12, 2024

Terms used but not defined in this document are defined in the product supplement or in the prospectus.

January 2026 Page 22