New Issue: Morgan Stanley sells $500,000 trigger participation securities on Dow, S&P

Chicago, March 8 – Morgan Stanley Finance LLC priced $500,000 of 0% trigger participation securities due Jan. 27, 2026 linked to the lesser performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The payout at maturity will be par plus any gain of the lesser-performing index, capped at $1,750 per $1,000 note.

If the lesser-performing index falls by up to 35%, the payout will be par.

Investors will be fully exposed to the losses of the lesser-performing index if it finishes below its 65% trigger level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger participation securities
Underlying indexes:	Dow Jones industrial average, S&P 500
Amount:	$500,000
Maturity:	Jan. 27, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If lesser-performing index’s return is positive, par plus lesser-performing index’s return, subject to a maximum return of $1,750 per $1,000 note; par if lesser-performing index falls but finishes at or above trigger level; full exposure to losses of lesser-performing index if it finishes below trigger level
Initial levels:	3,841.47 for S&P, 30,996.98 for Dow
Trigger levels:	2,496.956 for S&P, 20,148.037 for Dow; 65% of initial levels
Pricing date:	Jan. 22
Settlement date:	Jan. 27
Agent:	Morgan Stanley & Co. LLC
Fees:	3.625%
Cusip:	61771EL55

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