New Issue: Morgan Stanley prices $2.17 million Trigger PLUS linked to three ETFs

New York, Feb. 27 – Morgan Stanley Finance LLC priced $2.17 million of 0% Trigger PLUS due Feb. 7, 2029 linked to the Vanguard Real Estate ETF, the Energy Select Sector SPDR Fund and the SPDR Gold Trust, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing ETF is positive, the payout at maturity will be par plus 650% of the return of that ETF.

Investors will receive par if the return of the worst performing ETF is negative but ends at or above the 70% trigger and will lose 1% for every 1% decline if it ends below the trigger level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger PLUS
Underlying ETFs:	Vanguard Real Estate ETF, Energy Select Sector SPDR Fund and SPDR Gold Trust
Amount:	$2.17 million
Maturity:	Feb. 7, 2029
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing fund is positive, par plus 650% of the gain of that fund; par if worst performing fund declines but finishes at or above trigger level; otherwise, 1% loss for every 1% decline of worst performing fund from initial level
Initial levels:	$188.61 for SPDR Gold Trust, $84.35 for Vanguard Real Estate ETF, $83.52 for Energy Select Sector SPDR Fund
Trigger level:	$132.027 for SPDR Gold Trust, $59.045 for Vanguard Real Estate ETF, $58.464 for Energy Select Sector SPDR Fund, 70% of initial levels
Upside leverage:	650%
Pricing date:	Feb. 2
Settlement date:	Feb. 7
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61771WQK7

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