New Issue: Morgan Stanley prices $32.5 million participation notes linked to Topix

By Jennifer Chiou

New York, Dec. 24 – Morgan Stanley priced $32.5 million of 0% participation notes due March 24, 2015 linked to the Topix index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus the adjusted index return, which could be positive or negative. When calculating the adjusted index return, the final index level will be multiplied by an adjustment factor of 99.5%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Participation notes
Underlying index:	Topix
Amount:	$32.5 million
Maturity:	March 24, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus adjusted index return, which will be calculated using final index level times 99.5% adjustment factor
Initial index level:	1,413.05
Pricing date:	Dec. 22
Settlement date:	Dec. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	None
Cusip:	61761JVW6

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