New Issue: Morgan Stanley sells $2.01 million dual directional buffered participation securities

New York, May 19 – Morgan Stanley Finance LLC priced $2.01 million of 0% dual directional buffered participation securities due Dec. 5, 2023 linked to the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return, subject to a maximum return of par plus 14.5%.

Investors will receive par plus the absolute return of the index if it declines by no more than 15% and will lose 1% for every 1% decline beyond 15%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered participation securities
Underlying index:	Nasdaq-100 index
Amount:	$2,010,500
Maturity:	Dec. 5, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If return of index is positive, par plus the index return, subject to a maximum return of par plus 14.5%; par plus absolute return of index if it declines but by no more than 15%; exposure to loss of index beyond buffer
Initial level:	12,387.40
Cap:	14.5%
Absolute return:	100%
Buffer level:	10,529.29, 85% of initial level
Pricing date:	May 13
Settlement date:	May 18
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5% including a structuring fee of 0.5%
Cusip:	61773Y649

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