New Issue: Morgan Stanley prices $550,000 market-linked securities tied to S&P, Russell

Chicago, April 19 – Morgan Stanley Finance LLC priced $550,000 of market-linked securities – contingent fixed return and fixed percentage buffered downside due July 25, 2025 linked to the lowest performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors will receive par plus 11% if both indexes finish above 85% of their initial levels.

Otherwise, investors will have a 1% loss for each 1% decline beyond the 15% buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC and Wells Fargo Securities are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked securities – contingent fixed return and fixed percentage buffered downside
Underlying indexes:	S&P 500 index and Russell 2000 index
Amount:	$550,000
Maturity:	July 25, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 11% if both indexes finish above threshold levels; otherwise, 1% loss for each 1% decline beyond 15% buffer
Initial levels:	4,850.43 for S&P, 1,983.381 for Russell
Buffer levels:	4,122.8655 for S&P, 1,685.87385 for Russell; 85% of initial levels
Upside payment:	11%
Pricing date:	Jan. 22
Settlement date:	Jan. 25
Agents:	Morgan Stanley & Co. LLC and Wells Fargo Securities
Fees:	2.325%
Cusip:	61771WNE4

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