New Issue: Morgan Stanley prices $2.51 million trigger PLUS tied to Russell, S&P

By Susanna Moon

Chicago, May 29 – Morgan Stanley Finance LLC priced $2.51 million of 0% trigger Performance Leveraged Upside Securities due May 23, 2024 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus 1.22 times the gain of the worse performing index.

Investors will receive par if either index falls by up to 50% and will be fully exposed to any losses of the worse performing index if it finishes below its 50% 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 Performance Leveraged Upside Securities
Underlying indexes:	Russell 2000, S&P 500
Amount:	$2.51 million
Maturity:	May 23, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 122% of return of worse performing index; if either index falls by up to 20%, par; otherwise, 1% loss per 1% decline of worse performing index
Initial levels:	1,626.629 for Russell, 2,712.97 for S&P
Trigger levels:	813.315 for Russell, 1,356.485 for S&P, 50% of initial levels
Pricing date:	May 18
Settlement date:	May 23
Agent:	Morgan Stanley & Co. LLC
Fees:	3.25%
Cusip:	61768C2Q9

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