New Issue: Morgan Stanley sells $310,000 dual directional buffered participation notes on indexes

New York, May 17 – Morgan Stanley Finance LLC priced $310,000 of 0% dual directional buffered participation securities due Dec. 20 linked to the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing index is positive, the payout at maturity will be par plus the return of the worst performing index, subject to a maximum return of par plus 10.6%.

Investors will receive par plus 150% of absolute return of the worst performing index if it declines up to the 10% buffer and will be exposed to any decline in the worst performing index beyond the buffer.

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 indexes:	S&P 500 index and Nasdaq-100 index
Amount:	$310,000
Maturity:	Dec. 20
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus that index's return, subject to a maximum return of par plus 10.6%; par plus 150% of absolute return of worst performing index if it declines but by no more than 10%; exposure to loss of worst performing index beyond buffer
Initial levels:	15,146.92 for Nasdaq-100, 4,471.37 for S&P 500
Buffer levels:	13,632.228 for Nasdaq-100, 4,024.233 for S&P 500, 90% of initial levels
Cap:	10.6%
Absolute return:	150%
Buffer:	10%
Pricing date:	Oct. 15, 2021
Settlement date:	Oct. 20, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61773F5C3

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