New Issue: Morgan Stanley prices $528,000 11.25% fixed-income buffered securities on stocks

Chicago, Feb. 11 – Morgan Stanley Finance LLC priced $528,000 of fixed-income buffered securities due May 29, 2025 linked to the worst performing of the common stocks of Bank of America Corp., Target Corp. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 11.25%, paid monthly.

If the worst performing stock gains or declines by no more than the 20% buffer the payout at maturity will be par. Investors will lose 1% for every 1% that the worst performing stock declines beyond the buffer.

The notes are non-callable.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed-income buffered securities
Underlying stocks:	Bank of America Corp., Target Corp. and UnitedHealth Group Inc.
Amount:	$528,000
Maturity:	May 29, 2025
Coupon:	11.25% annual rate, paid monthly
Price:	Par
Payout at maturity:	If worst performing stock finishes at or above its buffer, par; 1% loss for every 1% that worst performing stock declines beyond its buffer level
Initial levels:	$28.58 for BofA, $147.16 for Target, $479.44 for UnitedHealth
Buffer levels:	$22.864 for BofA, $117.728 for Target, $383.552 for UnitedHealth; 80% of initial levels
Buffer:	20%
Call:	Non-callable
Pricing date:	May 24, 2023
Settlement date:	May 30, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61774XY98

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