New Issue: Morgan Stanley prices $623,000 buffered participation securities on indexes

Chicago, Oct. 25 – Morgan Stanley Finance LLC priced $623,000 of 0% buffered participation securities due Feb. 26, 2027 linked to the Russell 2000 index and Dow Jones industrial average 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 that index. Investors will receive par if the worst performing index declines by 26% or less and will lose 1% for every 1% that the worst performing index declines beyond 26%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying indexes:	Russell 2000 index and Dow Jones industrial average index
Amount:	$623,000
Maturity:	Feb. 26, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus that index's return; par if worst performing index declines by 26% or less; 1% loss for every 1% that worst performing index declines beyond 26%
Initial levels:	33,131.76 for Dow, 1,944.092 for Russell
Buffer:	26%
Buffer level:	24,517.502 for Dow, 1,438.628 for Russell, 74% of initial levels
Upside leverage:	100%
Cap:	None
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	3.3%
Cusip:	61773H2H1

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