New Issue: Morgan Stanley prices $2.86 million buffered participation securities on S&P, Dow

New York, Dec. 21 – Morgan Stanley Finance LLC priced $2.86 million of 0% Buffered participation securities due Dec. 7, 2023 linked to the S&P 500 index and the 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, subject to a maximum return of par plus 22.75%.

Investors will receive par if the worst performing index declines by 15% or less and will lose 1% for every 1% that the worst performing index declines beyond 15%.

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:	S&P 500 index and Dow Jones industrial average index
Amount:	$2,861,000
Maturity:	Dec. 7, 2023
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 22.75%; par if worst performing index declines by 15% or less; otherwise, 1% loss for every 1% that worst performing index declines beyond 15%
Initial levels:	32,001.25 for Dow Jones industrial average, 3,719.89 for S&P 500
Buffer:	15%
Buffer level:	27,201.063 for Dow Jones industrial average index, 3,161.907 for S&P 500 index, 85% of initial level
Cap:	22.75%
Pricing date:	Nov. 3
Settlement date:	Nov. 8
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61774HL22

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