New Issue: Morgan Stanley prices $615,000 buffered participation securities linked to Energy Select Sector

Chicago, Dec. 11 – Morgan Stanley Finance LLC priced $615,000 of 0% buffered participation securities due Oct. 31, 2025 linked to the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund return is positive, the payout at maturity will be par plus the fund return subject to a maximum return of par plus 215%. Investors will receive par if the fund declines by 30% or less and will lose 1% for every 1% that it declines beyond 30%.

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 fund:	Energy Select Sector SPDR Fund
Amount:	$615,000
Maturity:	Oct. 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the final share price is greater than the initial share price, par plus return of fund capped at par plus 215%; par if fund declines but finishes above buffer; otherwise, 1% loss for each 1% decline beyond 30% buffer
Initial level:	$89.25
Buffer level:	$62.475, 70% of initial level
Buffer:	30%
Upside leverage:	100%
Cap:	315%
Pricing date:	Oct. 28, 2022
Settlement date:	Nov. 2, 2022
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61774HTW8

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