New Issue: Morgan Stanley sells $420,000 dual directional buffered participation notes on indexes

Chicago, May 10 – Morgan Stanley Finance LLC priced $420,000 of 0% dual directional buffered participation securities due Sept. 27, 2022 linked to the worse performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index, capped at par plus 13%.

If either index falls but not by more than 15%, the payout will be par plus the absolute value of the return of the laggard index.

Otherwise, investors will lose 1% for each 1% loss of lesser-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 index:	Russell 2000, Nasdaq-100 index
Amount:	$420,000
Maturity:	Sept. 27, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each index is greater than initial level, par plus gain of lesser-performing index return, capped at par plus 13%; if lesser-performing index falls by up to 15%, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss lesser-performing index beyond 15%
Initial levels:	13,086.51 for Nasdaq, 2,266.843 for Russell
Buffer levels:	11,123.534 for Nasdaq, 1,926.817 for Russell; 85% of initial levels
Pricing date:	March 22
Settlement date:	March 25
Agent:	Morgan Stanley & Co. LLC
Fees:	0.375%
Cusip:	61771VLQ1

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