New Issue: Morgan Stanley prices $2.37 million buffered participation securities linked to Russell, Nasdaq

New York, Dec. 3 – Morgan Stanley Finance LLC priced $2.37 million of 0% Buffered participation securities due Nov. 27, 2026 linked to the Russell 2000 index and the Nasdaq-100 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 60%. Investors will receive par if the worst performing index declines by 20% or less and will lose 1% for every 1% that the worst performing index declines beyond 20%.

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 Nasdaq-100 index
Amount:	$2,373,000
Maturity:	Nov. 27, 2026
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 60%; par if worst performing index declines by 20% or less; 1% loss for every 1% that worst performing index declines beyond 20%
Initial levels:	16,306.72 for Nasdaq, 2,327.855 for Russell
Buffer levels:	13,045.376 for Nasdaq, 1,862.284 for Russell, 80% of initial levels
Upside leverage:	100%
Cap:	60%
Pricing date:	Nov. 23
Settlement date:	Nov. 29
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61773HAT6

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