New Issue: Morgan Stanley prices $984,000 buffered participation securities linked to two indexes

New York, Dec. 29 – Morgan Stanley Finance LLC priced $984,000 of 0% buffered participation securities due Dec. 24, 2026 linked to the worst performing of the Russell 2000 index and 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:	$984,000
Maturity:	Dec. 24, 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 level:	15,627.64 for Nasdaq-100 index, 2,139.875 for Russell 2000 index
Buffer level:	12,502.112 for Nasdaq-100 index, 1,711.900 for Russell 2000 index, 80% of initial levels
Upside leverage:	100%
Cap:	60%
Pricing date:	Dec. 20
Settlement date:	Dec. 23
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61773HLR8

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