New Issue: Morgan Stanley sells $416,000 dual directional buffered participation notes on indexes

New York, May 23 – Morgan Stanley Finance LLC priced $416,000 of 0% dual directional buffered participation securities due Oct. 31, 2024 linked to the Nasdaq-100 index and the Russell 2000 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 the worst performing index, subject to a maximum return of par plus 27%.

Investors will receive par plus 50% of absolute return of the worst performing index if it declines by no more than the 15% buffer and will be exposed to any decline in the worst 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 indexes:	Nasdaq-100 index and Russell 2000 index
Amount:	$416,000
Maturity:	Oct. 31, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus that index's return capped at 27%; par plus 50% of absolute return of worst performing index if it declines but by no more than 15%; exposure to loss of worst performing index beyond buffer
Initial levels:	15,559.49 for Nasdaq-100, 2,296.075 for Russell 2000
Cap:	27%
Absolute return:	50%
Buffer levels:	13,225.567 for Nasdaq-100, 1,951.664 for Russell 2000, 85% of initial levels
Pricing date:	Oct. 26, 2021
Settlement date:	Oct. 29, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	3.1%
Cusip:	61773FT78

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