New Issue: Morgan Stanley prices $2.5 million leveraged buffered notes on Russell

Chicago, Nov. 17 – Morgan Stanley Finance LLC priced $2.5 million of 0% leveraged buffered index-linked notes due May 12, 2025 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus 200% of the index gain, subject to a maximum return of par plus 20%.

Investors will receive par if the index falls by up to 15% and will share in losses at a rate of 1.1765% per 1% drop beyond 15%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Leveraged buffered index-linked notes
Underlying index:	Russell 2000 index
Amount:	$2,500,000
Maturity:	May 12, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 200% of the index gain, capped at 20%; par if index falls by up to 15%; otherwise, 1.1765% loss for every 1% decline beyond 15%
Initial level:	1,714.068
Buffer level:	1,456.9578; 85% of initial level
Pricing date:	Nov. 13
Settlement date:	Nov. 20
Agent:	Morgan Stanley & Co. LLC
Fees:	1.51%
Cusip:	61775MYH3

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