New Issue: Morgan Stanley sells $685,000 participation securities on performance-allocation basket

Chicago, Dec. 12 – Morgan Stanley Finance LLC priced $685,000 of 0% participation securities due May 10, 2028 linked to a performance-allocation basket consisting of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The basket component with the best performance will be allocated a weighting of 80%, the basket component with the second-best performance will be allocated a weighting of 20% and the basket component with the worst performance will be allocated a weighting of 0%.

The payout at maturity will be par plus any basket gain.

If the basket falls, investors will be fully exposed to the decline.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Participation securities
Underlying basket:	S&P 500 index, Russell 2000 index and Euro Stoxx 50 index; best performer will be given 80% weight, second best will be given 20% weight and least performer will be given 0% weight
Amount:	$685,000
Maturity:	May 10, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any basket gain; if the basket falls, investors will be fully exposed to the decline
Initial levels:	4,136.25 for S&P, 1,759.879 for Russell, 4,340.43 for Stoxx
Pricing date:	May 5, 2023
Settlement date:	May 10, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61774XYB3

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