New Issue: Morgan Stanley prices $10.77 million dual directional trigger PLUS linked to S&P 500

New York, June 21 – Morgan Stanley Finance LLC priced $10.77 million of 0% dual directional trigger PLUS due July 3, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 200% of the index return, subject to a maximum return of par plus 36%.

Investors will receive a 1% gain for each 1% loss if the index declines but finishes at or above the 80% principal barrier and lose 1% for every 1% decline if the index ends below its principal barrier.

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 trigger PLUS
Underlying index:	S&P 500 index
Amount:	$10,766,600
Maturity:	July 3, 2025
Coupon:	0%
Price:	$10.00
Payout at maturity:	If index return is positive, par plus 200% of index return, subject to a maximum return of par plus 36%; 1% gain for each 1% loss if index declines but ends at or above principal barrier; otherwise, full exposure to loss
Initial level:	3,789.99
Principal barrier:	3,031.992, 80% of initial level
Upside leverage:	200%
Cap:	36%
Pricing date:	June 15
Settlement date:	June 21
Agent:	Morgan Stanley & Co. LLC
Fees:	3% including a structuring fee of 0.5%
Cusip:	61774B192

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