New Issue: Morgan Stanley prices $1.3 million dual directional trigger PLUS on Dow, S&P

New York, June 27 – Morgan Stanley Finance LLC priced $1.3 million of 0% dual directional trigger PLUS due June 27, 2028 linked to the Dow Jones industrial average and the S&P 500 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 140% of the return of that index.

Investors will receive a 1% gain for each 1% loss in the worst performing underlying index if that index declines but finishes at or above the 75% principal barrier. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.

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 indexes:	Dow Jones industrial average and S&P 500 index
Amount:	$1.3 million
Maturity:	June 27, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing asset is positive, par plus 140% of that index's return; 1% gain for each 1% loss if worst performing asset declines but ends at or above principal barrier; otherwise, full exposure to decline of worst performer from initial level
Initial levels:	30,483.13 for Dow Jones industrial average, 3,759.89 for S&P 500
Principal barrier:	22,862.348 for Dow Jones industrial average, 2,819.918 for S&P 500, 75% of initial level
Upside leverage:	140%
Pricing date:	June 22
Settlement date:	June 27
Agent:	Morgan Stanley & Co. LLC
Fees:	3.25%
Cusip:	61774DSP3

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