New Issue: Morgan Stanley prices $3.73 million dual directional buffered participation securities

New York, June 27 – Morgan Stanley Finance LLC priced $3.73 million of 0% dual directional buffered participation securities due June 25, 2025 linked to the S&P 500 index and the Dow Jones industrial average, 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 104% of the return of that index.

Investors will receive par plus absolute return of the worst performing index if it declines by no more than 15% and will be exposed to any decline in the worst performing index beyond 15%.

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:	S&P 500 index and Dow Jones industrial average
Amount:	$3,732,000
Maturity:	June 25, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus 104% of that index's return; par plus absolute return of worst performing index if it declines by no more than 15%; otherwise, 1% loss for every 1% decline of worst performing index beyond 15%
Initial levels:	34,053.87 for Dow Jones industrial average, 4,388.71 for S&P 500
Upside leverage:	104%
Buffer:	15%
Pricing date:	June 20
Settlement date:	June 23
Agent:	Morgan Stanley & Co. LLC
Fees:	0.15%
Cusip:	61774XT94

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