New Issue: Morgan Stanley prices $250,000 trigger PLUS linked to gold, silver trusts

New York, Jan. 4 – Morgan Stanley Finance LLC priced $250,000 of 0% trigger Performance Leveraged Upside Securities due Dec. 20, 2024 linked to the SPDR Gold Trust and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing asset is positive, the payout at maturity will be par plus 120% of the return of the worst performing asset. Investors will receive par if the return of the worst performing asset is negative but ends at or above the 70% trigger and will lose 1% for every 1% decline if it ends below the trigger level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying assets:	SPDR Gold Trust and the iShares Silver Trust
Amount:	$250,000
Maturity:	Dec. 20, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing asset is positive, par plus 120% of the gain of the worst performing asset; par if worst performing asset declines but finishes at or above trigger level; 1% loss for every 1% decline if worst performing asset finishes below trigger level
Initial level:	$167.80 for gold, $20.68 for silver
Trigger level:	$117.46 for gold, $14.476 for silver, 70% of initial levels
Upside leverage:	120%
Cap:	None
Pricing date:	Dec. 17
Settlement date:	Dec. 22
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5%
Cusip:	61773HTR0

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