Bond Morgan Stanley Financial 0% ( US61769HSK22 ) in USD

Morgan Stanley Financial

100 % ▼

United States

US61769HSK22 ( in USD )

03/10/2024 - Bond has expired

Prospectus brochure of the bond Morgan Stanley Finance US61769HSK22 in USD 0%, expired

1 000 USD

2 749 000 USD

61769HSK2

N/A

Morgan Stanley is a leading global financial services firm offering investment banking, securities, wealth management, and investment management services to corporations, governments, and individuals.

The Bond issued by Morgan Stanley Financial ( United States ) , in USD, with the ISIN code US61769HSK22, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 03/10/2024

The Bond issued by Morgan Stanley Financial ( United States ) , in USD, with the ISIN code US61769HSK22, was rated NR by Moody's credit rating agency.

424B2 1 dp113943_424b2-ps2468.htm FORM 424B2

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

Maximum Aggregate Offering Price

Amount of Registration Fee
Dual Directional Trigger Jump Securities due 2024

$2,749,000

$356.82

Se pt e m be r 2 0 1 9
Pricing Supplement No. 2,468
Registration Statement Nos. 333-221595; 333-221595-01
Dated September 30, 2019
Filed pursuant to Rule 424(b)(2)
Morgan Stanley Finance LLC
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Fully a nd U nc ondit iona lly Gua ra nt e e d by M orga n St a nle y
Principal at Risk Securities
The Dual Directional Trigger Jump Securities, which we refer to as the securities, are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally
guaranteed by Morgan Stanley. The securities will pay no interest, do not guarantee any return of principal at maturity and have the terms described in the accompanying product
supplement for Jump Securities, index supplement and prospectus, as supplemented and modified by this document. If the final index value of e a c h underlying index is gre a t e r t ha n
or e qua l t o its respective initial index value, you will receive for each security that you hold at maturity a minimum of $500 per security in addition to the stated principal amount. If the
worst performing underlying index appreciates by more than 50% over the term of the securities, you will receive for each security that you hold at maturity the stated principal amount
plus an amount based on the percentage increase of such worst performing underlying index. If the final index value of e it he r underlying index is less than its respective initial index
value but the final index value of e a c h underlying index is greater than or equal to its respective downside threshold value, investors will receive the stated principal amount of their
investment plus an unleveraged positive return based on the absolute value of the performance of the worst performing underlying index, which will be effectively limited to a 30% return.
However, if the final index value of e it he r underlying index is le ss t ha n its respective downside threshold value, the payment at maturity will be significantly less than the stated
principal amount of the securities by an amount that is proportionate to the percentage decrease in the final index value of the worst performing underlying from its initial index value.
Under these circumstances, the payment at maturity will be less than $700 per security and could be zero. Ac c ordingly, you c ould lose your e nt ire init ia l inve st m e nt in t he
se c urit ie s. Because the payment at maturity on the securities is based on the worst performing of the underlying indices, a decline in e it he r final index value below 70% of its
respective initial index value will result in a significant loss on your investment, even if the other underlying index has appreciated or has not declined as much. These long-dated
securities are for investors who seek an equity index-based return and who are willing to risk their principal, risk exposure to the worst performing of two underlying indices and forgo
current income in exchange for the upside payment and absolute return features that in each case apply to a limited range of performance of the worst performing underlying index. The
securities are notes issued as part of MSFL's Series A Global Medium-Term Notes Program.
The securities differ from the Jump Securities described in the accompanying product supplement for Jump Securities in that the securities offer the potential for a positive return at
maturity if the worst performing underlying index depreciates by no more than 30%. The securities are not the Buffered Jump Securities described in the accompanying product
supplement for Jump Securities. Unlike the Buffered Jump Securities, the securities do not provide any protection if the worst performing underlying index depreciates by more than
30%.
All pa ym e nt s a re subje c t t o our c re dit risk . I f w e de fa ult on our obliga t ions, you c ould lose som e or a ll of your inve st m e nt . T he se se c urit ie s a re not
se c ure d obliga t ions a nd you w ill not ha ve a ny se c urit y int e re st in, or ot he rw ise ha ve a ny a c c e ss t o, a ny unde rlying re fe re nc e a sse t or a sse t s.
FI N AL T ERM S
I ssue r:
Morgan Stanley Finance LLC
Gua ra nt or:
Morgan Stanley
I ssue pric e :
$1,000 per security
St a t e d princ ipa l a m ount :
$1,000 per security
Pric ing da t e :
September 30, 2019
Origina l issue da t e :
October 3, 2019 (3 business days after the pricing date)
M a t urit y da t e :
October 3, 2024
Aggre ga t e princ ipa l a m ount :
$2,749,000
I nt e re st :
None
U nde rlying indic e s:
The Dow Jones Industrial AverageSM (the "INDU Index") and the Russell 2000® Index (the "RTY Index")
Pa ym e nt a t m a t urit y:
·
If the final index value of e a c h underlying index is greater than or equal to its respective initial index value:
$1,000 + the greater of (i) $1,000 x the index percent change of the worst performing underlying index and (ii) the upside
payment
·
If the final index value of e it he r underlying index is less than its respective initial index value but the final index value of e a c h
underlying index is greater than or equal to its respective downside threshold value:
$1,000 + ($1,000 × absolute index return of the worst performing underlying index)
·
If the final index value of e it he r underlying index is less than its respective downside threshold value, meaning the value of e it he r
underlying index has declined by more than 30% from its respective initial index value to its respective final index value:
$1,000 × index performance factor of the worst performing underlying index
Under these circumstances, the payment at maturity will be significantly less than the stated principal amount of $1,000, and will
represent a loss of more than 30%, and possibly all, of your investment.
U pside pa ym e nt :
$500 per security (50% of the stated principal amount)
I nde x pe rc e nt c ha nge :
With respect to each underlying index, (final index value - initial index value) / initial index value
I nde x pe rform a nc e fa c t or:
With respect to each underlying index, final index value / initial index value
Absolut e inde x re t urn:
The absolute value of the index percent change. For example, a -5% index percent change will result in a +5% absolute index return.
Worst pe rform ing unde rlying inde x : The underlying index with the lesser index performance factor
I nit ia l inde x va lue :
With respect to the INDU Index, 26,916.83, which is the index closing value of such index on the pricing date
With respect to the RTY Index, 1,523.373, which is the index closing value of such index on the pricing date
Dow nside t hre shold va lue :
With respect to the INDU Index, 18,841.781, which is 70% of the initial index value for such index
With respect to the RTY Index, 1,066.361, which is approximately 70% of the initial index value for such index
Fina l inde x va lue :
With respect to each underlying index, the index closing value of such index on the valuation date
V a lua t ion da t e :
September 30, 2024, subject to postponement for non-index business days and certain market disruption events
CU SI P / I SI N :
61769HSK2 / US61769HSK22
List ing:
The securities will not be listed on any securities exchange.
Age nt :
Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental
information regarding plan of distribution; conflicts of interest."
Est im a t e d va lue on t he pric ing
$962.80 per security. See "Investment Summary" on page 2.
da t e :
Com m issions a nd issue pric e :
Pric e t o public (1)
Age nt 's c om m issions a nd
Proc e e ds t o us(3)
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fe e s (2)
Pe r se c urit y
$1,000
$11.25
$988.75
T ot a l
$2,749,000
$30,926.25
$2,718,073.75
(1) The securities will be sold only to investors purchasing the securities in fee-based advisory accounts.
(2) MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $988.75 per security, for further sale to certain fee-based advisory
accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities." For additional information, see "Plan of
Distribution (Conflicts of Interest)" in the accompanying product supplement for Jump Securities.
(3) See "Use of proceeds and hedging" on page 19.
T he se c urit ie s involve risk s not a ssoc ia t e d w it h a n inve st m e nt in ordina ry de bt se c urit ie s. Se e "Risk Fa c t ors" be ginning on pa ge 8 .
T he Se c urit ie s a nd Ex c ha nge Com m ission a nd st a t e se c urit ie s re gula t ors ha ve not a pprove d or disa pprove d t he se se c urit ie s, or de t e rm ine d if t his
doc um e nt or t he a c c om pa nying produc t supple m e nt , inde x supple m e nt a nd prospe c t us is t rut hful or c om ple t e . Any re pre se nt a t ion t o t he c ont ra ry is a
c rim ina l offe nse .
T he se c urit ie s a re not de posit s or sa vings a c c ount s a nd a re not insure d by t he Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a l
a ge nc y or inst rum e nt a lit y, nor a re t he y obliga t ions of, or gua ra nt e e d by, a ba nk .
Y ou should re a d t his doc um e nt t oge t he r w it h t he re la t e d produc t supple m e nt , inde x supple m e nt a nd prospe c t us, e a c h of w hic h c a n be a c c e sse d via t he
hype rlink s be low . Ple a se a lso se e "Addit iona l T e rm s of t he Se c urit ie s" a nd "Addit iona l I nform a t ion About t he Se c urit ie s" a t t he e nd of t his doc um e nt .
Re fe re nc e s t o "w e ," "us" a nd "our" re fe r t o M orga n St a nle y or M SFL, or M orga n St a nle y a nd M SFL c olle c t ive ly, a s t he c ont e x t re quire s.
Produc t Supple m e nt for J um p Se c urit ie s da t e d N ove m be r 1 6 , 2 0 1 7
I nde x Supple m e nt da t e d N ove m be r 1 6 , 2 0 1 7
Prospe c t us da t e d N ove m be r 1 6 , 2 0 1 7

Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Investment Summary

Princ ipa l a t Risk Se c urit ie s

The Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000® Index due October 3, 2024
(the "securities") can be used:

As an alternative to direct exposure to the underlying indices that provides a minimum positive return of 50% if the final index value of each underlying index is greater than or equal
to its respective initial index value and offers uncapped 1-to-1 participation in the worst performing underlying index if the appreciation of such underlying index is greater than
50%;

To potentially outperform the worst performing of the Dow Jones Industrial AverageSM and the Russell 2000® Index in a moderately bullish or moderately bearish scenario;

To obtain an unleveraged positive return for a limited range of negative performance of the worst performing underlying index

If the final index value of e it he r underlying index is less than its downside threshold value, the securities are exposed on a 1-to-1 basis to the percentage decline of the final index
value of the worst performing underlying index from its respective initial index value. Ac c ordingly, inve st ors m a y lose t he ir e nt ire init ia l inve st m e nt in t he se c urit ie s.

M a t urit y:
5 years
U pside pa ym e nt :
$500 per security (50% of the stated principal amount)
Dow nside t hre shold va lue :
For each underlying index, 70% of the respective initial index value
M inim um pa ym e nt a t m a t urit y:
None. Investors may lose their entire initial investment in the securities.
I nt e re st :
None

The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and,
consequently, the estimated value of the securities on the pricing date is less than $1,000. We estimate that the value of each security on the pricing date is $962.80.

What goes into the estimated value on the pricing date?

In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlying
indices. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlying indices, instruments
based on the underlying indices, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which
is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.

What determines the economic terms of the securities?

In determining the economic terms of the securities, including the upside payment and the downside threshold values, we use an internal funding rate, which is likely to be lower than
our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were
higher, one or more of the economic terms of the securities would be more favorable to you.

What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?

The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlying indices, may vary from,
and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread
that MS & Co. would charge in a secondary market transaction of this type and other factors. However,

September 2019
Page 2
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
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Princ ipa l a t Risk Se c urit ie s
because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to
the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlying indices, and to our
secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account
statements.

MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.

September 2019
Page 3
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
K e y I nve st m e nt Ra t iona le

The securities do not pay interest but provide a minimum positive return of 50% if the final index value of each of the Dow Jones Industrial AverageSM and the Russell 2000® Index is
greater than or equal to its respective initial index value and offer an uncapped 1-to-1 participation in the worst performing underlying index if the appreciation of such underlying index
is greater than 50%. However, if, as of the valuation date, the value of either underlying index is less than its respective downside threshold value, the payment due at maturity will be
less than $700 per security and could be zero.

Absolut e Re t urn Fe a t ure
The securities enable investors to obtain an unleveraged positive return if the final index value of e it he r underlying index is le ss t ha n its
respective initial index value but the final index value of e a c h underlying index is gre a t e r t ha n or e qua l t o its respective downside threshold
value.
U pside Sc e na rio
If the final index value of each underlying index is greater than or equal to its respective initial index value, the payment at maturity for each
security will be equal to $1,000 plus the greater of (i) $1,000 times the index percent change of the worst performing underlying index and (ii) the
upside payment of $500.
Absolut e Re t urn
The final index value of e it he r underlying index is le ss t ha n its respective initial index value but the final index value of e a c h underlying index is
Sc e na rio
gre a t e r t ha n or e qua l t o its respective downside threshold value. In this case, you receive a 1% positive return on the securities for each 1%
negative return on the worst performing underlying index. For example, if the final index value of the worst performing underlying index is 10% less
than its respective initial index value, the securities will provide a total positive return of 10% at maturity. The maximum return you may receive in
this scenario is a positive 30% return at maturity.
Dow nside Sc e na rio
If the final index value of either underlying index is less than its respective downside threshold value, you will lose 1% for every 1% decline in
the value of the worst performing underlying index from its initial index value, without any buffer (e.g., a 60% depreciation in the worst performing
underlying index from the respective initial index value to the respective final index value will result in a payment at maturity of $400 per security).

Because the payment at maturity of the securities is based on the worst performing of the underlying indices, a decline in either underlying index
below its respective downside threshold value will result in a loss of a significant portion or all of your investment, even if the other underlying index
has appreciated or has not declined as much.
September 2019
Page 4
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Hypothetical Examples

The following hypothetical examples illustrate how to calculate the payment at maturity on the securities. The following examples are for illustrative purposes only. The payment at
maturity on the securities is subject to our credit risk. The below examples are based on the following terms. The actual initial index values and downside threshold values are set forth
on the cover of this document.

St a t e d Princ ipa l Am ount :
$1,000 per security
H ypot he t ic a l I nit ia l I nde x
With respect to the INDU Index: 26,000
V a lue :

With respect to the RTY Index: 1,400
H ypot he t ic a l Dow nside
With respect to the INDU Index: 18,200, which is 70% of its hypothetical initial index value
T hre shold V a lue :

With respect to the RTY Index: 980, which is 70% of its hypothetical initial index value
U pside Pa ym e nt :
$500 per security (50% of the stated principal amount)
I nt e re st :
None

EX AM PLE 1 : Bot h unde rlying indic e s a ppre c ia t e subst a nt ia lly, a nd inve st ors t he re fore re c e ive t he st a t e d princ ipa l a m ount plus a re t urn re fle c t ing t he
inde x pe rc e nt c ha nge of t he w orst pe rform ing unde rlying inde x .

Final index value

INDU Index: 41,600

RTY Index: 2,170
Index percent change

INDU Index: (41,600 26,000) / 26,000 = 60%
RTY Index: (2,170 1,400) / 1,400 = 55%
Index performance factor

INDU Index: 41,600 / 26,000 = 160%
RTY Index: 2,170 / 1,400 = 155%
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Payment at maturity
=
$1,000 + ($1,000 x the index percent change of the worst performing underlying index)

=
$1,000 + $550

=
$1,550

In example 1, the final index value for the INDU Index has increased from its initial index value by 60%, and the final index value for the RTY Index has increased from its initial index
value by 55%. Because the final index value of each underlying index is at or above its respective initial index value, and the index percent change of the worst performing underlying
index is greater than the minimum positive return of 50%, investors receive at maturity the stated principal amount plus 1-to-1 participation in the performance of the worst performing
underlying index. Investors receive $1,550 per security at maturity.

EX AM PLE 2 : T he fina l inde x va lue s of bot h unde rlying indic e s a re a t or a bove t he ir re spe c t ive init ia l inde x va lue s but t he w orst pe rform ing unde rling
inde x ha s not a ppre c ia t e d by m ore t ha n 5 0 % , a nd inve st ors t he re fore re c e ive t he st a t e d princ ipa l a m ount plus t he upside pa ym e nt .

Final index value

INDU Index: 32,500

RTY Index: 1,680
Index percent change

INDU Index: (32,500 26,000) / 26,000 = 25%
RTY Index: (1,680 1,400) / 1,400 = 20%
Index performance factor

INDU Index: 32,500 / 26,000 = 125%
RTY Index: 1,680 / 1,400 = 120%
Payment at maturity
=
$1,000 + upside payment

=
$1,000 + $500

September 2019
Page 5
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s

=
$1,500

In example 2, the final index value for the INDU Index has increased from its initial index value by 25%, and the final index value for the RTY Index has increased from its initial index
value by 20%. Because the final index value of each underlying index is at or above its respective initial index value, investors receive at maturity the stated principal amount plus the
upside payment of $500. Investors receive $1,500 per security at maturity.

EX AM PLE 3 : T he fina l inde x va lue of one unde rlying inde x is gre a t e r t ha n it s re spe c t ive init ia l inde x va lue w hile t he fina l inde x va lue of t he ot he r
unde rlying inde x is le ss t ha n it s re spe c t ive init ia l inde x va lue but gre a t e r t ha n it s re spe c t ive dow nside t hre shold va lue .

Final index value

INDU Index: 39,000

RTY Index: 1,190
Index percent change

INDU Index: (39,000 26,000) / 26,000 = 50%
RTY Index: (1,190 1,400) / 1,400 = -15%
Index performance factor

INDU Index: 39,000 / 26,000 = 150%
RTY Index: 1,190 / 1,400 = 85%
Payment at maturity
=
$1,000 + ($1,000 × absolute index return of the worst performing underlying index)

=
$1,000 + ($1,000 × 15%)

=
$1,150

In example 3, the final index value of the INDU Index is greater than its respective initial index value, while the final index value of the RTY Index is less than its respective initial index
value but greater than its respective downside threshold value. While the INDU Index has appreciated by 50%, the RTY index has declined by 15%. Therefore, investors receive at
maturity the stated principal amount plus a return reflecting the absolute value of the performance of the worst performing underlying index, which is the RTY Index in this
example. Investors receive $1,150 per security at maturity. In this example, investors receive a positive return even though one of the underlying indices declined in value by 15%, due
to the absolute return feature of the securities and because neither underlying index declined beyond its respective downside threshold value.

EX AM PLE 4 : T he fina l inde x va lue of one of t he unde rlying indic e s is le ss t ha n it s re spe c t ive dow nside t hre shold va lue . I nve st ors a re t he re fore e x pose d
t o t he full de c line in t he w orst pe rform ing unde rlying inde x from it s init ia l inde x va lue .

Final index value

INDU Index: 31,200

RTY Index: 630
Index percent change

INDU Index: (31,200 26,000) / 26,000 = 20%
RTY Index: (630 1,400) / 1,400 = -55%
Index performance factor

INDU Index: 31,200 / 26,000 = 120%
RTY Index: 630 / 1,400 = 45%
Payment at maturity
=
$1,000 × index performance factor of the worst performing underlying index

=
$1,000 × 45%

=
$450

In example 4, the final index value for the INDU Index has increased from its initial index value by 20%, and the final index value for the RTY Index has decreased from its initial index
value by 55%. Because one of the underlying indices has declined below its respective downside threshold value, investors do not receive the upside payment and instead are exposed
to the full negative performance of the RTY Index, which is the worst performing underlying index in this example. Under these circumstances, investors lose 1% of the stated principal
amount for every 1% decline in the value of the worst performing underlying index from its initial index value. In this example, investors receive a payment at maturity equal to $450 per
security, resulting in a loss of 55%.

September 2019
Page 6
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
EX AM PLE 5 : T he fina l inde x va lue of e a c h unde rlying inde x is le ss t ha n it s re spe c t ive init ia l inde x va lue but is gre a t e r t ha n it s re spe c t ive dow nside
t hre shold va lue .
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Final index value

INDU Index: 22,100

RTY Index: 1,176
Index percent change

INDU Index: (22,100 26,000) / 26,000 = -15%
RTY Index: (1,176 1,400) / 1,400 = -16%
Index performance factor

INDU Index: 22,100 / 26,000 = 85%
RTY Index: 1,176 / 1,400 = 84%
Payment at maturity
=
$1,000 + ($1,000 × absolute index return of the worst performing underlying index)

=
$1,000 + ($1,000 × 16%)

=
$1,160

In example 5, the final index value of each underlying index is less than its respective initial index value but is greater than its respective downside threshold value. The INDU index has
declined by 15% while the RTY Index has declined by 16%. Therefore, investors receive at maturity the stated principal amount plus a return reflecting the absolute value of the
performance of the worst performing underlying index, which is the RTY Index in this example. Investors receive $1,160 per security at maturity.

EX AM PLE 6 : T he fina l inde x va lue s of bot h unde rlying indic e s a re le ss t ha n t he ir re spe c t ive dow nside t hre shold va lue s. I nve st ors a re t he re fore e x pose d
t o t he full de c line in t he w orst pe rform ing unde rlying inde x from it s init ia l inde x va lue .

Final index value

INDU Index: 5,200

RTY Index: 560
Index percent change

INDU Index: (5,200 26,000) / 26,000 = -80%
RTY Index: (560 1,400) / 1,400 = -60%
Index performance factor

INDU Index: 5,200 / 26,000 = 20%
RTY Index: 560 / 1,400 = 40%
Payment at maturity
=
$1,000 × index performance factor of the worst performing underlying index

=
$1,000 × 20%

=
$200

In example 6, the final index value for the INDU Index has decreased from its initial index value by 80%, and the final index value for the RTY Index has decreased from its initial index
value by 60%. Because one or more underlying indices have declined below their respective downside threshold values, investors do not receive the upside payment and instead are
exposed to the full negative performance of the INDU Index, which is the worst performing underlying index in this example. Under these circumstances, investors lose 1% of the stated
principal amount for every 1% decline in the value of the worst performing underlying index from its initial index value. In this example, investors receive a payment at maturity equal to
$200 per security, resulting in a loss of 80%.

I f t he fina l inde x va lue of e it he r of t he unde rlying indic e s is le ss t ha n it s re spe c t ive dow nside t hre shold va lue , you w ill re c e ive a n a m ount in c a sh t ha t is
signific a nt ly le ss t ha n t he $ 1 ,0 0 0 st a t e d princ ipa l a m ount of e a c h se c urit y by a n a m ount proport iona t e t o t he full de c line in t he le ve l of t he w orst
pe rform ing unde rlying inde x from it s init ia l inde x va lue ove r t he t e rm of t he se c urit ie s, a nd you w ill lose a signific a nt port ion or a ll of your inve st m e nt .

September 2019
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Risk Factors

The following is a non-exhaustive list of certain key risk factors for investors in the securities. For further discussion of these and other risks, you should read the section entitled "Risk
Factors" in the accompanying product supplement, index supplement and prospectus. You should also consult with your investment, legal, tax, accounting and other advisers in
connection with your investment in the securities.

The securities do not pay interest or guarantee the return of any principal. The terms of the securities differ from those of ordinary debt securities in that the
securities do not pay interest or guarantee the payment of any principal at maturity. At maturity, you will receive for each $1,000 stated principal amount of securities that you hold
an amount in cash based upon the final index value of each underlying index. If the final index value of e it he r underlying index is less than 70% of its respective initial index value,
the absolute return feature will no longer be available and the payment at maturity will be an amount in cash that is significantly less than the $1,000 stated principal amount of each
security by an amount proportionate to the full decline in the final index value of the worst performing underlying index from its initial index value over the term of the securities, and
you will lose a significant portion or all of your investment. T he re is no m inim um pa ym e nt a t m a t urit y on t he se c urit ie s, a nd, a c c ordingly, you c ould lose your
e nt ire inve st m e nt .

You are exposed to the price risk of both underlying indices. Your return on the securities is not linked to a basket consisting of both underlying indices. Rather, it will
be based upon the independent performance of each underlying index. Unlike an instrument with a return linked to a basket of underlying assets, in which risk is mitigated and
diversified among all the components of the basket, you will be exposed to the risks related to both underlying indices. Poor performance by either underlying index over the term of
the securities will negatively affect your return and will not be offset or mitigated by any positive performance by the other underlying index. If the final index value of either
underlying index declines to below 70% of its respective initial index value, you will be fully exposed to the negative performance of the worst performing underlying index at maturity,
even if the other underlying index has appreciated or has not declined as much. Ac c ordingly, your inve st m e nt is subje c t t o t he pric e risk of bot h unde rlying
indic e s.

Because the securities are linked to the performance of the w orst performing underlying index, you are exposed to greater risk of sustaining a
signific a nt loss on your inve st m e nt t ha n if t he se c urit ie s w e re link e d t o just one unde rlying inde x . The risk that you will suffer a significant loss on your
investment is greater if you invest in the securities as opposed to substantially similar securities that are linked to the performance of just one underlying index. With two underlying
indices, it is more likely that the final index value of either underlying index will decline to below its respective downside threshold value than if the securities were linked to only one
underlying index. Therefore, it is more likely that you will suffer a significant loss on your investment.

The amount payable on the securities is not linked to the values of the underlying indices at any time other than the valuation date. The final index
values will be the index closing values on the valuation date, subject to postponement for non-index business days and certain market disruption events. Even if the value of the
worst performing underlying index appreciates prior to the valuation date but then drops by the valuation date, the payment at maturity may be significantly less than it would have
been had the payment at maturity been linked to the value of the worst performing underlying index prior to such drop. Although the actual value of the worst performing underlying
index on the stated maturity date or at other times during the term of the securities may be higher than its respective final index value, the payment at maturity will be based solely
on the index closing value of the worst performing underlying index on the valuation date.

The securities w ill not be listed on any securities exchange and secondary trading may be limited. The securities will not be listed on any securities
exchange. Therefore, there may be little or no secondary market for the securities. Morgan Stanley & Co. LLC, which we refer to as MS & Co., may, but is not obligated to, make a
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market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine
secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional
size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if
there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the
secondary market for the securities, the price at which you may be

September 2019
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the
securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the
value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market, including:

the values of the underlying indices at any time (including in relation to their initial index values),

the volatility (frequency and magnitude of changes in value) of the underlying indices,

dividend rates on the securities underlying the underlying indices,

interest and yield rates in the market,

geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the component stocks of the underlying indices or securities markets
generally and which may affect the value of the underlying indices,

the time remaining until the maturity of the securities,

the composition of the underlying indices and changes in the constituent stocks of the underlying indices, and

any actual or anticipated changes in our credit ratings or credit spreads.

Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. Some or all of these factors
will influence the price you will receive if you sell your securities prior to maturity. In particular, you may have to sell your securities at a substantial discount from the stated
principal amount if at the time of sale the value of either underlying index is near, at or below its respective downside threshold value.

You cannot predict the future performance of the underlying indices based on their historical performance. If the final index value of either underlying index is less than 70% of its
respective initial index value, you will be exposed on a 1-to-1 basis to the full decline in the final index value of the worst performing underlying index from its respective initial
index value. There can be no assurance that the final index value of each underlying index will be greater than or equal to 70% of its respective initial index value so that you will
receive at maturity an amount that is greater than the $1,000 stated principal amount for each security you hold, or that you will not lose a significant portion or all of your
investment.

The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the
m a rk e t va lue of t he se c urit ie s. You are dependent on our ability to pay all amounts due on the securities at maturity and therefore you are subject to our credit risk. If we
default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities
prior to maturity will be affected by changes in the market's view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads
charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

As a finance subsidiary, MSFL has no independent operations and w ill have no independent assets. As a finance subsidiary, MSFL has no independent
operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in
respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee
by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim
against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any
priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

September 2019
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Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
The rate w e are w illing to pay for securities of this type, maturity and issuance size is likely to be low er than the rate implied by our secondary
m a rk e t c re dit spre a ds a nd a dva nt a ge ous t o us. Bot h t he low e r ra t e a nd t he inc lusion of c ost s a ssoc ia t e d w it h issuing, se lling, st ruc t uring a nd
he dging t he se c urit ie s in t he origina l issue pric e re duc e t he e c onom ic t e rm s of t he se c urit ie s, c a use t he e st im a t e d va lue of t he se c urit ie s t o be le ss
t ha n t he origina l issue pric e a nd w ill a dve rse ly a ffe c t se c onda ry m a rk e t pric e s. Assuming no change in market conditions or any other relevant factors, the prices,
if any, at which dealers, including MS & Co., are willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price,
because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because
the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as
well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic
terms of the securities less favorable to you than they otherwise would be.

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However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months following the
issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlying
indices, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in
your brokerage account statements.

The estimated value of the securities is determined by reference to our pricing and valuation models, w hich may differ from those of other dealers
a nd is not a m a x im um or m inim um se c onda ry m a rk e t pric e . These pricing and valuation models are proprietary and rely in part on subjective views of certain market
inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our
models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In
addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your notes in
the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted
with accuracy, including our creditworthiness and changes in market conditions. See also "The market price of the securities may be influenced by many unpredictable factors"
above.

The securities are linked to the Russell 2000® Index and are subject to risks associated w ith small-capitalization companies. As the Russell 2000®
Index is one of the underlying indices, and the Russell 2000® Index consists of stocks issued by companies with relatively small market capitalization, the securities are linked to the
value of small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and
therefore the Russell 2000® Index may be more volatile than indices that consist of stocks issued by large-capitalization companies. Stock prices of small-capitalization companies
are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be
thinly traded. In addition, small capitalization companies are typically less well-established and less stable financially than large-capitalization companies and may depend on a
small number of key personnel, making them more vulnerable to loss of personnel. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of
their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments
related to their products.

Investing in the securities is not equivalent to investing in the underlying indices. Investing in the securities is not equivalent to investing in either underlying index
or the component stocks of either underlying index. Investors in the securities will not have voting rights or rights to receive dividends or other distributions or any other rights with
respect to stocks that constitute the underlying indices.

Adjustments to the underlying indices could adversely affect the value of the securities. The publisher of either underlying index may add, delete or substitute
the stocks underlying such index or make other methodological changes that could change the value of such underlying index. Any of these actions could adversely affect the value
of the securities. The publisher of such underlying index may also discontinue or

September 2019
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Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
suspend calculation or publication of such underlying index at any time. In these circumstances, MS & Co., as the calculation agent, will have the sole discretion to substitute a
successor index that is comparable to the discontinued underlying index. MS & Co. could have an economic interest that is different than that of investors in the securities insofar
as, for example, MS & Co. is permitted to consider indices that are calculated and published by MS & Co. or any of its affiliates. If MS & Co. determines that there is no appropriate
successor index, the payout on the securities at maturity will be an amount based on the closing prices on the valuation date of the stocks underlying the relevant index at the time
of such discontinuance, without rebalancing or substitution, computed by the calculation agent in accordance with the formula for calculating such underlying index last in effect prior
to such discontinuance (depending also on the performance of the other underlying index).

The calculation agent, w hich is a subsidiary of Morgan Stanley and an affiliate of MSFL, w ill make determinations w ith respect to the securities. As
calculation agent, MS & Co. has determined the initial index values and the downside threshold values and will determine the final index values, the index percent changes or the
index performance factors, as applicable, and the payment that you will receive at maturity, if any. Moreover, certain determinations made by MS & Co., in its capacity as calculation
agent, may require it to exercise discretion and make subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events and the selection
of a successor index or calculation of the index closing values in the event of a market disruption event or discontinuance of an underlying index. These potentially subjective
determinations may adversely affect the payout to you at maturity, if any. For further information regarding these types of determinations, see "Description of Securities--
Postponement of Valuation Date(s)," "--Discontinuance of Any Underlying Index or Basket Index; Alteration of Method of Calculation," "--Alternate Exchange Calculation in case of
an Event of Default" and "--Calculation Agent and Calculations" in the accompanying product supplement. In addition, MS & Co. has determined the estimated value of the
securities on the pricing date.

Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities. One or more of our affiliates and/or third-party
dealers have carried out, and will continue to carry out, hedging activities related to the securities (and to other instruments linked to the underlying indices or their component
stocks), including trading in the stocks that constitute the underlying indices as well as in other instruments related to the underlying indices. As a result, these entities may be
unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the
valuation date approaches. Some of our affiliates also trade the stocks that constitute the underlying indices and other financial instruments related to the underlying indices on a
regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could have increased the initial
index value of an underlying index, and, therefore, could have increased the value at or above which such underlying index must close on the valuation date so that you do not
suffer a significant loss on your initial investment in the securities (depending also on the performance of the other underlying index). Additionally, such hedging or trading activities
during the term of the securities, including on the valuation date, could adversely affect the value of either underlying index on the valuation date, and, accordingly, the amount of
cash an investor will receive at maturity, if any (depending also on the performance of the other underlying index).

The U.S. federal income tax consequences of an investment in the securities are uncertain. Please read the discussion under "Additional Information--Tax
considerations" in this document and the discussion under "United States Federal Taxation" in the accompanying product supplement for Jump Securities (together, the "Tax
Disclosure Sections") concerning the U.S. federal income tax consequences of an investment in the securities. If the Internal Revenue Service (the "IRS") were successful in
asserting an alternative treatment, the timing and character of income on the securities might differ significantly from the tax treatment described in the Tax Disclosure Sections. For
example, under one possible treatment, the IRS could seek to recharacterize the securities as debt instruments. In that event, U.S. Holders would be required to accrue into income
original issue discount on the securities every year at a "comparable yield" determined at the time of issuance and recognize all income and gain in respect of the securities as
ordinary income. Additionally, as discussed under "United States Federal Taxation--FATCA" in the accompanying product supplement for Jump Securities, the withholding rules
commonly referred to as "FATCA" would apply to the securities if they were recharacterized as debt instruments. However, recently proposed regulations (the preamble to which
specifies that taxpayers are permitted to rely on them pending finalization) eliminate the withholding requirement on payments of gross proceeds of a taxable disposition (other than
amounts treated as "FDAP income," as defined in the accompanying product supplement

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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
for Jump Securities). The risk that financial instruments providing for buffers, triggers or similar downside protection features, such as the securities, would be recharacterized as
debt is greater than the risk of recharacterization for comparable financial instruments that do not have such features. We do not plan to request a ruling from the IRS regarding the
tax treatment of the securities, and the IRS or a court may not agree with the tax treatment described in the Tax Disclosure Sections.

In 2007, the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar
instruments. The notice focuses in particular on whether to require holders of these instruments to accrue income over the term of their investment. It also asks for comments on a
number of related topics, including the character of income or loss with respect to these instruments; whether short-term instruments should be subject to any such accrual regime;
the relevance of factors such as the exchange-traded status of the instruments and the nature of the underlying property to which the instruments are linked; the degree, if any, to
which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the
"constructive ownership" rule, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose an interest charge. While the notice
requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially
and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. Both U.S. and Non-U.S. Holders should consult their tax advisers
regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, the issues presented by this notice and any tax
consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

September 2019
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Dow Jones Industrial AverageSM Overview

The Dow Jones Industrial AverageSM is a price-weighted index composed of 30 common stocks that is published by S&P Dow Jones Indices LLC, the marketing name and a licensed
trademark of CME Group Inc., as representative of the broad market of U.S. industry. For additional information about the Dow Jones Industrial AverageSM, see the information set forth
under "Dow Jones Industrial AverageSM" in the accompanying index supplement.

Information as of market close on September 30, 2019:

Bloom be rg T ic k e r Sym bol:
INDU
Curre nt I nde x V a lue :
26,916.83
5 2 We e k s Ago:
26,651.21
5 2 We e k H igh (on 7 /1 5 /2 0 1 9 ):
27,359.16
5 2 We e k Low (on 1 2 /2 4 /2 0 1 8 ):
21,792.20

The following graph sets forth the daily closing values of the INDU Index for the period from January 1, 2014 through September 30, 2019. The related table sets forth the published
high and low closing values, as well as end-of-quarter closing values, of the INDU Index for each quarter in the same period. The closing value of the INDU Index on September 30,
2019 was 26,916.83. We obtained the information in the table and graph below from Bloomberg Financial Markets, without independent verification. The INDU Index has at times
experienced periods of high volatility, and you should not take the historical values of the INDU Index as an indication of its future performance.

I N DU I nde x Da ily Closing V a lue s
J a nua ry 1 , 2 0 1 4 t o Se pt e m be r 3 0 , 2 0 1 9
September 2019
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Morgan Stanley Finance LLC
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Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Dow J one s I ndust ria l Ave ra ge SM
H igh
Low
Pe riod End
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2 0 1 4

First Quarter
16,530.94
15,372.80
16,457.66
Second Quarter
16,947.08
16,026.75
16,826.60
Third Quarter
17,279.74
16,368.27
17,042.90
Fourth Quarter
18,053.71
16,117.24
17,823.07
2 0 1 5

First Quarter
18,288.63
17,164.95
17,776.12
Second Quarter
18,312.39
17,596.35
17,619.51
Third Quarter
18,120.25
15,666.44
16,284.70
Fourth Quarter
17,918.15
16,272.01
17,425.03
2 0 1 6

First Quarter
17,716.66
15,660.18
17,685.09
Second Quarter
18,096.27
17,140.24
17,929.99
Third Quarter
18,636.05
17,840.62
18,308.15
Fourth Quarter
19,974.62
17,888.28
19,762.60
2 0 1 7

First Quarter
21,115.55
19,732.40
20,663.22
Second Quarter
21,528.99
20,404.49
21,349.63
Third Quarter
22,412.59
21,320.04
22,405.09
Fourth Quarter
24,837.51
22,557.60
24,719.22
2 0 1 8

First Quarter
26,616.71
23,533.20
24,103.11
Second Quarter
25,322.31
23,644.19
24,271.41
Third Quarter
26,743.50
24,174.82
26,458.31
Fourth Quarter
26,828.39
21,792.20
23,327.46
2 0 1 9

First Quarter
26,091.95
22,686.22
25,928.68
Second Quarter
26,753.17
24,815.04
26,599.96
Third Quarter (through September 30, 2019)
27,359.16
25,479.42
26,916.83

"Dow Jones," "Dow Jones Industrial Average," "Dow Jones Indexes" and "DJIA" are service marks of Dow Jones Trademark Holdings LLC. For more information, see "Dow Jones
Industrial AverageSM" in the accompanying index supplement.

September 2019
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Russell 2000® Index Overview

The Russell 2000® Index is an index calculated, published and disseminated by FTSE Russell, and measures the composite price performance of stocks of 2,000 companies
incorporated in the U.S. and its territories. All 2,000 stocks are traded on a major U.S. exchange and are the 2,000 smallest securities that form the Russell 3000® Index. The Russell
3000® Index is composed of the 3,000 largest U.S. companies as determined by market capitalization and represents approximately 98% of the U.S. equity market. The Russell 2000®
Index consists of the smallest 2,000 companies included in the Russell 3000® Index and represents a small portion of the total market capitalization of the Russell 3000® Index. The
Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. For additional information about the Russell 2000® Index, see
the information set forth under "Russell 2000® Index" in the accompanying index supplement.

Information as of market close on September 30, 2019:

Bloom be rg T ic k e r Sym bol:
RTY
Curre nt I nde x V a lue :
1,523.373
5 2 We e k s Ago:
1,672.992
5 2 We e k H igh (on 1 0 /1 /2 0 1 8 ):
1,672.992
5 2 We e k Low (on 1 2 /2 4 /2 0 1 8 ):
1,266.925

The following graph sets forth the daily closing values of the RTY Index for the period from January 1, 2014 through September 30, 2019. The related table sets forth the published high
and low closing values, as well as end-of-quarter closing values, of the RTY Index for each quarter in the same period. The closing value of the RTY Index on September 30, 2019 was
1,523.373. We obtained the information in the table below from Bloomberg Financial Markets, without independent verification. The RTY Index has at times experienced periods of high
volatility, and you should not take the historical values of the RTY Index as an indication of its future performance.

RT Y I nde x Da ily Closing V a lue s
J a nua ry 1 , 2 0 1 4 t o Se pt e m be r 3 0 , 2 0 1 9
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September 2019
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Morgan Stanley Finance LLC
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Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Russe ll 2 0 0 0 ® I nde x
H igh
Low
Pe riod End
2 0 1 4

First Quarter
1,208.651
1,093.594
1,173.038
Second Quarter
1,192.964
1,095.986
1,192.964
Third Quarter
1,208.150
1,101.676
1,101.676
Fourth Quarter
1,219.109
1,049.303
1,204.696
2 0 1 5

First Quarter
1,266.373
1,154.709
1,252.772
Second Quarter
1,295.799
1,215.417
1,253.947
Third Quarter
1,273.328
1,083.907
1,100.688
Fourth Quarter
1,204.159
1,097.552
1,135.889
2 0 1 6

First Quarter
1,114.028
953.715
1,114.028
Second Quarter
1,188.954
1,089.646
1,151.923
Third Quarter
1,263.438
1,139.453
1,251.646
Fourth Quarter
1,388.073
1,156.885
1,357.130
2 0 1 7

First Quarter
1,413.635
1,345.598
1,385.920
Second Quarter
1,425.985
1,345.244
1,415.359
Third Quarter
1,490.861
1,356.905
1,490.861
Fourth Quarter
1,548.926
1,464.095
1,535.511
2 0 1 8

First Quarter
1,610.706
1,463.793
1,529.427
Second Quarter
1,706.985
1,492.531
1,643.069
Third Quarter
1,740.753
1,653.132
1,696.571
Fourth Quarter
1,672.992
1,266.925
1,348.559
2 0 1 9

First Quarter
1,590.062
1,330.831
1,539.739
Second Quarter
1,614.976
1,465.487
1,566.572
Third Quarter (through September 30, 2019)
1,585.599
1,456.039
1,523.373

The "Russell 2000® Index" is a trademark of FTSE Russell. For more information, see "Russell 2000® Index" in the accompanying index supplement.

September 2019
Page 16
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Value of the Worst Performing of the Dow Jones Industrial AverageSM and the Russell 2000®
Index due October 3, 2024
Princ ipa l a t Risk Se c urit ie s
Additional Terms of the Securities

Please read this information in conjunction with the summary terms on the front cover of this document.

Addit iona l T e rm s:
If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall
control.
U nde rlying inde x publishe rs:
With respect to the INDU Index, S&P Dow Jones Indices LLC, or any successor thereof.
With respect to the RTY Index, FTSE Russell, or any successor thereof.
https://www.sec.gov/Archives/edgar/data/895421/000095010319013529/dp113943_424b2-ps2468.htm[10/3/2019 11:05:57 AM]

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