Obbligazione Morgan Stanley Financial 0% ( US61768D8J79 ) in USD

Emittente Morgan Stanley Financial
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US61768D8J79 ( in USD )
Tasso d'interesse 0%
Scadenza 03/06/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Morgan Stanley Finance US61768D8J79 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 250 000 USD
Cusip 61768D8J7
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata Morgan Stanley è una delle maggiori istituzioni finanziarie globali, operante in servizi di investment banking, gestione patrimoniale e trading.

The Obbligazione issued by Morgan Stanley Financial ( United States ) , in USD, with the ISIN code US61768D8J79, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 03/06/2022







424B2 1 dp108054_424b2-ps1915.htm FORM 424B2
CALCULATION OF REGISTRATION FEE



Maximum Aggregate

Amount of Registration
Title of Each Class of Securities Offered

Offering Price

Fee
Partial Principal at Risk Securities due 2022

$250,000

$30.30

May 2019
Pricing Supplement No. 1,915
Registration Statement Nos. 333-221595; 333-221595-01
Dated May 31, 2019
Filed pursuant to Rule 424(b)(2)
Morgan Stanley Finance LLC
STRUCTURED INVESTMENTS
Opportunities in International Equities
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index
Fully and Unconditionally Guaranteed by Morgan Stanley
Equity-Linked Partial Principal at Risk 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, provide
for a minimum payment amount of only 95% of principal at maturity and have the terms described in the accompanying product
supplement, index supplement and prospectus, as supplemented and modified by this document. At maturity, if the underlying
index has appreciated in value, investors will receive the stated principal amount of their investment plus 137% of the appreciation
of the underlying index from the initial index value to the final index value. However, if at maturity the underlying index has
depreciated in value, investors will lose 1% for every 1% decline of the final index value from the initial index value, subject to the
minimum payment amount. Investors may lose up to 5% of the stated principal amount of the securities. The
securities are for investors who are concerned about principal risk, but seek an equity index-based return, and who are willing to
risk 5% of their principal and to forgo current income in exchange for the repayment of at least 95% of the principal at maturity and
the opportunity to earn a return reflecting 137% of the appreciation of the underlying index from the initial index value to the final
index value. The securities are securities issued as part of MSFL's Series A Global Medium-Term Notes program.
All payments on the securities, including the payment of the minimum payment amount at maturity, are
subject to our credit risk. If we default on our obligations, you could lose some or all of your investment.
These securities are not secured obligations and you will not have any security interest in, or otherwise
have any access to, any underlying reference asset or assets.
FINAL TERMS
Issuer:
Morgan Stanley Finance LLC
Guarantor:
Morgan Stanley
Issue price:
$1,000 per security (see "Commissions and issue price" below)
Stated principal
amount:
$1,000 per security
Aggregate principal
amount:
$250,000
Pricing date:
May 31, 2019
Original issue date:
June 5, 2019 (3 business days after the pricing date)
Maturity date:
June 3, 2022
Interest:
None
Underlying index:
EURO STOXX 50® Index
Payment at maturity:
If the final index value is greater than the initial index value:
$1,000 + supplemental redemption amount
If the final index value is less than or equal to the initial index value:
$1,000 x (final index value / initial index value), subject to the minimum payment amount
Under these circumstances, the payment at maturity will be less than the stated principal
amount of $1,000 per security by an amount that is proportionate to the percentage decline of
the underlying index. However, under no circumstances will the payment due at maturity be
less than the minimum payment amount of $950 per security.
Supplemental
(i) $1,000 times (ii) the index percent change times (iii) the participation rate
https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


redemption amount:
Minimum payment
amount:
$950 per security (95% of the stated principal amount)
Participation rate:
137%
Index percent change:
(final index value ­ initial index value) / initial index value
Initial index value:
3,280.43, which is the index closing value on the pricing date
Final index value:
The index closing value on the determination date
Determination date:
May 31, 2022, subject to postponement for non-index business days and certain market disruption
events
CUSIP / ISIN:
61768D8J7 / US61768D8J79
Listing:
The securities will not be listed on any securities exchange.
Agent:
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."
Estimated value on
the pricing date:
$969.50 per security. See "Investment Summary" beginning on page 2.
Commissions and
issue price:
Price to public(1)
Agent's commissions(2)
Proceeds to us(3)
Per security
$1,000
$5
$995
Total
$250,000
$1,250
$248,750




(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 $995 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.
See "Supplemental information regarding plan of distribution; conflicts of interest." For additional information, see "Plan of Distribution (Conflicts of
Interest)" in the accompanying product supplement.
(3) See "Use of proceeds and hedging" on page 14.
The securities involve risks not associated with an investment in ordinary debt
securities. See "Risk Factors" beginning on page 6.
The Securities and Exchange Commission and state securities regulators have not approved or disapproved
these securities, or determined if this document or the accompanying product supplement, index
supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance
Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed
by, a bank.
You should read this document together with the related product supplement, index supplement and
prospectus, each of which can be accessed via the hyperlinks below. Please also see "Additional Terms of
the Securities" and "Additional Information About the Securities" at the end of this document.
As used in this document, "we," "us" and "our" refer to Morgan Stanley or MSFL, or Morgan Stanley and
MSFL collectively, as the context requires.
Product Supplement for Equity-Linked Partial Principal at Risk Securities dated November 16, 2017
Index Supplement dated November 16, 2017 Prospectus dated November 16, 2017



Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index
Investment Summary
Equity-Linked Partial Principal at Risk Securities

The Equity-Linked Partial Principal at Risk Securities due June 3, 2022 Based on the Performance of the EURO STOXX 50® Index
(the "securities") provide investors with an opportunity to receive a return reflecting 137% of the positive performance of the
underlying index while maintaining 1:1 downside exposure to any depreciation of the underlying index, subject to the minimum
payment amount at maturity of $950 per security.
https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


If the final index value is greater than the initial index value, the securities will pay the stated principal amount of $1,000 plus a
supplemental redemption amount. The supplemental redemption amount provides 137% upside participation (e.g., if the underlying
index appreciates 10% from the initial index value to the final index value, the investor receives 100% of principal plus 13.7% at
maturity) in the performance of the underlying index. If the final index value is equal to or less than the initial index value, the
payment at maturity per security will be equal to or less than the $1,000 principal amount of securities by an amount proportionate
to the decline in the underlying index as of the determination date, subject to the minimum payment amount of $950 per security.
The securities do not pay interest, and all payments on the securities, including the payment of the minimum payment amount at
maturity, are subject to our credit risk.

Maturity:
Approximately 3 years
Minimum payment amount:
$950 per security (95% of the stated principal amount). You could lose up to 5% of
the stated principal amount of the securities.
Participation rate:
137%
Interest:
None

May 2019
Page 2
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

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 $969.50.
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 index. The estimated value of the securities is determined using our own
pricing and valuation models, market inputs and assumptions relating to the underlying index, instruments based on the underlying
index, 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 minimum payment amount and the participation rate, 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 index, 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, 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 index, 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.

https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


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.

May 2019
Page 3
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

Key Investment Rationale
The securities offer 137% participation in the positive performance of the underlying index, while providing for a minimum
repayment of 95% of the stated principal amount if the securities are held to maturity, in exchange for forgoing current income and
interest. All payments on the securities, including the payment of the minimum payment amount at maturity, are subject to our
credit risk.

Minimum Payment
The securities provide for the minimum payment amount of 95% of principal if held to maturity.
Amount of 95% of
Principal at Maturity
Upside Scenario
The underlying index appreciates, and the securities return par plus 137% upside participation in
the appreciation of the underlying index.
Downside Scenario
The underlying index depreciates, and the securities redeem for less than the $1,000 stated
principal amount by an amount proportionate to the decline in the value of the underlying index,
subject to the minimum payment amount of $950 per security (95% of the stated principal amount).
May 2019
Page 4
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

How the Securities Work
Payoff Diagram
The payoff diagram below illustrates the payment at maturity on the securities, based on the following terms:

Stated principal amount:
$1,000 per security
Participation rate:
137%
Minimum payment amount
$950 per security (95% of the stated principal amount)

https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]



How it works
Upside Scenario. If the final index value is greater than the initial index value, investors would receive the $1,000 stated
principal amount plus 137% participation in the appreciation of the underlying index.

o If the underlying index appreciates 10%, investors would receive a 13.7% return, or $1,137 per security.
Par or Downside Scenario. If the final index value is less than or equal to the initial index value, investors would
receive an amount less than or equal to the $1,000 stated principal amount, based on a 1% loss of principal for each 1%
decline in the underlying index over the term of the securities, subject to the minimum payment amount of $950 per security.

o If the underlying index depreciates 1.50% from the initial index value to the final index value, investors would lose
1.50% of their principal and receive only $985 per security at maturity, or 98.50% of the stated principal amount.

o If the underlying index depreciates 50% from the initial index value to the final index value, investors would receive the
minimum payment amount of $950 per security at maturity, or 95% of the stated principal amount.

May 2019
Page 5
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

Risk Factors
The following is a 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. We
also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the
securities.
The securities do not pay interest and provide for a minimum payment amount of only 95% of principal.
The terms of the securities differ from those of ordinary debt securities in that the securities do not pay interest and provide for
a minimum payment amount of only 95% of principal at maturity. If the underlying index has depreciated over the term of the
https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


securities, the payout at maturity will be an amount in cash that is less than the $1,000 stated principal amount of each
security by an amount proportionate to the decrease in the value of the underlying index, subject to the minimum payment
amount of $950 per security (95% of the stated principal amount). You could lose up to 5% of your investment in the
securities.
The market price of the securities will 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 value of the underlying index at any
time, the volatility (frequency and magnitude of changes in value) of the underlying index, dividend rate on the stocks
underlying the index, interest and yield rates in the market, time remaining until the securities mature, geopolitical conditions
and economic, financial, political, regulatory or judicial events that affect the underlying index or equities markets generally and
which may affect the final index value of the underlying index and any actual or anticipated changes in our credit ratings or
credit spreads. The value of the underlying index may be, and has recently been, volatile, and we can give you no assurance
that the volatility will lessen. You may receive less, and possibly significantly less, than the stated principal amount per security
if you try to sell your securities prior to maturity.
There are risks associated with investments in securities linked to the value of foreign equity
securities. The securities are linked to the value of foreign equity securities. Investments in securities linked to the value of
foreign equity securities involve risks associated with the securities markets in those countries, including risks of volatility in
those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also,
there is generally less publicly available information about foreign companies than about U.S. companies that are subject to the
reporting requirements of the United States Securities and Exchange Commission, and foreign companies are subject to
accounting, auditing and financial reporting standards and requirements different from those applicable to U.S. reporting
companies. The prices of securities issued in foreign markets may be affected by political, economic, financial and social
factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency
exchange laws. Local securities markets may trade a small number of securities and may be unable to respond effectively to
increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the
economies in such countries may differ favorably or unfavorably from the economy in the United States in such respects as
growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment
positions
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 market value of the securities. 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.

May 2019
Page 6
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

As a finance subsidiary, MSFL has no independent operations and will 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.
The amount payable on the securities is not linked to the value of the underlying index at any time other
than the determination date. The final index value will be based on the index closing value on the determination date,
subject to postponement for non-index business days and certain market disruption events. Even if the value of the underlying
https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


index appreciates prior to the determination date but then drops by the determination date to be equal to or below the initial
index value, the payment at maturity will be less, and may be significantly less, than it would have been had the payment at
maturity been linked to the value of the underlying index prior to such drop. Although the actual value of the underlying index
on the stated maturity date or at other times during the term of the securities may be higher than the final index value, the
payment at maturity will be based solely on the index closing value on the determination date.
The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower
than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower
rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in
the original issue price reduce the economic terms of the securities, cause the estimated value of the
securities to be less than the original issue price and will adversely affect secondary market prices.
Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS &
Co., may be 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.
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 index, 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.

You cannot predict the future performance of the underlying index based on its historical performance.
The value of the underlying index may be, and has recently been, volatile, and we can give you no assurance that the volatility
will lessen. You cannot predict the future performance of the EURO STOXX 50® Index based on its historical performance.
See "EURO STOXX 50® Index Overview" below.
The estimated value of the securities is determined by reference to our pricing and valuation models,
which may differ from those of other dealers and is not a maximum or minimum secondary market price.
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

May 2019
Page 7
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

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 securities in the secondary
market (if any exists) at any time. The value of your securities at any time after the date of this pricing supplement 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 will be influenced by many unpredictable factors" above.

Adjustments to the underlying index could adversely affect the value of the securities. The publisher of the
underlying index can add, delete or substitute the stocks underlying the underlying index, and can make other methodological
changes required by certain events relating to the underlying stocks, such as stock dividends, stock splits, spin-offs, rights
offerings and extraordinary dividends, that could change the value of the underlying index. Any of these actions could adversely
affect the value of the securities. The publisher of the underlying index may also discontinue or suspend calculation or
publication of the underlying index at any time. In these circumstances, MS & Co., as the calculation agent, will have the sole
https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


discretion to substitute a successor index that is comparable to the discontinued 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 on the determination date, the final index value will be an amount calculated based on the prices
of the stocks underlying the discontinued index at the time of such discontinuance, without rebalancing or substitution,
computed by MS & Co, as calculation agent, in accordance with the formula for calculating the index closing value last in
effect prior to discontinuance of the index.
Investing in the securities is not equivalent to investing in the underlying index. Investing in the securities is
not equivalent to investing in the underlying index or its component stocks. 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 index.
The securities will 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.
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. 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. Because we do not expect that other broker-dealers will
participate significantly in the secondary market for the securities, the price at which you may be 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 calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make
determinations with respect to the securities. As calculation agent, MS & Co. has determined the initial index value,
will determine the final index value and will calculate the amount of cash you will receive at maturity. 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 value in the event of a discontinuance of the underlying index or a
market disruption event, may adversely affect the payout to you at maturity. For further information regarding these types of
determinations, see "Description of Equity-Linked Partial Principal at Risk Securities --Supplemental Redemption Amount," "--
Calculation Agent and Calculations," "--Alternate Exchange Calculation in the Case of an Event of Default" and "--
Discontinuance of Any Underlying Index; Alteration of Method of Calculation" 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

May 2019
Page 8
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

carry out, hedging activities related to the securities (and to other instruments linked to the underlying index or its component
stocks), including trading in the stocks that constitute the underlying index as well as in other instruments related to the
underlying index. 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 determination date
approaches. MS & Co. and some of our affiliates also trade the stocks that constitute the underlying index and other financial
instruments related to the underlying index 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, and, therefore,
could have increased the value at or above which the underlying index must close on the determination date so that investors
do not suffer a loss on their initial investment in the securities. Additionally, such hedging or trading activities during the term of
the securities, including on the determination date, could adversely affect the value of the underlying index on the
determination date, and, accordingly, the amount of cash an investor will receive at maturity.

https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]



May 2019
Page 9
Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

EURO STOXX 50® Index Overview

The EURO STOXX 50® Index was created by STOXX Limited, which is owned by Deutsche Börse AG and SIX Group AG.
Publication of the EURO STOXX 50® Index began on February 26, 1998, based on an initial index value of 1,000 at December 31,
1991. The EURO STOXX 50® Index is composed of 50 component stocks of market sector leaders from within the STOXX 600
Supersector Indices, which includes stocks selected from the Eurozone. The component stocks have a high degree of liquidity and
represent the largest companies across all market sectors. For additional information about the EURO STOXX 50® Index, see the
information set forth under "EURO STOXX 50® Index" in the accompanying index supplement.
Information as of market close on May 31, 2019:

Bloomberg Ticker Symbol:
SX5E
Current Index Value:
3,280.43
52 Weeks Ago:
3,406.65
52 Week High (on 7/27/2018):
3,527.18
52 Week Low (on 12/27/2018):
2,937.36
The following graph sets forth the daily closing values of the underlying index for the period from January 1, 2008 through May 31,
2019. The related table sets forth the published high and low closing values, as well as end-of-quarter closing values, of the
underlying index for each quarter in the same period. The closing value of the underlying index on May 31, 2019 was 3,280.43.
We obtained the information in the table and graph below from Bloomberg Financial Markets, without independent verification. The
underlying index has at times experienced periods of high volatility, and you should not take the historical values of the underlying
index as an indication of its future performance.

EURO STOXX 50® Index Historical Performance
Daily Closing Values
January 1, 2008 to May 31, 2019
May 2019
Page 10
https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


Morgan Stanley Finance LLC
Equity-Linked Partial Principal at Risk Securities due June 3, 2022
Based on the Performance of the EURO STOXX 50® Index

EURO STOXX 50® Index
High
Low
Period End
2008



First Quarter
4,339.23
3,431.82
3,628.06
Second Quarter
3,882.28
3,340.27
3,352.81
Third Quarter
3,445.66
3,000.83
3,038.20
Fourth Quarter
3,113.82
2,165.91
2,447.62
2009



First Quarter
2,578.43
1,809.98
2,071.13
Second Quarter
2,537.35
2,097.57
2,401.69
Third Quarter
2,899.12
2,281.47
2,872.63
Fourth Quarter
2,992.08
2,712.30
2,964.96
2010



First Quarter
3,017.85
2,631.64
2,931.16
Second Quarter
3,012.65
2,488.50
2,573.32
Third Quarter
2,827.27
2,507.83
2,747.90
Fourth Quarter
2,890.64
2,650.99
2,792.82
2011



First Quarter
3,068.00
2,721.24
2,910.91
Second Quarter
3,011.25
2,715.88
2,848.53
Third Quarter
2,875.67
1,995.01
2,179.66
Fourth Quarter
2,476.92
2,090.25
2,316.55
2012



First Quarter
2,608.42
2,286.45
2,477.28
Second Quarter
2,501.18
2,068.66
2,264.72
Third Quarter
2,594.56
2,151.54
2,454.26
Fourth Quarter
2,659.95
2,427.32
2,635.93
2013



First Quarter
2,749.27
2,570.52
2,624.02
Second Quarter
2,835.87
2,511.83
2,602.59
Third Quarter
2,936.20
2,570.76
2,893.15
Fourth Quarter
3,111.37
2,902.12
3,109.00
2014



First Quarter
3,172.43
2,962.49
3,161.60
Second Quarter
3,314.80
3,091.52
3,228.24
Third Quarter
3,289.75
3,006.83
3,225.93
Fourth Quarter
3,277.38
2,874.65
3,146.43
2015



First Quarter
3,731.35
3,007.91
3,697.38
Second Quarter
3,828.78
3,424.30
3,424.30
Third Quarter
3,686.58
3,019.34
3,100.67
Fourth Quarter
3,506.45
3,069.05
3,267.52
2016



First Quarter
3,178.01
2,680.35
3,004.93
Second Quarter
3,151.69
2,697.44
2,864.74
Third Quarter
3,091.66
2,761.37
3,002.24
Fourth Quarter
3,290.52
2,954.53
3,290.52
2017



First Quarter
3,500.93
3,230.68
3,500.93
Second Quarter
3,658.79
3,409.78
3,441.88
Third Quarter
3,594.85
3,388.22
3,594.85
Fourth Quarter
3,697.40
3,503.96
3,503.96
2018



https://www.sec.gov/Archives/edgar/data/895421/000095010319007608/dp108054_424b2-ps1915.htm[6/4/2019 4:29:23 PM]


Document Outline