New Issue: Morgan Stanley sells $2.37 million 10% contingent income autocallables on indexes

Chicago, July 28 – Morgan Stanley Finance LLC priced $2.37 million of contingent income autocallable securities due July 24, 2025 linked to the worst performing of the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 10%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.

The securities will be called automatically starting Jan. 22, 2024 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date.

At maturity the payout will be par unless the worst performing index closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing index.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying indexes:	Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
Amount:	$2,372,000
Maturity:	July 24, 2025
Coupon:	10% annual rate, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
Price:	Par
Payout at maturity:	Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing index
Call:	Automatically starting Jan. 22, 2024 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date
Initial levels:	35,227.69 for Dow, 15,425.67 for Nasdaq, 1,960.255 for Russell
Coupon barriers:	28,182.152 for Dow, 12,340.536 for Nasdaq, 1,568.204 for Russell, 80% of initial levels
Downside thresholds:	24,659.383 for Dow, 10,797.969 for Nasdaq, 1,372.179 for Russell, 70% of initial levels
Pricing date:	July 21
Settlement date:	July 26
Agent:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61775HMJ3

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