New Issue: Morgan Stanley sells $2.01 million contingent income autocalls on indexes, ETF

Chicago, May 3 – Morgan Stanley Finance LLC priced $2.01 million of contingent income autocallable securities due March 22, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the SPDR S&P biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If each underlier closes at or above its coupon threshold level, 70% of its initial level, on a monthly determination date, the notes will pay a contingent payment that period at an annualized rate of 8%.

The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any quarterly determination date after six months.

If each underlier finishes at or above its 60% downside threshold level, the payout at maturity will be par plus any final contingent coupon. Otherwise, investors will have full exposure to the performance of the least-performing underlier.

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
Underliers:	Nasdaq-100 index, Russell 2000 index and the SPDR S&P biotech ETF
Amount:	$2,012,000
Maturity:	March 22, 2024
Coupon:	8% per year, payable monthly if each underlier closes at or above coupon threshold level on determination date for that period
Price:	Par
Payout at maturity:	If each underlier finishes at or above its downside threshold level, par plus the final contingent coupon if due; otherwise, investors will have full exposure to the performance of the least-performing underlier
Call:	At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date after six months
Initial levels:	2,287.545 for Russell, 12,866.99 for Nasdaq, $145.07 for S&P fund
Coupon threshold levels:	1,601.282 for Russell, 9,006.893 for Nasdaq, $101.549 for S&P fund, 70% of initial levels
Downside threshold levels:	1,372.527 for Russell, 7,720.194 for Nasdaq, $87.042 for S&P fund, 60% of initial levels
Pricing date:	March 19
Settlement date:	March 24
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5%
Cusip:	61771VLS7

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