New Issue: Morgan Stanley prices $250,000 fixed-rate step-up callable notes on 2.5% start rate

Chicago, Sept. 21 – Morgan Stanley Finance LLC priced $250,000 of fixed-rate step-up callable notes due Jan. 31, 2034, according to a 424B2 with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The coupon is initially 2.5%. It will step up to 2.75% on Jan. 31, 2028, to 3% on Jan. 31, 2030 and 3.25% on Jan. 31, 2032. Interest is payable semiannually.

The notes will be callable each Jan. 31, starting Jan. 31, 2024.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent with Morgan Stanley Wealth Management is a selected dealer.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed-rate step-up callable notes
Amount:	$250,000
Maturity:	Jan. 31, 2034
Coupon:	2.5%, stepping up to 2.75% on Jan. 31, 2028, to 3% on Jan. 31, 2030 and 3.25% on Jan. 31, 2032; payable semiannually
Call option:	At par each Jan. 31, starting on Jan. 31, 2024
Price:	Par
Payout at maturity:	Par
Pricing date:	Jan. 27
Settlement date:	Jan. 31
Agent:	Morgan Stanley & Co. LLC
Dealer:	Morgan Stanley Wealth Management
Fees:	1.7%
Cusip:	61766YHS3

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