New Issue: Morgan Stanley prices $2.07 million callable contingent income securities on index, ETFs

New York, April 23 – Morgan Stanley Finance LLC priced $2.07 million of callable contingent income securities due Jan. 22, 2029 linked to the Energy Select Sector SPDR Fund, the SPDR S&P Regional Banking ETF and the Nasdaq-100 Technology Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 14%, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date.

The securities may be called at par on any quarterly call date starting April 22, 2025.

At maturity, the payout will be par unless the worst performing asset finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performing asset.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Callable contingent income securities
Underlying assets:	Energy Select Sector SPDR Fund, SPDR S&P Regional Banking ETF and Nasdaq-100 Technology Sector index
Amount:	$2,067,000
Maturity:	Jan. 22, 2029
Coupon:	14%, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date
Price:	Par
Payout at maturity:	Par unless the worst performing asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing asset
Call option:	At par on any quarterly call date starting April 22, 2025
Initial levels:	$45.83 for SPDR S&P Regional Banking ETF, 9,816.78 for Nasdaq-100 Technology Sector, $94.13 for Energy Select Sector SPDR Fund
Downside thresholds:	$27.498 for SPDR S&P Regional Banking ETF, 5,890.068 for Nasdaq-100 Technology Sector, $56.478 for Energy Select Sector SPDR Fund, 60% of initial levels
Coupon barriers:	$34.373 for SPDR S&P Regional Banking ETF, 7,362.585 for Nasdaq-100 Technology Sector, $70.598 for Energy Select Sector SPDR Fund, 75% of initial levels
Pricing date:	April 17
Settlement date:	April 22
Agent:	Morgan Stanley & Co. LLC
Fees:	3.25%
Cusip:	61776LQK6

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