New Issue: Morgan Stanley sells $21.27 million trigger callable yield notes on MSCI EM, Russell

Chicago, July 21 – Morgan Stanley Finance LLC priced $21.27 million of 6.01% trigger callable yield notes due Oct. 20, 2022 linked to the MSCI Emerging Markets index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par on any coupon payment date after three months.

The payout at maturity will be par unless the least-performing index finishes below its 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the least-performing index.

The notes are guaranteed by Morgan Stanley.

UBS Financial Services Inc. and Morgan Stanley & Co. Inc. are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger callable yield notes
Underlying indexes:	MSCI Emerging Markets and Russell 2000
Amount:	$21,274,200
Maturity:	Oct. 20, 2022
Coupon:	6.01% per year, payable monthly
Price:	Par
Payout at maturity:	Par unless least-performing index finishes below downside threshold, in which case 1% loss for each 1% decline of least-performing index
Call option:	At par on any monthly coupon date after three months
Initial levels:	1,348.48 for MSCI EM, 2,190.293 for Russell
Downside threshold levels:	809.09 for MSCI EM, 1,314.176 for Russell; 60% of initial levels
Pricing date:	July 15
Settlement date:	July 20
Agents:	UBS Financial Services Inc. and Morgan Stanley & Co. Inc.
Fees:	0%
Cusip:	61772Y442

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