New Issue: Morgan Stanley sells $600,000 autocallable notes with upside participation on Russell

Chicago, Feb. 11 – Morgan Stanley Finance LLC priced $600,000 of 0% autocallable securities with upside participation feature at maturity due May 30, 2028 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will be called at par plus an 11.15% annualized premium if the index closes at or above its initial level on any annual call valuation date.

If the notes are not called prior to maturity and the index has not declined, the payout at maturity will be par plus the greater of 25% or the index return. If the index falls by up to 25% of its initial level, the payout will be par. Otherwise, investors will be fully exposed to any losses of the index.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Autocallable securities with upside participation feature at maturity
Underlying index:	Russell 2000 index
Amount:	$600,000
Maturity:	May 30, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus greater of index return and 25%; par if index declines by up to 25%; otherwise, 1% loss for every 1% decline from initial level
Call:	At par plus 11.15% annualized premium if index closes at or above initial level on any annual call valuation date
Initial level:	1,767
Barrier level:	1,325.25, 75% of initial level
Pricing date:	May 24, 2023
Settlement date:	May 30, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	2.35%
Cusip:	61774X3H4

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