New Issue: Morgan Stanley prices $2.94 million contingent income autocalls on indexes, Dow ETF

Chicago, March 27 – Morgan Stanley Finance LLC priced $2.94 million of contingent income autocallable securities due March 21, 2022 linked to the least performing of the SPDR Dow Jones industrial average ETF trust, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Each quarter, the notes will pay a contingent coupon at the rate of 15% per year if each underlier closes at or above its coupon barrier level, 60.75% of its initial level, on the determination date for that quarter.

The notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.

The payout at maturity will be par plus any coupon due unless any underlier finishes below its 60.75% downside threshold, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying underliers:	SPDR Dow Jones industrial average ETF trust, Nasdaq-100 and Russell 2000
Amount:	$2,937,000
Maturity:	March 21, 2022
Coupon:	15% per year, payable quarterly if each underlier closes at or above barrier level on determination date for that quarter
Price:	Par
Payout at maturity:	Par plus any coupon due unless any underlier finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level
Call:	Automatically at par if each underlier closes at or above initial level on any quarterly determination date
Initial underlier levels:	1,037.416 for Russell, $202.49 for Dow, 7,020.377 for Nasdaq
Coupon barrier levels:	630.230 for Russell, $123.013 for Dow, 4,264.879 for Nasdaq; 60.75% of initial levels
Downside thresholds:	630.230 for Russell, $123.013 for Dow, 4,264.879 for Nasdaq; 60.75% of initial levels
Pricing date:	March 16
Settlement date:	March 20
Agent:	Morgan Stanley & Co. LLC
Fees:	1.75%
Cusip:	61770FUP9

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