New Issue: Morgan Stanley sells $504,000 13.1% contingent income buffered autocallables on ETFs

Chicago, April 19 – Morgan Stanley Finance LLC priced $504,000 of contingent income buffered autocallable securities due Oct. 27, 2025 linked to the worst performing of the SPDR S&P Biotech ETF, VanEck Gold Miners ETF and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 13.1%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.

The securities will be called automatically starting July 22, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date.

At maturity the payout will be par unless either fund declines by more than its 20% buffer in which case investors will be exposed to the decline of the worst performing fund beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income buffered autocallable securities
Underlying ETFs:	SPDR S&P Biotech ETF, VanEck Gold Miners ETF and SPDR S&P Regional Banking ETF
Amount:	$504,000
Maturity:	Oct. 27, 2025
Coupon:	13.1% annual rate, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
Price:	Par
Payout at maturity:	Par if the worst performing fund gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performing fund beyond the buffer
Call:	Automatically starting July 22, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date
Initial levels:	$27.60 for gold, $52.16 for banking, $89.01 for biotech
Coupon barriers:	$19.32 for gold, $36.512 for banking, $62.307 for biotech, 70% of initial levels
Buffer level:	$22.08 for gold, $41.728 for banking, $71.208 for biotech, 80% of initial levels
Buffer:	20%
Pricing date:	Jan. 22
Settlement date:	Jan. 25
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61771WPY8

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