New Issue: Morgan Stanley prices $2.73 million 12.2% worst of fixed coupon RevCons on stocks

New York, April 30 – Morgan Stanley Finance LLC priced $2.73 million of worst of fixed coupon RevCons due April 27, 2026 linked to the common stocks of American Tower Corp., Air Products and Chemicals, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 12.2%, paid quarterly.

If the worst performing stock finishes at or above the 70% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines from its initial level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst of fixed coupon RevCons
Underlying stocks:	American Tower Corp., Air Products and Chemicals, Inc. and UnitedHealth Group Inc.
Amount:	$2,733,000
Maturity:	April 27, 2026
Coupon:	12.2%, paid quarterly
Price:	Par
Payout at maturity:	If worst performing stock finishes at or above its downside threshold level, par; otherwise, 1% loss for every 1% that worst performing stock declines if it finishes below its downside threshold level
Initial levels:	$172.30 for American Tower, $234.36 for Air Products and Chemicals, $491.23 for UnitedHealth Group
Downside thresholds:	$120.61 for American Tower, $164.052 for Air Products and Chemicals, $343.861 for UnitedHealth Group, 70% of initial levels
Pricing date:	April 24
Settlement date:	April 29
Agent:	Morgan Stanley & Co. LLC
Fees:	1.25%
Cusip:	61776LD61

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