$21,302,000 Contingent Income Auto-Callable Securities All Payments on the Securities Based on the Worst Performing of the Dow Jones Industrial Average SM , the NASDAQ-100 Index and the SPDR S&P Regional Banking ETF due October 31, 2023, priced on October 28, 2021, were issued by Morgan Stanley Finance LLC. The pricing supplement for this note (CUSIP: 61773F7E7) can be found here.

The notes had a $1,000 face value and paid a quarterly coupon of $27.025, so long as the notes had not been called and SPDR S&P Regional Banking ETF, NASDAQ-100 Index and Dow Jones Industrial Average Index all closed above 75% of their October 28, 2021 closing prices on a determination date. If SPDR S&P Regional Banking ETF, NASDAQ-100 Index and Dow Jones Industrial Average Index closed below 75% of their October 28, 2021 closing prices on a determination date, the notes did not pay a coupon.

If not previously called, at maturity, the notes returned $1,000 in principal if SPDR S&P Regional Banking ETF, NASDAQ-100 Index and Dow Jones Industrial Average Index all closed on the final determination date on October 26, 2023 and above 75% of their October 28, 2021 closing prices. If on October 26, 2023 SPDR S&P Regional Banking ETF, NASDAQ-100 Index and Dow Jones Industrial Average Index closed below 75% of their October 28, 2021 closing prices, the notes paid reduced principal euqal to $1,000 multiplied by the lowest ratio of SPDR S&P Regional Banking ETF, NASDAQ-100 Index and Dow Jones Industrial Average Index October 26, 2023 closing prices to their October 28, 2021 closing prices.

The notes have matured. They paid three coupons totaling $108.100 and $558.26 repayment per $1,000 note. Investors thus suffered capital losses of $441.74 and net losses of $333.64.^† In the aggregate, investors in this note suffered $9,410,005 in capital losses and $7,107,259 in net losses. See Table 1 and Figure 1.

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† SLCG estimated these losses based on publicly available information. The issuer ultimately determines the amounts paid which may differ from our estimates. Our reference to capital loss and net loss does not imply SLCG's view of how these losses are treated for tax purposes.

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SLCG Economic Consulting, LLC

For almost a quarter of a century, SLCG Economic Consulting, LLC ("SLCG") has been delivering consulting services to individuals, businesses, and both state and federal agencies, primarily focusing on finance and economics. The team at SLCG comprises experts with extensive academic and governmental backgrounds who actively engage in research that is often suitable for publication.

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