This is a 6 year autocall paying in Sterlings issued by Morgan Stanley linked to the performance of Barclays PLC, GlaxoSmithKline PLC and Vodafone Group PLC between 7/4/2014 and 7/6/2020. Although the latest maturity date is 7/6/2020, the product will be monitored at annual periods. The product will mature early if at any annual date, from period 1, the worst performing underlying is at or above 100% of its initial level (at the relevant date). In which case, the product will repay the initial investment plus a coupon of 34.5%, 69%, 103.5%, 138% and 172.5% (at the relevant date when the autocall is triggered). If the product runs to maturity, the product will repay the initial investment plus a coupon of 207% so long as the worst performing underlying is at or above 100%. If the European protection barrier of 50% has not been breached, the nominal value will be paid, otherwise the product will repay the initial investment less any negative worst performing underlying measured over the term of the product