This is a 6 year autocall paying in Sterlings issued by Morgan Stanley linked to the performance of Anglo American PLC, BAE Systems PLC, HSBC Holdings PLC, International Consolidated Airlines Group SA and Marks and Spencer Group PLC between 04/25/2014 and 04/27/2020. Although the latest maturity date is 04/27/2020, the product will be monitored at quarterly periods. The product will mature early if at any quarterly date, from period 4, the worst performing underlying is at or above 85% of its initial level (at the relevant date). In which case, the product will repay the initial investment plus a coupon of 15.5%, 19.38%, 23.25%, 27.12%, ... ,81.38%, 85.25% and 89.12% (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 93% so long as the worst performing underlying is at or above 50%. 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