The Final Terms relating to each issue of Unitary Warrants will contain (without limitation) such of the following information as is applicable in respect of such Unitary Warrants. All references to numbered conditions are to the terms and conditions of the Unitary Warrants set out in Schedule 3 of the Agency Agreement (as defined in the Unitary Warrant Conditions) and reproduced in the Base Prospectus and words and expressions defined in those terms and conditions shall have the same meaning in the applicable Unitary Warrant Final Terms. MORGAN STANLEY ASIA PRODUCTS LIMITED (incorporated with limited liability in the Cayman Islands) Guaranteed by (incorporated in Delaware, U.S.A.) Warrant Programme The Warrants and the Guarantee have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act), or the securities laws of any state in the United States. The Issuer may offer, sell or deliver Warrants only (a) to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) reasonably believed by the Issuer to be qualified institutional buyers (each a QIB) as defined in Rule 144A under the Securities Act (Rule 144A) that are also “qualified purchasers” (QPs) within the meaning of Section 3(c)(7) (Section 3(c)(7)) and as defined in Section 2(a)(51)(A) of the United States Investment Company Act of 1940, as amended (the 1940 Act) or (b) outside the United States to, or for the account or benefit of, a purchaser that is not a U.S. person in an offshore transaction in compliance with Regulation S under the Securities Act. Each purchaser of Warrants being offered to, or for the account or benefit of a U.S. person is hereby notified that the offer and sale of such Warrants is being made in reliance upon an exemption from the registration requirements of the Securities Act. The Warrants are eligible for purchase by Plans (as defined herein) subject to certain conditions. See “ERISA Considerations for Unitary Warrants” herein. 3,200,000 American Style Unitary Cash Settled Call Warrants due 31 August 2018 linked to a basket of local ordinary shares listed on The National Stock Exchange of India Limited and the BSE Limited This document constitutes the Final Terms relating to the issue of Unitary Warrants described herein. This document constitutes final terms for the purposes of Article 5.4 of Directive 2003/71/EC, as amended (the Prospectus Directive). Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 23 September 2015 approved by the Central Bank of Ireland on 23 September 2015 (as supplemented from time to time, the Base Prospectus). These Final Terms contain the final terms of the Unitary Warrants and must be read in conjunction with such Base Prospectus in order to obtain full information on the Issuer and the Unitary Warrants themselves. Copies of such Base Prospectus are available free of charge to the public during normal business hours at the registered office of the Issuer and from the specified office of the Irish Agent or may be downloaded free of charge from http://www.ise.ie/app/DeptSecurityDocuments.aspx?progID=121&FIELDSORT=docId. Save as disclosed in “Offering and Sale”, so far as the Issuer is aware, no person involved in the offer of the Unitary Warrants has an interest material to the offer. All purchasers of the Warrants must provide certain representations to the Dealer in the form of the Master Purchaser Certificate set out as the Appendix attached to the Unitary Warrant Conditions set out in the Base Prospectus. References herein to numbered Conditions are to the Terms and Conditions of the Unitary Warrants and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms, save as where otherwise expressly provided. Part A - Information about the Warrants 1.(a) The series number of the Warrants; I2432 1.(b) Whether or not the Warrants are to be consolidated No and form a single series with the warrants of an existing series; 2. Whether the Warrants are Share Warrants or Index Basket of Shares relating to the local ordinary Warrants or a Basket; shares of Basket Companies listed on the National Stock Exchange of India Limited (NSE) and The BSE Limited (BSE) (the Shares) (the Shares) with the Bloomberg Code MSFLCIN5 (the Basket). The issuer of the local ordinary shares comprising the Basket, shall each be referred to as a “Basket Company” and together as the “Basket Companies”. The Basket Companies comprising the basket are: Ticker Name % Index Weight ACC LTD. acc.ns 0.51121736 APOLLO HOSPITALS aplh.ns ENTERPRISE LIMITED 0.6900867 AUROBINDO PHARMA arbn.ns LTD. 1.41284664 ASHOK LEYLAND LTD. asok.ns 0.67612151 ASIAN PAINTS LTD. aspn.ns 2.21607127 AXIS BANK LTD. axbk.ns 6.63292947 BHARAT FORGE LTD. bfrg.ns 0.60521274 BHARTI INFRATEL bhri.ns LIMITED 1.3195257 BOSCH LTD. bosh.ns 1.25241574 BHARAT PETROLEUM bpcl.ns CORPORATION LTD. 1.06382341 BHARTI AIRTEL LTD. brti.ns 2.22820721 CAIRN INDIA LTD. cail.ns 0.61992 DABUR INDIA LTD. dabu.ns 1.04404647 DIVIS LABORATORIES divi.ns LTD. 0.70315014 GLAXOSMITHKLINE CONSUMER glsm.ns HEALTHCARE LIMITED 0.42565508 GODREJ CONSUMER gocp.ns PRODUCTS LTD. 1.24916559 HINDALCO halc.ns INDUSTRIES LTD. 1.21935116 HCL TECHNOLOGIES hclt.ns LTD. 2.9338183 HOUSING DEVELOPMENT FINANCE hdfc.ns CORPORATION LTD. 14.0429382 HINDUSTAN hll.ns UNILEVER LTD. 4.03375131 HERO MOTOCORP LTD. hrom.ns 1.16640197 ICICI BANK LTD. icbk.ns 1.90254916 INFOSYS LTD. infy.ns 12.8450933 MAHINDRA & mahm.ns MAHINDRA LTD. 3.59548673 MAHINDRA & MAHINDRA FINANCIAL SERVICES mmfs.ns LTD. 0.66024536 NESTLE INDIA nest.ns LIMITED 1.03979714 PIRAMAL pira.ns ENTERPRISES LIMITED 0.9864974 DR. REDDYS redy.ns LABORATORIES LTD. 2.44365585 RELIANCE reli.ns INDUSTRIES LTD. 9.28953586 shcm.ns SHREE CEMENT LTD. 0.96359799 SIEMENS LTD. siem.ns 0.61099553 TATA MOTORS tamDV.ns LIMITED 0.8702803 TATA MOTORS LTD. tamo.ns 5.6193231 TATA CONSULTANCY tcs.ns SERVICES LTD. 8.08370849 TECH MAHINDRA LTD. teml.ns 0.72451142 TATA STEEL LTD. tisc.ns 0.76415281 UPL LIMITED upll.ns 1.52263957 WIPRO LTD. wipr.ns 2.03127404 3. Launch Date; 31 August 2016 4. The Issue Date of the Warrants; 7 September 2016 5. Whether the Warrants are American Style Warrants American Style Warrants or European Style Warrants; 6. Whether the Warrants are Call Warrants or Put Call Warrants Warrants; 7. Whether the Warrants are Global Warrants or Global Warrants exchangeable into Definitive Definitive Warrants; Warrants in registered form in limited circumstances as set out in the Conditions 8.(a) If the Warrants are Share Warrants, whether the Market Access Warrants Warrants are Outperformance Warrants or Market Access Warrants; 8.(b) If the Warrants are Outperformance Warrants, Not applicable whether Upfront Discount is applicable, and if so, Upfront Discount (as a percentage); 8.(c) If the Warrants are Outperformance Warrants, Not applicable whether Daily Accrual is applicable, and if so, the Daily Accrual Rate (as a percentage) (except where Rerate is also applicable, in which case, please see paragraph 8.(d)(i)); 8.(d) If the Warrants are Outperformance Warrants, and Not applicable Upfront Discount or Daily Accrual is applicable, the Commission Rate (as a percentage); 8.(d)(i) If the Warrants are Outperformance Warrants, Not applicable whether Daily Accrual and Rerate are applicable, and if so, the Daily Accrual Rate (as a percentage) in respect of the First Period; 8.(d)(ii) If the Warrants are Outperformance Warrants, Daily Not applicable Accrual and Rerate are applicable, the Rerate Date; 8.(d)(iii) If Rerate is applicable, Default Adjusted Rate (as a Not applicable percentage); 8.(e) If the Warrants are Outperformance Warrants, Not applicable whether Variable Daily Accrual is applicable, and if so, the Variable Daily Accrual Rate (as a percentage); 9. The number of Warrants being issued; 3,200,000 10.(a) The Issue Price per Warrant (which may be subject United States Dollars (USD), 15.645 being the to adjustment in accordance with Condition 17 or 18 Issuer’s weighted average execution price (in the in the case of Index Warrants and Share Warrants, Underlying Currency) of the Shares converted into respectively); the Settlement Currency at the Exchange Rate. 10.(b) Currency in which Warrants are to be denominated USD and traded; 11. The Strike Price per Warrant (which may be subject USD0.00001 to adjustment in accordance with Condition 17 or 18 in the case of Index Warrants and Share Warrants, respectively); 12. The Relevant Jurisdiction of the Warrants; India 13.(a) If Warrantholder Break Fee is applicable, and if so, Not applicable the Warrantholder Break Fee Rate and if the Warrantholder Break Fee Rate is Flat or Amortised; 13.(b) If Warrantholder Break Fee Rate is Amortised and Not applicable Day Count Fraction is applicable, the start date and end date over which Day Count Fraction applies; 14. The Settlement Price per Warrant (which may be As defined in Condition 19 subject to adjustment in accordance with Condition 17 or 18 in the case of Index Warrants and Share Warrants, respectively); (NB: This must be expressed as a monetary amount in respect of Index Warrants); 15. The Interim Payment Amount; As defined in Condition 19 16. The Applicable Cash Dividend Amount; As defined in Condition 19 17.(a) If the Warrants are Index Warrants, whether Not applicable Commissions applies and if so, the Commissions (as a percentage); 17.(b) If the Warrants are Index Warrants, whether Not applicable Outperformance is applicable, and if so, if Outperformance Average, Outperformance Initial or Outperformance Final is applicable and the Outperformance Rate (as a percentage); 18.(a) The Cash Settlement Amount per Warrant; As specified in Condition 3(b) 18.(b) Whether a Management Fee is applicable, and if so Not applicable the Management Fee Rate (as a percentage); 19.