<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, February 22, 2016 5:58 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: **Revised Guidance: 6.00%** New Issue $25 Par: eBay Inc. (EBAY) $25 Par Senior
Unsecured Notes</td></tr></table>

2 mil

On Mon, Feb 22, 2016 at 6:33 PM, Richard Kahn wrote:

please advise
thank you

Richard Kahn
HBRK Associates Inc.

New York, NY 10022
████████████████████████████████████████████████

Begin forwarded message:

<=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From:

Subject: Revise= Guidance: 6.00%** New Issue $25 Par: eBay Inc. (EBAY) $25 Par Senior Unse=ured

Notes

Oat=: February 22, 2016 at 11:58:50 AM EST

Rich,

The =uidance on the EBAY offering was revised and now looking 6%.=/span>

Guess demand is =trong.

Best,
AA

Andrew S. Atla=
First Vice President
Equity Sales/Mi=dle Markets Group=C2=/p>
F=nancial Advisor

Morgan Stanley=Wealth Management
1290 Avenue of the Americas, 12th Floor | New York, NY 10104

## NMLS ID # 1326736

From: 
Sent: Monday, February 22, 2016 10:09 AM
To: Richard Kahn (richardkahn12@gmail.com <mailto:richardkahn12@gmail.com>)
Subject: New Issue $25 Par: eBay Inc. (EBAY) $25 Par Senior Unsecure= Notes; 6.125% - 6.25%

Good Morning Rich,<=> 

New Issue $25 Par Preferred that I wanted to show Southern Trust Comp=ny.

Details:

$25 Par New Issue Syndicate Offering:

eBay Inc. (EBAY)<=>

## NMLS ID # 1326736 (cont.)

Issuer: =C2 eBay Inc. (Ticker: EBAY)

Securities Offered: =C2 =A0 Senior unsecured notes

Size: =C2 =A0 $250mm (10mm $25 par securities)

Expected Ratings: =C2 =A0 =C2 Baa1 / BBB+

Maturity: =A0 =C2 February 1, 2056</=>

Pr=ce Guidance: =C2 =A0 6.125% - 6.25%

Offer Price: =A0 =C2 $25.00

Payment Dates: =A0 =C2 The 1st =f February, May, August and November beginning on 5/1/2016.<=p>

R=demption: =A0 Callable at the i=suer’s option on or after 3/xx/2021.

Change of Contro=: =C2 =A0 Upon a Triggering Event (as defined) with respect to the notes, t=e issuer may be required to offer to purchase the notes from the holders (=ee red).

Use of Proceeds: =C2 =A0 General corporate=purposes, which may include capital expenditures, share repurchases,=repayment of indebtedness and possible acquisitions.

DRD/QDI =ligible: =C2 =A0 No

Subject to US Tax Withholding f=r NRA Clients: =C2 Generally No*

<= class="MsoNormal" style="margin-bottom:10.0pt;line-height:115%">Expec=ed Listing: =A0 =C2 Nasdaq

Timing: =A0 Today=E2=80=99s Business

Please call with any questions.</=>

Best,

=ndrew

Andrew S. Atlas<=>

First Vice President

<=pan style="font-size:10.0ptcolor:14004080">Equity Sales/Middle Mark=ts Group

Financial Advisor=u>

## NMLS ID # 1326736 (cont.)

## Morgan Stanley=Wealth Management

1290 Avenue of the Americas, 12th Floor I New York, NY 10104

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