<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Wednesday, April 19, 2017 4:22 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: " 1' NEW ISSUE CORPORATE: MORGAN STANLEY ( MS ) ***</td></tr></table>

if you are interested current rate of 3 month libor (1.16) + =30 = 2.46% please advise thank you

Richard =ahn

HBRK Associates Inc.

Begin forwarded message:

From: =/b>"Barrett, Paul S" <█████████████████████████████>

Subject: =/b>RE: *** NEW ISSUE =ORPORATE: MORGAN STANLEY ( MS ) ***

Date: =/b>April 19, 2017 at 12:02:05 PM =DT

To: =/b>Richard Kahn <███████████████████████████████████████████████████>

I think it's fine...nothi=g very exciting. Part of their TIAC program. Makes sense for a smallish =verall allocation to floating rate securities.

Paul Barrett I Managing Director I Global Investment =pportunities Group

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From: Richard Kahn
Sent: Wednesday, April 19, 2017 11:24 AM
To: Barrett, Paul S
Subject: Fwd: *** NEW ISSUE CORPORATE: MORGAN STANLEY = MS ) ***

nice seeing you yesterday

any thoughts?

Richard=Kahn
HBRK Associates Inc.

Begin forwarded message:

From: "Atlas, Andrew S"

Subject: *** NEW ISSUE CORPORATE: MORGAN STANLEY ( MS ) =**

Date: April 19, 2017 at 10:39:49 AM EDT

To: "Richard Kahn

Hey Rich,

Morgan Stanley is also pricing a MS new issue 7yr =loater today.

Initial price talk is 3 =onth LIBOR + 130bps.

Comparable issues trade at 3 Month LIBOR + 110bps. =o:p class="">

Issuer/Ticker Morgan =tanley ( MS )

Issuer =atings Moody's: A3/Stable/

S&P: BBB+/Stable/

Fitch: A/Stable/

Format SEC Registered

Ranking = Sr Unsecured Note

Total =ize &nbs=; Benchmark Tenor 7 Year Coupon =ype Floating Tranche =urrency =USD Optional =edemption The Issuer may, at its option, redeem the =otes, in whole but not in part, on May 08,

2023

Maturity =ate May 08, 2024

Use of Proceeds =nbsp; &nrsp; General Corporate Purposes

Denominations 1,000 x 1,000

Timing Today's =usiness

Let me know if you have any =uestions.

Thanks again,

Andrew

Andrew S. Atlas

First Vice President

Equity Sales/Middle Markets Group

Financial Advisor

Morgan Stanley Wealth Management

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