From: jeffrey E. <jeevacation@gmail.com>
Sent: Thursday, March 12, 2015 3:15 PM
To: Richard Kahn
Subject: Re: MS Pfd

ask sabba

On Thu, Mar 12, 2015 at 10:17 AM, Richard Kahn <████████████████████████████████████████████████████████████> >
wrote:

attached is a preferred new iss=e if you are interested please advise

Richard Kahn
HBRK Associates Inc.

New York, NY 10022
tel
fax
cell

Begin forwarded message:

<u><=iv</u> <u>style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From:</u> "Atla=, Andrew
S" >>

To: "Richard <u>Ka=n</u> >)"

Subject: MS Pfd
Date: March 12, 2015 at 10:15:28 AM EDT
Hey Rich,
Here is a new=issue preferred coming today.

1

<=u>
Any questions give me a call.=/u>

Best,
Andrew </=>

Issuer:
Morgan Stanley {ticker: MS }

Securities Offered:<=>
Depositary sha=es each representing1/25th of a share of Fixed-to-Floating Rate Non-Cumula=ive Preferred Stock, Series J
=A0

Size:<=p> $ Benchmark

Expected Ratings:=/u>
Ba3 / BB / BB (Moody’s / S&P / Fitch)<=>

Format:
SEC Registered

Maturity:<=u>
Perpetual

Price Guidance:</=>
5.75% area to, but excluding, July 15, 2020 and thereaft=r at a floating rate per annum equal to the 3-month U.S. dollar LIBOR=plus [ ]%

Offer Price:<=>
$1,000 per depositary share

Dividends: <u>

When, as and i= declared on a non-cumulative basis, semiannually in arrears on the 1=th day of January and July, commencing on July 15, 2015 until 7/15/20 =A0and then quarterly on the 15th of each January, April, July and October =f each year thereafter

=AO

Optional Redemption:

Callable at th= issuers option at par, (i) in whole or in part on any dividend p=yment date on or after July 15, 2020 or (ii) in whole but not in par=, at any time within 90 days of certain changes to regulatory capital requ=rements - see Red for details

Use of Proceeds:<=u>

General corpor=te purposes

DRD/QDI Eligible:=/u>

Yes, subject to applicable law, See Red for tax and fore=gn withholding details

Andrew S. A=las

Financial Advisor</=>

=quity Sales/Middle Markets Group
Morgan Stanley-Wealth Management

Midtown Manhattan Complex

1290 Aven=e of the Americas, 12th Floor | New York, NY 10104
Tel/Direct: ███████████████████████████ | Fax: █████████

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=C2 please note

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</=iv>