<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Thursday, June 9, 2016 2:19 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Pfd ETF Structure Note Questions</td></tr><tr><td>Attachments:</td><td>Leveraged Performance Brochure 1082874.pdf</td></tr></table>

Richard Kahn

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Begin forwarded message:

From: =/b>"Atlas, Andrew S"

Subject: =/b>Pfd ETF Structure =ote Questions

Date: June 8, 2016 at 2:05:33 PM EDT

To: "Richard Kahn

Hi Rich,

I'm working =ith the Structured Desk to develop a Note tied to a Preferred ETF =hat's levered 2.3x's.

Just a few =uestions:

1. Maturity/Term?

2. Coupon rate?

3. Call feature?

4. Downside protection?

5. Upside Capture?

I've attached =ome PDFs on Structures.

Speak soon,

Andrew

Andrew S. Atlas

First Vice President

Equity Sales/Middle Markets Group

Financial Advisor

Morgan Stanley Wealth Management

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