Commentary & Deal Flow

Launched:
4NC3: €1.5bn @ MS+62bp
6.25NC5.25: £1bn @ UKT+98bp

Spread set at: 4NC3: MS+62bp 6.25NC5.25: UKT+98bp
IPTs: 4NC3: MS+90a 6.25NC5.25: UKT+115a

• Issuer: Morgan Stanley
• LEI: IGJSJL3JD5P30I6NJZ34
• Expected Issue Ratings: A1/A-/A+ (Moody's/S&P/Fitch)
• Format: Senior Unsecured, Unsubordinated
• Size:
• • 4NC3: €1.5bn
  • 6.25NC5.25: £1bn
• Reference Benchmark:
• • 4NC3: OBL 2.1 12-Apr-29
  • 6.25NC5.25: UKT 0 ¼ 31-Jul-31
• Optional Redemption:
• • 4NC3: Year 3 @ 100
  • 6.25NC5.25: Year 5.25 @ 100
• Optional Redemption Date:
• • 4NC3: 11-Jun-29
  • 6.25NC5.25: 10-Sep-31
• Maturity Date:
• • 4NC3: 11-Jun-30
  • 6.25NC5.25: 10-Sep-32
• Coupon - Until Call Date:
• • 4NC3: Fxd, Ann, ActAct
  • 6.25NC5.25: Fxd, Ann, ActAct (Short first)
• Post Call Date:
• • 4NC3: 3m€+ Initial Margin, Float, Qtly, Act360
  • 6.25NC5.25: SONIA + Initial Margin, Float, Qtly, Act365 (Daily Comp, 5bd Obs Shift)
• Make Whole Call: Beg 14-Dec-26
• Par Call:
• • 4NC3: Anytime 1m to mty
  • 6.25NC5.25: Anytime 3m to mty
• ISIN:
• • 4NC3: XS3407449779
  • 6.25NC5.25: XS3407449340
• Settlement Date: 11-Jun-26 (T+3)
• Docs/Law: SEC Registered Shelf / NY Law
• Form of the Notes/Clearing:
• • 4NC3: Registered Form, Global Note, NSS
  • 6.25NC5.25: Registered Form, Global Note, CSS
• Clearing: Euroclear, Clearstream, Luxembourg
• Listing/Denoms:
• • 4NC3: London Stock Exchange (Main Market) / €100k+€1k
  • 6.25NC5.25: London Stock Exchange (Main Market) / £100k+£1k
• Sale into Canada: Yes - Exemption
• UoP: General Corporate Purposes
• Stabilisation: ICMA/FCA
• Sole Bookrunner: MS (B&D)
• Joint Lead Manager: MUFG Securities
• Timing: Books subject, pricing to follow.