Commentary & Deal Flow

Reoffer: 4NC3: MS+62bp / 100 / 3.485% 6.25NC5.25: UKT+98bp / 100 / 5.438%
Benchmark: 4NC3: OBL 2.1 12-Apr-29 @ B+79.7bp 6.25NC5.25: UKT 0.75 31-Jul-31

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
• Maturity Date:
• • 4NC3: 11-Jun-30
  • 6.25NC5.25: 10-Sep-32
• Optional Redemption Date:
• • 4NC3: 11-Jun-29
  • 6.25NC5.25: 10-Sep-31
• Optional Redemption:
• • 4NC3: Year 3 @ 100
  • 6.25NC5.25: Year 5.25 @ 100
• Coupon (Until Call):
• • 4NC3: 3.485% (Fixed, Annual, Act/Act)
  • 6.25NC5.25: 5.432% (Fixed, Annual, Act/Act)
• Coupon (Post Call):
• • 4NC3: 3m€ + 69.9 (Float, Qtly, Act360)
  • 6.25NC5.25: SONIA + 114.7 (Float, Qtly, Act365)
• Make Whole Call:
• • 4NC3: 15bps (Beg 14-Dec-26)
  • 6.25NC5.25: 15bps (Beg 14-Dec-26)
• Par Call:
• • 4NC3: Anytime 1m to maturity
  • 6.25NC5.25: Anytime 3m to maturity
• ISIN:
• • 4NC3: XS3407449779
  • 6.25NC5.25: XS3407449340
• Settlement Date: 11-Jun-26 (T+3)
• Docs/Law: SEC Registered Shelf / NY Law
• Form of Notes:
• • 4NC3: Registered Form, Global Note, NSS
  • 6.25NC5.25: Registered Form, Global Note, CSS
• Clearing: Euroclear, Clearstream, Luxembourg
• Listing/Denoms:
• • 4NC3: London Stock Exchange / €100k+€1k
  • 6.25NC5.25: London Stock Exchange / £100k+£1k
• Sale into Canada: Yes - Exemption
• UoP: General Corporate Purposes
• Stabilisation: ICMA/FCA
• Sole Bookrunner: MS (B&D)
• Joint Lead Manager: MUFG Securities