From: Ian E Hirschfield

To: Rich Kahn

Date: Aug 24, 2010 8:18 AM

Subject: FW: Attractive MS Step Up

Rich — This is a 7 year step up on Morgan Stanley that we like. It pays a nice above market coupon for the first 2 years and then steps up if it is not called. It is callable in 1 year, and quarterly thereafter.

These are senior unsecured notes. The IRR is 4.12%.

Let me know your thoughts.

This looks very interesting as an alternative to money market if you are comfortable with Morgan Stanley credit

Years 1&2 yields of 275 basis points are 255 basis points more than current JPM money market yield of 20 basis points

Please advise

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