Morgan Stanley (NYSE: MS) announced today that it will redeem all of its outstanding Cushing® MLP High Income Index ETNs due March 21, 2031 with a CUSIP of 61760E846 (NYSE Arca: MLPY) (the “ETNs”). Morgan Stanley released today the call notice via The Depository Trust Company. The call settlement amount of the ETNs will be determined over a five index-business day period beginning on May 28, 2021 (the “call measurement period”) and will be paid to the investors on June 9, 2021, the third business day after the call measurement period. Accordingly, the last day of trading for each ETN is expected to be June 8, 2021.

Other structured notes and debt securities issued by Morgan Stanley are not affected by this redemption.

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