Investor Presentaiton
Morgan Stanley EXTRADE
Transaction Summary
Key Transaction
Terms
Governance /
Brand
Timing/Approvals
Summary
Transaction
Assumptions (1)
•
$13 billion transaction value; 100% stock consideration
•
•
•
•
Fixed exchange ratio of 1.0432 per Morgan Stanley share; implies $58.74 per share
value based on Morgan Stanley's closing price of $56.31 on February 19, 2020
One member of E*TRADE Board to be added to the Morgan Stanley Board of
Directors
Retention of iconic E*TRADE brand
Expected to close in 4Q 2020
Subject to customary receipt of regulatory approvals and E*TRADE shareholder
approval
Cost synergies of $400MM, phased-in over three years
•
Funding synergies of $150MM, phased-in over two years
Post-closing restructuring / integration costs of approximately $800MM pre-tax over a
three year period
The End Notes are an integral part of this Presentation. See slides 19-22 at the back of this presentation for information related to the financial metrics and defined terms in this presentation
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