E*TRADE from Morgan Stanley

The issuer = The restaurant The company is offering shares to the public for the first time, opening its kitchen to outside investors. The S-1 = The opening plan The company’s registration statement filed with the SEC, which provides detailed information about the company and the proposed offering. Prospectus = The menu plan The part of the registration statement provided to investors that covers the business, financials, risks, use of proceeds, and offering terms. The roadshow = The preview tasting Management presents to potential investors to share the company’s story and see who’s hungry. Conditional Offer to Buy (COB) = Requesting a reservation For eligible investors, a conditional offer to buy is how you request shares: how many you want and your max price. It isn’t a confirmed table. You may get fewer seats than you asked for, or none. Pricing = Setting the dish prices The company and its underwriters determine the initial offering price based on factors like investor demand. Allocation = Confirming the reservations Shares are allocated after pricing. Requests may be filled in full, in part, or not at all. Trading day = The grand opening Once the shares begin trading on an exchange, investors can generally buy and sell shares at the market price. Check, please. That’s an IPO, from filing to first trade. Learn more: us.etrade.com/what-we-offer/…

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