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Auctions in which Issuers/Conduit Borrowers intend to bid*
Disclaimer
The relevant Issuer and/or Conduit Borrower have provided the information contained on this web page to Morgan Stanley. Our providing you with this material does not imply that we have independently verified or necessarily agree with any of these materials. Neither we nor any of our affiliates make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained on this web page or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. The information contained on this web page is as of the dates shown. Past performance is not necessarily indicative of future performance. We undertake no obligation or responsibility to update any of the information contained in this web page. The information regarding any auction may change at any time. Morgan Stanley's trading desk may deal as principal in, or own or act as market maker or liquidity provider for the instruments or issuers mentioned herein and may also seek to advise issuers of such instruments. Where you provide us with information relating to your order or proposed transaction ("Information"), we may use that Information to facilitate the execution of your orders or transactions, in managing our market making, other counterparty facilitation activities or otherwise in carrying out our legitimate business (which may include, but is not limited to, hedging a risk or otherwise limiting the risks to which we are exposed). Counterparty facilitation activities may include, without limitation, us taking a principal position in relation to providing counterparties with quotes or as part of the ongoing management of inventories used to facilitate counterparties. Where we commit our capital in relation to either ongoing management of inventories used to facilitate clients, or in relation to providing you with quotes, we may make use of that information to enter into transactions that subsequently enable us to facilitate clients on terms that are competitive in the prevailing market conditions. Trading desk materials are not independent of the proprietary interests of Morgan Stanley, which may conflict with your interests. Morgan Stanley may also perform or seek to perform investment banking services for the issuers of instruments mentioned herein. The securities, commodities or other instruments (or related derivatives) listed on this web page may not be suitable for all investors. This material does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates. This web page and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, nor do they constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and do not constitute legal, regulatory, accounting or tax advice to the recipient. This material has been obtained by Morgan Stanley & Co. Incorporated and/or certain of its affiliates, which may include Morgan Stanley Realty Incorporated, Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, Morgan Stanley & Co. International Limited, Morgan Stanley Securities Limited, Morgan Stanley Bank AG, Morgan Stanley Japan Securities Co., Ltd, Morgan Stanley Dean Witter Asia Limited, Morgan Stanley Dean Witter Australia Securities Limited, Morgan Stanley Der Australia Limited, Morgan Stanley Dean Witter Asia (Singapore) Pte., Morgan Stanley Services Limited, Morgan Stanley & Co. International Limited Seoul Branch, Morgan Stanley Canada Limited and/or Morgaor Morgan Stanley, S.V., S.A. | |||||||||||||||||||||||||||||||||||||||||||||||