General Disclaimer

Business Specific Disclaimers

Europe, Middle East, Asia, Americas

MSWM General Disclaimer
Generally Applicable Disclaimers

The following is generally applicable to all electronic messages you receive from Morgan Stanley and its affiliates:

This is a confidential communication between sender and its intended recipient.

We retain copies of messages and monitor them
Morgan Stanley reserves the right, to the extent permitted by applicable law, to monitor electronic communications and store such messages in a manner and at a location within Morgan Stanley's discretion.

Do not use electronic messages to undertake a trade
It is important that you do not use an electronic communication to request, authorize or effect the purchase or sale of any security or commodity, to send fund transfer instructions, or to effect any other transactions. Any such requests, orders or instructions that you send will not be accepted and will not be processed by Morgan Stanley or its affiliates.

This message is not intended as an official communication
Unless otherwise agreed, an electronic message is not intended as an official document or confirmation, and we do not accept responsibility for, or guarantee it to be, accurate, timely, secure, error or virus-free. The information in this communication is provided purely as an informational courtesy.

Information may not be secure when transmitted over the Internet
Morgan Stanley makes no representation or warranty that electronic messages will be confidential. Electronic messages may be intercepted or accessed by unauthorized or unintended parties, may not arrive at the intended destination, or may not arrive in the form transmitted. Morgan Stanley has the ability to make information available through secure electronic transmissions. Please contact the sender if you wish to receive secure transmissions.

Electronic messages may be delayed, and information in electronic messages may be not be up to date and may not be updated
Electronic message communications cannot be guaranteed to be timely, secure or error free. Information provided speaks only as of its date. We have not undertaken, and will not undertake, any duty to update the information or otherwise advise you of changes in our opinion or in the research or information we make available to you.

Electronic messages should not be confused with a research report
Unless otherwise noted, electronic messages do not constitute Morgan Stanley research even if they refer to a research or analyst report. Unless otherwise indicated, any views expressed are those of the author alone and may differ from others within Morgan Stanley, including those of Morgan Stanley's Research Department. Past performance is not indicative of future returns. For additional Morgan Stanley research disclaimers and disclosures, please see

This message is not intended to serve as an offer or solicitation
This message is not an offer (or solicitation of an offer) to buy or sell the securities or instruments that may be mentioned.

Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Morgan Stanley may have a relationship with entities discussed in electronic communications
Morgan Stanley may act as a principal or market maker of the securities or instruments mentioned or may act as an advisor to (or seek to advise) the issuer.

Third Party Data
The data contained in a communication may be obtained from a variety of sources and may be subject to change. Morgan Stanley and its affiliates disclaim any and all liability for the information, including without limitation, any express or implied representations or warranties for information or errors contained in, or omissions from, the information. Morgan Stanley and its affiliates, employees and officers shall not be liable for any loss or liability suffered by you resulting from the provision to you of the information or your use or reliance in any way on the information.

SMS Delivery of Data
By accepting the receipt of this message, you confirm that you are authorised to do so and acceptance of this material would not be in breach of your internal policies and procedures for you to receive this information in this manner.

U.S. Treasury Circular 230 Tax Notice
Morgan Stanley does not render advice on tax and tax accounting matters to clients. This communication was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal income tax laws. Investors should consult their own legal, tax investment or other advisors, at both the onset of any transaction and on an ongoing basis to determine the laws and analyses applicable to their specific circumstances.

For further information on how Morgan Stanley processes your personal information, please see the Privacy Pledge.

Please contact the sender if you would prefer not to receive further electronic communications.

Voice Recording
In accordance with applicable laws and regulations, Morgan Stanley records certain telephone conversations with outside parties. By communicating with Morgan Stanley, you consent to the voice recording of conversations with personnel of Morgan Stanley.