Any trade or cash balance information contained herein is being made available to you at your specific request and is not an official confirmation of terms, trading activity, positions or balances, and shall not be deemed conclusive and binding. To the extent that there are differences between your official portfolio statement and this information, your official portfolio statement will prevail. Unless it contains trade data specific to you, its contents are based on or derived from information generally available from the public from sources we believe to be reliable. No representation is made that it is accurate or complete or that any returns will be achieved. This information has been provided solely for your own internal use and information purposes without regard to your specific objectives, financial situation and needs.

This information is not an offer or solicitation of an offer to buy or sell securities or instruments or participate in any trading strategy. Unless otherwise stated, this is not a research report, and will not be updated, but may refer to research published by the Morgan Stanley Research Department. Any opinions, information, prices and availability are subject to change without notice. Any prices or valuations are indicative only. Changes to assumptions may have a material impact on returns. Past performance is not indicative of future results. Morgan Stanley and others associated with it may have positions and may effect transactions in securities and instruments of issuers mentioned herein and also may perform or seek to perform investment banking services for those issuers. Additional information is available on request.

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