Important Legal Information
An investment with Morgan Stanley Alternative Investment Partners requires that the investor meet certain suitability standards, and, therefore, investment with Morgan Stanley Alternative Investments may not be suitable for all investors.  To invest with Morgan Stanley Alternative Investments, an investor must demonstrate to Morgan Stanley Alternative Investments that it meets all applicable suitability standards, including the standard that it is an investor sufficiently sophisticated in business and financial affairs so that such investor can understand, and evaluate such investor's suitability with respect to, its investment with Morgan Stanley Alternative Investments.  The investor must be resident in jurisdictions where the investment or offering of investment would not be contrary to local laws or regulations.

Alternative investments are speculative and involve a high degree of risk and may engage in the use of leverage, short sales, and derivatives. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the portfolio's performance. Employing leverage may result in increased volatility. These investments are designed for investors who understand and are willing to accept these risks. Performance may be volatile, and an investor could lose all or a substantial portion of his or her investment.