Morgan Stanley


This communication may be intended to facilitate the settlement and clearance of securities transactions or custodial operations. Nevertheless, it is not an official confirmation or statement, and the information herein may be inaccurate or incomplete. If you transmit instructions or other transaction related information by e-mail, we cannot guarantee that it will be processed in a timely manner.

Valuations included with this message are indicative prices or estimates ("Indications") that are provided to you for information purposes only and are not intended for use by any third party. The Indications are indicative only as of the data shown and are not an offer to purchase or sell any instrument or enter into, transfer, assign or terminate any transaction, security or instrument ("Transaction") or a commitment by Morgan Stanley to make such an offer. Rather, such Indications generally represent a good faith estimate within a market spread. However, particularly for less liquid instruments, such Indications may represent a good faith estimate of a price at which Morgan Stanley might be willing to trade to establish or unwind a Transaction with you, subject to conventional assumptions such as normal quantities and normal market conditions. The Indication does not necessarily reflect the price at which a Transaction could actually be effected. You should not assume that the Indication reflects marks provided on the same or similar Transactions to other customers or reflected in Morgan Stanley's internal bookkeeping or theoretical model-based valuations. Certain factors which may not have been assessed for purposes of this Indication, including for example, the notional amount of these or substantially similar Transactions, credit spreads, underlying volatility, costs of carry, use of capital and profit, may substantially affect the value of any specific Transaction. In addition, such Indications may vary significantly from indicative prices available from other sources or values determined for other purposes such as customer statement or the calculation of collateral or margin requirements. To the extent that such Indications may be based on data and/or information obtained from external sources, Morgan Stanley believes any such sources to be reliable but makes no representations or warranties with respect to the accuracy, reliability, or completeness of such data and/or information or the Indication. Further, in providing you with this information, Morgan Stanley may have assumed and relied upon information provided by you and is under no obligation to verify the adequacy, reasonableness, accuracy or completeness of such information. Morgan Stanley has no obligation to provide you with similar information in the future.