Morgan Stanley

Prime Brokerage Capital Introduction

This message and any attached information shall not constitute an offer to sell or a solicitation of an offer to buy any securities or other investments. Neither Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC, nor any of their affiliates (together "Morgan Stanley") recommends that any person invest with any of the investment managers or funds referenced in this e-mail of the attached information. Investing in private investment funds involves a high degree of risk. Investors must themselves assess the suitability of any particular investment opportunity and carry out any appropriate due diligence in relation to the relevant fund, manager, and the underlying strategies and investments. In doing this, investors should seek separate advice and further information, and the information included in or attached to this e-mail should not form the primary basis of any investment decision. Investors should note that Morgan Stanley is not their fiduciary (under the US Employment Retirement Income Security Act of 1974 or otherwise).

Any information contained in or attached to this message regarding a fund or manager has been prepared by the manager, and the manager is solely responsible for the completeness and accuracy of that information. Morgan Stanley has not verified and is not liable or responsible for the completeness or accuracy of such information (including but not limited to any information relating to the past or future performance of such fund or manager, or any related vehicle).

Investors should be aware that funds and managers mentioned in this message and the attached information may be Morgan Stanley Prime Brokerage clients. Through its relationships with a fund or manager, Morgan Stanley may possess information about such fund or manager, including, potentially, the fact that a fund's or manager's relationship with Morgan Stanley has or may be terminated. Morgan Stanley may take actions as creditor to a fund without taking into consideration the interests of investors in the fund. With respect to any information concerning its relationship with a fund or manager, whether or not material, and whether negative or positive, Morgan Stanley has no responsibility to, and may not, disclose that information to fund investors.