Generally Applicable Disclaimers

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

Electronic purchase or sale requests:
Please do not use e-mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately, we cannot execute such instructions provided in e-mail. Thank You.

Fund transfer instructions sent via email require executed authorized documentation:
Morgan Stanley Wealth Management will only accept fund transfer instructions sent via e-mail that attach or include properly executed authorized fund transfer documentation.  For further information, please contact your financial advisor.

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

We retain copies of messages and monitor them
Morgan Stanley Wealth Management 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 Wealth Management's discretion.

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. In the event of a conflict between this communication and official communications (i.e. statements, confirmations, etc.), the official communication controls.

Information may not be secure when transmitted over the Internet
Morgan Stanley Wealth Management 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 Wealth Management 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 Wealth Management 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 Wealth Management, including those of Morgan Stanley Wealth Management's Research Department. Past performance is not indicative of future returns. For additional Morgan Stanley Wealth Management research disclaimers and disclosures, please click here.

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 Wealth Management or its affiliates may have a relationship with entities discussed in electronic communications
Morgan Stanley Wealth Management or its affiliates 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 Wealth Management 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 Wealth Management 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.

U.S. Treasury Circular 230 Tax Notice
Morgan Stanley Wealth Management 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.

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

Currency Risk Disclosure
Where an investment is denominated in a currency other than the investor's currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment.

Use of Historic Performance Data Risk Disclosure
Unless stated otherwise, any performance data quoted represents past performance. Past performance is not indicative of future returns. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in this analysis which have resulted in any returns detailed herein. Transaction costs (such as commissions) are not included in the calculation of returns. Changes to the assumptions may have a material impact on any returns detailed. Potential investors should be aware that certain legal, accounting and tax restrictions, margin requirements, commissions and other transaction costs and changes to the assumptions set forth herein may significantly affect the economic consequences of the transactions discussed herein.

Futures and Options Risk Disclosure
The trading of futures or options on futures contains inherent risks. We remind investors that these investments are subject to market risk and will fluctuate in value. The investments discussed or recommended by Morgan Stanley Wealth Management may be unsuitable for investors depending upon their specific investment objectives and financial position. Where an investment is denominated in a currency other than the investor's currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment.

Options are not for everyone. Before engaging in the purchasing or writing of options, investors should understand the nature and extent of their rights and obligations and be aware of the risks involved, including the risks pertaining to the business and financial condition of the issuer and the underlying stock. A secondary market may not exist for these securities. For customers of Morgan Stanley Wealth Management who are purchasing or writing exchange-traded options, your attention is called to the publication "Characteristics and Risks of Standardized Options". That publication, which you should have read and understood prior to investing in options, can be viewed on the Web at the following address: http://www.optionsclearing.com/publications/risks/riskchap1.jsp.

Clients engaging in the execution structure known as Spreading should understand that Spreading may also entail substantial commissions, because it involves at least twice the number of contracts as a long or short position and because spreads are almost invariably closed out prior to expiration. Potential investors should be advised that the tax treatment applicable to spread transactions should be carefully reviewed prior to entering into any transaction. Also, it should be pointed out that while the investor who engages in spread transactions may be reducing risk, he is also reducing his profit potential. The risk/ reward ratio, hence, is an important consideration. The risk of exercise in a spread position is the same as that in a short position. Certain investors may be able to anticipate exercise and execute a "rollover" transaction. However, should exercise occur, it would clearly mark the end of the spread position and thereby change the risk/reward ratio. Due to early assignments of the short side of the spread, what appears to be a limited risk spread may have more risk than initially perceived. An investor with a spread position in index options that is assigned an exercise is at risk for any adverse movement in the current level between the time the settlement value is determined on the date when the exercise notice is filed with OCC and the time when such investor sells or exercises the long leg of the spread. Other multiple-option strategies involving cash settled options, including combinations and straddles, present similar risk.

ETFs Risk Disclosures and other Important Information
We remind investors that these investments are subject to market risk and will fluctuate in value. Investors may obtain prospectuses for the funds described in this report from the ETF distributor. The distributor for the iShare ETFs is SEI Investments Distribution Co. The distributor for Diamonds, Mid Cap SPDRS, SPDRS, Nasdaq 100 Index, and Select Sector SPDRS is Alps Mutual Fund Services.

The distributor for streetTRACKS is State Street Capital Markets, LLC. The distributor for the Vanguard ETFs is Vanguard Marketing Corporation. The prospectuses contain more complete and important information about the ETFs and should be read carefully before investing.

Latin America:
This communication and any attachments (the "Materials") are intended solely for informational purposes and do not constitute (and should not be interpreted to constitute) the offering, selling, or conducting of business with respect to securities, investment products or investment services in the jurisdiction of the intended addressee, if other than the United States of America (the "Non-U.S. Jurisdiction"), or the conducting of any brokerage, investment advisory, banking or other similarly regulated activities in the Non-U.S. Jurisdiction. The Materials are private, confidential and are sent by Morgan Stanley only for the exclusive use of the intended addressee. The Materials must not be publicly distributed and any use of the Materials by anyone other than the addressee is not authorized. The addressee is required to comply with all applicable laws in the Non-U.S. Jurisdiction, including, without limitation, tax laws and exchange control regulations, if any.

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.