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United Kingdom:

In the UK, this communication is directed in the UK to those persons who are market counterparties or intermediate customers (as defined in the UK Financial Services Authority's rules).

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Russia:

Information contained in this communication does not constitute an advertisement or offering of any securities/financial instruments in Russia within the meaning of Russian securities laws and must not be passed on to third parties or otherwise be made publicly available in Russia. No securities/financial instruments have been or will be registered in Russia or are intended for "offering", "placement" or "circulation" in Russia (each as defined in Russian securities laws).

Morgan Stanley in Russia

Dubai:

When communicated by Morgan Stanley & Co. International Plc (DIFC Branch)
The information in this e-mail including any attachments, is being communicated by Morgan Stanley & Co. International plc (DIFC Branch), regulated by the Dubai Financial Services Authority (the DFSA), and is directed at Professional Clients only, as defined by the DFSA. The financial products or financial services to which the information relates will only be made available to a customer who we are satisfied meets the regulatory criteria to be a Professional Client only, as defined by the DFSA, and is not intended for any other person.


Morgan Stanley in United Arab Emirates

Qatar

When communicated by Morgan Stanley & Co. International Plc (QFC Branch)
The information in this e-mail including any attachments, is being communicated by Morgan Stanley & Co. International plc (QFC Branch), regulated by the Qatar Financial Centre Regulatory Authority (the QFCRA), and is directed at business customers or market counterparties only, as defined by the QFCRA. The financial products or Financial services to which the material relates will only be made available to a business customer or market counterparty, who we are satisfied meets the regulatory criteria to be a client.

Saudi Arabia:

When communicated by Morgan Stanley Saudi Arabia
The information is communicated by Morgan Stanley Saudi Arabia ("MSSA"), located at Al Ma'ather Street, Al Rashid Tower , Floor 10 Riyadh, 11586, KSA. MSSA has obtained a license from the Capital Market Authority ("CMA") and is authorized to carry out financial services business in accordance with its license. MSSA's license can be accessed on the CMA's website or via the following link. http://www.cma.org.sa/cma_en/default.aspx.

Morgan Stanley in Saudi Arabia

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.

Morgan Stanley in Latin America

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