Morgan Stanley

Morgan Stanley Private Wealth Management Limited

This material was prepared by Morgan Stanley Private Wealth Management Limited, authorised and regulated in the United Kingdom by the Financial Conduct Authority. Morgan Stanley Private Wealth Management Limited is a wholly owned subsidiary of the Morgan Stanley Smith Barney (UK) Holdings Limited. This material is a marketing communication. It does not constitute investment research and is not a product of Morgan Stanley Private Wealth Management Limited and /or its affiliates' Research Department(s) and you should not regard it as a research report. This presentation has been prepared solely for informational purposes and is not an offer to buy or sell any financial instrument or participate in any trading strategy.

Past performance is no guide to future performance and the value of investments and income from them can fall as well as rise. You should note that high performance targets can only be achieved through accepting higher risk to the portfolio. Where included, benchmark and index data included in this document are provided for illustrative purposes only. The portfolio, product and / or services mentioned do not formally track any such benchmarks or indices and no representation is made as to relative future performance or tracking deviation.

You should note that investing in financial instruments carries with it the possibility of losses and that a focus on above market returns exposes the portfolio and / or product to above average risk. Performance aspirations are not guaranteed and are subject to market conditions. High yield investments can produce income at the expense of capital growth or the capital value of the investment. High volatility investments may be subject to sudden and large falls in value, and there could be a large loss on realisation which could be equal to the amount invested.

The investments discussed in this report may not be suitable for all investors. In some circumstances it may be difficult for the investor to sell or realise such investments or obtain reliable information about their value. 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.

This material should not be construed as legal, tax or accounting advice. Morgan Stanley Private Wealth Management Limited does not provide legal, tax or accounting advice - investors should consult their own tax advisers for guidance on such matters. The bases and levels of taxation can change, and are subject to individual client's circumstances. Should you wish to receive further explanation or clarification on any of the content of this material please do not hesitate to ask your Investment Advisor.

Morgan Stanley Private Wealth Management Limited and/or its affiliates and employees have or may have a long or short position or holding in the securities, options on securities, or other related investments of issuers mentioned herein and may be providing or may have provided significant advice or investment services, including investment banking services, for any company mentioned in the material.