Morgan Stanley

Generally Applicable Disclaimers

Generally Applicable Disclaimers

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

We monitor and retain copies of electronic communications
Morgan Stanley reserves the right, to the extent required and/or permitted by applicable law or regulation, to monitor electronic communications, (including email, SMS and instant messages) and phone calls and to retain such electronic communications and call recordings in a manner and at locations within Morgan Stanley's discretion. You understand that by engaging in electronic communications with Morgan Stanley you are expressly consenting to the recording of those communications.

Use of electronic communication messages
If you use an electronic communication message to request that Morgan Stanley effect the purchase or sale of any security or commodity or any other transactions, such messages do not constitute binding instructions, orders or executions. Orders shall only be deemed received once accepted and processed by Morgan Stanley. On the basis of any such electronic communication message, Morgan Stanley has no obligation to enter into a transaction or to provide a quote. You may not use electronic communication messages to send fund transfer instructions.

No liability for use of electronic communications

Morgan Stanley does not take any liability or responsibility for any loss or damage that results from use of electronic communications including but not limited to such communications having been intercepted, not received or not acted upon.

Recall or Deletion not valid withdrawal of electronic communication

You understand that deletion or recall of any electronic communication may not result in Morgan Stanley failing to receive or view such electronic communication and will not be a valid withdrawal of any request or provision of information.

Responsibility for electronic communications attributable to you

You are responsible for any transmissions, instructions, authorizations, requests or other electronic communications attributable to you, whether entered by you, your authorized personnel or by any other person, and any such electronic communication shall be deemed to be a duly signed writing of yours sufficient to bind you.

Electronic messages are not intended as an official communication
Unless otherwise agreed, an electronic message is not intended as an official document, offer, solicitation, or confirmation of transaction for the purchase or sale of any product or service, and we make no representations or warranties as to the completeness or accuracy of such electronic message or accept responsibility for, or guarantee the electronic communication or any of its contents to be, accurate, timely, secure, error or virus-free. The information in electronic communications are provided purely as an informational courtesy and any comments or statements in an electronic message do not necessarily reflect those of Morgan Stanley. Electronic messages may not be reproduced, redistributed or disseminated, without the prior written consent of Morgan Stanley.

Information may not be secure when transmitted over the Internet
Morgan Stanley 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 has the ability to make information available through secure electronic transmissions. Please contact the sender if you wish to receive secure transmissions. If you have received an electronic message in error, please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent required and/or permitted under applicable law, to monitor electronic communications, including telephone calls with Morgan Stanley personnel.

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 accurate, complete, timely, secure or error free. Information provided speaks only as of its date. We have not undertaken or warranted, and will not undertake or warrant, as to the completeness or accuracy of any market prices, data and other information and are under no obligation 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 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, including those of Morgan Stanley's Research Department. Past performance is not indicative of future returns. For additional Morgan Stanley research disclaimers and disclosures, please see

Electronic messages are not intended to serve as an offer or solicitation
Electronic messages are not offers (or solicitation of offers) to buy or sell the securities or instruments that they may mentioned.

Past performance
To receive further information in relation to the past performance of the financial instrument and or underlying (as applicable) and/or the functioning of the financial instrument in different market conditions referred to in any electronic communications produced by Employees of any Morgan Stanley entity based in EMEA, please contact your EMEA Morgan Stanley Sales representative.

Morgan Stanley is not acting as a municipal advisor and the opinions or views contained in any electronic communications are not intended to be, and do not constitute, advice, including within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Morgan Stanley may have a relationship with entities discussed in electronic communications
Morgan Stanley 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 an electronic communication may be obtained from a variety of sources and may be subject to change. Morgan Stanley 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 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.

Delivery of Data by electronic communication
By accepting the receipt of any electronic communication, you confirm that you are authorized to do so and that acceptance of any information or material included within such electronic communication would not be in breach of your internal policies and procedures.

For further information on how Morgan Stanley processes your personal information, please see the Morgan Stanley Privacy Pledge. By communicating with Morgan Stanley you acknowledge that you have read and understand the Morgan Stanley Privacy Pledge.

To the extent you have received any marketing communications and do not wish to receive any further marketing communications, please contact the sender.

Electronic Communications System Failure

In the event of any electronic communications system delay or failure, you are responsible for contacting Morgan Stanley by alternative means, such as telephone.