TERMS OF USE

Disclaimer

By clicking “Accept” below you confirm that (i) you do not have your legal residence in the United States; (ii) you are not a U.S.-Person; and (iii) that you have read the Terms of Use (the “Terms”) below and agree with them. You further confirm that you are authorised to accept the Terms on behalf of yourself or the entity on behalf of which you are accessing this website. The Terms will remain in effect with respect to all content provided or transactions executed regardless of any termination of services between you and Morgan Stanley (as defined below).

TERMS

No offer

None of the information contained in this website constitutes a solicitation or offer by Morgan Stanley & Co. International plc or its affiliates (together “Morgan Stanley”) to buy or sell any securities, futures, options or other financial instruments or to participate in any investment strategy. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument.

Selling restrictions

No offering of the strategies described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force from time to time including, but not limited to, for the avoidance of doubt, the Directive 2009/65/EC of 13 July 2009 and any implementing measures and amendments thereto, Directive 2011/61/EU on Alternative Investment Fund Managers and any implementing measures and amendments thereto (including Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010) and the United States Securities Act 1933, as amended, (the “Securities Act). Any securities referred to on this website will not have been registered under the Securities Act. The strategies described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the United States Securities Act 1933, as amended).

No investment advice

Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase strategies described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the funds described on this website.

Historical performance

Past performance information contained on this website is not indicative of future results. The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested. There can be no assurance that the proposed investment objectives of the relevant strategy will be met.

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 communications produced by employees of any Morgan Stanley entity based in Europe, the Middle East, and Africa (“EMEA”), please contact your EMEA Morgan Stanley Sales representative.

Indicative Prices

All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice.

Research

Information on this website is not a product of Morgan Stanley’s Research Department and you should not regard it as a research report. Morgan Stanley does not undertake to update the information contained on this website or otherwise advise you of changes in the information. The information provided on this website speaks only as of its date. Continued access to the information is provided for your convenience only, and is not a republication or reconfirmation of the information contained herein.

Conflicts of interest

Morgan Stanley & Co. International plc together with its affiliates is a multi-national financial services firm and engages in a variety of financial services activities including investment management and individual wealth management. Morgan Stanley may from time to time take hedging positions, deal and/or make a market in instruments identical or economically related to transactions entered into by the funds. Morgan Stanley may also have an investment banking or other commercial relationship with the issuer(s) of securities or other interests related to transactions entered into with investors. Further, Morgan Stanley may undertake activities, including hedging transactions, which may affect the market price, rate, index or other market factors and, consequently, the value of the transaction entered into by the funds. Morgan Stanley may act in their own commercial interest in these various capacities without regard to whether its interests conflict with those of the investors or any other party.

Risk factors

Investment in the products described in this website involves substantial risks. This section highlights a limited number of those risks but is not, and does not purport to be, a complete list of the risks inherent in an investment in any of the products described on this website.

• The strategies are considered to be high risk investments and subject to general market risks, such as interest rate risk, foreign exchange risk, political risk, corporate risk and credit risk.
• Fluctuations in the price of the relevant underlying securities and exchange rates of any relevant currencies will affect the value of the investments of a strategy.
• The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested.
• Investors are exposed to the credit risk of counterparties of instruments in which a strategy may invest.

General Information

Certain sections of or pages on this website may contain separate terms and conditions, which are in addition to these Terms of Use. You should read those additional terms and conditions carefully. By accessing such sections or pages, you agree to be bound by those additional terms and conditions. In the event of a conflict, those additional terms and conditions will govern your use of those sections or pages. In no event shall we be responsible for the information contained on this website or your use of, or inability to use, such website.

Use of Website

Unauthorized use of Morgan Stanley's website and systems, including, but not limited to, unauthorized entry into Morgan Stanley's systems, misuse of passwords or misuse of any other information, is strictly prohibited. You may not use this website in any manner that could damage, disable, overburden, or impair any Morgan Stanley site or service or interfere with any other party's use and enjoyment of any Morgan Stanley site or service. You may not attempt to gain unauthorized access to any Morgan Stanley site or service, computer systems or networks connected to any Morgan Stanley site or service, through hacking, password mining or any other means. You agree that you will not engage in any activities related to this website that are contrary to applicable laws or regulations.

Representations and Warranties

Each time you access and/or use the website and with respect to any content, you represent and warrant to us that your access and/or use of the website will comply with all applicable laws, rules and regulations and with the policies and practices of securities and futures exchanges, clearing and settlement houses, alternative trading facilities, self-regulatory organizations and governmental authorities, and the policies and procedures applicable to the website and these Terms and any other agreement between you and us, as may be amended from time to time.

We make no representation or warranty, express or implied, to you concerning the website or with respect to any content, data or information that we may provide in connection with the website. You expressly acknowledge and agree that we have made no recommendation with respect to the website and that the information, funds and services on this website are provided on an “AS IS”, “WHERE IS” and “WHERE AVAILABLE” basis. Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, Morgan Stanley cannot and does not guarantee the correctness, quality, accuracy, validity, timeliness, reliability, performance, independence or completeness of any information or data made available to you for any particular purpose. We are not responsible for maintaining the website or for supplying any corrections, updates or releases concerning the website. We are not soliciting any action based upon the use of this website.

You shall not introduce, nor permit any person to introduce into the website, any code, malicious or hidden mechanisms that would impair the operation of the website or of our computers or other devices or software, or would permit other users access to the website, nor shall you use the website to gain any unauthorised access to any computer system.

Changes to the website and the Terms of Use

Morgan Stanley reserves the right, in its sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on this website and to suspend and/or deny access to this website for scheduled or unscheduled maintenance, upgrades, improvements or corrections. Morgan Stanley may discontinue or change any product or service described in or offered on this website at any time. Morgan Stanley reserves the right to modify or amend these Terms of Use at any time.

Proprietary rights

All right, title and interest in this website and any content contained herein is the exclusive property of Morgan Stanley or its licensors. Morgan Stanley, the Morgan Stanley logo and other Morgan Stanley trademarks and service marks referenced herein are trademarks and service marks of Morgan Stanley. You accept and agree that you do not and will not receive any right, title or interest in or to any intellectual property rights associated with the website and the content contained on the website, through your use of the website or otherwise. All such rights are reserved, and all moral rights are asserted and reserved. Subject to your acceptance and compliance with these Terms, you are hereby granted a non-exclusive, non-transferable, non-sublicensable, revocable licence to copy and download content from the website solely for your internal purposes only.

If you copy or download any content from this website, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such information. The names of other companies and third-party products or services mentioned herein may be the trademarks or service marks of their respective owners. You are prohibited from (i) using any marks for any purpose including, but not limited to use as metatags on other pages or sites on the World Wide Web without the written permission of Morgan Stanley or such third party, which may own the marks; and (ii) redistributing any content downloaded from the website, without the written permission of Morgan Stanley or such third party, which may own the content.

Use of links

This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Morgan Stanley of any information contained in any third party website. In no event shall Morgan Stanley be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website.

You may not link to the website without the written permission of Morgan Stanley.

Privacy Policy

Morgan Stanley may process personal data as part of and/or in connection with your access and/or use of this web site. This includes using cookies and similar technology to collect information about your use of our website and your preferences. By accessing or using this web site you understand that we will use such cookies and similar technologies as detailed in our Privacy and Cookies Policy. You understand that if you choose to reject our cookies, some or all parts of this web site may not function properly or may not be accessible. To find out more about how we use cookies and similar technologies, how we process the information obtained through cookies and how to reject cookies, see Our Privacy and Cookies Policy at www.morganstanley.com/privacy_pledge.

Safety of communication

Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Any communications transmitted to or from you through the website shall be at your sole risk. If you access or view the website by means or in formats other than as originally intended or provided by Morgan Stanley, you remain responsible for reviewing all pertinent portions of the website, including any relevant disclosures and disclaimers. Although Morgan Stanley will use reasonable efforts to minimize such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

Limitation of liability

Neither Morgan Stanley & Co. International plc, nor any of its or its affiliates’, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Morgan Stanley. In no event will Morgan Stanley or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Morgan Stanley or any other such party has been advised of the possibility thereof. Neither Morgan Stanley & Co. International plc, nor any of its or its affiliates’, directors, officers or employees, will be responsible for informing you or any third parties of any difficulties that we or other third parties experience concerning use of the website or taking any action in connection with those difficulties. Morgan Stanley shall also have no duty or obligation to verify, correct, complete or update any information displayed on the website. Without limiting the foregoing, you are solely responsible for any losses, damages or costs resulting from your use or reliance on any data or information that is provided on the website. You will make your own independent decisions with respect to any transactions that you, or another party on your behalf, enters into, and with respect to your access or use of the website, and you acknowledge and agree that the website cannot and will not serve as the primary basis for any of your investment decisions concerning your accounts or your managed or fiduciary accounts. You are solely responsible for any investment or trading decisions you make with respect to products identified on the website and Morgan Stanley shall not be responsible for determining whether any transaction you may enter into is suitable, appropriate or advisable. Morgan Stanley is not and will not be, by virtue of providing the website, an adviser or fiduciary for you or your managed or fiduciary accounts.

This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

You will indemnify, protect, and hold harmless Morgan Stanley from and against any and all losses, liabilities, judgments, suits, actions, proceedings, claims, damages, costs (including attorney’s fees) (collectively, “Losses”) arising out of or relating to the use or misuse of the website by you or any related party, including any breaches of these Terms or the security of the website (including any access or entry into any of our other systems not covered by these Terms), you or any related party’s inability to use the website and, if you are a broker-dealer, investment manager or investment adviser acting on behalf of your customers, including any claims that a transaction was not suitable for or not authorised by a customer, including such Losses caused directly or indirectly by you or any related party or, if you are a broker-dealer, investment manager or investment adviser acting on behalf of your customers, to the extent such Losses arise from transactions executed by us on behalf of such customers.

Governing law

These Terms of Use shall be governed by and construed in accordance with English law. The English courts shall have non-exclusive jurisdiction in respect of all claims and disputes arising out of or in connection with these Terms of Use.