To our Clients and Prospective Clients of our Securities Businesses:

As part of our ongoing commitment to inform and engage our clients, we would like to give you an update on Morgan Stanley’s Business Continuity Planning ("BCP") Program for the Americas.

To read the remainder of this notice please download this PDF.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT OR ESTABLISHING A NEW CUSTOMER RELATIONSHIP

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each individual or institution that opens an account or establishes a customer relationship with Morgan Stanley Smith Barney.

What this means: If you enter into a new customer relationship with Morgan Stanley Smith Barney, the Firm will ask for your name, address, date of birth (as applicable) and other identification information. This information will be used to verify your identity. As appropriate, the Firm may, in its discretion, ask for additional documentation or information. If all required documentation or information is not provided, Morgan Stanley Smith Barney may be unable to open an account or establish a relationship with you.

U.S. Securities and Exchange Commission ("SEC") Rule 606 of Regulation NMS requires all brokerage firms to publicly disclose their order routing practices.

The SEC-mandated quarterly reports of our order routing statistics for the
most recent quarter provides information on the routing of orders placed with Morgan Stanley Smith Barney.

Note: This Report represents the order routing statistics for Morgan Stanley Smith Barney LLC. Effective May 31, 2009, the Global Wealth Management Group of Morgan Stanley & Co. Incorporated and the Smith Barney division of Citigroup Global Markets Inc. combined into Morgan Stanley Smith Barney LLC, a new investment advisor and broker-dealer registered with the Securities and Exchange Commission. The MSSB Rule 606 Report on Routing of Customer represents the combined order routing statistics of customer non-directed orders for Morgan Stanley Smith Barney clients effective 2nd quarter 2009.

Morgan Stanley Smith Barney and/or Morgan Stanley, as applicable (“we,” “us” or “our”) are furnishing this document to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review this document and the margin agreement that we provided to you. In the event of a conflict between this document and any other agreements you may have with Morgan Stanley Smith Barney or Morgan Stanley, the other agreements will govern. If you have any questions or concerns, please contact your Financial Advisor.

When you purchase securities, you may pay for the securities in full or you may borrow part of the purchase price from us. If you choose to borrow funds from us, you will open a margin account with us. The securities purchased are our collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, we can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with us, in order to maintain the required equity in the account.

It is important that you understand fully the risks involved in trading securities on margin, which include but are not limited to the following:

• We can force the sale of securities or other assets in your Accounts.
  If the equity in your account falls below the NYSE margin maintenance requirements or the Morgan Stanley Smith Barney’s higher "house" requirements,we can sell the securities or other assets in any of your Accounts held at Morgan Stanley to cover the margin deficiency. You also will be responsible for any shortfall in the account after such a sale.

Portfolio Loan Account is a securities-based loan. Securities-based loans involve a high degree of risk and market conditions can magnify any potential for loss. You should review the following risks carefully before applying for a Portfolio Loan Account.

• Portfolio Loan Account is a demand loan. As such, Morgan Stanley Bank can call the loan at any time and for any reason.
• Portfolio Loan Account is an uncommitted loan facility. As such, Morgan Stanley Bank reserves the right not to fund any advance request due to insufficient collateral or for any other reason.
• Sufficient collateral must be maintained to support your loan(s) and to take future advances. A decline in the value of securities purchased on margin may require you to provide additional funds to the Firm to avoid the forced sale of those or other securities or assets in your Account.
• Morgan Stanley Bank can force the sale of securities or other assets in your Accounts. If the equity in your account falls below the maintenance requirement, the Firm can sell the securities or other assets in your collateral accounts. You also will be responsible for any shortfall in the account after such a sale.
• The Firm can sell your securities or other assets without contacting you. While Morgan Stanley Bank may attempt to notify you of margin calls, we are not required to do so. Furthermore, even if we contact you and provide a specific date by which to meet a margin call, we can still take the steps necessary to protect our financial interests, including selling the securities immediately without notice to you.
• You are not entitled to choose which securities or other assets in your Account are to be liquidated or sold to meet a margin call. Because the securities are collateral for a PLA, Morgan Stanley Bank has the right to decide which security to sell in order to protect its interests.
• Morgan Stanley Bank can increase collateral maintenance requirements at any time without notice.
• PLA approval is at the sole discretion of Morgan Stanley Bank. Terms can change at any time at the sole discretion of Morgan Stanley Bank.

Depending on your specific investment objectives and financial position, the investments discussed or recommended in this Web site may or may not be suitable for you. It is up to you to weigh any decision carefully. Past performance is not necessarily a guide to future performance and is no guarantee of future results. Income from investments may fluctuate. The price or value of any investment identified directly or indirectly in this Web site may fall or rise against your interests and the interests of other investors.

This firm or one of its affiliates may from time to time perform or seek to perform investment banking services for any company mentioned in these pages, and this firm and others associated with it may at any time be long or short, sell or buy, make markets or specialize in, have options in and effect transactions in the securities mentioned.

Opinions, where and when expressed, are subject to change without notice. Information was obtained from sources considered reliable, but no representation is made as to its accuracy.