Our Equity Syndicate product differs from that offered by most other areas of Morgan Stanley because there are no fees or commissions for the initial sale of the equity syndicate product we underwrite. (Our Financial Advisors' sales credits are paid by the issuers themselves, all of which are disclosed in the prospectus.) In addition, our Equity Syndicate product is "prospectus-backed." All underwritten issues come with the most up-to-date due diligence, or verification, of the company's financial records, mission statement and management profile, etc., possible. We devote a significant amount of time and resources to ensure that the companies we underwrite are completely aboveboard and creditworthy. The Equity Syndicate underwritten product also enjoys a close link to the world-renowned Morgan Stanley Research department. The Research department has committed itself to cover our underwritten securities and usually picks up coverage of an Equity Syndicate issue within three or four days of the pricing of a follow-on offering and within four weeks for an Initial Public Offering. When you combine coverage by Morgan Stanley's acclaimed Research department with the relative scarcity of the underwritten product, there is an unparalleled opportunity for both conservative and risk-tolerant investors to take advantage of one of the world's greatest underwriting franchises. Speak with a Morgan Stanley Smith Barney Financial Advisor today to review your investment objectives.