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 our 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 Private Wealth Management.

What this means: If you enter into a new customer relationship with Morgan Stanley Private Wealth Management, 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 Private Wealth Management 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. Disclosure is to describe routing of "non-directed orders," that is, orders that customers have not specifically asked to have sent to a particular venue for execution. For these non-directed orders, we select the venue on behalf of our customers.

The SEC-mandated quarterly reports of our order routing statistics for the most recent quarter and for the previous quarters provide information on the routing of orders placed with Morgan Stanley Private Wealth Management and can be found by clicking the following link http://www.morganstanley.com/about/ir/disclosure.html.

Please note that these reports represent the order routing statistics pursuant to Rule 606 for Morgan Stanley & Co Incorporated which prior to April 1, 2007 was one of the two predecessor broker- dealers, also named Morgan Stanley & Co. Incorporated. The other predecessor, Morgan Stanley DW Inc., was a broker-dealer affiliate of Morgan Stanley & Co Incorporated and has provided separate reports for the quarters ending March 31, 2007 and before, pursuant to Rule 606 of Regulation NMS reflecting its order routing practices for agency orders submitted by its customers. To view the Rule 606 of Regulation NMS reports of the predecessor Morgan Stanley DW Inc., click on the following link. http://www.morganstanleyindividual.com/CustomerService/Disclosures/#2

Morgan Stanley Private Wealth Management 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 Private Wealth Management or Morgan Stanley, the other agreements will govern. If you have any questions or concerns, please contact your Private Wealth 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:

The interest rate that you are charged for borrowing on margin will increase or decrease without notice as the Base lending rate increases or decreases. A percentage will be added to the Base lending rate, generally depending on the total size of your debit balance, to arrive at your borrowing rate. For details, see the Morgan Stanley Margin Agreement.

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.