Index Detail Page

Prior to making an investment decision in respect of any Financial Product, prospective investors should consider carefully all of the information set out in this Description, including in this Section 2 (Risk Factors and Investment Considerations). This Section 2 (Risk Factors and Investment Considerations) is intended to describe various risk factors which the Index Sponsor believes represent the principal risks associated with any securities issues, derivative transactions or other financial product the return of which is linked to, or otherwise determined by reference to, the Index (each such issue, transaction or product, a “Financial Product”). Each investor in relation to a Financial Product is referred to as a “Financial Product Investor”. There may be other risks and considerations not set out below that prospective investors should consider that are relevant either to their particular circumstances or more generally, whether arising from market factors or otherwise. In particular, other risks may exist in relation to the Financial Product itself. Each prospective investor should make their own investigations and form their own views as to the appropriateness or otherwise of the Index taking into account their own circumstances.

Index Specific Risk Considerations

Weights – With respect to baskets with more than one Index Components, the Weight applied to each Index Component is determined by a rules-based algorithm. The correlation between the Index and Index Components, and the correlation between the Index Components, may vary over time and may increase or decrease by reference to a variety of factors, which may include macro-economic factors and speculation. The Weights applied may not be optimal weights.

Costs – The calculation of the Index Level includes a deduction for certain costs. Such costs are calculated in accordance with the methodology specified in this Description. Any such deduction(s) shall mean that the Index Level is less than would be the case if no costs were deducted.

Leverage – The formula used for calculating the Index Level in respect of an Index Business Day contains a multiplier in respect of the Basket Level. Therefore, the percentage change in the performance of the Index on each Index Business Day can be greater than any actual positive and/or negative performance of the Basket. Prospective investors should note that financial products or transactions referencing an index which include such a multiplier or leverage factor represent a very speculative and risk form of investment, since any loss in value of the relevant underlying reference asset may carry the risk of a disproportionately higher loss on the relevant financial product or transaction.

Emerging Markets – Any Financial Product referencing an index linked, directly or indirectly, to emerging markets jurisdictions will be exposed to the risks of volatility, governmental intervention and the lack of a developed system of law which are associated with such jurisdictions. An index linked indirectly to emerging markets, via securities, indices, commodities or currencies, may be exposed to the risks of economic, social, political, financial and military conditions in such jurisdictions, including, in particular, political uncertainty and financial instability; the increased likelihood of restrictions on export or currency conversion; the greater potential for an inflationary environment; the possibility of nationalisation or confiscation of assets; the greater likelihood of regulation by national, provincial and local governments, including the imposition of currency exchange laws and taxes; less liquidity in emerging market currency markets as compared to liquidity in developed markets and less favourable growth prospects, capital reinvestment and self-sufficiency.

Effective Exposure – The Effective Exposure is determined by a rules-based algorithm. The correlation between the Index and the Index Component may vary over time and may increase or decrease by reference to a variety of factors, which may include macro-economic factors and speculation.

Reform of interest rate and other “benchmarks” – The use and application of benchmarks such as EURIBOR in transactions and other documents have been the subject of recent national, international and other regulatory guidance and proposals for reform. Some of these reforms are already effective while others are still to be implemented. These reforms may cause such “benchmarks” to perform differently than in the past, or to disappear entirely, or have other consequences which cannot be predicted. Any such consequence could have a material adverse effect on the Index or any of its constituents. Any of the international, national or other proposals for reform or the general increased regulatory scrutiny of “benchmarks” could increase the costs and risks of administering or otherwise participating in the setting of a “benchmark” and complying with any such regulations or requirements. Such factors may have the effect of discouraging market participants from continuing to administer or participate in certain “benchmarks,” trigger changes in the rules or methodologies used in certain “benchmarks” or lead to the disappearance of certain “benchmarks.” The disappearance of a “benchmark” or changes in the manner of administration of a “benchmark” could have materially adverse consequences in relation to the Index or any of its constituents. In particular, but without limitation, any change, cessation, increase in costs or other event relating to a “benchmark” may result in the occurrence of a Disruption Event in relation to the Index, pursuant to which the Index Sponsor may take action in accordance with this Description.

Different methods for calculating volatility may give different results – There are different methods for calculating volatility, and using a different method from the method used for the purposes of the Index may give a different result. The volatility targeting methodology of the Index measures volatility with reference to a specified number of days. Measuring volatility over a different number of days may give a different result.

Volatility targeting may be unsuccessful - The volatility targeting methodology of the Index may not succeed in maintaining the annualised volatility of the level of the Index at the volatility target specified in respect of it. The actual annualised volatility of the level of the Index may be higher than or lower than the volatility target that is specified in respect of it. The volatility targeting methodology of the Index will not prevent a decrease in the level of the Index.

Volatility targeting may result in reduced performance – The volatility targeting methodology of the Index may result in the exposure of the Index to the Index Component being considerably less than 100%. This means that the gains of any Financial Product may be significantly less than the gains of any investment product linked to the Index Component.

Rebalancing Period – The Index rebalances on a monthly basis. However, such period may not be the optimal holding period for the Index Component and a different holding period may produce higher returns.

The Index is adjusted by deductions included in the Index Level - Notional embedded costs, in the form of a Rebalancing Cost, a Funding Rate, Holding Cost and Funding Spread are included within the Index and will reduce the Index Level. Any such amounts will be deducted from the performance of the Index with the intention of reflecting synthetically the costs of implementing index servicing costs (which are applicable to the Index rather than the Index Components and are applicable on an ongoing basis) a strategy that mirrors the Index.

The Index may be adjusted by the deductions of a specified Decrement level – If so specified in the Description, the Index Level may be adjusted by the deduction of a Decrement, which represent the anticipated synthetic dividend payable by the Index Component, over the life of any transaction in Financial Product(s). The deduction of a Decrement enables the Index Sponsor to replicate synthetically the economic performance of an index component with a fixed dividend yield.

General Index Risk Considerations

The Index performance is subject to fluctuations – The Index is a notional, rules-based index comprising the Index Components and the Index Level may decline. The Index methodology described in this Description was developed based on historical data and conditions and there are no assurances that the methodology will generate positive performance in the future. The performance of the Index is dependent on many factors, including developments and trends in the markets for the Index Components. The Index performance can go up as well as down, and can register significant losses, including in some cases that the Index falls to zero. Any past performance of the Index (actual or simulated) is not an indication of its future performance.

Risks and rewards of a Financial Product – Financial Product Investors should ensure that they review the economic terms of the relevant Financial Product and not only the terms of the Index in order to understand the risks and rewards of an investment in such Financial Product.

The Index is not an investment in the Index Components – The Index is calculated as a “notional” index. This means that the Index is calculated by reference to the Index Component Value in respect of each Index Component, however the strategy embedded in the Index means that any return might be higher or lower than the aggregate performance of the Index Components. However, there is no requirement for the Index Sponsor to obtain an exposure in relation to any Index Component in order to calculate the Index.

A Financial Product Investor will have no rights in respect of the Index Components or any Index Components – The investment exposure provided by the Index is synthetic. An investment referenced to an Index therefore not make a Financial Product Investor a holder of, or give a Financial Product Investor a direct investment position in, an Index or any Index Component (or any components thereof).

An investment in the Index may be subject to dilution, which may limit the gains in such investment – The Index may be subject to dilution, such that Financial Product Investors may not benefit fully from increases or decreases (depending on whether the exposure is long or short) in the value of an Index Component. Dilution means that the return or loss on an investment is subject to a multiplier decreasing exposure to such investment and reducing the volatility and risk of loss should the value of such investment decline, but reducing the potential gain should the value of such investment increase. Financial Product Investors should be aware that if the value of an Index Component increases or decreases, an investment linked to the Index may not have the same magnitude of increased or decreased value as such Index Component.

No liability – Notwithstanding any other provision within this Description, and subject as provided by any applicable law or regulation, in no event shall the Index Sponsor or the Index Calculation Agent, acting in each case in such capacity, be liable (whether directly or indirectly, in contract, tort or otherwise) for any loss incurred by any person that arises out of or in connection with the Index, including in relation to the performance of the Index Sponsor or the Index Calculation Agent, as applicable, of any part of its respective role under this Description, provided that nothing shall relieve each of the Index Sponsor and the Index Calculation Agent from any liability arising by reason of fraud or acts or omissions constituting any breach of regulation or other applicable law.

The Index Sponsor may make adjustments to this Description in certain circumstances – The Index Sponsor may make adjustments to this Description without consulting with Financial Product Investors in circumstances where the Index Sponsor has determined that such change is not material to Financial Product Investors, including if it is of a formal, minor or technical nature. Before making any other adjustment to this Description, the Index Sponsor will give prior notice to Financial Product Investors. Such adjustments could include, but are not limited to: (i) adjusting any relevant Index Component Value, (ii) replacing or removing an Index Component, (iii) postponing the publication of an Index Level or (iv) suspending or cancelling the Index. Any adjustments made to the Index may impact its future performance and result in an adverse return to a Financial Product Investor.

Discretion – This Description confers on each of the Index Sponsor and the Index Calculation Agent the right to make determinations, calculations, adjustments and modifications in relation to the Index and related matters, which involve, in certain circumstances, a degree of discretion in order to ensure that the Index can, where reasonably practicable, continue to be calculated and determined notwithstanding the relevant circumstances or, to allow a delay or a cancellation of the Index (including, without limitation, upon the occurrence of certain Adjustment Events or certain dilutive or concentrative events or other market disruption events in relation to Index Components as specified in this Description). Such adjustments may include, without limitation, adjusting the composition of the Index which exposes Financial Product Investors to the risk that any replacement Index Component may perform differently from the original Index Component, which may have an adverse effect on the performance of the Index.Each of the Index Sponsor and the Index Calculation Agent will, as far as reasonably practicable, exercise any such discretion with the aim of ensuring that the Index continues to reflect, as closely as possible, the underlying economic interest it is designed to represent. The exercise of these discretions may have a significant effect on the Index and a Financial Product. Financial Product Investors should note that they are exposed to the exercise by the Index Sponsor of such discretions and in exercising such discretions, the Index Sponsor and the Index Calculation Agent have no obligations to consider the interests of any other person including (but not limited to) Financial Product Investors. Each of the Index Sponsor and the Index Calculation Agent, unless otherwise specified, is required to act using reasonable discretion, however, there can be no assurance that the exercise of any such discretion (or the absence of exercise, as the case may be) will not increase or decrease the Index Level and/or alter the volatility of the Index.

Correlation of Index Components – Correlation of Index Components indicates the level of interdependence among the individual Index Components with respect to their performance. If, for example, all of the Index Components (or the constituent assets of such Index Components) originate from the same sector and the same country or region, a high positive correlation may generally be assumed. Past rates of correlation may not be determinative of future rates of correlation. Prospective investors should be aware that, although Index Components may not appear to be correlated based on past performance, it may be that they suffer the same adverse performance following a general downturn or other economic or political event. Where the Index Components are subject to high correlation, any move in performance of the Index Components will exaggerate the performance of the Index.

Political and economic factors – Index Component Values may be influenced by a number of circumstances, including, but not limited to, political events, general economic conditions, government intervention, changes in balances of payments and trade, domestic and international rates of inflation, international trade restrictions and currency devaluations. Any such circumstance (or a combination of them) may cause unexpected volatility or illiquidity in the relevant markets. The Index may fail to take account of such events and, as a result, investment losses may occur which may in turn have an adverse effect on the performance of a Financial Product.With respect to any emerging or developing nation, there is the possibility of nationalisation, expropriation or confiscation, political changes, government regulation, social instability or other developments (including war) which could affect adversely the economies of such nations or Index Component Values that are linked or have an exposure to such nations.

Market volatility – The underlying markets for Index Components (including, without limitation and, if applicable, in commodities, metals, financial instruments, interest rates and indices) may be volatile and subject to sudden fluctuations of varying magnitude, any may be influenced by, amongst other things, government trade, fiscal, monetary and exchange control programmes and policies, national and international political and economic events and changes in interest rates. The volatility of such underlying markets may render it difficult or impossible to predict or anticipate fluctuations in the value of Index Components which could result in losses and an adverse effect on the Index.

Rules-based Index – The Index is quantitative and rules-based and is not managed actively by the Morgan Stanley Group or any third party. Consequently, the Morgan Stanley Group does not have discretion to change this Description if there are significant changes in the performance of the Index Components that cause the Index to decline significantly or underperform.

Information about the Index is no guarantee of the performance of the Index – Certain presentations and historical analysis or other statistical analysis materials in respect of the operation and/or potential returns of the Index which may be provided are based on a number of assumptions, historical estimates, simulated analyses and hypothetical circumstances to estimate how the Index may have performed prior to its actual existence. The Index Sponsor may use historical data that is available to calculate the hypothetical level of the Index prior to its inception. If the Index Sponsor determines that such historical data is not available or is incomplete, the Index Sponsor may use alternate sources of data in place of such historical data as well as make certain modifications to the index methodology as it deems necessary to calculate the hypothetical level of the Index prior to its inception. The Index Sponsor provides no assurance or guarantee that the Index will operate or would have operated in the past in a manner consistent with those materials.

Index Base Date – The Index will only have been calculated since the Index Base Date, being a date determined by the Index Sponsor as the date on which the Index Level would have been equal to the Initial Index Level based on back-testing (using simulated analyses and hypothetical circumstances, as further described in this Description). As such, any historical returns or any hypothetical simulations based on such back-tested data or analyses with respect to the period from the Index Base Date to the date on which Financial Products are first implemented (which may be materially later than the Index Base Date), may not reflect the performance of, and are no guarantee or assurance in respect of the performance or returns of, the Index over any time period.

Limited operating history and unanticipated performance – The Index is a relatively new strategy. Where limited historical performance data exists with respect to the Index Components and the Index itself, any investment in respect of which returns are linked to the performance of the Index or the Index Components may involve a greater risk than an investment linked to returns generated by an investment strategy with a proven track record. While a longer history of actual performance could provide more reliable information on which to assess the validity of the Index and on which to base an investment decision, the fact that the Index and the Index Components are relatively new would not allow this. There can be no guarantee or assurance that the Index or the Index Components will operate in a manner consistent with the data available.

Reliance on information – Calculations related to the Index may rely on information obtained from various publicly available sources. The Morgan Stanley Group and the Index Calculation Agent have relied on and will rely on these sources. In addition, the Morgan Stanley Group and the Index Calculation Agent have not verified independently and will not verify independently the information extracted from these sources. Accordingly, Financial Product Investors are subject to the risk that such third party information is inaccurate or incomplete and, in such circumstances, any such inaccuracy or incompleteness will be reflected in the calculation of the Index and may have a material impact on the performance of the Index.

No disclosure of information – The Morgan Stanley Group may be in possession at any time of information in relation to Index Components which may not be available to Financial Product Investors. There is no obligation on any member of the Morgan Stanley Group to disclose to Financial Product Investors any such information.

Conflict of interests – The Morgan Stanley Group (including the Index Calculation Agent and the Index Sponsor) may from time to time engage in transactions involving the Index Components for their own account and/or for the account of their clients and may act as market-maker for such Index Components. Such activities may not be for the benefit of Financial Product Investors and may have an effect on the value of the Index and, consequently, on the value and performance of any Financial Products. In addition, the Morgan Stanley Group may from time to time act in other capacities such as the issuer of investments or the advisor thereof. Morgan Stanley Group entities also may issue, hold or enter into financial instruments and/or enter into derivative contracts in respect of the Index Components and the use of such instruments and/or derivatives may affect the value of the Index Components. Morgan Stanley Group entities may, but are not obliged to, enter into hedging transactions in respect of the Index Components in order to meet obligations in respect of Financial Products or for any other purpose which may affect the value of such components or of any Financial Products. If they do, Morgan Stanley Group entities will have certain rights pursuant to such hedging transactions and/or in relation to any transactions that have given them exposure to Index Components and will pursue actions and take steps as they deem appropriate to protect their own interests.In addition, the unwinding of such hedging transactions may affect the value of such Index Components or instruments which may affect the value of the Index. Morgan Stanley Group entities may make gains and/or losses from such hedging activity. In acting in any of these capacities, subject as provided by any applicable law or regulation, no member of the Morgan Stanley Group is obliged to take into account the interests of any person including (but not limited to) Financial Product Investors.

Litigation and disputes – The Index Sponsor, the Index Calculation Agent or any member of the Morgan Stanley Group may be subject to litigation or arbitration proceedings or disputes with other entities. Any such event may adversely affect the ability of the Index Sponsor or the Index Calculation Agent to perform their duties in respect of the Index and, therefore, may adversely affect the Index and, consequently, any Financial Product.

Morgan Stanley research – The Morgan Stanley Group may issue research reports on securities or other financial instruments that are, or may become, Index Components. These reports are independent of the obligations of the Index Sponsor and the Index Calculation Agent described in this Description.

The Index Sponsor’s determinations are final and conclusive – The Index Calculation Agent is responsible for compiling and calculating the Index pursuant to this Description and has certain discretions relating to the Index. The Index Sponsor retains the discretion to appoint an alternative Index Calculation Agent. The Index Sponsor retains the final discretion as to the manner in which the Index is calculated and constructed. Furthermore, the Index Sponsor has the final authority on the Index and the interpretation and application of this Description. The Index Sponsor makes no representation (implied or otherwise) as to the performance of any Index Component and/or the Index.

Tax Considerations – In July 2015, the U.S. Treasury Department and the Inland Revenue Service (“IRS”) released a notice designating certain “basket contracts” and substantially similar transactions as “transactions of interest,” subject to information reporting requirements as “reportable transactions” under Section 6011 of the U.S. Internal Revenue Code of 1986, as amended. The scope of this notice is unclear, and it is therefore possible that the Financial Products could be subject to the notice. In that case, Financial Product Investors would be required to report certain information to the IRS, as set forth in the applicable Treasury regulations regarding “reportable transactions”. If the IRS determines such a transaction is a “transaction of interest” and Financial Product Investors fail to disclose the transaction, such holders could be subject to penalties. Financial Product Investors should consult their tax advisers regarding the potential application of this notice to Financial Products.

FEES

Rebalance Costs associated with rebalancing the Index Components and an Index Fee are debited from the Index. Such costs and fees will reduce the performance of the Index.

Wichtige Informationen und Qualifikationen

Die hierin enthaltenen Informationen wurden von Vertriebs-, Handels- oder anderen Research-fremden Mitarbeitern eines der folgenden Unternehmen erstellt: Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC, Morgan Stanley MUFG Securities Co., Ltd, Morgan Stanley Capital Group Inc. und/oder Morgan Stanley Asia Limited (zusammen mit ihren Tochtergesellschaften, nachfolgend „Morgan Stanley“ genannt), ist aber kein Produkt der Morgan Stanley Research Abteilung. Diese Mitteilung ist eine Marketingmitteilung und kein Research-Bericht, obwohl sie sich auf einen Morgan Stanley Research-Bericht oder die Ansichten eines Morgan Stanley Research-Analysten beziehen kann. Wir kommentieren nicht die Grundlagen der genannten Unternehmen. Sofern nicht anders angegeben, sind alle hier geäußerten Ansichten die Ansichten des Autors und können von denen der Morgan Stanley Research oder denen der anderen Unternehmen abweichen oder mit diesen in Konflikt stehen. Weitere Informationen und wichtige Angaben finden Sie unter http://www.morganstanley.com/disclaimers.

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Um weitere Informationen über die historische Wertentwicklung des Finanzinstruments und/oder des Basiswerts (sofern zutreffend) und/oder das Funktionieren des Finanzinstruments unter verschiedenen Marktbedingungen zu erhalten, auf die in Mitteilungen von Mitarbeitern von Morgan Stanley-Unternehmen mit Sitz in Europa, dem Nahen Osten und Afrika („EMEA“) Bezug genommen wird, wenden Sie sich bitte an Ihren EMEA Morgan Stanley-Vertriebsmitarbeiter.

Diese Materialien dürfen nicht in Ländern verteilt werden, in denen dies rechtswidrig ist. Die in dieser Mitteilung beschriebenen Instrumente und/oder Basiswerte dürfen in einer Reihe von Ländern, in denen dies unzulässig ist, weder vermarktet noch verkauft oder zum Kauf angeboten werden. Diese Veröffentlichung wird in Japan von Morgan Stanley MUFG Securities Co. Ltd. nur an diejenigen Anleger verbreitet, die „Professional Investors“ (tokutei toushika) im Sinne des Financial Instrument Exchange Law of Japan sind und darf nur dann an andere Anlegertypen weitergegeben werden (nur zur Orientierung), wenn Morgan Stanley vorher schriftlich zugestimmt hat. Morgan Stanley MUFG Securities Co. Ltd. ist ein Joint Venture zwischen Morgan Stanley und der Mitsubishi UFJ Financial Group in Japan. Morgan Stanley und Mitsubishi UFJ Financial Group haben ein weiteres Joint Venture in Japan gegründet: Mitsubishi UFJ Morgan Stanley Securities Co. Ltd); in Hongkong durch Morgan Stanley Asia Limited; in Singapur durch Morgan Stanley Asia (Singapore) Pte. und/oder Morgan Stanley Asia (Singapore) Securities Pte. Ltd., die jeweils von der Monetary Authority of Singapore reguliert werden und die Verantwortung für den Inhalt dieser Materialien übernehmen, nur gegenüber Anlegern, die institutionelle Anleger, akkreditierte Anleger oder sachverständige Anleger im Sinne des Securities and Futures Act, Chapter 289 of Singapore sind; in Australien von Morgan Stanley Australia Limited A.B.N. 67 003 734 576, A.F.S.L. Nr. 233742 und/oder Morgan Stanley Australia Securities Limited A.B.N. 55 078 652 276, A.F.S.L. Nr. 233741, die die Verantwortung für ihren Inhalt übernimmt; in Kanada von Morgan Stanley Canada Limited, die den Inhalt dieser Veröffentlichung in Kanada genehmigt hat und sich bereit erklärt hat, die Verantwortung dafür zu übernehmen; in Spanien von Morgan Stanley, S.V., S.A., einem Unternehmen der Morgan Stanley-Gruppe, das von der spanischen Wertpapieraufsichtsbehörde (CNMV) beaufsichtigt wird und erklärt, dass dieses Dokument nach den für die Finanzanalyse geltenden Verhaltensregeln gemäß den spanischen Vorschriften verfasst und verteilt wurde; in den Vereinigten Staaten ist es nur an institutionelle Kunden gerichtet und wird von Morgan Stanley & Co. LLC, die die Verantwortung für ihren Inhalt übernimmt und im Vereinigten Königreich ist sie nur an diejenigen Personen gerichtet, die zugelassene Gegenparteien oder professionelle Kunden sind und Privatkunden (jeweils gemäß der Definition in den Regeln der britischen Financial Conduct Authority) dürfen nicht im Vertrauen drauf handeln und es wird in der Europäischen Union von Morgan Stanley & Co. International plc vertrieben, sofern vorstehend nicht etwas anderes vorgesehen ist. Private britische Investoren sollten sich von ihrem Vertreter der Morgan Stanley & Co. International plc über die betreffenden Investitionen beraten lassen. In Australien ist diese Publikation und ein darauf erfolgender Zugriff nur „Wholesale Clients“ im Sinne des Australian Corporations Act zugedacht. Die hier enthaltenen Warenzeichen und Dienstleistungsmarken sind Eigentum ihrer jeweiligen Inhaber. Außenstehende Datenlieferanten übernehmen keinerlei Gewähr für die Richtigkeit, Vollständigkeit und Aktualität der von ihnen zur Verfügung gestellten Daten und haften nicht für Schäden jeglicher Art, die im Zusammenhang mit diesen Daten stehen.

HYPOTHETISCHE WERTENTWICKLUNGSERGEBNISSE HABEN VIELE INHÄRENTE EINSCHRÄNKUNGEN, VON DENEN EINIGE IM FOLGENDEN BESCHRIEBEN WERDEN. ES WIRD NICHT ZUGESICHERT, DASS EIN KONTO ÄHNLICHE GEWINNE ODER VERLUSTE WIE DIE GEZEIGTEN ERZIELEN WIRD ODER DIESE ZU ERWARTEN SIND. TATSÄCHLICH GIBT ES HÄUFIG STARKE UNTERSCHIEDE ZWISCHEN DEN HYPOTHETISCHEN WERTENTWICKLUNGSERGEBNISSEN UND DEN TATSÄCHLICHEN ERGEBNISSEN, DIE DURCH EIN BESTIMMTES HANDELSPROGRAMM ERZIELT WERDEN.EINE DER EINSCHRÄNKUNGEN VON HYPOTHETISCHEN PERFORMANCEERGEBNISSEN BESTEHT DARIN, DASS SIE IN DER REGEL IM NACHHINEIN ERSTELLT WERDEN. DARÜBER HINAUS BEINHALTET DER HYPOTHETISCHE HANDEL KEIN FINANZIELLES RISIKO UND EIN HYPOTHETISCHER HANDELSNACHWEIS KANN DIE AUSWIRKUNGEN DES FINANZIELLEN RISIKOS IM TATSÄCHLICHEN HANDEL NICHT VOLLSTÄNDIG BERÜCKSICHTIGEN. BEISPIELSWEISE SIND DIE FÄHIGKEIT, VERLUSTEN STANDZUHALTEN ODER EINE BESTIMMTE HANDELSSTRATEGIE TROTZ HANDELSVERLUSTEN EINZUHALTEN WESENTLICHE PUNKTE, DIE AUCH DAS TATSÄCHLICHE HANDELSERGEBNIS NEGATIV BEEINFLUSSEN KÖNNEN. ES GIBT ZAHLREICHE ANDERE FAKTOREN, DIE SICH AUF DIE MÄRKTE IM ALLGEMEINEN ODER AUF DIE UMSETZUNG EINES BESTIMMTEN HANDELSPROGRAMMS BEZIEHEN UND DIE BEI DER ERSTELLUNG VON HYPOTHETISCHEN WERTENTWICKLUNGSERGEBNISSEN NICHT VOLLSTÄNDIG BERÜCKSICHTIGT WERDEN KÖNNEN UND DIE ALLE DAS TATSÄCHLICHE HANDELSERGEBNIS NEGATIV BEEINFLUSSEN KÖNNEN.

Alle in dieser Mitteilung vorgenommenen Einschätzungen, Prognosen oder Vorhersagen (auch in tabellarischer Form) sind als zukunftsgerichtete Aussagen zu verstehen. Obwohl Morgan Stanley der Ansicht ist, dass die Erwartungen in eine solche zukunftsgerichtete Aussage angemessen sind, kann es keine Garantie dafür geben, dass sich die zukunftsgerichteten Aussagen als richtig erweisen werden. Solche Schätzungen unterliegen bekannten und unbekannten Risiken, Unsicherheiten und anderen Faktoren, die dazu führen können, dass die tatsächlichen Ergebnisse wesentlich von den Erwartungen abweichen. Diese zukunftsgerichteten Aussagen gelten nur zum Zeitpunkt dieser Mitteilung. Morgan Stanley lehnt ausdrücklich jede Verpflichtung ab, die hier enthaltenen zukunftsgerichteten Aussagen zu aktualisieren oder zu revidieren, um eine Änderung der Erwartungen oder der Umstände, auf denen diese Aussagen beruhen, widerzuspiegeln. Die angegebenen Preise sind die am Ende des angegebenen Datums geltenden Angebotspreise von Morgan Stanley. Es kann sein, dass keine tatsächlichen Transaktionen zu diesen Preisen getätigt worden sind.

Die hier enthaltenen Warenzeichen und Dienstleistungsmarken sind Eigentum ihrer jeweiligen Inhaber. Weitere Informationen zu den hier beschriebenen Wertpapieren erhalten Sie auf Anfrage. Diese Mitteilung oder Teile derselben dürfen nur nachgedruckt, weiterverkauft oder weitergegeben werden, wenn Morgan Stanley dem vorab schriftlich zugestimmt hat.