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TERMS OF USE


This site is set out by Morgan Stanley & Co. International plc ("Morgan
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None of the information contained in this website constitutes a solicitation or
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or distribution of any offering material in relation thereto, is permitted in
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website, or any offering material in relation thereto, will not have been
registered under the Securities Act. The products described on Morgan Stanley's
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such investors. Please refer to the relevant termsheet or product documentation
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an offer) to buy/sell or borrow/lend the securities mentioned or to participate
in any particular trading strategy.


Offering circular or prospectus


An offering circular or prospectus (the "Offering Documents") referring to a
specific product will be available on Morgan Stanley's website.

Potential investors should base any investment decision they make solely on the
basis of information contained in the Offering Documents and should read the
information contained therein carefully, in particular the description of risk
factors associated with any structured products in order to fully understand the
potential risks and rewards associated with the decision to invest in the
securities. The products described on this website have been issued by Morgan
Stanley or one of its affiliates or by alphabeta access products Ltd. All
information on Morgan Stanley's website and the Offering Documents with respect
to any third party entity not affiliated with Morgan Stanley has been provided
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Any person wishing to subscribe any of the financial instruments on this website
shall contact its usual broker or intermediary.


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Reliability of data


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market at the time provided or at the time that the user may want to purchase or
sell a particular security or other instrument.


Research


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Conflicts of interest


Morgan Stanley may from time to time take proprietary positions and/or make a
market in instruments identical or economically related to the products
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consequently, the value of the products described on Morgan Stanley's website.
Morgan Stanley may act in their own commercial interest in these various
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investors or any other party.


Risk Factors


Investment in the products described in Morgan Stanley's website involves
substantial risks. Investors should read the description of risk factors and
investment considerations contained in the applicable Offering Documents
carefully prior to making a decision to invest in a particular product.


General Information


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The Morgan Stanley's website may contain links to third party websites. These
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Privacy Policy


Morgan Stanley respects your privacy. Personal data, which are collected when
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See the Morgan Stanley Privacy and Cookies policies for information.


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Communications over the Internet and by e-mail cannot be guaranteed to be
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Any user of Morgan Stanley's website shall protect its own communication from
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Limitation of liability


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damage that you incur in the event of any failure or interruption of Morgan
Stanley's website, or resulting from interception by third parties of any
information or services made available to you via Morgan Stanley's website or
the act or omission of any other party involved in making Morgan Stanley's
website, the data contained herein or the products or services available on
Morgan Stanley's website, or from any other cause relating to your access to,
inability to access, or use of Morgan Stanley's 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 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. This
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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.
Morgan Stanley shall assume no liability for any damage direct or indirect
resulting from the use of the information available on Morgan Stanley's website.


Jurisdiction
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.

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