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Disclosures

Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith
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This event is for informational purposes only and is not an offer to buy or sell
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Investing in the market entails the risk of principal loss as well as market
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The returns on a portfolio consisting primarily of Environmental, Social and
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investment considerations. Because ESG/sustainability criteria exclude some
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opportunities or market trends as investors that do not use such criteria.
Diversification does not guarantee a profit or protect against loss in a
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Individuals executing a 10b5-1 trading plan should keep the following important
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(1) 10b5-1 trading plans should be approved by the compliance officer or general
counsel of the individual’s company.

(2) A 10b5-1 trading plan may require a cessation of trading activities at times
when lockups may be necessary to the company (i.e., secondary offerings, pooling
transactions, etc.).

(3) A 10b5-1 trading plan does not generally alter the restricted stock or other
regulatory requirements (e.g., Rule 144, Section 16, Section 13) that may
otherwise be applicable.

(4) 10b5-1 trading plans that are modified or terminated early may weaken or
cause the individual to lose the benefit of the affirmative defense.

(5) Public disclosure of 10b5-1 trading plans (e.g., via press release) may be
appropriate for some individuals.

(6) Most companies will permit 10b5-1 trading plans to be entered into only
during open window periods.

(7) Morgan Stanley, as well as some issuers, imposes a mandatory waiting period
between the execution of a 10b5-1 trading plan and the first sale pursuant to
the plan.

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