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n Staley Asia United (which may's respasititity for its conteds) at by Balk Morgan Staley AG. Hong Kong Branch in Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration amber 1992062962) ancVcr Merge) Staley Asia (Singapore) Securities Pie Ud (Registration amber 2C0008434H), regulated by the Mcnetay A
10 EFTA_R1_02140304 EFTA02714469 Morgan Stanley Apollo Global Manarmant LLC I April 1.2015 MORGAN STANLEY RESEARCH Important Disclosures for Morgan Stanley Smith Barney LLC Customers Important disclostres regarding the relationship between the companies that are the subject of Morgan Staley Research and Morgan Stanley Smith Barn
y Asia Limited (which accepts responsbifity for its contents) and by Bank Morgan Stanley AG. -Hong Kong Branch: II Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 1992062982) anclor Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H). regulated by the Monet
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y Asia Limited (which accepts responsbifity for its contents) and by Bank Morgan Stanley AG. -Hong Kong Branch: II Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 1992062982) andor Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H). regulated by the Moneta
as follows: relevant PISCI country index or NSCI sub-regional index or ASCI AC Asia Pacific ex %lent Index. 07/01 2014 Important Disclosures for Morgan Stanley Smith Barney LLC Customers Important disclosures regarding the relationship between the companies that are the subject of Morgan Stanley Research arid Morgan Stanley Smith Bar
Entities connected to both Singapore) Pte and Morgan Stanley Smith Barney LLC Customers

Hong Kong
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Morgan Stanley
ORGANIZATIONthe Monetary Authority of Singapore
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Bloomberg L.P.
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