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rincipal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any
tled "Risk Factors," the accompanying prospectus and the documents incorporated herein by reference (including the risk factors set forth in Part 1, Item IA of our Annual Report on Font 10-K for the year ended December 31, 2015), our financial statements and notes thereto incorporated by reference into t
rincipal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario). and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any
and the applicable prospectus supplement. You should consider the risks, uncertainties and assumptions discussed under the caption "Risk Factors" in Item IA of our Annual Report, which is incorporated by reference in this prospectus. If any of the events or circumstances described as risks actually occur
rincipal that are accredited investors, as defined in National Instrument 45.106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements. Exemptions and Ongoing Registrant Obligations. Any
any of our securities, in addition to the other information in this prospectus, you should carefully consider the risk factors contained in Part I, Item IA under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in our 2014 Annual Report to Sha
Entities connected to both Ontario and Item IA

United States
LOCATION
United Kingdom
LOCATION
New York
LOCATION
Bermuda
LOCATIONthe Securities and Exchange Commission
ORGANIZATION
the Internal Revenue Service
ORGANIZATIONthe District of Columbia
LOCATION
the Board of Directors
ORGANIZATION
Morgan Stanley
ORGANIZATION
Eric Holder
PERSONMorgan Stanley & Co. LLC
ORGANIZATIONRegistrar
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONthe European Economic Area
LOCATIONIndebtedness
ORGANIZATIONthe New York Banking Law
ORGANIZATIONthe Securities and Futures Ordinance
ORGANIZATIONDebt Securities
ORGANIZATIONthe State of New York
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATION