Verification Receipt

“you grant Morgan Stanley a first-priority lien on, continuing security interest in, and right of setoff to (a) all Collateral that is held, carried, or maintained now or in the future for any purpose in or through any of your accounts, whether owned individually, jointly, or in the name of another person or entity over which you have authority or in which you have a beneficial interest; and (b) all Collateral, with respect to securities transactions that you enter into with or through Morgan Stanley; that are held by or for Morgan Stanley, Morgan Stanley's agent, or your Authorized Agent; or that are under the direction or control of any exchange or clearing organization through which transactions on your behalf are executed or cleared.”

“To the extent permitted by Applicable Law, you understand and agree that Morgan Stanley may at any time and without prior notice to you use, liquidate, and/or transfer any or all Collateral to satisfy any Obligations to Morgan Stanley, however such Obligations may have arisen.”

“If you have a Debit Balance in your Self-Directed Account and you own an interest in any other account (including accounts with any Morgan Stanley affiliate), you understand and agree that Morgan Stanley may, to the extent permitted by Applicable Law, effect a transfer or demand a distribution from such other account to cover any Debit Balance due to Morgan Stanley without notice to you.”

“Unless otherwise required by Applicable Law, regulation, or rule and except as set forth in this Self-Directed Account Agreement and/or in other disclosures provided to you, you agree that neither we nor any other entity performing services in connection with this Self-Directed Account Agreement will be liable for consequential, special, or indirect damages or losses.”

“We may decline to offer you any services or cancel existing services available under this Self-Directed Account Agreement at our discretion without notice to you consistent with the requirements of Applicable Law, regulation, or rule or other agreements applicable to your Self-Directed Account.”

“You understand and agree that if someone used your debit card, PIN, or password without your permission and you inform us within two Business Days, you can lose no more than $50. You understand and agree that if you do not tell us within two Business Days after you have learned of the loss or theft of your debit card, PIN, or password and we can prove that, had you told us, we could have stopped someone from using your debit card, PIN, or password without your permission, you could lose as much as $500.”

“You acknowledge that bank deposits purchased through Morgan Stanley at the Federal Deposit Insurance Corporation (" FDIC ") member institutions (including, for example, savings deposits, Bank Deposit Program (" BDP ," as defined in the BDP Disclosure Statement) deposits, certificates of deposit, and Global Currency deposits) are insured by the FDIC up to applicable limits.”