Morgan Stanley & Co. Incorporated is not the lender. Lending provided by Morgan Stanley Credit Corporation.

The Affiliated Business Disclosure Statement
This is to give you notice that Morgan Stanley & Co. Incorporated has a business relationship with Morgan Stanley Credit Corporation ("MSCC"). Morgan Stanley & Co. Incorporated and MSCC are both owned and controlled by Morgan Stanley. Because of the relationship, this referral may provide Morgan Stanley & Co. Incorporated and Morgan Stanley a financial or other benefit.

Neither you nor MSCC pays any fee for the services of Morgan Stanley & Co. Incorporated as a mortgage broker in this transaction. If the loan closes, Morgan Stanley & Co. Incorporated may compensate its employee, the Financial Advisor, up to seven tenths of one percent (0.7%) of the principal amount of the loan.

Set forth below is the estimated range of charges by MSCC for the settlement services of providing a mortgage loan. You are not required to use MSCC to obtain a mortgage loan. There are frequently other settlement service providers (lenders) available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services.

• Application Fee: $0 to $295, depending upon state law and type of loan
• Processing Fee: $0 to $495, depending upon state law and type of loan
• Underwriting Fee: $0 to $395, depending upon state law and type of loan
• Origination Fee: 0% to 1% of the loan amount, depending on of the product offer.¹
• Other Fees: Other fees, including typical third-party fees and per-diem interest, you will have to pay are listed on the Good Faith Estimate of closing costs provided to you by MSCC upon applying for a loan.

¹Based on the product offer, you may have to pay an origination fee. In some circumstances, you may choose not to pay the origination fee in exchange for an increased rate. If you elect to pay discount points, if available, your interest rate will be lower. The origination fee may be higher for investment properties.

General Information
All information is subject to change without notice, as are all loan products and terms.

Consult your tax advisor regarding the deductibility of interest and before making any tax related borrowing decisions.

While we will work hard to serve your financial needs, the information contained herein does not constitute a guarantee of any kind, or offer to make any specific loan.

Loans are available only in the United States of America and no attempt is made to advertise or offer loans in any other country.

A lender's title insurance policy is required on the real estate that will be the collateral for your mortgage. This policy protects only the lender. You should seek independent, competent advice as to whether you should obtain any additional title protection document. If additional title protection is desired, you must obtain it in a timely manner in order to avoid undue delay of the closing under the terms of the contract of the sale.

You have the right of free choice in the selection of the agent and insurer through which any required property insurance is obtained. Your choice is subject to the reasonable approval of the lender.

Loan proceeds may not be used to purchase, trade, or carry marketable securities.

Licensing Disclosures
Morgan Stanley & Co. Incorporated is licensed as a mortgage broker and Morgan Stanley Credit Corporation as a mortgage lender in a number of states. Some of these laws require that certain information about the licenses be disclosed in advertisements. This information is listed below.

Mortgage Lender Licensing Disclosures
AZ - Morgan Stanley Credit Corporation, Mortgage Banker License BK - 16340. CA - loans made pursuant to a California Department of Corporations Finance Lenders License. GA - Morgan Stanley Credit Corporation, 75 N. Fairway Drive, Vernon Hills, IL 60061 - Georgia Residential Mortgage Licensee. IL - Illinois Residential Mortgage Licensee. MA - Mortgage Lender License ML0565. MD, NJ, and NY - Morgan Stanley Credit Corporation, 4 Headquarters Plaza North Tower, Morristown, NJ 07962. Licensed Mortgage Banker - NYS Banking Department and NJ Department of Banking. NH - Banking Dept License 5733MB. NV - Morgan Stanley Credit Corporation, 1645 Village Center Circle, Suite 150, Las Vegas, NV 89134, 1-800-473-5584. RI - Licensed Lender. Residential loans are not available in Guam, Puerto Rico and the Virgin Islands. Loans are subject to credit approval.

Mortgage Broker Licensing Disclosures
Investment services are offered through Morgan Stanley & Co. Incorporated, member SIPC. Morgan Stanley & Co. Incorporated is not the lender. We arrange, but do not make, loans. Morgan Stanley Home Loans are offered, and residential loans are made, by Morgan Stanley Credit Corporation. Morgan Stanley & Co. Incorporated, 2000 Westchester Avenue, Purchase, NY 10577, is a registered Mortgage Broker, NYS Banking Department and a GA Residential Mortgage Licensee. AZ - Mortgage Broker License MB 16018. California loans arranged pursuant to a California Department of Corporations Finance Lenders License. MA - Mortgage Broker License MB1081. MD - 250 W. Pratt Street, Baltimore, MD 21201. NJ - 695 Route 46 West, Fairfield, NJ 07004, (973) 276-5400, Licensed Mortgage Broker - NJ Department of Banking. RI - a Licensed Loan Broker.

Authorized Use
Any person is hereby authorized to view and copy the information available from this Web server for personal or educational purposes only, provided that each copy includes any copyright, trademark, or service mark notice or attribution, as it appears, on the pages copied. The information and materials may not otherwise be reproduced, displayed, downloaded, licensed, modified, reposted, retransmitted, disseminated, sold, distributed, published, broadcast, circulated, used to create a derivative work, or otherwise used for public or commercial purposes, without the express written consent of Morgan Stanley Credit Corporation.