Morgan Stanley Online Trading

Morgan Stanley Online Trading

Availability & Restrictions

Depending upon your account, Morgan Stanley Online and Morgan Stanley Mobile permit trading of Stocks, Exchange-Traded Funds, Options and Mutual Funds. This document details online and mobile trading availability, limits and restrictions and is subject to change. It is organized by your account type. Please click your account type for information specific to you:

Morgan Stanley Access Direct Regular Brokerage Account Choice Select Account Consulting Group Advisory

Morgan Stanley Access Direct

Securities Most US equities

Most US ETFs Inverse/Leveraged ETFs

Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)

Options Mutual Funds Transactions

Buy Stock Sell Stock Short Sell Stock Buy Mutual Fund Sell Mutual Fund Exchange Mutual Fund Trade Limits

Stock/ETF not permitted

Mutual Fund not permitted

Morgan Stanley Access Direct

Sell only Not available Not available Not available Not available Not available Not available Not available

Morgan Stanley Access Direct

Not available 1:1 Only Morgan Stanley Access Direct Purchases blocked at > $500,000 or >25,000 shares Purchases blocked at > $100,000

Regular Brokerage Account

Securities Most US equities

Most US ETFs Inverse/Leveraged ETFs

Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)

Mutual Funds 1Options1

Transactions Buy Stock Sell Stock

Short Sell Stock Buy to Cover Stock Write Covered Calls Buy to Open Call/Put Sell to Open Call/Put Multi-legged Options Close Option Position

Trade Limits Stock/ETF approval by branch

Stock/ETF not permitted Opening Options Orders ? approval by branch

Opening Options Orders ? not permitted

Regular Brokerage

Sell only Not available online Not available online Not available online Not available online Not available online Not available online Not available online

Regular Brokerage

Not available online Not available online Not available online Regular Brokerage Buys >25,000 Shares or $500,000 Buys >50,000 Shares or $1,000,000 >50 Contracts > $500,000

1 Options trading is subject to appropriate Options Agreement with firm.

Choice Select Account

Securities Most US equities

Most US ETFs Inverse/Leveraged ETFs

Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)

Mutual Funds 2Options2

Transactions Buy Stock Sell Stock

Short Sell Stock Buy to Cover Stock Write Covered Calls Buy to Open Call/Put Sell to Open Call/Put Multi-legged Options Close Option Position

Trade Limits Stock/ETF approval by branch

Stock/ETF not permitted Opening Options Orders ? approval by branch

Opening Options Orders ? not permitted

Choice Select

Sell only

Not available online Not available online Not available online Not available online Not available online Not available online

Choice Select

Not available online Not available online Not available online Choice Select Buys >25,000 Shares or $500,000 Buys >50,000 Shares or $1,000,000 >50 Contracts > $500,000

2 Options trading is subject to appropriate Options Agreement with firm.

Consulting Group Advisory Account

Securities Most US equities

Most US ETFs Inverse/Leveraged ETFs

Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)

Mutual Funds 3Options2

Transactions Buy Stock Sell Stock

Short Sell Stock Buy to Cover Stock Write Covered Calls Buy to Open Call/Put Sell to Open Call/Put Multi-legged Options Close Option Position

Trade Limits Stock/ETF approval by branch

Stock/ETF not permitted Opening Options Orders ? approval by branch

Opening Options Orders ? not permitted

Consulting Group Advisory

Sell only

Not available online Not available online Not available online Not available online Not available online Not available online

Consulting Group Advisory

Not available online Not available online Not available online Not available online Consulting Group Advisory Buys >25,000 Shares or $500,000 Buys >50,000 Shares or $1,000,000 >50 Contracts > $500,000

3 Options trading is subject to appropriate Options Agreement with firm. ? 2020 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 2893847 01/2020

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