MS

EXECUTION POLICY

MS will provide only an ‘execution only’ dealing service; we will not provide investment advice to you. If we enter into a Contract with you this shall not be taken to mean that MS recommends, or concurs on the merits of, the Contract or that the Contract is suitable for you.

MS does not give any trading or market recommendations, advice or instructions in its communications, including its market commentary.

When we execute an order on your behalf, we shall act in accordance with our order execution policy (the ‘Execution Policy’) as may be amended from time to time.

We will provide our services on a ‘Dealing on Quotes’ basis where we will provide quotations to you for your orders upon request, using up to date information based on price feeds received from relevant industry recognised sources. Upon acceptance of the quote/s by you and upon receipt of instructions (from you) within the specified time period, we will execute the order in London at the price accepted by you.