Morgan Stanley Investment Management Saudi Arabia

Non Saudi Investor Confirmation

This website has been prepared by Morgan Stanley Investment Management Limited solely for informational purposes and does not seek to make any recommendation to buy or sell any particular security or to adopt any specific investment strategy. It is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the investment products are not authorised for distribution or in which the dissemination of information regarding the investment products is not permitted. Any use of this website, and the documents therein, by a financial intermediary is restricted to clients for whom the information in this website has been considered to be suitable by that financial intermediary in view of that client's situation and purpose, subject always to the applicable regulatory standard.

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Qualifying investors who are not both KSA nationals and domiciled in the KSA may consider investing indirectly in the Master Fund through the purchase of shares in MS Saudi Equity Fund (Cayman) Limited, an exempted company with limited liability incorporated in the Cayman Islands (the Feeder Fund). The investment objective of the Feeder Fund is to provide a return that matches a return equivalent to a US dollar investment in the Master Fund. The board of the Feeder Fund will seek to achieve the investment objective by investing the assets of the Feeder Fund in units of the Master Fund. It should be noted that neither the board of the Feeder Fund nor its shareholders will have any right to participate in the management of the Master Fund or to control the Master Fund’s business. Accordingly, no person should consider purchasing any shares in the Feeder Fund unless willing to entrust all aspects of investment selection and management of the Feeder Fund’s investment exposure to the Fund Manager. Without prejudice to the generality of the foregoing and the Important Information below, shares in the Feeder Fund will only be available to professional clients outside the KSA, and this communication is, therefore, not intended for private individuals or smaller institutions outside the KSA who do not meet certain minimum financial size criteria.

The investment objective of the MS Saudi Equity Fund (Cayman) Limited (“the Feeder Fund”) is to provide a return equivalent to a US dollar investment in the Morgan Stanley Saudi Equity Fund (“the Master Fund”). However the performance of the Feeder Fund may differ from that of the Master Fund due to cash held within the Feeder Fund, timing of subscriptions and redemptions between the Feeder Fund and the Master Fund and also due to currency fluctuations. Investors in the Feeder Fund are exposed not only to fluctuations in the value of the investments of the Fund in the Master Fund, but also to fluctuations in the exchange rate between US Dollar and Saudi Riyal. Therefore, the performance shown here should be used for information only. Please refer to the Offering Memorandum of the Feeder Fund for a full description of the risks involved.