MSCI Inc.'s ("MSCI") REIT section of the MSCI Web Site contains documents regarding the Morgan Stanley REIT Index (collectively, along with any other information on this REIT section of the MSCI Web Site, "REIT Materials"). The REIT Materials have been prepared solely for informational purposes. None of the REIT Materials are a recommendation to participate in any particular trading strategy and none may be relied on as such. The user of the information contained in the REIT Materials assumes the entire risk of any use made of the information provided therein.

Neither MSCI, its affiliates, nor any other party involved in making or compiling any of MSCI's indices, makes any express or implied warranties or representations with respect to the information contained in the REIT Materials (or the results to be obtained by the use thereof), and MSCI, its affiliates, and any other party involved in making or compiling any of MSCI's indices, hereby expressly disclaims all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates, or any other party involved in making or compiling any of MSCI's indices, have any liability relating to the REIT Materials for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The REIT Materials may not be reproduced or redisseminated in any form without prior written permission from MSCI. You may not use or permit use of any information in the REIT Materials to verify or correct data in any compilation of data or index. Also, you may not use or permit anyone else to use any information in the REIT Materials in connection with the writing, trading, marketing or promotion of any financial instruments or products or to create any indices (custom or otherwise).

You hereby agree to comply with all applicable laws, rules and regulations (including, but not limited to, all data protection regulations and legislation) in your use of the REIT section of the MSCI Web Site. MSCI may monitor your use of the REIT section of the MSCI Web Site.

MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide. MSCI's editorial decisions regarding its index construction methodology and construction of its indices are made independently of any third party, including its shareholders, Morgan Stanley, a global financial services firm and a market leader in securities, asset management and credit services, and The Capital Group Companies, Inc., a global investment management group.

Morgan Stanley Capital International, MSCI, ACWI, EAFE and all other service marks referred to in the REIT Materials are the exclusive property of MSCI and its affiliates.

The foregoing Terms of Use are in addition to the general Terms of Use applicable to the entire MSCI Web Site.