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ny generates earnings. Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC. and/or Morgan Stanley MIR S.A.. C M and/or Morgan Stanley Mexico. Casa de Bolsa. S.A. de V.. ' gan Stanley Canada Limited. used in this disclosure sec ion, Morgan Stan
d is directed al business customers and market counterparties only and is not intended for Retail Customers as defined by the OFCRA. As required by the Capital Markets Board of Turkey, investment information. comments and recommendations stated here. are not within the scope of investment advisory activity. Investment advisory ser
ny generates earnings. Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC. and/or Morgan Stanley MIR S.A.. and/or Morgan Stanley Mexico. Casa de Boise. S.A. de C.V.. ' gan Stanley Canada Limited. As used in this disclosure sec ion, Morgan Stanle
d is directed al business customers and market tounterporties only and is not intended for Retail Customers as defined by the OFCRA. As required by the Capital Markets Board of Turkey, investment information comments and recommendations stated here. are not within the scope of investment advisory activity. Investment advisory serv
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l and capital markets that delays harvesting of investments and dampens returns which Lower cash earnings. Morgan Stanley & Co. International plc (“Morgan Stanley”) is cur- rently acting as financial advisor to Banco Popular Espafiol, S.A. (“Banco Popular”) in relation to its agreements with Balsam Invest- ment
Page: HOUSE_OVERSIGHT_025582 →nd is directed at business customers and market counterparties only and is not intended for Retail Customers as defined by the QFCRA. As required by the Capital Markets Board of Turkey, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory serv
Page: HOUSE_OVERSIGHT_025586 →Entities connected to both Morgan Stanley and the Capital Markets Board of Turkey

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