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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
ion 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 Stanley includes Morgan Stanley & Co. LLC, Mor
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
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 Stanley includes Morgan Stanley & Co. LLC,
MS_Print Design_North America Insight English
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 →ction The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C-T.V.M. S.A., and/or Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., and/or Morgan Stanley Canada Limited. As usedin this disclosure section, "Morgan Stanley’ includes Morgan Stanley &Co.
Page: HOUSE_OVERSIGHT_025583 →Entities connected to both Morgan Stanley and Morgan Stanley Mexico

United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Hong Kong
LOCATION
Frankfurt
LOCATION
Tokyo
LOCATIONMorgan Stanley & Co. LLC
ORGANIZATION
Reuters
ORGANIZATIONthe Financial Services Board
ORGANIZATIONResearch Management
ORGANIZATIONthe Monetary Authority of Singapore
ORGANIZATIONMorgan Stanley Equity Research
ORGANIZATION
DIFC Branch
ORGANIZATION
Kowloon
LOCATIONMorgan Stanley Australia Limited
ORGANIZATIONSingapore) Pte
ORGANIZATIONMorgan Stanley Bank AG
ORGANIZATIONBank Street
ORGANIZATIONthe Capital Markets Board of Turkey
ORGANIZATIONPrice Target
ORGANIZATIONViews
ORGANIZATION