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n Japan by Morgan Stanley MUFG Securities Ca, Ltd and, for Cormedities related research reports only. Morgan Stanley Capital Group Japan Co., Ud; in Hang Kong by Morgan Staley Asia United (which may's respasititity for its conteds) at by Balk Morgan Staley AG. Hong Kong Branch in Singapore by Morgan Stanl
mendaticnsoniews in ttis report: Nichael CYprys. Bless otherwise stated, the inchiduals listed on the we page of this report we research analysts. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our solid managemerd party, which is malaria at www.morganstanley.carYinstitutionanrese
nstniments. MSTL may not execute transactions for clients in these securities/instruments. To our readers in Hong Kong: Information is distributed in Hong Kong by and on behalf ol. and is attributable to. Morgan Stanley Asia Limited as part of its regulated activities in Hong Kong. II you have any queries co
or views in this report: Matthew Harrison. Unless otherwise stated. the individuals listed on the cover page of this report are research analysts. Global Research Conflict Management Policy With our conflict management policy. which is available at Important US Regulatory Disclosures on Subject Companies As of June 30, 2014, Morgan St
instruments MSTL may not execute transactions for clients in these securities/instruments. To our readers in Hong Kong: Information is distributed in Hong Kong by and on behalf ol. and is attributable to. Morgan Stanley Asia Limited as part of its regulated activities in Hong Kong. II you have any queries co
or views in this report: Matthew Harrison. Unless otherwise stated. the individuals listed on the cover page of this report are research analysts. Global Research Conflict Management Policy With our conflict management policy, which is available at Important US Regulatory Disclosures on Subject Companies As of June 30, 2014. Morgan St
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