3
Shared Docs
3
Same-Page
3 / 3
Mentions
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
meStCeS decision to buy or sell a stock should depend on inthidual circumstances (such as the iniesta% existing hddings) and either considerations. Global Stock Ratings Distribution (as cf Mach 31. 2015) For disclosure purposes only (in accordance wth NASD and NYSE requirements). we include the category heeings of Buy, Held, at
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's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. Global Stock Ratings Distribution (as of June 30. 2014) For disclosure purposes only (in accordance with NASD and NYSE requirements). we include the category headings of Buy. Hold.
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's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. Global Stock Ratings Distribution (as of June 30. 2014) For disclosure purposes only (in accordance with NASD and NYSE requirements). we include the category headings of Buy. Hold.
Entities connected to both Hong Kong and Global Stock Ratings Distribution

United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Tokyo
LOCATION
Morgan Stanley
ORGANIZATIONthe Monetary Authority of Singapore
ORGANIZATION
Kowloon
LOCATIONMorgan Stanley & Co. LLC
ORGANIZATIONViews
ORGANIZATION
Reuters
ORGANIZATIONSingapore) Pte
ORGANIZATIONResearch Management
ORGANIZATIONMorgan Stanley Smith Barney LLC Customers
ORGANIZATIONIndustry Views
ORGANIZATIONBank Morgan Stanley AG
ORGANIZATIONCompany Data
ORGANIZATIONPT Morgan Stanley Asia
ORGANIZATIONGlobal Research Conflict Management Policy
ORGANIZATIONBank Street
ORGANIZATION
DIFC Branch
ORGANIZATION