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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
over the next 12-18 months. Unless othavAse specified the time tame for price targets included in Morgan Stanley Research is 12 to 18 mat. Analyst Industry Views Attractive (A): The analyst expects the pedomence ci his cr her industry coinage umerse au the next 12-18 months to be Macao vs. the relment broad
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
the next 12-18 months. Unless otherwise specified. the time frame for price targets included in Morgan Stanley Research is 12 to 18 months. Analyst Industry Views Attractive (A): The analyst expects theperformance of his or her industry coverage universe over the next 12.18 months to be attractive vs. the rel
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
the next 12-18 months. Unless otherwise specified. the time frame for price targets included in Morgan Stanley Research is 12 to 18 months. Analyst Industry Views Attractive (A): The analyst expects theperformance of his or her industry coverage universe over the next 12.18 months to be attractive vs. the rel
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