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ch is wholy owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch). regulated by the Dubai Financial Services Authority (the DFSA). and is directed at Professional Clients only. as defined by the DFSA_ The financia
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
h is wholly owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch). regulated by the Dubai Financial Services Authority (the DFSA). and is directed at Professional Clients only. as defined by the DFSA. The financia
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
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 →irected at Sophisticated investors only. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch), regulated by the Dubai Financial Services Authority (the DFSA), and is directed at Professional Clients only, as defined by the DFSA. The financia
Page: HOUSE_OVERSIGHT_025586 →Entities connected to both DIFC Branch and Morgan Stanley Mexico

Frankfurt
LOCATIONCasa de Bolsa
ORGANIZATION
United States
LOCATION
Tokyo
LOCATIONMorgan Stanley Equity Research
ORGANIZATIONMorgan Stanley Australia Limited
ORGANIZATIONResearch Management
ORGANIZATION
Morgan Stanley
ORGANIZATIONthe Financial Services Board
ORGANIZATIONthe Capital Markets Board of Turkey
ORGANIZATION
Kowloon
LOCATION
Reuters
ORGANIZATIONMorgan Stanley Bank AG
ORGANIZATION
Hong Kong
LOCATION
Bloomberg L.P.
ORGANIZATIONSingapore) Pte
ORGANIZATIONDavid Friedman
PERSONCanada Limited
ORGANIZATIONCompany Data
ORGANIZATIONOverweight
ORGANIZATION