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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 →ited, Singapore Branch (Registration number T1IFCO207F); in Australia to “wholesale clients" within the meaning of the Australian Corporations Act by Morgan Stanley Australia Limited A.B.N. 67 003 734576, holder of Australian financial services license No. 233742, which accepts responsibility for its contents; in Australia to "who
Page: HOUSE_OVERSIGHT_025586 →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
Stanley AG. Singapore (Registration number T11FCO207F): in Australia to 'wholesale clients' within the meaning of the Australian Corporations Act by Morgan Stanley Australia Limited iiit . 67 003 734 576. holder of Australian Wiancial services license No. 233742. which accepts responsibdily for its contents:' tralia to 'wholesa
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
Stanley AG. Singapore (Registration number T11FCO207F): in Australia to 'wholesale clients' within the meaning of the Australian Corporations Act by Morgan Stanley Australia Limited if . 67 003 734 576. holder of Australian friancial services license No. 233742. which accepts responsibdily for its contents:' tralia to 'wholesa
Entities connected to both DIFC Branch and Morgan Stanley Australia Limited

Frankfurt
LOCATIONCasa de Bolsa
ORGANIZATION
United States
LOCATION
Tokyo
LOCATIONMorgan Stanley Equity Research
ORGANIZATIONMorgan Stanley Mexico
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