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n Staley Asia United (which may's respasititity for its conteds) at by Balk Morgan Staley AG. Hong Kong Branch in Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration amber 1992062962) ancVcr Merge) Staley Asia (Singapore) Securities Pie Ud (Registration amber 2C0008434H), regulated by the Mcnetay A
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
y Asia Limited (which accepts responsbifity for its contents) and by Bank Morgan Stanley AG. -Hong Kong Branch: II Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 1992062982) anclor Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H). regulated by the Monet
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
y Asia Limited (which accepts responsbifity for its contents) and by Bank Morgan Stanley AG. -Hong Kong Branch: II Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 1992062982) andor Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H). regulated by the Moneta
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
Entities connected to both Singapore) Pte and Industry Views

Hong Kong
LOCATION
Morgan Stanley
ORGANIZATIONthe Monetary Authority of Singapore
ORGANIZATIONMorgan Stanley & Co. LLC
ORGANIZATION
Frankfurt
LOCATION
Bloomberg L.P.
ORGANIZATIONCompany Data
ORGANIZATION
Reuters
ORGANIZATIONViews
ORGANIZATIONGlobal Research Conflict Management Policy
ORGANIZATIONGlobal Stock Ratings Distribution
ORGANIZATIONMorgan Stanley Smith Barney LLC Customers
ORGANIZATIONBank Morgan Stanley AG
ORGANIZATIONPT Morgan Stanley Asia
ORGANIZATION
United States
LOCATIONResearch Management
ORGANIZATION
Tokyo
LOCATIONBank Street
ORGANIZATIONCanada Limited
ORGANIZATIONOverweight
ORGANIZATION