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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
r its contents: in Korea by Morgan Staley & Co International plc, Seoul Brand[ in India by Mogan Stanley hie Company Private United; in Indonesia by PT Morgan Stanley Asia Indonesia in Canada by Wean Staley Canada United, which has approved of aid takes responsibility for its contents in Canada; in Germany by Mayan Sta
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.
s contents: in Korea by Morgan Stanley & Co ernational plc. Seoul Branch: in India by Morgan Stanley India Company Private Limited: in Indonesia by PT Morgan Stanley Asia Indonesia: in Canada by Morgan Stanley Canada Limited. which has approved of and takes responsibility for its contents in Canada: in Germany by Morg
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.
its contents: in Korea by Morgan Stanley & Co emational plc. Seoul Branch: in India by Morgan Stanley Inda Company Private Limited: in Indonesia by PT Morgan Stanley Asia Indonesia: in Canada by Morgan Stanley Canada Limited. which has approved of and takes responsitifity for its contents in Canada: in Germany by Morg
Entities connected to both Global Stock Ratings Distribution and PT Morgan Stanley Asia

Hong Kong
LOCATIONResearch Management
ORGANIZATIONGlobal Research Conflict Management Policy
ORGANIZATIONIndustry Views
ORGANIZATIONMorgan Stanley Smith Barney LLC Customers
ORGANIZATIONBank Morgan Stanley AG
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Frankfurt
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Reuters
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Morgan Stanley
ORGANIZATIONMorgan Stanley & Co. LLC
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ORGANIZATIONViews
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Tokyo
LOCATIONCompany Data
ORGANIZATIONAlnylam Pharmaceuticals
ORGANIZATIONNPS Pharmaceuticals
ORGANIZATIONBank Street
ORGANIZATIONthe Dubai Financial Services
ORGANIZATIONPrice Target
ORGANIZATIONthe Monetary Authority of Singapore
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