Asia Summer School: India Property: Investor Presentation | Asia Pacific

Research evidence excerpt

Asia Summer School: India Property: Investor Presentation | Asia Pacific

FoundationM

the analyst's views, investors should carefully read Morgan Stanley Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor'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 May 31, 2026)

The Stock Ratings described below apply to Morgan Stanley's Fundamental Equity Research and do not apply to Debt Research produced by the Firm.

For disclosure purposes only (in accordance with FINRA requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy,

Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond

Overweight, our most positive stock rating, with a buy recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.

Coverage Universe Investment Banking Clients (IBC) Other Material Investment Services Clients (MISC)

Stock Rating Category Count % of Total Count % of Total IBC % of Rating Category Count % of Total Other MISC

Overweight/Buy 1542 42% 465 51% 30% 707 43%

Equal-weight/Hold 1571 43% 369 40% 23% 723 44%

Not-Rated/Hold 3 0% 0 0% 0% 1 0%

Underweight/Sell 551 15% 86 9% 16% 201 12%

Total 3,667 920 1632