The global sportswear industry in charts

Research evidence excerpt

The global sportswear industry in charts

M O R G A N S T A N L E Y R E S E A R C H

Morgan Stanley Global Sporting Goods Team

Europe United States Asia

MORGAN STANLEY & CO. INTERNATIONAL PLC+ MORGAN STANLEY & CO. LLC MORGAN STANLEY ASIA LIMITED+

Edouard Aubin Alex Straton Dustin Wei

Equity Analyst Equity Analyst Equity Analyst

+44 20 7425-3160 +1 212 761-5583 +852 2239 7823

Edouard.Aubin@morganstanley.com Alex.Straton@morganstanley.com Dustin.Wei@morganstanley.com

MORGAN STANLEY TAIWAN LIMITED+

Grace Smalley , CFA Simeon Gutman Terence Cheng

+44 20 7425-9629 +1 212 761 3920 +886 2 2730-2873

Grace.Smalley@morganstanley.com Simeon.Gutman@morganstanley.com Terence.Cheng@morganstanley.com

MORGAN STANLEY MUFG SECURITIES CO., LTD.

Natasha Bonnet Katy Delahunt

Ai Furukawa Vice President, Research Research Associate

Equity Analyst +44 79742-40227 +1 212 761-6034

+81 3 6836-5461 Natasha.Bonnet@morganstanley.com Katy.Delahunt@morganstanley.com

Ai.Furukawa@morganstanleymufg.com

Cedric Norest Jenny Ting

Equity Analyst Research Associate

+44 79012-65725 +886 2 2730-2995

Cedric.Norest@morganstanley.com Jenny.Ting@morganstanley.com

+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and

trading securities held by a research analyst account.