Poste-TIM: Mapping the tender scenarios + updating our standalone estimates

Research evidence excerpt

Poste-TIM: Mapping the tender scenarios + updating our standalone estimates

rich Insurance Group AG.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide

services or has a client relationship with the following company: Aegon NV, Allianz, ASR Nederland NV, Assicurazioni Generali, Aviva, AXA, Beazley Plc, Gjensidige Forsikring ASA, Hannover

Re, Hiscox Ltd, Lancashire Holdings Limited, Legal and General, M&G PLC, Momentum Group Limited, Munich Re Group, NN Group NV, Old Mutual Ltd., Poste Italiane SpA, Prudential plc,

Sampo Oyj, Sanlam Limited, Scor SE, Standard Life PLC, Swiss Reinsurance Company Ltd, Talanx AG, Tryg A/S, Zurich Insurance Group AG.

Morgan Stanley & Co. International plc is a corporate broker to Lancashire Holdings Limited.

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality

of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.

Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management,

commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in