Japan Summer School: Japan Food

Research evidence excerpt

Japan Summer School: Japan Food

ce. 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 June 30, 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.

Other Material Investment Services

Coverage Universe Investment Banking Clients (IBC)

Clients (MISC)

Stock Rating % of Rating % of Total Other

Count % of Total Count % of Total IBC Count

Category Category MISC

Overweight/Buy 1544 42% 453 49% 29% 757 44%

Equal-weight/Hold 1577 43% 390 42% 25% 769 44%

Not-Rated/Hold 3 0% 1 0% 33% 1 0%

Underweight/Sell 544 15% 89 10% 16% 204 12%

Total 3,668 933 1731

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the

last 12 months. Due to rounding off of decimals, the percentages provided in the "% of total" column may not add up to exactly 100 percent.