Consumer Credit Activity Tracker

Research evidence excerpt

Consumer Credit Activity Tracker

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

Disclosure Section (cont.)

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: ADT Inc, Advantage Solutions Inc, Aramark Holdings Corporation, Bright Horizons Family Solutions Inc, BrightView

Holdings Inc., Cintas Corp, Equifax Inc, FactSet Research Systems Inc., Global Business Travel Group Inc, Kindercare Learning Companies Inc, Laureate Education Inc, McGraw Hill, Inc.,

Moody's Corp, MSCI Inc., Phoenix Education Partners, Inc., Republic Services Inc., Rollins Inc., S&P Global Inc, Thomson Reuters Corp., TransUnion, Verisk Analytics, Inc., Waste

Connections Inc., Waste Management, Inc..

Morgan Stanley & Co. LLC makes a market in the securities of Bright Horizons Family Solutions Inc, BrightView Holdings Inc., Cintas Corp, Clarivate Plc., FactSet Research Systems Inc.,

Gartner Inc., Global Business Travel Group Inc, Laureate Education Inc, Moody's Corp, MSCI Inc., Phoenix Education Partners, Inc., Republic Services Inc..

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.