Read-across from CTSH‘s 2Q

Research evidence excerpt

Read-across from CTSH‘s 2Q

wing company: Blackbuck

Ltd, Coforge Ltd, Cyient Ltd, Delhivery Ltd, Eternal Ltd., Fractal Analytics Limited, Infosys Limited, MakeMyTrip Limited, Meesho Limited, MphasiS Limited, Pine Labs Ltd, Shadowfax Technologies

Limited, Tata Consultancy Services, Urban Co Limited, Wipro Ltd..

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: Infosys Limited, MakeMyTrip Limited, One 97 Communications Ltd, Tech Mahindra Limited, Wipro Ltd..

An employee, director or consultant of Morgan Stanley is a director of L&T Technology Services Ltd. This person is not a research analyst or a member of a research analyst's household.

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

Morgan Stanley Research on a principal basis.