July Traffic: -1.9% Y/Y; World Cup Headwind — Schedules Point to 3Q Capacity Trending In Line with Expectations

Research evidence excerpt

July Traffic: -1.9% Y/Y; World Cup Headwind — Schedules Point to 3Q Capacity Trending In Line with Expectations

trutura e Logistica S, GAP Airports, Grupo Aeromexico SAB de CV, Latam Airlines Group SA, Localiza Rent a Car

SA, Motiva Infraestrutura De Mob, Movida Participacoes SA, OMA, Vamos Locacao de Caminhoes M, Volaris, WEG.

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: Grupo Aeromexico SAB de CV, Latam Airlines Group SA, Localiza Rent a Car SA, Movida Participacoes SA, Vamos Locacao

de Caminhoes M, Volaris, WEG.

Morgan Stanley & Co. LLC makes a market in the securities of ASUR, Copa Holdings, GAP Airports, Latam Airlines Group SA, OMA.

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