Fixed Income Research Conflicts of Interest Disclosure Tables

研报英文原文证据摘录

Fixed Income Research Conflicts of Interest Disclosure Tables

onditions of

companies or other factors. There may be time limitations on the exercise of options or other rights in securities/instruments

transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on

assumptions that may not be realized. If provided, and unless otherwise stated, the closing price on the cover page is that of

the primary exchange for the subject company's securities/instruments.

The fixed income research analysts, strategists or economists principally responsible for the preparation of Morgan Stanley

Research have received compensation based upon various factors, including quality, accuracy and value of research, firm

profitability or revenues (which include fixed income trading and capital markets profitability or revenues), client feedback and

competitive factors. Fixed Income Research analysts', strategists' or economists' compensation is not linked to investment

banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading

desks.

With the exception of information regarding Morgan Stanley, Morgan Stanley Research is based on public information. Morgan

Stanley makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or

complete. We have no obligation to tell you when opinions or information in Morgan Stanley Research change apart from when

we intend to discontinue equity research coverage of a subject company. Facts and views presented in Morgan Stanley

Research have not been reviewed by, and may not reflect information known to, professionals in other Morgan Stanley