摩根士丹利-大中华区半导体：旧存储：前所未有的私募-Greater China Semiconductors：Old Memory：Unprecedented Private Placement-20260325

NotforredistributionwithoutwrittenconsentofMorganStanley

MorganstanleyRESEARCH

March25,202603:28PMGMT

GreaterChinaSemiconductors|AsiaPacific

OldMemory:Unprecedented

PrivatePlacement

NanyaTech'sprivateplacementwasanupsidesurprisetous,butalsosuggestsunprecedenteddemandoneSSD(NAND).We

thusmaintainourview,preferinglegacyNANDoverDDR4especiallylookingatthepricinghikemomentuminto2H26.

KeyTakeaways

TopPickMacronix,maintainOWonAPMemory,PSMC,GigaDevicebutEWWinbondandNTC.

What'snew?Anunprecedenteddealstructure:OnMarch25,NanyaTechreleasedthatKioxia(coveredbyKazuoYoshikawa),Solidigm(private;Hynixcoveredby

ShawnKim),SanDisk(coveredbyJoeMoore)andCisco(coveredbyMetaMarshall)willacquire70mn,71.4mn,138.7mnand71.5mnunitsofNanyaTechshares.

(SeeNTC

pulse.

)Kioxiaalsoindicatedthatithassignedlong-termDRAMsupplyagreement

withNTC

(link)

.Thisnewissuancecreates10.05%ofdilutiontoNanyaTech.

WethinkthisprivateplacementisforeSSDandswitches:OurprioroldmemoryreportindicatedthatDDR4areusedineSSD(see

note)

.Also,mostnetworking

switchesstilluseDDR4,includingNVIDIA'sSpectrumandNVlink(see

note)

.We

estimateswitchesandeSSDtogetheraccountfor10-15%ofDDR4consumption,

whichwasthereasonweturnedevenmorebullishbackin4Q25.eSSDrequirestheDDR4asthebufferchiptoenhanceperformance,whileSwitchperformanceisnottoomuchcorrelatedtoDRAM(thusstillmainlyDDR4).

WillthischangeourviewonDDR4?Westilllookatidiosyncraticupsides:Thisinvestmentispositivetotheoldmemorysentiment,inourview.Wealsodonot

ruleoutthepossibilitythatWinbondcouldalsoseekprivateplacement.Thatsaid,westillthinkthecyclecurve,pricinghikemomentum,competitivelandscape,

technologyroadmapandnewproductsmattertodifferentcompanies.Within

DRAM,wethinkAPMhasnewgrowthdriver(interposerandWoW),PSMCisin

transformationtoaDDR48Gand16Gsupplierin2027postMicronpartnershipandGigaDeivcemaintainupsideonDDR4capacityexpansion.

StillpreferlegacyNANDoverDDR4:Webelievelegacyflashislikelythenext

DDR4,asMLCandlegacyTLCNANDcouldfaceadeepershortageinto2H,with

undersupplypotentiallyreaching~40%,leadingto

ourToppickremainingMacronix

asitbestcapturestheopportunities.ThestrongeSSDdemandalsosuggeststhe

phaseoutoflegacyNANDfromglobalvendors(mainlySamsungandKioxia)willbeinevitable.

IDEA

MoRGANSTANLEyTAiwANLimiTEd+DanielYen,CFA

EquityAnalyst

Daniel.Yen@

+88622730-2863

CharlieChan

EquityAnalyst

Charlie.Chan@

+88622730-1725

MoRGANSTANLEyAsiALimiTEd+DaisyDai,CFA

EquityAnalyst

Daisy.Dai@

+8522848-7310

MoRGANSTANLEyTAiwANLimiTEd+TiffanyYeh

EquityAnalyst

Tiffany.Yeh@

+88627712-3032

MoRGANSTANLEyAsiALimiTEd+EthanJia

ResearchAssociate

Ethan.Jia@

+8523963-2287

GREATERCHiNATEcHNoLoGySEmicoNDucToRs

AsiaPacific

IndustryViewAttracti∨e

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

Morganstanley

RESEARCH

IDEA

SeeourrecentnotesonDDR4

•

GreaterChinaSemiconductors:OldMemory:InvestorFeedbackonOur

Downgrade(24Mar2026)

•

NanyaTechnologyCorp.:WhyweturnedEWonNanyaTech(20Mar2026)

•

GreaterChinaSemiconductors:OldMemory:TurningSelective(19Mar2026)

MorganStanleyisactingasfinancialadvisortoGrail,Inc.(“Grail”)inconnectionwiththeproposedstrategiccollaborationwithSamsungC&TandSamsungElectronics,tobringGrail’sGallerimulti-cancerearlydetectiontesttokeyAsianmarkets,asannouncedonOctober16,2025.Theproposedtransactionissubjecttofinalexecutionofdefinitive

collaborationagreementsbetweentheparties,aswellascustomaryclosingconditionsandregulatoryapprovals.Pleaserefertothenotesattheendofthisreport.

Morganstanley

RESEARCH

IdEA

DisclosureSection

TheinformationandopinionsinMorganStanleyResearchwerepreparedoraredisseminatedbyMorganStanleyAsiaLimited(whichacceptstheresponsibilityforitscontents)and/orMorganStanleyAsia(Singapore)Pte.(Registrationnumber199206298Z)and/orMorganStanleyAsia(Singapore)SecuritiesPteLtd(Registrationnumber200008434H),regulatedbytheMonetaryAuthorityofSingapore(whichacceptslegalresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch),and/orMorganStanleyTaiwanLimitedand/orMorganStanley&CoInternationalplc,SeoulBranch,and/orMorganStanleyAustraliaLimited(A.B.N.67003734576,holderofAustralianfinancialserviceslicenseNo.233742,whichacceptsresponsibilityforitscontents),and/orMorganStanleyWealthManagementAustraliaPtyLtd(A.B.N.19009145555,holderofAustralianfinancialserviceslicenseNo.240813,whichacceptsresponsibilityforitscontents),and/orMorganStanleyIndiaCompanyPrivateLimitedhavingCorporateIdentificationNo(CIN)U22990MH1998PTC115305,regulatedbytheSecuritiesandExchangeBoardofIndia(“SEBI”)andholderoflicensesasaResearchAnalyst(SEBIRegistrationNo.INH000001105);StockBroker(SEBIStockBrokerRegistrationNo.INZ000244438),MerchantBanker(SEBIRegistrationNo.INM000011203),anddepositoryparticipantwithNationalSecuritiesDepositoryLimited(SEBIRegistrationNo.IN-DP-NSDL-567-2021)havingregisteredofficeatAltimus,Level39&40,PandurangBudhkarMarg,Worli,Mumbai400018,India;Telephoneno.+91-22-61181000;ComplianceOfficerDetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:

tejarshi.hardas@

;Grievanceofficerdetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:msic-compliance@whichacceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch,andtheiraffiliates(collectively,"MorganStanley").MorganStanleyIndiaCompanyPrivateLimited(MSICPL)mayuseAItoolsinprovidingresearchservices.Allrecommendationscontainedhereinaremadebythedulyqualifiedresearchanalysts.

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsite

at/eqr/disclosures/webapp/generalresearch

,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY,10036USA.

Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:US/Canada+18003

(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:CharlieChan;DaisyDai,CFA;TiffanyYeh;DanielYen,CFA.

.

GlobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailable

at/institutional/research/conflictpolicies.A

Portugueseversionofthepolicycanbefound

at.br

ImportantRegulatoryDisclosuresonSubjectCompanies

AsofFebruary27,2026,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorganStanleyResearch:ACMResearchInc,AdvancedMicro-FabricationEquipmentInc,AdvancedWirelessSemiconductorCo,AlchipTechnologiesLtd,AllRingTechCo.,APMemoryTechnologyCorp,ASETechnologyHoldingCo.Ltd.,ASMPTLtd,FOCIFiberOpticCommunicationsInc,GlobalUnichipCorp,KingYuanElectronicsCoLtd,MacronixInternationalCoLtd,MontageTechnologyCoLtd,NanyaTechnologyCorp.,Novatek,ParadeTechnologiesLtd,PhisonElectronicsCorp,PowerchipSemiconductorManufacturingCo,ShanghaiFudanMicroelectronics,SilergyCorp.,TSMC,UMC,VanguardInternationalSemiconductor,WINSemiconductorsCorp,WinbondElectronicsCorp,WPGHoldings,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleymanagedorco-managedapublicoffering(or144Aoffering)ofsecuritiesofMontageTechnologyCoLtd,SamsungElectronics.

Withinthelast12months,MorganStanleyhasreceivedcompensationforinvestmentbankingservicesfromASMPTLtd,MontageTechnologyCoLtd.

Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromAlchipTechnologiesLtd,APMemoryTechnologyCorp,ASETechnologyHoldingCo.Ltd.,ASMediaTechnologyInc,ASMPTLtd,EspressifSystems,GlobalWafersCoLtd,GudengPrecision,HimaxTechnologiesInc,KingYuanElectronicsCoLtd,MacronixInternationalCoLtd,MediaTek,MontageTechnologyCoLtd,Novatek,PhisonElectronicsCorp,PowerchipSemiconductorManufacturingCo,RealtekSemiconductor,SamsungElectronics,SilergyCorp.,SiliconMotion,TSMC,UMC,UniversalScientificInd.(Shanghai),VanguardInternationalSemiconductor,WinbondElectronicsCorp,WPGHoldings,WTMicroelectronicsCo.Ltd..Withinthelast12months,MorganStanleyhasreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromASETechnologyHoldingCo.Ltd.,KingYuanElectronicsCoLtd,MediaTek,NanyaTechnologyCorp.,Novatek,NuvotonTechnologyCorporation,RealtekSemiconductor,SiliconMotion,SMIC,TSMC,UMC,UniversalScientificInd.(Shanghai),WinbondElectronicsCorp,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleyhasprovidedorisprovidinginvestmentbankingservicesto,orhasaninvestmentbankingclientrelationshipwith,thefollowingcompany:AlchipTechnologiesLtd,APMemoryTechnologyCorp,ASETechnologyHoldingCo.Ltd.,ASMediaTechnologyInc,ASMPTLtd,EspressifSystems,GlobalWafersCoLtd,GudengPrecision,HimaxTechnologiesInc,KingYuanElectronicsCoLtd,MacronixInternationalCoLtd,MediaTek,MontageTechnologyCoLtd,Novatek,PhisonElectronicsCorp,PowerchipSemiconductorManufacturingCo,RealtekSemiconductor,SamsungElectronics,SilergyCorp.,SiliconMotion,TSMC,UMC,UniversalScientificInd.(Shanghai),VanguardInternationalSemiconductor,WinbondElectronicsCorp,WPGHoldings,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleyhaseitherprovidedorisprovidingnon-investmentbanking,securities-relatedservicestoand/orinthepasthasenteredintoanagreementtoprovideservicesorhasaclientrelationshipwiththefollowingcompany:ASETechnologyHoldingCo.Ltd.,KingYuanElectronicsCoLtd,MediaTek,MontageTechnologyCoLtd,NanyaTechnologyCorp.,Novatek,NuvotonTechnologyCorporation,RealtekSemiconductor,SiliconMotion,SMIC,TSMC,UMC,UniversalScientificInd.(Shanghai),WinbondElectronicsCorp,WTMicroelectronicsCo.Ltd..

MorganStanley&Co.LLCmakesamarketinthesecuritiesofACMResearchInc,HimaxTechnologiesInc,SiliconMotion.

TheequityresearchanalystsorstrategistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandoverallinvestmentbankingrevenues.EquityResearchanalysts'orstrategists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

MorganStanleyanditsaffiliatesdobusinessthatrelatestocompanies/instrumentscoveredinMorganStanleyResearch,includingmarketmaking,providingliquidity,fundmanagement,commercialbanking,extensionofcredit,investmentservicesandinvestmentbanking.MorganStanleysellstoandbuysfromcustomersthesecurities/instrumentsofcompaniescoveredinMorganStanleyResearchonaprincipalbasis.MorganStanleymayhaveapositioninthedebtoftheCompanyorinstrumentsdiscussedinthisreport.MorganStanleytradesormaytradeasprincipalinthedebtsecurities(orinrelatedderivatives)thatarethesubjectofthedebtresearchreport.

MoRGANSTANLEyREsEARcH3

Morganstanley

RESEARCH

IDEA

Certaindisclosureslistedabovearealsoforcompliancewithapplicableregulationsinnon-USjurisdictions.

STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

GlobalStockRatingsDistribution

(asofFebruary28,2026)

TheStockRatingsdescribedbelowapplytoMorganStanley'sFundamentalEquityResearchanddonotapplytoDebtResearchproducedbytheFirm.

Fordisclosurepurposesonly(inaccordancewithFINRArequirements),weincludethecategoryheadingsofBuy,Hold,andSellalongsideourratingsofOverweight,Equal-weight,Not-RatedandUnderweight.MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,hold,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Tosatisfyregulatoryrequirements,wecorrespondOverweight,ourmostpositivestockrating,withabuyrecommendation;wecorrespondEqual-weightandNot-RatedtoholdandUnderweighttosellrecommendations,respectively.

OtherMaterialInvestmentServicesCoverageUniverseInvestmentBankingClients(IBC)

Clients(MISC)

StockRating

Category

Count

%ofTotal

Count

%ofTotalIBC

%ofRating

Category

Count

%ofTotalOther

MISC

Overweight/Buy

1528

41%

444

49%

29%

690

42%

Equal-weight/Hold

1590

43%

374

41%

24%

725

44%

Not-Rated/Hold

4

0%

1

0%

25%

1

0%

Underweight/Sell

588

16%

87

10%

15%

220

13%

Total

3,710

906

1636

DataincludecommonstockandADRscurrentlyassignedratings.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyreceivedinvestmentbankingcompensationinthelast12months.Duetoroundingoffofdecimals,thepercentagesprovidedinthe"%oftotal"columnmaynotadduptoexactly100percent.

AnalystStockRatings

Overweight(O).Thestock'stotalreturnisexpectedtoexceedtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Equal-weight(E).Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Not-Rated(NR).Currentlytheanalystdoesnothaveadequateconvictionaboutthestock'stotalreturnrelativetotheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Underweight(U).Thestock'stotalreturnisexpectedtobebelowtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Unlessotherwisespecified,thetimeframeforpricetargetsincludedinMorganStanleyResearchis12to18months.

AnalystIndustryViews

Attractive(A):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeattractivevs.therelevantbroadmarketbenchmark,asindicatedbelow.

In-Line(I):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeinlinewiththerelevantbroadmarketbenchmark,asindicatedbelow.

Cautious(C):Theanalystviewstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthswithcautionvs.therelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachregionareasfollows:NorthAmerica-S&P500;LatinAmerica-relevantMSCIcountryindexorMSCILatinAmericaIndex;Europe-MSCIEurope;Japan-TOPIX;Asia-relevantMSCIcountryindexorMSCIsub-regionalindexorMSCIACAsiaPacificexJapanIndex.

StockPrice,PriceTargetandRatingHistory(SeeRatingDefinitions)

MoRGANSTANLEyREsEARcH5

Morganstanley

RESEARCH

IdEA

ImportantDisclosuresforMorganStanleySmithBarneyLLCCustomers

ImportantdisclosuresregardinganymaterialconflictofinterestthatcanreasonablybeexpectedtohaveinfluencedMorganStanleySmithBarneyLLC'schoiceofathird-partyresearchproviderorthesubjectcompanyofathird-partyresearchreport,

areavailableontheMorganStanleyWealthManagementdisclosurewebsiteat/online/researchdisclosures

.ForMorganStanleyspecificdisclosures,youmayreferto

/eqr/disclosures/webapp/generalresearch

.

EachMorganStanleyresearchreportisreviewedandapprovedonbehalfofMorganStanleySmithBarneyLLC.ThisreviewandapprovalisconductedbythesamepersonwhoreviewstheresearchreportonbehalfofMorganStanley.Thiscouldcreateaconflictofinterest.

OtherImportantDisclosures

MorganStanleyResearchpolicyistoupdateresearchreportsasandwhentheResearchAnalystandResearchManagementdeemappropriate,basedondevelopmentswiththeissuer,thesector,orthemarketthatmayhaveamaterialimpactontheresearchviewsoropinionsstatedtherein.Inaddition,certainResearchpublicationsareintendedtobeupdatedonaregularperiodicbasis(weekly/monthly/quarterly/annual)andwillordinarilybeupdatedwiththatfrequency,unlesstheResearchAnalystandResearchManagementdeterminethatadifferentpublicationscheduleisappropriatebasedoncurrentconditions.

MorganStanleyisnotactingasamunicipaladvisorandtheopinionsorviewscontainedhereinarenotintendedtobe,anddonotconstitute,advicewithinthemeaningofSection975oftheDodd-FrankWallStreetReformandConsumerProtectionAct.

MorganStanleyproducesanequityresearchproductcalleda"TacticalIdea."Viewscontainedina"TacticalIdea"onaparticularstockmaybecontrarytotherecommendationsorviewsexpressedinresearchonthesamestock.Thismaybetheresultofdifferingtimehorizons,methodologies,marketevents,orotherfactors.Forallresearchavailableonaparticularstock,pleasecontactyoursalesrepresentativeorgotoMatrixat

/matrix

.

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MorganStanleyResearchdoesnotprovideindividuallytailoredinvestmentadvice.MorganStanleyResearchhasbeenpreparedwithoutregardtothecircumstancesandobjectivesofthosewhoreceiveit.MorganStanleyrecommendsthatinvestorsindependentlyevaluateparticularinvestmentsandstrategies,andencouragesinvestorstoseektheadviceofafinancialadviser.Theappropriatenessofaninvestmentorstrategywilldependonaninvestor'scircumstancesandobjectives.Thesecurities,instruments,orstrategiesdiscussedinMorganStanleyResearchmaynotbesuitableforallinvestors,andcertaininvestorsmaynotbeeligibletopurchaseorparticipateinsomeorallofthem.MorganStanleyResearchisnotanoffertobuyorsellorthesolicitationofanoffertobuyorsellanysecurity/instrumentortoparticipateinanyparticulartradingstrategy.Thevalueofandincomefromyourinvestmentsmayvarybecauseofchangesininterestrates,foreignexchangerates,defaultrates,prepaymentrates,securities/instrumentsprices,marketindexes,operationalorfinancialconditionsofcompaniesorotherfactors.Theremaybetimelimitationsontheexerciseofoptionsorotherrightsinsecurities/instrumentstransactions.Pastperformanceisnotnecessarilyaguidetofutureperformance.Estimatesoffutureperformancearebasedonassumptionsthatmaynotberealized.Ifprovided,andunlessotherwisestated,theclosingpriceonthecoverpageisthatoftheprimaryexchangeforthesubjectcompany'ssecurities/instruments.

Thefixedincomeresearchanalysts,strategistsoreconomistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingquality,accuracyandvalueofresearch,firmprofitabilityorrevenues(whichincludefixedincometradingandcapitalmarketsprofitabilityorrevenues),clientfeedbackandcompetitivefactors.FixedIncomeResearchanalysts',strategists'oreconomists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

The"ImportantRegulatoryDisclosuresonSubjectCompanies"sectioninMorganStanleyResearchlistsallcompaniesmentionedwhereMorganStanleyowns1%ormoreofaclassofcommonequitysecuritiesofthecompanies.ForallothercompaniesmentionedinMorganStanleyResearch,MorganStanleymayhaveaninvestmentoflessthan1%insecurities/instrumentsorderivativesofsecurities/instrumentsofcompaniesandmaytradetheminwaysdifferentfromthosediscussedinMorganStanleyResearch.EmployeesofMorganStanleynotinvolvedinthepreparationofMorganStanleyResearchmayhaveinvestmentsinsecurities/instrumentsorderivativesofsecurities/instrumentsofcompaniesmentionedandmaytradetheminwaysdifferentfromthosediscussedinMorganStanleyResearch.DerivativesmaybeissuedbyMorganStanleyorassociatedpersons.

WiththeexceptionofinformationregardingMorganStanley,MorganStanleyResearchisbasedonpublicinformation.MorganStanleymakeseveryefforttousereliable,comprehensiveinformation,butwemakenorepresentationthatitisaccurateorcomplete.WehavenoobligationtotellyouwhenopinionsorinformationinMorganStanleyResearchchangeapartfromwhenweintendtodiscontinueequityresearchcoverageofasubjectcompany.FactsandviewspresentedinMorganStanleyResearchhavenotbeenreviewedby,andmaynotreflectinformationknownto,professionalsinotherMorganStanleybusinessareas,includinginvestmentbankingpersonnel.

MorganStanleyResearchpersonnelmayparticipateincompanyeventssuchassitevisitsandaregenerallyprohibitedfromacceptingpaymentbythecompanyofassociatedexpensesunlesspre-approvedbyauthorizedmembersofResearchmanagement.

MorganStanleymaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsinthisreport.

Toourreade