摩根士丹利-以太坊基础原理：智能合约、去中心化机制与金融应用 Ethereum Fundamentals Smart Contracts,Decentralization and Financial Applications 2026

EthereumFundamentals:

SmartContracts,DecentralizationandFinancialApplications

Understandingtheleadingsmartcontractblockchain

WhatIsEthereum?

Ethereum(ETH)isasmartcontractblockchainthatsupportsdecentralizedapplicationsanddigitalassetsthroughprogrammablecode.Whileearlyblockchainsfocusedprimarilyonpeertopeervaluetransfer,Ethereumbroadenedtheuseofblockchain

technologybyenablingdeveloperstobuildfinancialapplications,marketplacesandtokenizedassetsdirectlyon‑chain.1

Launchedin2015,Ethereumoperatesasapublic,decentralizednetworkthatrecordsandvalidatestransactionsonasharedledger.Itiswidelyregardedasthelargestandmostwidelyadoptedsmartcontractplatform,servingascoreinfrastructureformanyblockchainbasedfinancialsystems.1

HowtheEthereumNetworkWorks

Ethereumprocessestransactionsandexecutessmartcontractsacrossadistributednetworkofvalidators.Followingitstransitiontoproof‑of‑stake,amethodwhereparticipantsholdcryptocurrencyastheir“stake”toqualifytoverifyblockchaintransactions,thenetworkreliesonvalidatorswhocommitETHtohelpsecuretheblockchainandreachconsensusontransactions.

Inthisrole,validatorsprocesstransactions,createnewblocksandhelpmaintainnetworksecurity.Inreturn,theycanearnETHnetworkrewardsintheformofadditionalETH.RewardratesvarybasedonthetotalamountofETHparticipatinginstakingonthenetwork,amongotherfactors.

Smartcontracts—selfexecutingprogramsstoredontheblockchainthatrunautomaticallywhenpredefinedconditionsaremet—enableautomatedfinancialagreements,tokenissuance,decentralizedexchangesandotheronchainactivitywithoutrelianceoncentralizedintermediaries.2

KeyFeaturesoftheEthereumNetwork

DECENTRALIZATION

Nosingleentitycontrolsthenetwork;

transactionsarevalidatedbyadistributedsetofparticipants.

PROGRAMMABILITY

Smartcontractsallowdeveloperstobuild

decentralizedfinance(DeFi)applications,digitalmarketplacesandtokenizedassets.

ECOSYSTEMDEPTH

Ethereumsupportsthelargestonchainecosystemfordecentralizedfinance,stablecoins,Non‑

FungibleTokensandtokenizedassets.3

ADAPTABILITY

Ongoingnetworkupgradesaimtoimprovescalability,efficiencyandlongterm

sustainability.2

1EthereumFoundation,WhatIsEthereum?—

/en/what

‑is‑ethereum/

2EthereumFoundation,ProofofStakeandSmartContracts—

/en/developers/docs/consensus

‑mechanisms/pos/

3DeFiLlama,DeFiChainRankings—

/chains

EthereumasaDigitalAssetEcosystem

Ethereumsupportsawiderangeofblockchain_basedfinancialactivityandapplications.ltistheleadingplatformfordecentralizedfinance)hostingdecentralizedexchanges)lendingprotocols)derivativesapplicationsandassetmanagementtools.

Ethereumisalsoaprimarynetworkforstablecoinsandtokenizedassets)whichareincreasinglyusedforpayments)settlementanddigitalrepresentationofrealworldassets.4

Thenativetoken)ETH)isusedtopaytransactionfees)securethenetworkthroughstakingandsupportonchainactivity.

HowDoInvestorsAccessEthereum?

lnvestorsseekingexposuretoEthereumtypicallydosothroughtwoprimaryapproaches:

nDirectownershipofETH)whichinvolvesmanagingdigitalwallets)privatekeysandcustody

nExchangetradedproducts)whichmayoffersimplifiedaccesswhilelimitingdirectinteractionwiththenetwork

nEachapproachinvolvesdifferentoperational)regulatoryandriskconsiderations.5

PortfolioApplications

SomeinvestorsevaluateEthereumas:

nExposuretothegrowthandadoptionofblockchain_basedtechnologyinfrastructuresupportingWeb3andfinancialapplications

nAcomponentofanalternativesoropportunisticallocation

nAcomplementtootherdigitalassetswithdifferentnetworkdesignsandusecases

Aswithalldigitalassets)Ethereum)sroleinaportfoliodependsonaninvestor)sobjectives)timehorizon)risktoleranceandliquidityneeds.

KeyTakeaway

Ethereumisaleadingsmartcontractblockchainthatsupportsdecentralizedfinancial

applications)tokenizationandon_chaininnovation.ltsprogrammabledesignandbroad

ecosystemhelpdistinguishitfromvalue_transfer_focusedblockchainsandtraditionalfinancialsystems.UnderstandingthesefundamentalscanhelpinvestorsmorethoughtfullyevaluateEthereum)spotentialrolewithinanevolvingdigitalassetlandscape.

Educationalmaterialonly.Notarecommendationorsolicitation.

4FederalReserveBankofNewYork)StablecoinsandTokenization—

/research/staff_reports/sr1170.html

5

)CryptoAssets—

/additional_resources/spotlight/crypto_assets

2MORGANSTANLEYINVESTMENTMANAGEMENT|ETHEREUMFUNDAMENTALS

IMPORTANTINFORMATION

RISKCONSIDERATIONS

SpotCryptoareexchange_basedproductsthattrackthepriceofanasset)i.e.)bitcoin)byholdingtheactualassetastheunderlyingasset.

Blockchainisashared)immutableledgerthatfacilitatestheprocessofrecordingtransactionsandtrackingassetsinabusinessnetwork.

Cryptocurrency(notably)Bitcoin)operatesasadecentralized)peer_to_peerfinancialexchangeandvaluestoragethatisusedlikemoney.ltisnotbackedbyanygovernment.Federal)stateorforeigngovernmentsmayrestricttheuseandexchangeofcryptocurrency.Cryptocurrencymayexperienceveryhighvolatility.

IMPORTANTDISCLOSURES:

Theviewsandopinionsand/oranalysisexpressedarethoseoftheauthor

ortheinvestmentteamasofthedateofpreparationofthismaterialand

aresubjecttochangeatanytimewithoutnoticeduetomarketoreconomicconditionsandmaynotnecessarilycometopass.Furthermore)theviewswillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailableorcircumstancesexisting)orchangesoccurring)afterthedateofpublication.Theviewsexpresseddonotreflecttheopinionsofall

investmentpersonnelatMorganStanleylnvestmentManagement(MSlM)anditssubsidiariesandaffiliates(collectivelytheFirm”)ortheviewsofthefirmasawhole)andmaynotbereflectedinallthestrategiesandproductsthattheFirmoffers.

Forecastsand/orestimatesprovidedhereinaresubjecttochangeandmay

notactuallycometopass.lnformationregardingexpectedmarketreturns

andmarketoutlooksisbasedontheresearch)analysisandopinionsofthe

authorsorinvestmentteam.Theseconclusionsarespeculativeinnature)maynotcometopassandarenotintendedtopredictthefutureperformanceofanyspecificstrategyorproducttheFirmoffers.Futureresultsmaydiffer

significantlydependingonfactorssuchaschangesinsecuritiesorfinancialmarketsorgeneraleconomicconditions.

Thismaterialhasbeenpreparedonthebasisofpubliclyavailableinformation)internallydevelopeddataandotherthird_partysourcesbelievedtobe

reliable.However)noassurancesareprovidedregardingthereliabilityofsuchinformationandtheFirmhasnotsoughttoindependentlyverifyinformationtakenfrompublicandthird_partysources.

Thismaterialisageneralcommunication)whichisnotimpartialandall

informationprovidedhasbeenpreparedsolelyforinformationaland

educationalpurposesanddoesnotconstituteanofferorarecommendationtobuyorsellanyparticularsecurityortoadoptanyspecificinvestment

strategy.Theinformationhereinhasnotbeenbasedonaconsiderationofanyindividualinvestorcircumstancesandisnotinvestmentadvice)norshoulditbeconstruedinanywayastax)accounting)legalorregulatoryadvice.Tothatend)investorsshouldseekindependentlegalandfinancialadvice)including

adviceastotaxconsequences)beforemakinganyinvestmentdecision.

TheFirmdoesnotprovidetaxadvice.Thetaxinformationcontainedhereinisgeneralandisnotexhaustivebynature.ltwasnotintendedorwrittentobeused)anditcannotbeusedbyanytaxpayer)forthepurposeofavoiding

penaltiesthatmaybeimposedonthetaxpayer.EachJurisdictiontaxlawsarecomplexandconstantlychanging.Youshouldalwaysconsultyourownlegalortaxprofessionalforinformationconcerningyourindividualsituation.

Chartsandgraphsprovidedhereinareforillustrativepurposesonly.Pastperformanceisnoguaranteeoffutureresults.

ThismaterialisnotaproductofMorganStanley)sResearchDepartmentandshouldnotberegardedasaresearchmaterialorarecommendation.

TheFirmdoesnotprovidetaxadvice.Thetaxinformationcontainedhereinisgeneralandisnotexhaustivebynature.ltwasnotintendedorwrittentobeused)anditcannotbeusedbyanytaxpayer)forthepurposeofavoidingpenaltiesthatmaybeimposedonthetaxpayerunderU.S.federaltaxlaws.Federalandstatetaxlawsarecomplexandconstantlychanging.Youshouldalwaysconsultyourownlegalortaxprofessionalforinformationconcerningyourindividualsituation.

Thewholeoranypartofthismaterialmaynotbedirectlyorindirectly

reproduced)copied)modified)usedtocreateaderivativework)performed)displayed)published)posted)licensed)framed)distributedortransmittedoranyofitscontentsdisclosedtothirdpartieswithoutMSlM)sexpress

writtenconsent.Thismaterialmaynotbelinkedtounlesssuchhyperlinkisforpersonalandnon_commercialuse.Allinformationcontainedhereinisproprietaryandisprotectedundercopyrightandotherapplicablelaw.

Investingindigitalassetsinvolvesrisk,includingpossiblelossofprincipal.AninvestmentinMorganStanleyEthereumTrust(“MSSE”orthe“Trust”)issubjecttoahighdegreeofriskandheightenedvolatility.MSSEisnot

suitableforanyinvestorthatcannotaffordlossoftheentireinvestment.

Morgan

StanleylnvestmentManagementlnc.is

theDelegatedSponsorandForesideFundServices)LLCistheMarketingAgentforMSSE.

Thisinformationmustbeprecededoraccompaniedbyaprospectus,click

here

toviewordownloadtheprospectus.YoushouldconsidertheTrust’sobjectives,risks,chargesandexpensescarefullybeforeinvesting.The

prospectuscontainsthisandotherimportantinformationabouttheTrust.Pleasereadtheprospectuscarefullybeforeyouinvest.

TheTrustisnotregisteredunderthelnvestmentCompanyActof1940)as

amended(the“40Act”)andisnotsubjecttoregulationunderthe40Act)

unlikemostmutualfundsorETFs.TheTrustmaytradeatapremiumor

discounttoitsnetassetvalue.TheTrustisnewandhasalimitedoperating

historyuponwhichinvestorsmaybaseanevaluationofitslikelyperformance.ThevalueoftheTrustrelatesdirectlytothevalueoftheunderlyingdigital

assetitholds)thevalueofwhichishighlyvolatileandsubjecttofluctuationsduetoanumberoffactors.

TheTrustreliesonthirdpartyserviceproviderstoperformcertainfunctionsessentialtotheaffairsoftheTrust.Someoftheseserviceprovidersmaynotbesubjecttofederalregulationandoversightandthereplacementofsuch

serviceproviderscouldposeachallengetothesafekeepingofthedigitalassetandtotheoperationsoftheTrust.

NoguaranteeorrepresentationismadethattheTrust)sinvestmentstrategy)including)withoutlimitation)itsinvestmentobjectivesorstrategies)willbesuccessful)andinvestmentresultsmayvarysubstantiallyovertime.NothinghereinisintendedtoimplythattheTrust)sinvestmentmethodologyorthatinvestingmaybeconsidered“conservative)”“safe)”“riskfree)”or“riskaverse.”Thismaterialisnotanofferorsolicitationofanykindtobuyorsellany

securitiesoutsideoftheUnitedStatesofAmerica.Nothinginthiscontentshouldbeconsideredasolicitationtobuyoranoffertosellsharesofanyinvestmentinanyjurisdictionwheretheofferorsolicitationwouldbe

unlawfulunderthesecuritieslawsofsuchjurisdiction)norisitintendedasinvestment)tax)financial)orlegaladvice.lnvestorsshouldseeksuchprofessionaladvicefortheirparticularsituationandjurisdiction.

DIGITALASSETRISKDISCLOSURES

Manydigitalassets)includingether)haveexperiencedsignificantvolatilityintradingpricesinrecentperiodsandmaycontinuetoexperiencesuchvolatilityinthefuture.Suchvolatilityindigitalassetpricescouldhaveamaterial

adverseeffectonthevalueoftheTrustandthesharescouldloseallorsubstantiallyalloftheirvalue.

Digitalassetsrepresentanewandrapidlyevolvingindustry.ThevalueoftheTrustdepends)amongotherthings)ontheacceptanceofthedigitalassetsingeneralandetherinparticular)thecapabilitiesanddevelopmentofblockchaintechnologiesandthefundamentalinvestmentcharacteristicsofether.

Digitalassetnetworksaredevelopedandmaintainedbyadiversesetofcontributorsandtheperceptionthatcertaincontributorswillnolongercontributetothenetworkormaydecreasetheircontributionsto)or

involvementwiththenetworkcouldhaveanadverseeffectonthemarketpriceoftherelateddigitalasset.

Digitalassetsmayhaveconcentratedownershipandlargesalesor

distributionsbyholdersofsuchdigitalassetscouldhaveanadverseeffectonthemarketpriceofsuchdigitalassets.

Asdiscussedintheprospectus)MSSEexpectstostakecertainofitsassets

inaccordancewithitsstakingandliquiditypolicyand)therefore)may

receivestakingrewards.Stakingrewardscanvarysignificantlyovertime

andstakingactivitymay)dependingonfuturegovernanceproposalsontheEthereumnetwork)poseariskofautomatic“slashingpenalties”intheeventofvalidatormisbehaviororpoorperformance.lntheeventautomaticstakingisimplementedontheEthereumnetwork)therewillbenoguaranteethat

theTrust)sstakedassetswillavoidexperiencingslashingorthattheTrustwillrecoveranyofitsstakedassets)orthevaluethereof.lnaddition)bondingandunbondingperiodsmaylimitwhenassetsbecomeeligibletoaccruestakingrewardsandwhentheymaybeunstaked)withdrawnandultimatelysoldbytheTrustinconnectionwithredemptionandcreationordersandtopayfor

ETHEREUMFUNDAMENTALS|MORGANSTANLEYINVESTMENTMANAGEMENT3

4MORGANSTANLEYINVESTMENTMANAGEMENT|ETHEREUMFUNDAMENTALS

expenses.ThelengthoftheseperiodsaremonitoredandconsideredaspartoftheTrust)sstakingandliquiditypolicy)pursuanttowhichMSSEexpectstostakelessthanallofitsdigitalassetswhichwillreducethepotential

amountofstakingrewardsreceivablebytheTrustandbyextensionthevalueofShares.

Stakingmayintroduceariskoflossofether)whichcouldadverselyaffect

thevalueoftheTrust)ssharesifanysuchlossesoccur.Stakingoftenincludesactivationandunbonding/withdrawalperiods)duringwhichethercannot

besoldortransferredandarethereforeilliquid.etherEtherisgenerallynoteligibletoaccruestakingrewardsduringstakingbondingandunbonding

periods.Ateachstepinthestakingprocess)ethermaybeexposedtorisks

suchassecuritybreaches)smartcontractvulnerabilities)andvalidatoror

custodianfailureorcompromise)anyofwhichcouldresultinacompletelossofetherorassociatedstakingrewards.ThereisnoguaranteethattheTrustwillreceiveanystakingrewards.

MSSEdoesnotprovideinvestorswithdirectexposuretospotether)andaninvestmentintheTrustisnotadirectinvestmentinether.Asanon_diversifiedandsingleindustryfund)thevalueoftheTrust)ssharesmayfluctuatemorethansharesinvestedinabroaderrangeofindustries.Becausethevalueof

theTrustiscorrelatedwiththevalueofether)itisimportanttounderstandtheinvestmentattributesof)andthemarketfor)theunderlyingdigitalasset.Pleaseconsultwithyourfinancialprofessional.

Asubstantialdirectinvestmentinadigitalassetmayrequireexpensiveand

sometimescomplicatedarrangementsinconnectionwiththeacquisition)

securityandsafekeepingofthedigitalassetandmayinvolvethepaymentofsubstantialfeestothirdpartyserviceprovidersthroughcashpaymentsofU.S.dollars.Regulationofdigitalassets)includingether)continuestoevolveacrossdifferentjurisdictionsworldwide)whichmaycauseuncertaintyandinsecurityastothelegalandtaxstatusofagivendigitalasset.Asetherandotherdigitalassetshavegrowninbothpopularityandmarketsize)theU.S.CongressandanumberofU.S.federalandstateagencieshavebeenexaminingtheoperationsofdigitalassetnetworks)digitalassetusersandthedigitalassetspotmarket.Manyofthesestateandfederalagencieshavebroughtenforcementactionsandissuedadvisoriesandrulesrelatingtodigitalassetmarkets.Ongoingandfutureregulatoryactionswithrespecttodigitalassetsgenerallyoranysingledigitalassetinparticularmayalter)perhapstoamateriallyadverseextent)thenatureofaninvestmentintheTrust.

TheDelegatedSponsordoesnotstore)hold)ormaintaincustodyorcontroloftheTrust)sdigitalassets)butinsteadhasenteredintoCustodialServicesAgreementswiththirdpartiestofacilitatethesecurityofitsether.The

custodianscontrolandsecuretheTrust)setherinsegregatedcustody

accountstostoreprivatekeys)whichallowsforthetransferofownershiporcontroloftheTrust)setherontheTrust)sbehalf.lfacustodianresignsorisremovedbytheDelegatedSponsororotherwise)withoutreplacement)itcouldtriggerearlyterminationoftheTrust.

COlNDESK®andthename(s)oftheCoinDeskindexorindicesreferenced

herein)includingtheCoinDesk20lndex(“CDllndices”)aretradeorservice

marksofCoinDesklndices)lnc.(withCCDataLimited)itsaffiliatewhich

performscertainoutsourcedadministrationservicesonitsbehalf)“CDl”))

al.ilcnns.hls)pllirclfriicaioiul

derivative)portfolio)bundle)basket)separatelymanagedaccount)orany

otherinvestmentexposurethattracks)seekstotrack)references)orsettlesagainstCDllndices(collectively)“Products”)andCDlhasnoresponsibilities)obligations)ordutiestoinvestorsinorholdersofProducts.CDllndicesarelicensedforusebythefinancialservicesprovidernamedherein(“Provider”).CDldoesnotapprove)endorse)review)orrecommendanyProduct.CDldoesnotguaranteethetimeliness)accurateness)orcompletenessofanydata

orinformationrelatingtoCDllndicesandshallnotbeliableinanywayto

investorsinorholdersofanyProductorotherthirdpartiesinrespectoftheuseoraccuracy)completeness)ortimelinessofanyCDllndicesoranydataincludedtherein.CoinDesklndices2026.

BeforemakinganinvestmentdecisionintheTrust,youshould

carefullyconsidertheriskfactorsandotherinformationincludedintheTrust’sprospectus.

InvestorsshouldbeawarethatinvestinginMSSEisnotequivalenttoinvestingdirectlyinether.

FORWARD-LOOKINGSTATEMENTS

Certainstatementscontainedhereinandinanyrelatedmaterialsmay

constituteforward_lookingstatementswithinthemeaningofSection27A

oftheSecuritiesActof1933)asamended)andSection21EoftheSecurities

ExchangeActof1934)asamended.Forward_lookingstatementscangenerallybeidentifiedbytheuseofwordssuchas"anticipate)""believe)""continue)"

"could)""estimate)""expect)""intend)""may)""might)""plan)""potential)""predict)""project)""seek)""should)""target)""will)""would)"orsimilarexpressions)orthenegativeofsuchterms.Thesestatementsarebasedoncurrentexpectations)estimates)assumptions)andprojectionsandaresubjecttosignificantrisks)

uncertainties)andotherfactorsthatmaycauseactualresults)performance)ordevelopmentstodiffermateriallyfromthoseexpressedorimpliedbysuchstatements.Forward_lookingstatementsspeakonlyasofthedateonwhichtheyaremade.TheTrustundertakesnoobligationtoupdateorreviseany

forward_lookingstatement)whetherasaresultofnewinformation)futureevents)orotherwise)excepttotheextentrequiredbyapplicablelaw.

DISTRIBUTION

Thismaterialisonlyintendedforandwillonlybedistributedtopersonsresidentinjurisdictionswheresuchdistributionoravailabilitywouldnotbecontrarytolocallawsorregulations.

MSIM,theassetmanagementdivisionofMorganStanley(NYSE:MS),

anditsaffiliateshavearrangementsinplacetomarketeachother’s

productsandservices.EachMSIMaffiliateisregulatedasappropriate

inthejurisdictionitoperates.MSIM’saffiliatesare:CalvertResearchandManagement,EatonVanceManagement,ParametricPortfolioAssociatesLLC,ParametricSAS,andAtlantaCapitalManagementLLC.

Thismaterialhasbeenissuedbyanyoneormoreofthefollowingentities:

EMEA

ThismaterialisforProfessionalClients/Accreditedlnvestorsonly.

lntheEU)MSlMmaterialsareissuedbyMSlMFundManagement(lreland)

Limited(“FMlL”).FMlLisregulatedbytheCentralBankoflrelandandis

incorporatedinlrelandasaprivatecompanylimitedbyshareswithcompanyregistrationnumber616661andhasitsregisteredaddressat24_26CityQuay)Dublin2)DO2NY19)lreland.

OutsidetheEU)MSlMmaterialsareissuedbyMorganStanleylnvestment

ManagementLimited(MSlMLtd)isauthorizedandregulatedbytheFinancialConductAuthority.RegisteredinEngland.RegisteredNo.1981121.RegisteredOffice:25CabotSquare)CanaryWharf)LondonE144QA.

liei)l)oldtrritoornru

od.by

theEidgenössischeFinanzmarktaufsicht(“FlNMA”).RegisteredOffice:

Beethovenstrasse33)8002Zurich)Switzerland.

Italy:MSlMFMlL(MilanBranch))(SedeSecondariadiMilano)PalazzoSerbelloniCorsoVenezia)1620121Milano)ltaly.TheNetherlands:MSlMFMlL(AmsterdamBranch))RembrandtTower)11thFloorAmstelplein

11096HA)Netherlands.France:MSlMFMlL(ParisBranch))61ruede

Monceau75008Paris)France.Spain:MSlMFMlL(MadridBranch))Calle

Serrano55)28006)Madrid)Spain.Germany:MSlMFMlLFrankfurtBranch)GroßeGallusstraße18)60312FrankfurtamMain)Germany(Gattung:

Zweigniederlassung(FDl)gem.§53bKWG).Denmark:MSlMFMlL

(CopenhagenBranch))GorrissenFederspiel)AxelTowers)Axeltorv2)1609CopenhagenV)Denmark.

MIDDLEEAST

DubaiInternationalFinancialCentre:Thisinformationdoesnotconstituteorformpartofanyoffertoissueorsell)oranysolicitationofanyofferto

subscribefororpurchase)anysecuritiesorinvestmentproductsintheUAE(includingtheDubailnternationalFinancialCentreandtheAbuDhabiGlobalMarket)andaccordinglyshouldnotbeconstruedassuch.Furthermore)

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ThecontentofthisreporthasnotbeenapprovedbyorfiledwiththeUAE

CentralBank)theDubaiFinancialServicesAuthority)theUAESecuritiesandCommoditiesAuthorityortheFinancialServicesRegulatoryAuthority.

AbuDhabiGlobalMarket(“ADGM”):Thismaterialissentstrictlywithinthecontextof)andconstitutes)anExemptCommunication.ThismaterialrelatestoDigitalAssetswhichisnotsubjecttoanyformofregulationorapprovalbytheFinancialServicesRegulatoryAuthorityoftheAbuDhabiGlobalMarket(the“FSRA”).

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NOTFDICINSURED.OFFERNOBANKGUARANTEE.MAYLOSE

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LatinAmerica(Brazil,ChileColombia,Mexico,Peru,andUruguay)

Thismaterialisforusewithaninstitutionalinvestororaqualifiedinvestor

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in_depthandindependentduediligence.

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