摩根士丹利-股票市场评论 2026 年 9 月 Equity Market Commentary - September 2026

Theindexperformanceisprovidedforillustrativepurposesonlyandisnotmeanttodepicttheperformanceofaspecificinvestment.Pastperformanceisnoguaranteeoffutureresults.

September2026|SLIMMON’STAKE1

EquityMarketCommentary

SLIMMON’STAKE|APPLIEDEQUITYTEAM|September2026

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TheFederalReserveraisedthefederalfundstargetrateby0.25%onSeptember16thandthestockmarketrallied.

Somuchforthatoldsaying,“Don’tfighttheFed!”

(WhentheFedisraisingrates,that’sbearish,andwhentheyarelowering,that’sbullish.)

What’smore,Ihaveregularlyusedachartshowingthathistorically,inmonthswhentheFedisloweringrates,theS&Phasaveragedareturnof+1.7%butwhentheyareraisingrates,thereturnaverages-0.5%

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Yetthemarketisup2.08%sincethatWednesday

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So,whatgives?

Andwhat’snext?

Tomethereareafewreasonsforthisreliefrally:

A.TheS&P500hadbeentradingsidewayssincelateMay.

Madenoheadwaydespiteexcellentfundamentals.

ThatsuggeststhemarketwasalreadybracingforalessdovishFed.

B.Sentiment(anexcellentcontrarianindicator)wasthoroughlywashedout.

TheAAIIbull/bearindicatorwasinbearishterritory.

TheCNNFear/Greedindicatorwassolidlyinfearmode.

C.Duringhispressconference,FedChairWarshhighlightedhisbeliefeconomicgrowthwasaccelerating.

AUTHOR

ANDREWSLIMMON

ManagingDirectorandSeniorPortfolio

Manager,AppliedEquityTeam

1Since1950.Bloomberg.

2S&P500asofSeptember25,2026.Bloomberg.

EQUITYMARKETCOMMENTARY

Thereturnsreferredtointhecommentaryarethoseoftherepresentativeindices,unlessotherwisenotedandarenotmeanttodepicttheperformanceofaspecificinvestment.Pastperformanceisnotguaranteeoffutureresults.

September2026|SLIMMON’STAKE2

TheUSFinancialConditionsIndex,theLeadingEconomicConditionsandtheCitiEconomicSurpriseIndexseemedtovalidatethis.

Thatmeansearningsestimates,whichhavebeenrisingallyear,couldstillbetoolowfor2026and2027.

D.Byraisingrates,theTrump-appointedWarshsentasignalofFedindependence.

ThehigherprioritywasfightinginflationversusappeasingtheWhiteHouse.(i.e.somuchforbeinga“sockpuppet.”

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5Havingsaidthis,Ithinkweneedtorecognizetheenvironmentforequitieshaschanged.

TheFedhasdecidedlymovedfromtheaccommodativepolicyof2025toamorerestrictiveone.

IfinfacttheFedonlyraisesratesmodestly,asinlate2015through2017,stockscanperformquitewell

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However,iftheenvironmentrequiresafarmorerestrictiveFed,asin2022,thatwillhaveafarmoredeleteriousimpactonstocks

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6Whichwillitbe?

Rightnow,whoknows?

Noone,inmyopinion.

(Predictionsbythe“Fedexperts”makemyweeklycollegefootballpoolrecordlookgoodwhichitisn’t.)SeemstomewatchingfuturemonthlyCPIinflationreadingswillbeprettydarnimportant.

7Wereallywon’tknowtheanswertothequestionofthepathoftheFeduntil2027.

Thatcloudofuncertaintywillcontinuetoweighonstocks.

Atleastfornow,macrouneaseseemstobeverymuchonthemindsofinvestors.

8Thegoodnews,however,isQ4mightbeapivotbyinvestorsbacktofocusingon“themicro.”

Thatwouldbeentirelyconsistentwiththestorysofarthisyear:

Q1:MacrofocusS&P500down-4.35%

Q2:MicrofocusS&P500up+15.20%

Q3:MacrofocusS&P500up+3.25%

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Q4Microfocus????

3AtWarsh’sApril21st2026confirmation,aprominentsenatorsuggestedWarshwouldsimplyfollowthewishesofPresidentTrump.

4TheFedbeganhikingratesinDecember2015andthencontinuedoncein2016andthreetimesin2017.Despitethetightening,theS&P500returned12.0%in2016and21.8%in2017.

5In2022,theFedraisedrates7timesbyover400basispointstotal,andtheS&P500dropped-19.4%in2022.

6AsofSeptember25,2026.Bloomberg.

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September2026|SLIMMON’STAKE3

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Therefore,Iwouldnotgettoobearishasthecalendarmovesclosertoyear-end.

Inmyview,themacroheadwindsshouldnotderailthemicrostorythatledthemarkethigherinQ2:

Q4ishistoricallythebestquarteroftheyearasWallStreetandinvestorsbegintofocusonthenextyear’sprojections.

Sincemylate-AugustSlimmon’sTAKE,2027earningsestimateshaverisenevenfurther.That’sreallythestoryoftheyear:

Plentyofmacroissuestoworryabout,butwhenthemarketrefocusesonearningsittendstoheadhigher.

Historicallythemarketexpressesadeepsighofreliefafterthemid-termelections.

Thereseemtobetwoconsistenciessurroundingmid-terms:

A.ThepartynotinpoweralmostalwayspicksupseatsinCongress.

B.Thestockmarketlikesit

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Inmyopinion,themarketlikesgridlockinDC.

Andrightnow,wedonothaveit.

Asinglepartywithtoomuchpowermakesthemarketnervous.

Anecdotally,fromspeakingwithmanyUSinvestors,thatiscausingplentyofanxiety.

AspartoftheAppliedEquityteam’smanagementofitslong-onlyequitystrategies,wekeepacloseeyeonourriskbudget.

Whilewehavebeenoptimisticonthestockmarketoverall,wedoownlowerbetanamesaswell.

Thesetendtohelpaportfolioindeclines,relativetothebenchmark.

ThoselowerbetapositionscanweighonrelativeperformanceinanenvironmentwhentheFedisclearlyultra-accommodative.

Asinthesecondhalfof2025.

ItwasAugust2025whenFedChairPowellannouncedapolicyadjustmentmovingtoaratecuttingregime.Highbetastockstookoffandlowbetastockswoefullylagged

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Notthebestenvironmenttobeconsciousoftheamountofriskinaportfolio.

ButwithFedChairWarsh’srecentandmorerestrictivepolicyadjustment,lesscertaintyweighsonthehighbetanames.

Thatmeanskeepinganeyeonriskmattersmore.

7SincetheinceptionoftheS&P500,theotherpartyhasgainedseatsinthemid-terms17outof19electionsandthemarkethasralliedoverthenext12months19outof19times.Wikipedia.

8FromtheAugust22,2025speechbyPowelluntilDecember31st2025,theS&P500rallied6%buttheInvescoHighBetaETFwasup12%whiletheLowVolatilityETFwasdown-3%.Thisisforinformationalpurposesonlyanddoesnotconstitutea

recommendationtobuyorsellanyparticularsecurity.

EQUITYMARKETCOMMENTARY

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IneachofourstrategiesweownthestockofUnitedRentals(URI)

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URIisanequipmentrentalcompanyservingtheconstructionindustry,industrialandcommercialconcerns,homeownersandothers.

IliketocallURI“thebesteconomist.”

TheirtouchissobroadthattheyhaveaprettygoodpulseontheUSeconomy.

Frequently,Ihearfromskepticsthateconomicandearningsstrengthis“allaboutAiandtheAibuildout,”implyingnothinggoodishappeningelsewhere.

Nottrue,accordingtoURI.

Whilehousingremainsweak,URIcontinuestohighlightpowerandinfrastructureprojects,inadditiontodatacenters,asasourceofstronggrowthin2026.

It’smybeliefthatthecorporatetaxbenefitsoftheOneBigBeautifulBillareabigreasonforthisstrength.Taxbenefitsencouragecorporatecapex.

Finally,howmanyyearsinarowdidwehearstrategiststellusthatweshouldincreaseourallocationoutsidetheUStoEuropeorJapanbecausethosemarketswere“cheaper”?

Fromtheendof2009overthenext15years,EuropeandJapanequitymarketseachcompoundedat5%-6%peryearwhiletheS&P500compoundedat14%annually

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InessenceyoucouldhavemadethreetimesthereturnstickingtotheUSandignoringthosecallsto“diversify”.

Yetstartingin2025,those

non-U.S.markets

havenotonlykeptupwiththeS&P500,buttheyhavemarginallyoutperformed.

So,whatisthedifference?

Whathaschanged?

1-Jan

1-Feb

1-Mar

1-Apr

1-May

1-Jun

1-Jul

1-Aug

1-Sep

1-Oct

1-Nov

1-Dec

MSCIJapanEarningsRevisions

30%

20%

10%

0%

-10%

2023202420252026

Wethinkit’sbecauseearningsrevisionsinnon-U.S.marketsareinflectingupward:

MSCIEuropeEarningsRevisions

1-Jan

1-Feb

1-Mar

1-Apr

1-May

1-Jun

1-Jul

1-Aug

1-Sep

1-Oct

1-Nov

1-Dec

20%

10%

0%

-10%

2023202420252026

Source:Bloomberg.

Theindexperformanceisprovidedforillustrativepurposesonlyandisnotmeanttodepicttheperformanceofaspecificinvestment.Pastperformanceisnoguaranteeoffutureresults.

9Asof8/31/26,1.49%inAppliedGlobalConcentrated,1.84%inAppliedGlobalCore,and1.89%inAppliedUSCore.Thisisforinformationalpurposesonlyanddoesnotconstitutearecommendationtobuyorsellanyparticularsecurity.

10ReturnsinUSdollars.Bloomberg.

EQUITYMARKETCOMMENTARY

September2026|SLIMMON’STAKE5

Whilethesechartsonlygobackto2023,Ithinktheimprovementinperformanceisduetothis:

Stocksrespondtothedirectionofchange.

AsIwroteintheAugustSlimmon’sTAKE:

Whiletherearemanywaysweanalyzestocks,mycorebeliefisthatastockpriceregressestothepresentvalueofallfutureexpectations.

It’snotaboutthegrowthrateofacompany.

It’saboutwhatthecompanyisexpectedtogrowversuswhatitactuallydelivers.

Ifacompanydeliversbetter-than-expectedfundamentals,thepresentvalueeventuallygoesup.

Likewise,iffundamentalsareworsethanexpected,thestockpricegoesdown.

Ibelievethatistrueformarketsoverall.

PositiveearningsrevisionsforEuropeandJapanarethekeydifferencebetween2026andmanypreviousyears.

Andthatgivesusalotmoreconfidenceinthenon-USstocksinourglobalstrategies.

Andrew

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September2026|SLIMMON’STAKE6

RiskConsiderations

Diversificationdoesnoteliminatetheriskofloss.Thereisnoassurancethataportfoliowillachieveitsinvestmentobjective.Portfoliosaresubjecttomarketrisk,whichisthepossibilitythatthemarketvaluesofsecuritiesownedbytheportfoliowilldeclineandmaythereforebelessthatwhatyoupaidforthem.Marketvaluescanchangedailyduetoeconomicandotherevents(e.g.naturaldisasters,healthcrises,terrorism,conflictsandsocialunrest)thataffectmarkets,countries,companiesorgovernments.Itisdifficulttopredictthetiming,duration,andpotentialadverseeffects(e.g.portfolioliquidity)ofevents.Accordingly,youcanlosemoneyinvestinginthisportfolio.Pleasebeawarethatthisportfoliomaybesubjecttocertainadditionalrisks.Ingeneral,equitiessecurities’valuesalsofluctuateinresponsetoactivitiesspecifictoacompany.Stocksofsmall-andmedium-capitalizationcompaniesentailspecialrisks,suchaslimitedproductlines,marketsandfinancialresources,andgreatermarketvolatilitythansecuritiesoflarger,moreestablishedcompanies.Investmentsinforeignmarketsentailspecialriskssuchascurrency,political,economic,marketandliquidityrisks.Illiquidsecuritiesmaybemoredifficulttosellandvaluethanpubliclytradedsecurities(liquidityrisks).Non-diversifiedportfoliosofteninvestinamorelimitednumberofissuers.Assuch,changesinthefinancialconditionormarketvalueofasingleissuermaycausegreatervolatility.Ai:Investingincompaniesinanticipationofacatalystevent,suchasAIadoption,carriestheriskthatsuchcatalystsmaynotoccur,maybedelayed,orthatthemarketmayreactdifferentlythanexpected.CompaniesfocusedonAImayhavelimitedproductlines,marketsorfinancialresources,andtheirmanagementandperformancemaybeparticularlyimpactedbyeventsthatadverselyaffectAIadoption,suchasrapidchangesinproducttechnologycycles,productobsolescence,governmentregulation,cybersecurityconcernsandcompetition.

DEFINITIONS

Theindexesareunmanagedanddonotincludeanyexpenses,feesorsalescharges.Itisnotpossibletoinvestdirectlyinanindex.Anyindexreferredtohereinistheintellectualproperty(includingregisteredtrademarks)oftheapplicablelicensor.Anyproductbasedonanindexisinnowaysponsored,endorsed,soldorpromotedbytheapplicablelicensoranditshallnothaveanyliabilitywithrespectthereto.TheS&P500®IndexmeasuresperformanceofthelargecapsegmentoftheU.S.equitiesmarket,coveringapproximately75%oftheU.S.market,including500leadingcompaniesintheU.S.economy.TheRussell1000Indexisanindexofapproximately1,000ofthelargestcompaniesintheU.S.equitymarket.TheRussell1000isasubsetoftheRussell3000Index.Itrepresentsthetopcompaniesbymarketcapitalization.TheRussell1000typicallycomprisesapproximately90%ofthetotalmarketcapitalizationofalllistedU.S.stocks.TheRussell1000®GrowthIndexmeasurestheperformanceofthelarge-capgrowthsegmentoftheUSequityuniverse.ItincludesthoseRussell1000companieswithrelativelyhigherprice-to-bookratios,higherI/B/E/Sforecastmediumterm(2year)growthandhighersalespersharehistoricalgrowth(5years).TheRussell1000®ValueIndexmeasurestheperformanceofthelarge-capvaluesegmentoftheUSequityuniverse.ItincludesthoseRussell.1000companieswithrelativelylowerprice-to-bookratios,lowerI/B/E/S.TheRussellAll-CapEqual-weightIndexmeasurestheperformanceoftheU.S.equitymarketacrossthefullcapitalizationspectrumbyincludinglarge_,mid_,andsmall_capitalizationstocksfromtheRussellAll_Capuniverse,withequalweightingappliedratherthanmarket_capitalizationweighting.UnderFTSERussell’sequal_weightmethodology,eachconstituenthasanapproximatelyidenticalweight,whichreducestheinfluenceofthelargestcompaniesandincreasesexposuretosmaller_capitalizationstocksrelativetotraditionalcap_weightedindices.Theindexisrules_based,transparent,andperiodicallyrebalancedtomaintainequalweightsandreflectchangesintheunderlyinginvestableuniverse.TheMSCIWorldIndexisafreefloatadjustedmarketcapitalizationweightedindexthatisdesignedtomeasuretheglobalequitymarketperformanceofdevelopedmarkets.Theterm“freefloat”representstheportionofsharesoutstandingthataredeemedtobeavailableforpurchaseinthepublicequitymarketsbyinvestors.TheperformanceoftheIndexislistedinU.S.dollarsandassumesreinvestmentofnetdividends.TheMSCIEuropeIndexcaptureslargeandmidcaprepresentationacross15DevelopedMarkets(DM)countriesinEurope.TheShanghaiCompositeIndexisacapitalization-weightedstockmarketindexdesignedtotrackthepriceperformanceofallA-sharesandB-shareslistedontheShanghaiStockExchange.Standarddeviationisameasurethatisusedtoquantifytheamountofvariationordispersionofasetofdatavalues.TheMSCIChinaIndexcaptureslargeandmidcaprepresentationacrossChinaAshares,Hshares,Bshares,Redchips,Pchipsandforeignlistings(e.g.ADRs).TheNASDAQIndexisamarketcapitalization-weightedindexencompassingover2,500stocks,withastrongfocusonthetechnologysector.

IMPORTANTINFORMATION

Thereisnoguaranteethatanyinvestmentstrategywillworkunderallmarketconditions,andeachinvestorshouldevaluatetheirabilitytoinvestforthelong-term,especiallyduringperiodsofdownturninthemarket.

Aseparatelymanagedaccountmaynotbeappropriateforallinvestors.SeparateaccountsmanagedaccordingtotheparticularStrategymayincludesecuritiesthatmaynotnecessarilytracktheperformanceofaparticularindex.Pleaseconsidertheinvestmentobjectives,risksandfeesoftheStrategycarefullybeforeinvesting.Aminimumassetlevelisrequired.

Forimportantinformationabouttheinvestmentmanagers,pleaserefertoFormADVPart2.

Theviewsandopinionsand/oranalysisexpressedarethoseoftheauthorortheinvestmentteamasofthedateofpreparationofthismaterialandaresubjecttochangeatanytimewithoutnoticeduetomarketoreconomicconditionsandmaynotnecessarilycometopass.Furthermore,theviewswillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailableorcircumstancesexisting,orchangesoccurring,afterthedateofpublication.TheviewsexpresseddonotreflecttheopinionsofallinvestmentpersonnelatMorganStanleyInvestmentManagement(MSIM)anditssubsidiariesandaffiliates(collectively“theFirm”),andmaynotbereflectedinallthestrategiesandproductsthattheFirmoffers.

Forecastsand/orestimatesprovidedhereinaresubjecttochangeandmaynotactuallycometopass.Informationregardingexpectedmarketreturnsandmarketoutlooksisbasedontheresearch,analysisandopinionsoftheauthorsortheinvestmentteam.Theseconclusionsarespeculativeinnature,maynotcometopassandarenotintendedtopredictthefutureperformanceofanyspecificstrategyorproducttheFirmoffers.Futureresultsmaydiffersignificantlydependingonfactorssuchaschangesinsecuritiesorfinancialmarketsorgeneraleconomicconditions.

Thismaterialhasbeenpreparedonthebasisofpubliclyavailableinformation,internallydevelopeddataandotherthird-partysourcesbelievedtobereliable.However,noassurancesareprovidedregardingthereliabilityofsuchinformationandtheFirmhasnotsoughttoindependentlyverifyinformationtakenfrompublicandthird-partysources.

Thismaterialisageneralcommunication,whichisnotimpartialandallinformationprovidedhasbeenpreparedsolelyforinformationalandeducationalpurposesanddoesnotconstituteanofferorarecommendationtobuyorsellanyparticularsecurityortoadoptanyspecificinvestmentstrategy.Theinformationhereinhasnotbeenbasedonaconsiderationofanyindividualinvestorcircumstancesandisnotinvestmentadvice,norshoulditbeconstruedinanywayastax,accounting,legalorregulatoryadvice.Tothatend,investorsshouldseekindependentlegalandfinancialadvice,includingadviceastotaxconsequences,beforemakinganyinvestmentdecision.

Theindexesareunmanagedanddonotincludeanyexpenses,feesorsalescharges.Itisnotpossibletoinvestdirectlyinanindex.Anyindexreferredtohereinistheintellectualproperty(includingregisteredtrademarks)oftheapplicablelicensor.Anyproductbasedonanindexisinnowaysponsored,

EQUITYMARKETCOMMENTARY

September2026|SLIMMON’STAKE7

endorsed,soldorpromotedbytheapplicablelicensoranditshallnothaveanyliabilitywithrespectthereto.

ThismaterialisnotaproductofMorganStanley’sResearchDepartmentandshouldnotberegardedasaresearchmaterialorarecommendation.TheFirmhasnotauthorizedfinancialintermediariestouseandtodistributethismaterial,unlesssuchuseanddistributionismadeinaccordancewithapplicablelawandregulation.Additionally,financialintermediariesarerequiredtosatisfythemselvesthattheinformationinthismaterialisappropriateforanypersontowhomtheyprovidethismaterialinviewofthatperson’scircumstancesandpurpose.TheFirmshallnotbeliablefor,andacceptsnoliabilityfor,theuseormisuseofthismaterialbyanysuchfinancialintermediary.

Thismaterialmaybetranslatedintootherlanguages.WheresuchatranslationismadethisEnglishversionremainsdefinitive.IfthereareanydiscrepanciesbetweentheEnglishversionandanyversionofthismaterialinanotherlanguage,theEnglishversionshallprevail.

Thewholeoranypartofthismaterialmaynotbedirectlyorindirectlyreproduced,copied,modified,usedtocreateaderivativework,performed,displayed,published,posted,licensed,framed,distributedortransmittedoranyofitscontentsdisclosedtothirdpartieswithouttheFirm’sexpresswrittenconsent.Thismaterialmaynotbelinkedtounlesssuchhyperlinkisforpersonalandnon-commercialuse.Allinformationcontainedhereinisproprietaryandisprotectedundercopyrightandotherapplicablelaw.

DISTRIBUTION

Thismaterialisonlyintendedforandwillonlybedistributedtopersonsresidentinjurisdictionswheresuchdistributionoravailabilitywouldnotbecontrarytolocallawsorregulations.

MSIM,theassetmanagementdivisionofMorganStanley(NYSE:MS),anditsaffiliateshavearrangementsinplacetomarketeachother’sproductsandservices.EachMSIMaffiliateisregulatedasappropriateinthejurisdictionitoperates.MSIM’saffiliatesare:CalvertResearchandManagement,EatonVanceManagement,ParametricPortfolioAssociatesLLC,ParametricSAS,andAtlantaCapitalManagementLLC.

EMEA:

ThismaterialisforProfessionalClients/AccreditedInvestorsonly.

IntheEU,MSIMmaterialsareissuedbyMSIMFundManagement(Ireland)Limited(“FMIL”).FMILisregulatedbytheCentralBankofIrelandandisincorporatedinIrelandasaprivatecompanylimitedbyshareswithcompanyregistrationnumber616661andhasitsregisteredaddressat24-26CityQuay,Dublin2,DO2NY19,Ireland.

OutsidetheEU,MSIMmaterialsareissuedbyMorganStanleyInvestmentManagementLimited(MSIMLtd)isauthorisedandregulatedbytheFinancialConductAuthority.RegisteredinEngland.RegisteredNo.1981121.RegisteredOffice:25CabotSquare,CanaryWharf,LondonE144QA.

InSwitzerland,MSIMmaterialsareissuedbyMorganStanley&Co.Internationalplc,London(ZurichBranch)AuthorisedandregulatedbytheEidgenössischeFinanzmarktaufsicht("FINMA").RegisteredOffice:Beethovenstrasse33,8002Zurich,Switzerland.

Italy:MSIMFMIL(MilanBranch),(SedeSecondariadiMilano)PalazzoSerbelloniCorsoVenezia,1620121Milano,Italy.TheNetherlands:MSIMFMIL(AmsterdamBranch),RembrandtTower,11thFloorAmstelplein11096HA,Netherlands.France:MSIMFMIL(ParisBranch),61ruedeMonceau75008Paris,France.Spain:MSIMFMIL(MadridBranch),CalleSerrano55,28006,Madrid,Spain.Germany:MSIMFMILFrankfurtBranch,GroßeGallusstraße18,60312FrankfurtamMain,Germany(Gattung:Zweigniederlassung(FDI)gem.§53bKWG).Denmark:MSIMFMIL(CopenhagenBranch),GorrissenFederspiel,AxelTowers,Axeltorv2,1609CopenhagenV,Denmark.

MIDDLEEAST

DubaiInternationalFinancialCentre:Thisinformationdoesnotconstituteorformpartofanyoffertoissueorsell,oranysolicitationofanyoffertosubscribefororpurchase,anysecuritiesorinvestmentproductsintheUAE(includingtheDubaiInternationalFinancialCentreandtheAbuDhabiGlobalMarket)andaccordinglyshouldnotbeconstruedassuch.Furthermore,thisinformationisbeingmadeavailableonthebasisthattherecipientacknowledgesandunderstandsthattheentitiesandsecuritiestowhichitmayrelatehavenotbeenapproved,licensedbyorregisteredwiththeUAE

CentralBank,theDubaiFinancialServicesAuthority,theUAESecuritiesandCommoditiesAuthority,theFinancialServicesRegulatoryAuthorityoranyotherrelevantlicensingauthorityorgovernmentagencyintheUAE.ThecontentofthisreporthasnotbeenapprovedbyorfiledwiththeUAECentralBank,theDubaiFinancialServicesAuthority,theUAESecuritiesandCommoditiesAuthorityortheFinancialServicesRegulatoryAuthority.

AbuDhabiGlobalMarket("ADGM"):Thismaterialissentstrictlywithinthecontextof,andconstitutes,anExemptCommunication.Thismaterialrelatesto(strategy)whichisnotsubjecttoanyformofregulationorapprovalbytheFinancialServicesRegulatoryAuthorityoftheAbuDhabiGlobalMarket(the“FSRA”).

SaudiArabia

ThisfinancialpromotionwasissuedandapprovedforuseinSaudiArabiabyMorganStanleySaudiArabia,AlRashidTower,KingsSandStreet,Riyadh,SaudiArabia,authorizedandregulatedbytheCapitalMarketAuthoritylicensenumber06044-37.

U.S.

NOTFDICINSURED|OFFERNOBANKGUARANTEE|MAYLOSEVALUE|NOTINSUREDBYANYFEDERALGOVERNMENTAGENCY|NOTABANKDEPOSIT

Canada:Foruseonlywith“PermittedClients”underCanadianLawandmaynotbeusedwiththegeneralpublic.ThispresentationiscommunicatedinCanadabyMorganStanleyInvestmentManagementInc.(“MSIM”),whichconductsitsactivitiesinCanadapursuanttotheinternationaladviserexemptionandInternationalInvestmentFundManagerExemption.Thispresentationdoesnotconstituteanoffertoprovideinvestmentadvisoryavailable.MSIMmayonlyadviseseparatelymanagedaccountsof“PermittedClients”andmayonlymanageaccountswhichinvestinnon-Canadianissuers.“Permittedclients”asdefinedunderCanadianNationalInstrument31-103generallyincludeCanadianfinancialinstitutionsorindividualswith$5million(CAD)infinancialassetsandentitieswithatleast$25million(CAD)innetassets.PermittedClientsmayonlyinvestinaseparatelymanagedaccountreferencedinthispresentationbyenteringintoaninvestmentmanagementagreementwithMSIM,ofwhichthispresentationisnotapart.Materialswhichdescribetheinvestmentexpertise,strategiesand/orotheraspectsofMSIM-managedseparatelymanagedaccountsmaybeprovidedtoyouuponrequestforyourconsiderationoftheavailableinvestmentadvisoryservicesofferedbyMSIM.MSIMandcertainofitsaffiliatesmayserveastheportfoliomanagertoseparatelymanagedaccountsdescribedinthispresentationandmaybeentitledtoreceivefeesinconnectiontherewith.

LATINAMERICA(BRAZIL,CHILECOLOMBIA,MEXICO,PERU,ANDURUGUAY)

Thismaterialisforusewithaninstitutionalinvestororaqualifiedinvestoronly.Allinformationcontainedhereinisconfidentialandisfortheexclusiveuseandreviewoftheintendedaddressee,andmaynotbepassedontoanythirdparty.Thismaterialisprovidedforinformationalpurposesonlyanddoesnotconstituteapublicoffering,solicitationorrecommendationtobuyorsellforanyproduct,service,securityand/orstrategy.Adecisiontoinvestsho