摩根士丹利-摩根士丹利2026年秋季训练营：欧洲银行-Morgan Stanley Autumn Bootcamp 2026 European Banks-20261027

MoraanStanlev

October27,202606:30PMGMT

MorganStanleyAutumnBootcamp2026

27thOctober2026

EuropeanBanks

MorganStanley&Co.Internationalplc+

AlvaroSerrano

GiuliaMiotto

GulnaraSaitkulovaNoemiPeruch

NedTidmarsh

Allinformationasof25September2026,unlessspecifiedelsewhere.

MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcoudaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount

EUROPEANBANKSTEACH-IN|27OCTOBER20262

Banks-Agenda

1Whyshouldyoucareaboutbanks?

2Whatmatterswhenlookingatbanks?

3Whatisdrivingthedebatetoday?

MorganStanleyQUESTIONijWHYCARE?

Whyshouldyoucareaboutbanks?

Bankshavetradedatadiscountinrecent

yearsbutrecentlyhaveperformedbetter

...Butnoware15.7%oftheEuropeanmarket

MSCIEuropebysector(FFMCapWeighted)

■Banks

■Pharma&Biotech

■CapGoods

■Semis

■Insurance

■Energy

■Utilities

■DivFins

■Food&BevAerospace

■Luxury&ApparelChemicals

■ConstructionHPC

5.5%

Software&Svcs

HPC 2.3%Construction

2.4%

Chemicals

2.4%

Luxury&Apparel2.5%

Pharma&Biotech

10.8%

CapGoods9.2%

Aerospace3.3%

Insurance

5.9%

DiwFin4.3%

Banks

15.3%

Semis6.1%

Utities4.8%

Food&Bev

Energy

2004

2005

2006

2007

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

SX7EvsSXXE

20%

14

12

10

8

-30%

~15%discountpreGFC

~30%discount

preCovid

-60%

~20%discount2012-2016

SX7E12mFwdPE,rhs

-40%

-50%

10%

0%

-10%

-20%

2008

2009

2010

2011

2023

2024

2025

2026

Sources:Refinitiv,MorganStanleyResearch,asofAug31,2026.

EUROPEANBANKSTEACH-IN|27OCTOBER2026

MorganStanleyQUESTION2|WHATMATTERS?

EUROPEANBANKSTEACH-IN|27OCTOBER20264

TypesofBanks

Samesector;differentbusinessesandearningsdrivers

Retail/universalbanking

Depositsandpayments

Savingsproducts,currentaccountsandtransactions

Householdcredit

Mortgagesandconsumerfinance

Corporatebanking

Lendingandsolutionsforbusinesses

ABN·AMROING

LLOYDSBANK

Wholesale/investmentbanking

Salesandtrading

Fixedincome,credit,currenciesandequities

Investmentbanking

M&Aadvice,underwritingandcapitalraising

Wealthandprivatebanking

Managingclientassets,adviceandfinancing

BARCLAYS

DeutscheBank

UBS

MorganStanleyQUESTION2|WHATMATTERS?

EUROPEANBANKSTEACH-IN|27OCTOBER2026

EuropeanBankingMarketShares

Bankof

DBK,10%

INGGroepN.V,5%

Unicredit5%

Ireland

Portugal

NorthSea

uani

a

UnitedDenma

Kingdom

Belarus

Polan

◎Warsaw

NetherlandsBerlino

OLondonGermany

°KwiB

UkraineMolaov

Belgium

◎Paris

Austria

Hungary

France

OMarseille

oBarcelona

Croatia

Italy

◎Ronle

RomaniaSerbiaz

Bulgari-

Black

Spain

ISP,28%

TyrhenianSeaGreothers.

Others,

41%

Others22%

6%ING15%

Sea

BNP

(Fortis)

22%

BelfiusKBC17%

15%

iye

CASA,9%

BAMI,9%

Syria

QUESTION2|

hWttHpT:/wTwTERS?

EUROPEANBANKSTEACH-IN|27OCTOBER20266

HowBanksMakeMoney

TheP&Linonepicture

Interestincome

Earnedoninterest-earningassets

-Interestexpense

Paidondepositsandotherborrowing

=Netinterestincome

TheNIIrevenueline

+Netnon-interestincome

Fees,insurance,tradingandotherincome,netofrelatedcosts

=Netbankingincome

Totalnetrevenue

-Operatingexpenses

People,technology,premisesandotheroperatingcosts

-Loan-lossprovisionsExpectedcredit-losscharge

=IncomebeforetaxProfitbeforeincometaxes

-IncometaxesTaxexpense

=NetincomeProfitaftertax;attributionandotheradjustmentsmayfollow

MorganStanleyQUESTION2|WHATMATTERS?

7

EUROPEANBANKSTEACH-IN|27OCTOBER2026

QUESTION2|

hWttHpT:/wTwTERS?

EUROPEANBANKSTEACH-IN|27OCTOBER20268

PRICING

Lendingrates,depositbeta,fundingspreads

NII–asimpleoverview

NII=interestearnedonassets-interestpaidondepositsandotherfunding

FUNDING

Deposits

Wholesaleborrowing

Equity:nointerestexpense

ASSETS

Loans

Bonds/securities

Cashatcentralbanks

TIMING

Fixedvsfloatingassets;maturitiesandhedges

MIX+VOLUMES

Currentvstermdeposits;loananddepositgrowth

MorganStanleyQUESTION2|WHATMATTERS?

EUROPEANBANKSTEACH-IN|27OCTOBER2026

NIIDrivers-TheRateCurve

SHORTRATES

Floating-rateloansanddepositrepricing.

Borrowshort,lendlong

3.75%

3.50%

3.25%

3.00%

2.75%

2.50%

2.25%

2.00%

1.75%

1.50%

1.25%

Euribor3mForwardCurve

——today1wago1mago2mago

Spot

Dec-26

Mar-27

Jun-27

Sep-27

Dec-27

Mar-28

Jun-28

Sep-28

Dec-28

Mar-29

Jun-29

Sep-29

Dec-29

Mar-30

Jun-30

Sep-30

MSeModelledCurve

LONGERSWAPRATES

Fixed-ratelendingandhedgereinvestment.

r*range

Souce:Workspace,asof28thSeptember,MorganStanleyresearch

MorganStanley

QUESTION2|WHATMATTERS?

NIIDrivers-DepositMix

Thesameratemovecanhavedifferenteffects

PrivateSectorDepositMix

■Overnight■Term

■Redeem.

0%

3%

13%

2%

100%

90%

80%

70%

60%

1%

10%

24%

17%

19%

8%

22%

35%

34%

27%

39%

20%

51%

53%

13%

34%

54%

13%

33%

21%

50%

84%

77%

83%

40%

74%

64%

66%

30%

59%

48%

20%

10%

0%

GreeceGermanyFrateherlandsBelgium

OVERNIGHTDEPOSITS

Oftenlow-costfunding;lessroomtocutratesalreadynearzero.

NOTICE/TERM

Usuallymoreremunerated;scopetorepriceasmarketrateschange.

Source:ECB,MorganStanleyResearch

EUROPEANBANKSTEACH-IN|27OCTOBER2026

10

MorganStanleyQUESTION2|WHATMATTERS?

11

EUROPEANBANKSTEACH-IN|27OCTOBER2026

MorganStanleyQUESTION2|WHATMATTERS?

NIIDrivers-LoanGrowth

LoangrowthandPMIssuggestabroadercapexcycle

Technologyandinfrastructurelead;growthisbroadeningout

.5%

40.0%

30.0%

20.0%

10.0%

0.0%

-10.0%

-20.0%

-30.0%

CorporateLendingGrowthbySector,YoY%

24

●

%

851

14.7%

.1%

14

9.

7.0%

●

%

8

7%

7.3%

6.7%

4.5

4.3

3.

3.0

2.6

%9

●

%

%

2%

%

%

2.0%

Ino&comm

other

Electricity

Arts

Educaton

Transport

Realestate

Accommodatlon

Administratlon

asuajaa

otal

ade

Tr

Manufacturing

Ie

Heath

Agriculture

uossajoJd

Mining

e

Water

pueu

uopnnsuoo

■2025YoY·1H26YoY

PMIspointtopotentialupsidetoloan-growthassumptions

40.0%

30.0%

20.0%

10.0%

0.0%

-10.0%

-20.0%

-30.0%

—50-centeredPMlgap(12mleading)Manufacturing—LoanOrigination3MMANFC

15.0010.005.00

0.00

-5.00

-10.00

-15.00

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

ct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Ap-26

Oct-26

Apr-27

-20.00

Source:Haver,EBANACE2Q26disclosures,MorganStanleyResearchestimates.Shadedportiondenotesestimatesintheoriginalexhibit.

EUROPEANBANKSTEACH-IN|27OCTOBER2026

12

Source:Companydata,MorganStanleyresearch.

■50bpsHigherRates■1%HigherLoanGrowth■1%HigherFeeGrowth

EUROPEANBANKSTEACH-NI27OCTOER2026

NIISensitivity-

vastlydifferent

MorganStanleyQUESTION2WiATMATTERS?

ImpacttoNIdepositmixshifttoterm

Bringingthisalltogether,theimpactofratechangescanbe

bybank

BAMI-6.9%

LLOYNWG

BMPS

UCG

UNI

BPER

BIRG

AIB

CABK

ISP

ABN

SAN

SAB

Sector

BKT

SG

BARC

BBVA

KBC

ING

CBK

BAWAGERSTE

DBK

BCP

CASA

BNP

-5.6%-5.2%

-5.2%

-5.1%

-4.9%

-4.4%-4.4%-4.4%-4.4%

-4.3%

-2.8%-2.6%-2.6%-2.5%

-4.0%

-3.9%-3.7%

-3.1%

-3.1%

-3.0%

-1.4%-1.4%

-6.2%-6.1%

-2.0%

-3.3%

-2.2%

andfeegrowth

Impacttoearningsohigherrates,loan

UNI

SWEDBIRGSEBSHBNWGCBKLLOYBARC AIBABNBMPS

ING

BCP DBKBAMIDANSK DNBERSTECABK BPERHSBC STAN ISP NDACASABAWAG SG SAB BNP KBC BKT SAN UCGBBVA

8.1%

7.9%

7.8%

7.6%

7.4%

7.4%

5.0%

5.0%

5.0%

4.9%

4.9%

4.9%

4.9%

2.8%

2.6%

2.5%1.7%

5.5%

5.5%

5.3%

4.6%4.6%

4.4%

3.8%

3.8%

3.8%

6.0%

5.9%

3.1%

3.1%

9.0%

4.3%

6.9%

6.5%

3.4%

EUROPEANBANKSTEACH-IN|27OCTOBER202614

QUESTION2|

hWttHpT:/wTwTERS?

OtherP&LDrivers

NII+fees+trading/otherrevenue

-Operatingcosts

=Pre-provisionprofit

-Credit-losscharges

-Taxandotheritems

=Profitforordinaryshareholders

Revenueisnotyetsustainableshareholderprofit

COSTS

Absolutecostgrowthmatters,notjustthecost-to-incomeratio.

COSTOFRISK

Theexpectedcredit-losscostoflending.

Charge/averageloans,usuallyinbasispoints.

Illustrative:+10bponEUR100bnloans=EUR100mlessannualpre-taxprofit.

MorganStanley

Costs-roomforfurtherimprovement?

CostSplit

6%

5%

6%

16%

16%

13%

25

28

2%

2%

13%

13%

3%

14%

4%

15%

15%

57%

60%

58%

57%

8%

59%

59%

60%

50%

57%

58%

58%

58%

57%

57%

58%

[

5

61%

2010201120122013201420152016201720182019202020212022202320242025

StaffCosts/TotalCostsAmort+Tech&Comms/TotalExp

Other—Cost/IncomeRatio

%ofEmployeesAged50+

58%

51%

46%

39%

37%

36%

35%

33%

33%

32%

28%

28%

27%

25%

25%

22%

22%

21%

17%

%9Z

BAMI

BMPS

BPER

SHB

UCG

CABK

SAB

CBK

CASA

ABN

BAWAG

DNB

BKT

ERSTE

Sector

BNP

BIRG

NDA

DANSK

Swed

UBS

AIB

ING

SAN

BBVA

70%

60%

50%

40%

30%

20%

10%

0%

BCP

Sources:Companydata,MorganStanleyresearch

QUESTION2|WHATMATTERS?

Cost-IncomeRatio

75%

70%

65%

60%

55%

50%

600Z

45%

2002

2003

2004

2005

2006

2007

2008

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

021

2022

2023

2024

2025

2026e

2027e

2028e

EUROPEANBANKSTEACH-IN|27OCTOBER202615

QUESTION2|

hWttHpT:/wTwTERS?

EUROPEANBANKSTEACH-IN|27OCTOBER202616

Capital–thekeyregulatorypart

Whatisthecapitalbase?

CET1ratio=CET1capital/RWAs

CET1Ordinaryequityandretainedprofits,after

regulatorydeductions(forexamplegoodwill).

RWAsRisk-weightedexposures:credit,market

andoperationalrisk-notrawassetsize.

CET1

Corecommonequity

AT1

Eligibleadditionalloss-absorbinghybrids

Tier2Furthereligiblecapital,includingsubordinateddebt

Tier1=CET1+AT1|Totalcapital=Tier1+Tier2

Minimumrequirementsandbuffersmustbemaintained.

Howdoescapitalflow?

Profit/capitalgeneration

1.Supportgrowth

Organic:capitalforRWAs|Inorganic:M&A

2.Returncapital

Dividendsandsharebuybacks

3.Retaintheremainder

Strengthenthecapitalposition/buffer

EUROPEANBANKSTEACH-IN|27OCTOBER202617

Valuation

12%

Costofequity

2%

Long-termgrowth

1.3x

P/TBV

Themultiplefollowssustainablereturnsandtherequiredreturn

P/TBV≈

15%

SustainableRoTE

Belowbookisnotautomaticallycheap.Higheruncertaintycanlowerthemultiple.

QUESTION3

WHA

t:T/wSwN.OW?

Whatisdrivingthedebatetoday?

Wearepositiveonthesector

1.Earnings

NII:yieldcurve,volumesandhedges–macrooverlay

Fees–IBoutlook,marketperformance

Costofrisk:potentialriskstolending?

-withthreeareastowatch

2.Capital

Organicgrowth–profitableoptions

M&A–shiftinfavourofinorganicgrowth

Dividendsandbuybacksofferattractiveyields

3.Valuation

PE11-12xbasedonhistoricalCoE–postcodelottery

Macrooutlook

AIefficiency–AIcompetition–Longevity&retirementneeds

UCGCompellingstandalone

strategy,M&Aandvaluation

DeutscheBankValuation

OurTopPicks

ABNAMROCostandNIIupside

ABNAMROPrice(Asof27Oct):39.73EURUCGPrice(Asof27Oct):73.38EURDeutscheBankPrice(Asof27Oct):28.70EUREUROPEANBANKSTEACH-IN|27OCTOBER202618

TheinformationandopinionsinMorganStanleyResearchwerepreparedoraredisseminatedbyMorganStanleyEuropeS.E.,regulatedbyBundesanstaltfuer

tungsaufsicht(BaFin)and/orMorganStanley&Co.Internationalplc,authorizedbythePrudentialRegulationAuthorityandregulatedbytheFinancialConductAuthorityandthePrudentialRegulationAuthority.MorganStanley&Co.InternationalplcdisseminatesintheUKresearchthatithasprepared,andwhichhasbeenpreparedbyanyofits

affiliates,onlytopersonswho(i)areinvestmentprofessionalsfallingwithinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005(asamended,the“Order”);(ii)arepersonswhoarehighnetworthentitiesfallingwithinArticle49(2)(a)to(d)oftheOrder;or(iii)arepersonstowhomaninvitationorinducementtoengagein

investmentactivity(withinthemeaningofsection21oftheFinancialServicesandMarketsAct2000,asamended)mayotherwiselawfullybecommunicatedorcausedtobe

communicated.Asusedinthisdisclosuresection,MorganStanleyincludesRMBMorganStanleyProprietaryLimited,MorganStanleyEuropeS.E.,MorganStanley&CoInternationalplcanditsaffiliates.

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsiteat

/eqr/disclosures/webapp/generalresearch,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:

ResearchManagement

),NewYork,NY,10036USA.

Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:

US/Canada+1800303-2495;HongKong+8522848-5999;LatinAmerica+1718754-5444(U.S.);London+44(0)20-7425-8169;Singapore+656834-6860;Sydney+61(0)2-9770-1505;Tokyo+81(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:GiuliaAuroraMiotto,CFA;NoemiPeruch;GulnaraSaitkulova;AlvaroSerrano.

GlobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailableat/institutional/research/.APortugueseversionofthepolicycanbefoundat.br

ImportantRegulatoryDisclosuresonSubjectCompanies

AsofSeptember30,2026,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorganStanleyResearch:ABNAMROBankNV,DeutscheBank,UniCreditS.p.A..

Withinthelast12months,MorganStanleymanagedorco-managedapublicoffering(or144Aoffering)ofsecuritiesofABNAMROBankNV,UniCreditS.p.A..

Withinthelast12months,MorganStanleyhasreceivedcompensationforinvestmentbankingservicesfromABNAMROBankNV,UniCreditS.p.A..

Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromABNAMROBankNV,DeutscheBank,UniCreditS.p.A..

Withinthelast12months,MorganStanleyhasreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromABNAMROBankNV,DeutscheBank,UniCreditS.p.A..

Withinthelast12months,MorganStanleyhasprovidedorisprovidinginvestmentbankingservicesto,orhasaninvestmentbankingclientrelationshipwith,thefollowingcompany:

ABNAMROBankNV,DeutscheBank,UniCreditS.p.A..

Withinthelast12months,MorganStanleyhaseitherprovidedorisprovidingnon-investmentbanking,securities-relatedservicestoand/orinthepasthasenteredintoanagreementtoprovideservicesorhasaclientrelationshipwiththefollowingcompany:ABNAMROBankNV,DeutscheBank,UniCreditS.p.A..

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

compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

MorganStanleyanditsaffiliatesdobusinessthatrelatestocompanies/instrumentscoveredinMorganStanleyResearch,includingmarketmaking,providingliquidity,fund

management,commercialbanking,extensionofcredit,investmentservicesandinvestmentbanking.MorganStanleysellstoandbuysfromcustomersthesecurities/instrumentsof

companiescoveredinMorganStanleyResearchonaprincipalbasis.MorganStanleymayhaveapositioninthedebtoftheCompanyorinstrumentsdiscussedinthisreport.MorganStanleytradesormaytradeasprincipalinthedebtsecurities(orinrelatedderivatives)thatarethesubjectofthedebtresearchreport.

Certaindisclosureslistedabovearealsoforcompliancewithapplicableregulationsinnon-USjurisdictions.

STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.Investorsshouldcarefullyreadthe

definitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

GlobalStockRatingsDistribution

(asofSeptember30,2026)

TheStockRatingsdescribedbelowapplytoMorganStanley'sFundamentalEquityResearchanddonotapplytoDebtResearchproducedbytheFirm.

Fordisclosurepurposesonly(inaccordancewithFINRArequirements),weincludethecategoryheadingsofBuy,Hold,andSellalongsideourratingsofOverweight,Equal-weight,Not-RatedandUnderweight.MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenotthe

equivalentofbuy,hold,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Tosatisfyregulatoryrequirements,wecorrespondOverweight,ourmostpositivestockrating,withabuyrecommendation;wecorrespondEqual-weightandNot-RatedtoholdandUnderweighttosellrecommendations,respectively.

OTHERMATERIAL

COVERAGEUNIVERSEINVESTMENTBANKINGCLIENTS(IBC)INVESTMENTSERVICESCLIENTS(MISC)

STOCKRATINGCATEGORY

COUNT

%OFTOTAL

COUNT

%OFTOTALIBC

%OFRATNG

CATEGORY

COUNT

%OFTOTAL

OTHERMISC

Overweight/Buy

159943%

455

48%

28%

783

44%

Equal-weight/Hold

156342%

394

42%

25%

763

43%

Not-Rated/Hold

20%

1

0%

50%

1

0%

Underweight/Sell

57015%

96

10%

17%

227

13%

TOTAL

3,734

946

1774

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

AnalystStockRating

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

Equal-weight(E).Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotareturnoftheanalyst'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):Theanalystexpectstheperformanceofhisorheindustrycoverageuniverseoverthenext12-18monthstobeinlinewiththerelevantbroadmarketbenchmark,asindicatedbelow.

Cautious(C):Theanalystviewstheperformanceofhisorrherindustrycoverageuniverseoverthenext12-18monthswithcautionvs.therelevantbroadmarketbenchmark,asindicatedbelow.

Benchmarksforeachregionareasfollows:NorthAmerica-S&P500;LatinAmerica-relevantMSCIcountryindexorMSCILatinAmericaIndex;Europe-MSCIEurope;Japan-TOPIX;Asia-relevantMSCIcountryindexorMSClsub-regionalindexorMSCIACAsiaPacificexJapanIndex.

StockPrice,PriceTargetandRatingHistory(SeeRatingDefinitions)

AENAMROBankNY(ABNd.AS)-Asof10/26/26GHTinEUR

65

60

E/R55

50

45

40

35

30

25

18

1717

1.15.5-

1-

-1-

29476

15

10

5

MDMM

A

0

RatingE/A9/22/2510.A

Tarze

10/012023Stock

5/21/251

Price

6/23/23;17;19/11/23;16:11/6/23;15;11/26/23;17;1/16/24;15.5;2/14/24;17;3/27/24;18;10/7/24;17.5;

11/14/24!16.5911/25/24!1692/12/25:16.6:3/7/25:2114/11/25:19:5/14/25:2015/21/25!2417/16/25!2699/2/25!2899/22/25:31;19/0/25;32;11/13/25:03;11/24/25:34:11/25/25;36;5/13/26;39;7/0/26:43;0/12/26;45;9/2/26;40

6/14/22;13.7;9/15/22

+U/I+L/I

17.5116g

Incustry

20

19

109

:Banks

◆E/R

24-262m

+0/8

312

24二

36

4.

48

45

43

39

S0NDJFMAMJJ1自s0NLDJFLMMJ1自s

10/0110/0111/11

202420252426History:11/1/21;E/:1/14/22:0/8:2/11/22:E/A:5/17/22:E/1:9/15/22:E/A;1/1/24:E/I:11/14/24:U1;

Hietoryt8/17/21:137:18/7/21:13.5;11/19/21:1671/14/22:172/11/22:15:3./25/22:14178/22:132

;14.2;14/11/22;10.7;11/9/22;15.5;1/6/20:16.4;2/16/20;17.9;5/26/20;18;7/21/20;19;

Sourea!MorganStanleyRegearckDateFornat:MN/DD/YYPricaTarpat-NoPrieaTargatAsinad(MA)

SbochPriee(Mo5CoveredbyCurrensfnolyst一SochPrice《CoveredbyCurrentAnalyss一

SockandkastryRabin9s(obbreuiaticnsbeleu)oppeoras+StechRating/hustryViev

StockRatings:Orerueight403Eqaa1-ueightCE)Uderueight(U)Mot-Rated(MR)MoRatingRuoi1able(n)

kdustryViav!Rttractine()In-lina(D)Cautiou(C)NoRatin(MR)

EffectineJanuary10,2614,theatochacoreredbyMergonStonleyfuioPacificuillberatedrelatietotheonalyst'sinkustey

(orindustrytean's)corera9e,

EffectineJanuary10,2614,theinduatryvieubenchrorlaforMergonStonleyfiaPaciticareusfollcuaIrelewonMSCIcountey

indexorHSC1sub-re9ionalindexorMSCIACAsiaPocificexJoponIndex,

DeutscheBank(DEKGn.DE)-Asof10/26/26GHTinEURIndustry:Barks

1012126

54ochRasingHisoryt19/1/21:EA;5/17/22:E/;9/15/22;EA;9/22/22;E/A;3/27/24:0A;1/1/24:0/1)5/21/25:08

PriseTarsesHistoryt7/20/21:12.011/20/1:105)11/29/21:14.2)2/1122115.4)4/21/22:14.9)7/10/22112)9/15/22:15)19/13/22:1424/8/23:12:9/2223:13:11/26/23:14:11/28/23:15;1/11/24:16;2/16/24:17:3/27/24:18;4/26/24:20

4/29/24:19;7/26/24:19.611#/23/24:24923/25:23n/25:264/9/25:2494/29/25:2695/21/25:29.226/16/25:29.5;

7/A/25:2917/25/25:9219/2/25:351117/25:37.51