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Morgan Stanley | RESEARCH
NORTH AMERICA INSIGHT

Disclosure Section

The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C.T.V.M. S.A., and/or Morgan Stanley Mexico, Casa de Bolsa,
S.A. de C.V., and/or Morgan Stanley Canada Limited. As used in this disclosure section, "Morgan Stanley" includes Morgan Stanley & Co. LLC, Morgan Stanley C.T.V.M. S.A., Morgan Stanley Mexico,
Casa de Bolsa, S.A. de C.V., Morgan Stanley Canada Limited and their affiliates as necessary.

For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website
at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY,
10036 USA.

For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada
+1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81
(0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.

Analyst Certification

The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not
receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Michael J. Cyprys, CFA, CPA.

Unless otherwise stated, the individuals listed on the cover page of this report are research analysts.

Global Research Conflict Management Policy

Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies.

Important US Regulatory Disclosures on Subject Companies

As of December 29, 2017, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Apollo Global
Management LLC, Ares Management, L.P., BlackRock Inc., Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, KKR & CO. L.P., Oaktree Capital Group, LLC, The Blackstone Group L.P.,
The Carlyle Group L.P., WisdomTree Investments, Inc..

Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Apollo Global Management LLC, Ares Management, L.P., BlackRock Inc.,
Charles Schwab Corp, E*Trade Financial Corp, Goldman Sachs Group Inc, Hamilton Lane Incorporated, LPL Financial Holdings Inc., OM Asset Management Plc, The Carlyle Group L.P., Virtus
Investment Partners.

Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Apollo Global Management LLC, Ares Management, L.P., BlackRock Inc., Charles
Schwab Corp, E*Trade Financial Corp, Franklin Resources Inc., Goldman Sachs Group Inc, Hamilton Lane Incorporated, Invesco, Janus Henderson Group, LPL Financial Holdings Inc., OM Asset
Management Plc, T. Rowe Price Group, Inc., The Blackstone Group L.P., The Carlyle Group L.P., Virtus Investment Partners.

In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Apollo Global Management LLC, Ares Management, L.P.,
BlackRock Inc., Charles Schwab Corp, E*Trade Financial Corp, Franklin Resources Inc., Goldman Sachs Group Inc, Hamilton Lane Incorporated, Invesco, Janus Henderson Group, KKR & CO. L.P.,
Legg Mason Inc., LPL Financial Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Plc, Partners Group, T. Rowe Price Group, Inc., TD Ameritrade Holding Corp., The Blackstone
Group L.P., The Carlyle Group L.P., Virtus Investment Partners, Waddell & Reed Financial Inc, WisdomTree Investments, Inc..

Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Apollo Global Management LLC, Ares Manage-
ment, L.P., BlackRock Inc., Charles Schwab Corp, E*Trade Financial Corp, Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, Janus Henderson Group, KKR & CO. L.P., Legg Mason Inc.,
LPL Financial Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Plc, Partners Group, T. Rowe Price Group, Inc., TD Ameritrade Holding Corp., The Blackstone Group L.P., The
Carlyle Group L.P., Virtus Investment Partners, Waddell & Reed Financial Inc, WisdomTree Investments, Inc..

Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: Apollo
Global Management LLC, Ares Management, L.P., BlackRock Inc., Charles Schwab Corp, E*Trade Financial Corp, Franklin Resources Inc., Goldman Sachs Group Inc, Hamilton Lane Incorporated,
Invesco, Janus Henderson Group, KKR & CO. L.P., Legg Mason Inc., LPL Financial Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Plc, Partners Group, T. Rowe Price Group,
Inc., TD Ameritrade Holding Corp., The Blackstone Group L.P., The Carlyle Group L.P., Virtus Investment Partners, Waddell & Reed Financial Inc, WisdomTree Investments, Inc..

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide
services or has a client relationship with the following company: Apollo Global Management LLC, Ares Management, L.P., BlackRock Inc., Charles Schwab Corp, E*Trade Financial Corp, Franklin
Resources Inc., Goldman Sachs Group Inc, Invesco, Janus Henderson Group, KKR & CO. L.P., Legg Mason Inc., LPL Financial Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management
Plc, Partners Group, T. Rowe Price Group, Inc., TD Ameritrade Holding Corp., The Blackstone Group L.P., The Carlyle Group L.P., Virtus Investment Partners, Waddell & Reed Financial Inc,
WisdomTree Investments, Inc..

Morgan Stanley & Co. LLC makes a market in the securities of Apollo Global Management LLC, BlackRock Inc., Charles Schwab Corp, E*Trade Financial Corp, Franklin Resources Inc., Goldman
Sachs Group Inc, Invesco, KKR & CO. L.P., Legg Mason Inc., LPL Financial Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Plc, T. Rowe Price Group, Inc., TD Ameritrade Holding
Corp., The Blackstone Group L.P., The Carlyle Group L.P., Virtus Investment Partners, Waddell & Reed Financial Inc, WisdomTree Investments, Inc..

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality
of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts or strategists compensation is not
linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.

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