1

1.5

1.4

1.3

1.2

0.90.9

0.8

0.7

0.60.6

0.80.9

0.9

0.90.9

1.3

1.2

1.1

March24,202309:00PMGMT

LatinAmericaEquityStrategy|LatinAmerica

4Q2022–FinalEarnings

Review

Wecompiledactualandforecastedresultsforcompaniesinouruniverseofcoveragetoanalyzecountryandsectortrends;183firmsoutof205(circa89%or97%ofmarketcap)inoursamplehavealreadyreportedQ4earnings.

Investmentconclusion:Circa89%ofthecompanies(97%ofmarketcap)underMScoveragehavepublishedQ4earnings.TheyhavereportedasetofmodestUSDresultsversusayearago.Forinstance,revenues,EBITDAandearningsgrewcirca+13%,+1%,and0%(Exhibit9,Exhibit11,Exhibit13).

Onaverage,revenues(+1%versusMSestimates)andEBITDA(-2%)wereclosetoourforecasts,whileearnings(+6%)beatourforecastsbutEBITDAmargins(-77bp)werelowerthanourestimates.Ingeneral,investorshaverewardedmore(+250bpvsbenchmarkoverthenext3days)firmswhichhavebeatEBITDAexpectationsthanthosewhichhavemissedthem(+80bpvsthebenchmark)(Exhibit30).

InBrazil,wehaveabalancedviewpredicatedupon:1)incrementalfiscalrisks,2)higherforlongerinterestratesand3)alesscompellingvaluationstorywhenweconsiderpotentiallyhigherrealbondyields.Atthestocklevel,inourBrazilModelPortfoliowelikea)exportersVale,PetroRio,3RPetroleumandWEG;b)forhigherforlongerratesItau,Bradesco,PortoSeguroandBBSeguridade,andc)fordomesticdefensivesEquatorial,Hypera,RaiaDrogasilandAssai.

InMexico,webelievelocalequitiesshouldbenefitfromstructuralmanufacturingdrivers(nearshoringandtheonlinetransition)andthepotentialchangeintheoutlookforthekeyelectricity/energysector(post2024presidentialelectionsandUSMCAdisputes).Atthestocklevel,ourfavoritenamesareCuervo,OMA,GCC,BanorteandVesta.FormoredetailsseeourMexicoModelPortfolio.

What'snext:Lookingforward,webelieveBraziliancompanies'resultsin2023shouldbenegativelyimpactedbyfiscalconcernsandapotentialdelayinthestartofanewmonetaryeasingcycle.However,inMexico,weseeupsidein2024aseconomicactivityintheUStroughsin2H23andtheFedbeginsamonetaryeasingcyclein2024.

EPSbeat/miss:approximately54%ofthecompanies(97ofthe180thatreportedEPS)beatourearningsestimates(Pulp&Paper,Agriculture,Leisure)while38%(69)missedthem(Steel,Education,Beverages).Therefore,theEPSbeat/missratiowasasolid1.4xduringthequarter,ormoderatelyhigherthanthe1.1xaveragerecordedoverthepast9years(Exhibit2).

MORGANSTANLEY&CO.LLC

GuilhermeFPaiva,CFA

EQUITYSTRATEGIST

+1212761-8295

Guilherme.Paiva@

JuanPAyala

EQUITYSTRATEGIST

+1212761-4797

Juan.Ayala@

MORGANSTANLEYMéXICO,CASADEBOLSA,S.A.DEC.V.+

NikolajLippmann

EQUITYANALYST

Nikolaj.Lippmann@+52555282-6778

MORGANSTANLEYC.T.V.M.S.A.+

JuliaMLeaoNogueira

RESEARCHASSOCIATE

Julia.Nogueira@+55113048-6046

Exhibit1:OnaggregateEBITDAmarginswere

moderatelylowerthanouranalysts'forecasts

EBITDAmargin-ActualvsMSestimatesbysector

(basispoints)

200

0

-200

-400

-600

-77

Mining

Education

Cement

Retail

Beverages

Food

TMT

Healthcare

Financials

Leisure

Transportation

Latam

Realestate

Utilities

Pulp&Paper

HPC

Industrials

Oil,gas&pet

Steel

Agriculture

Source:CompanydataandMorganStanleyResearch

Exhibit2:TheQ4earningsbeat/missratiowasasolid1.4x,ormoderatelyhigherthanthe1.1xaveragerecordedoverthepast9years

Earningsbeat/missratiobyquarter

1.8x1.6

1.5x

1.2x

0.9x

0.6x

0.3x

0.0x

201420152016201720182019202020212022

Source:CompanydataandMorganStanleyResearch

MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

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

2

Brazil:FiscalRisksandHigherRates

Exhibit3:AnnualgrowthratesinUSDbysuper-sector*WerecentlydowngradedBrazilianequitiesbacktoneutralinourLatin

50%40%30%20%10% 0%-10%-20%-30%

RevenuesEBITDANetincome

Cyclical

Defensive

Exporters

AmericaModelPortfolio.OurbalancedviewforBrazilianequitiesin2023ispredicatedupon:1)incrementalfiscalrisks,2)higherforlongerinterestratesand3)alesscompellingvaluationstorywhenweconsiderpotentiallyhigherrealbondyields.

Welikea)exportersVale,PetroRio,3RPetroleumandWEG;b)forhigherforlongerratesItau,Bradesco,PortoSeguroandBBSeguridade,andc)fordomesticdefensivesEquatorial,Hypera,RaiaDrogasilandAssai.

*Defensives'netincome-15%ex-JBS.Source:CompanydataandMorganStanleyResearch

forlonger.

Exhibit4:Brazil:EPS-actualvsMSestimatesbysuper-sector

11

20

7

2

2

1

19

30

10

100%

75%

50%

25%

0%

Cyclical

Exporters

Defensive

Beat

Miss

In-line

*Beat>5%;Miss-5%;Source:CompanydataandMorganStanleyResearch

Lookingforward,webelievecompanyresultsshouldstrugglein2023ifthecountry'sfiscalanchorweakensandinterestratesremainhigher

-Results:sofar,domesticcyclicalcompanies(52)postedstrong+26%USDyoygrowthratesforrevenues,+44%forEBITDAand+15%forearnings.Meanwhile,domesticdefensivecorporates(32)reportedmixedresultsat+5%growthrateforrevenues,-8%forEBITDAand-

28%1forearnings.Lastly,exporters(18)alsopostedmixedresultswithyoyUSDgrowthratesat+12%forrevenues,-1%forEBITDA,and0%forearnings;

-Beat/miss:30outof52domesticcyclicalcompaniesbeatourearningsestimatesbymorethan5%,while20ofthemmissed,forasubstantial1.5xbeat/missratio.Inaddition,19outof32domesticdefensivecompaniesbeatourearningsestimatesbymorethan5%,while11

missed,forarobust1.7xbeat/missratio.Meanwhile,10outof18exportersbeatourearningsestimatesbymorethan5%,while7ofthemmissed,forastrong1.4xbeat/missratio;

Exhibit5:Resultssurprise:Medianrelativestockperf.(3dayspost-Performance:investorshaverewardedmorecompanieswhichhave

beatearningsestimatesthanthosethatmissedthem.Forinstance,

results)

2%

BeatMiss

1%

0%

-1%

Rev

EBITDA

Earnings

companieswhichhavebeatearningsforecastsbymorethan5%haveoutperformedMSCIBrazilby+140bpoverthefollowing3days,whilethosethathavemissedbymorethan5%haveoutperformedthebenchmarkby+100bp;

-Currency:lastly,theforexrateshouldplayanimportantroleforinvestors.Therevenues,EBITDAandEPSgrowthratesinUSDweremixed+14%,+2%and-1%duringthequarter(+15%,+4%and+6%inQ3).Meanwhile,thesamegrowthratesinBRLwereslightlyweakerat+11%,-5%and-9%(+15%,+4%and+7%inQ3).

*Beat>5%;Miss<-5%;Source:CompanydataandMorganStanleyResearch

3

0%

benchmarkby-170bp;

Mexico:SelfHelpandStructuralGrowth

Exhibit6:AnnualgrowthratesinUSDbysuper-sector*WeareoverweightMexicanequitiesinourLatinAmericaModel

RevenuesEBITDANetincome

20%10% 0%-10%-20%-30%

-40%

Portfolio.Ourconstructiveviewonthecountryfor2023ispredicatedupontheassumptionthatMexico’slinktotheUSandstructuralmanufacturingdrivers(near-shoringandtheonlinetransition)shouldbenefitfrombettereconomicactivityintheUSin2024.

WeareoverweightInfrastructure,MediaandBeverages,andunderweightBanks&Financials,FoodandMining&Steel.Atthestocklevel,ourfavoritenamesareCuervo,OMA,GCC,BanorteandVesta.FormoredetailsseeourMexicoModelPortfolio.

CyclicalDefensiveExporters

*ExportersEBITDA-14%,netincome+3%ex-TX.Source:CompanydataandMorganStanleyResearchLookingforward,webelievecompanyresultsshouldimprovein2024

aseconomicactivityintheUStroughsin2H23andtheFedbeginsamonetaryeasingcyclein2024.

Exhibit7:Mexico:EPS-actualvsMSestimatesbysuper-sector

2

8

5

3

4

1045

100%

75%

50%

25%

0%

Cyclical

Exporters

Defensive

Beat

Miss

In-line

*Beat>5%;Miss<-5%;Source:CompanydataandMorganStanleyResearch

-Results:domesticcyclicalcompanies(22)reportedstrong+16%,+7%

and+17%yoyUSDgrowthratesforrevenues,EBITDAandearnings,respectively.Moreover,domesticdefensivecorporates(9)reportedmixed+13%,+7%and-6%yoyUSDgrowthratesforrevenues,EBITDAandearnings,respectively.Asasidenote,exporters(10)publishedweaker0%,-32%2and-37%3yoyUSDgrowthratesforrevenues,EBITDAandearnings,respectively.

-Beat/miss:10outofatotalof22domesticcyclicalcompaniesbeatourearningsestimatesbymorethan5%,while8missed,forastrong1.3xbeat/missratio.Meanwhile,4outofatotalof9domesticdefensivecompaniesbeatourearningsestimatesbymorethan5%,while2

missed,forarobust2.0xbeat/missratio.Finally,5outof10exportercompaniesbeatournetincomeestimatesbymorethan5%,while5ofthemmissed,forabalanced1.0xbeat/missratio;

Exhibit8:Resultssurprise:Medianrelativestockperf.(3dayspost-Performance:investorshaverewardedcompanieswhichhavebeat

earningsestimatesandpunishedthosethatmissedthem.Forinstance,2%BeatMisscompanieswhichhavebeatearningsforecastsbymorethan5%have

results)

outperformedMSCIMexicoby+180bpoverthefollowing3days,while1%thosethathavemissedbymorethan5%haveunderperformedthe

-Currency:lastly,theforexrateshouldplayanimportantrolefor-1%investors.Therevenue,EBITDAandEPSyoygrowthratesinUSDwere

+11%,-5%and-9%duringthequarter(+7%,-9%and-1%inQ3).

-2%Meanwhile,thesamegrowthratesinMXNwereslightlyweakerat

RevEBITDAEarnings+6%,-10%and-14%duringtheperiod(+8%,-8%and0%inQ3).

Source:*Beat>5%;Miss<-5%;Source:CompanydataandMorganStanleyResearch

4

Agriculture

Transportation

Leisure

Education

Healthcare

Retail

Beverages

Financials

Oil,gas&pet

Pulp&Paper

Industrials

Latam

Realestate

Utilities

Cement

Food

TMT

HPC

Steel

Mining

Panama

Argentina

Chile

Brazil

Latam

Colombia

Mexico

Peru

13%

1%

Education

Utilities

Leisure

Retail

Financials

TMT

Latam

Cement

HPC

Mining

Food

Steel

0%

Panama

Argentina

Chile

Peru

Latam

Brazil

Mexico

Colombia

Leisure

Utilities

Latam

Retail

Mining

Food

TMT

HPC

Steel

0%

Industrials

Agriculture

Education

Pulp&Paper

Oil,gas&pet

Beverages

Financials

Realestate

Healthcare

LatamAnnualGrowth(USD)

Exhibit9:Revenues–annualgrowthbycountry

13%

Panama

Argentina

Chile

Brazil

Latam

Mexico

Peru

Colombia

60%

50%

40%

30%

20%

10%

0%

-10%

Source:Companydata,MorganStanleyResearch

Exhibit10:Revenues–annualgrowthbysector

50%

40%

30%

20%

10%

0%

-10%

Source:Companydata,MorganStanleyResearch

Exhibit11:EBITDA–annualgrowthbycountry

40%

30%

20%

10%

0%

-10%

Source:Companydata,MorganStanleyResearch

Exhibit12:EBITDA–annualgrowthbysector

1%

Agriculture

Transportation

Beverages

Pulp&Paper

Healthcare

Oil,gas&pet

Realestate

Industrials

80%

60%

40%

20%

0%

-20%

-40%

-60%

Source:Companydata,MorganStanleyResearch

Exhibit13:Netincome–annualgrowthbycountry

150%

100%

50%

0%

-50%

Source:Companydata,MorganStanleyResearch

Exhibit14:Netincome–annualgrowthbysector

150%

100%

50%

0%

-50%

-100%

Source:Companydata,MorganStanleyResearch

5

1

Peru

Argentina

Panama

Mexico

Latam

Brazil

Chile

Colombia

%

Utilities

Mining

Steel

Leisure

Latam

TMT

Food

Retail

Cement

HPC

-2%

Peru

Argentina

Mexico

Panama

Latam

Brazil

Colombia

Chile

Mining

Utilities

Cement

Food

Retail

TMT

Leisure

Latam

HPC

Steel

Food

Mining

Utilities

Leisure

Retail

Latam

TMT

HPC

Steel

LatamActualversusMSEstimates

Exhibit15:Revenues–actualvsMSestimatesbycountry

12%

10%

8%

6%

4%

2%

0%

-2%

Source:Companydata,MorganStanleyResearch

Exhibit16:Revenues–actualvsMSestimatesbysector

1%

Oil,gas&pet

Industrials

Education

Realestate

Agriculture

Healthcare

Financials

Beverages

Pulp&Paper

Transportation

12%

8%

4%

0%

-4%

Source:Companydata,MorganStanleyResearch

Exhibit17:EBITDA–actualvsMSestimatesbycountry

20%

15%

10%

5%

0%

-5%

-10%

Source:Companydata,MorganStanleyResearch

Exhibit18:EBITDA–actualvsMSestimatesbysector

-2%

Education

Healthcare

Beverages

Realestate

Financials

Transportation

Pulp&Paper

Oil,gas&pet

Agriculture

Industrials

10%

5%

0%

-5%

-10%

-15%

-20%

Source:Companydata,MorganStanleyResearch

Exhibit19:Netincome–actualvsMSestimatesbycountry

6%

Panama

Argentina

Peru

Brazil

Latam

Mexico

Colombia

Chile

60%

45%

30%

15%

0%

-15%

Source:Companydata,MorganStanleyResearch

Exhibit20:Netincome–actualvsMSestimatesbysector

6%

Transportation

Beverages

Oil,gas&pet

Pulp&Paper

Agriculture

Realestate

Education

Financials

Industrials

Healthcare

80%

40%

0%

-40%

-80%

Source:Companydata,MorganStanleyResearch

6

LatamActualversusMSEstimates(Beat/Miss)

Exhibit21:Revenues–actualvsMSestimatesbycountry*

100%75%50%25%0%

Argentina

Peru

Chile

Latam

Brazil

Mexico

Panama

Colombia

Beat

In-line

Miss

*Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

Exhibit22:Revenues–actualvsMSestimatesbysector*

100%75%50%25%0%

Mining

HPC

Oil,gas&pet

Utilities

Steel

Financials

Agriculture

Realestate

Latam

Food

Industrials

Retail

Transportation

Pulp&Paper

Healthcare

Education

Leisure

Beverages

Cement

TMT

Beat

In-line

Miss

*Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

Exhibit23:EBITDA–actualvsMSestimatesbycountry*

100%75%50%25%0%

Peru

Argentina

Brazil

Latam

Chile

Mexico

Panama

Colombia

Beat

In-line

Miss

*Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

Exhibit24:EBITDA–actualvsMSestimatesbysector*

100%75%50%25%0%

Retail

Education

Mining

Utilities

Financials

Leisure

Latam

Cement

TMT

Healthcare

Realestate

Industrials

Steel

Transportation

Beverages

Food

Oil,gas&pet

Agriculture

Pulp&Paper

HPC

Beat

In-line

Miss

*Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

Exhibit25:Netincome–actualvsMSestimatesbycountry*

100%75%50%25%0%

Panama

Argentina

Brazil

Latam

Mexico

Chile

Peru

Colombia

Beat

In-line

Miss

*Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

Exhibit26:Netincome–actualvsMSestimatesbysector*

100%75%50%25%0%

Pulp&Paper

Agriculture

Leisure

Food

Industrials

Retail

Oil,gas&pet

TMT

Utilities

Mining

Transportation

Latam

HPC

Realestate

Financials

Healthcare

Cement

Beverages

Education

Steel

Beat

In-line

Miss

*Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

7

1%

0%

LatamHistoricalActualvsMSEstimates&MedianRelativeStock

Performance

Exhibit27:Revenues–actualvsMSestimatesinLatam

1.3%

4.5%

3.0%

1.5%

0.0%

-1.5%

-3.0%

-4.5%

201420152016201720182019202020212022

Source:Companydata,MorganStanleyResearch

Exhibit28:EBITDA–actualvsMSestimatesinLatam

6%

4%

2%

0%

-2%

-2.4%

-4%

20182019202020212022

2014201520162017

Source:Companydata,MorganStanleyResearch

Exhibit29:Netincome–actualvsMSestimatesinLatam

5.9%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

-50%

2014

20152016201720182019202020212022

Source:Companydata,MorganStanleyResearch

Exhibit30:Medianrelativestockperformance(3dayspostresults)*BeatMiss

3%

2%

1%

0%

Earnings

EBITDA

Revenues

*Ex-Financials;**Beat>5%;Miss<-5%;Source:Companydata,MorganStanleyResearch

Exhibit31:Medianrelativestockperformance(3dayspostresults)3%

2%

-1%

Exhibit32:Medianrelativestockperformance(3dayspostresults)4%

2%

0%

-2%

SizeofEBITDAsurprise(actualvsMSestimates)

Source:Companydata,MorganStanleyResearch

Sizeofearningssurprise(actualvsMSestimates)

Source:Companydata,MorganStanleyResearch

8

MorganStanleyisactingasfinancialadvisortoGrupoFinancieroBanorte,S.A.B.deC.V.inconnectionwithitsnon-bindingoffertoacquireCitibanamexfromCitigroup,Inc.Anypotentialtransactionwouldbesubjecttonegotiationandexecutionofadefinitiveagreement.Thereisnoguaranteethatanypotentialtransactionwillbeconsummated.Pleaserefertothenotesattheendofthisreport.

9

Endnotes

1-15%ex-JBS

2*-14%ex-TX

3*+3%ex-TX

10

DisclosureSection

TheinformationandopinionsinMorganStanleyResearchwerepreparedbyMorganStanley&Co.LLC,and/orMorganStanleyC.T.V.M.S.A.,and/orMorganStanleyMexico,CasadeBolsa,S.A.deC.V.,and/orMorganStanleyCanadaLimited.Asusedinthisdisclosuresection,"MorganStanley"includesMorganStanley&Co.LLC,MorganStanleyC.T.V.M.S.A.,MorganStanleyMexico,CasadeBolsa,S.A.deC.V.,MorganStanleyCanadaLimitedandtheirafiliatesasnecessary.

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsiteat/researchdisclosures,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.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorgan

StanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:JuanPAyala;JuliaMLeaoNogueira;NikolajLippmann;GuilhermeFPaiva,CFA.

lobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailableat

/institutional/research/conflictpolicies.APortugueseversionofthepolicycanbefoundat.br

ImportantRegulatoryDisclosuresonSubjectCompanies

Theanalystorstrategist(orahouseholdmember)identifiedbelowownsthefollowingsecurities(orrelatedderivatives):GuilhermeFPaiva,CFA-Cemex(GDR),MercadolibreInc.(commonorpreferredstock).AsofFebruary28,2023,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorgan

StanleyResearch:3RPetroleum,AliansceSonaeShoppingCentersSA,AlseaSABdeCV,AluparInvestimentoSA,AmericanasS.A.,ArcosDoradosHoldingsInc,Armac,ASUR,B3SABRASILBOLSABALCAO,BancodoBrasil,BECLESABdeCV,BRFSA,C&AModasS.A.,Cemex,CieloS.A.,Coca-ColaFemsaSABdeCV,CompanhiaBrasileiradeDistribuicao,CopaHoldings,CorporaciónInmobiliariaVestaSABdeC,CSN,CyrelaBrazilRealtyS.A.,EcoRodovias,EletromidiaS.A.,EnergiasdoBrasil,EquatorialEnergiaSA,FleuryS.A.,FomentoEconomicoMexicanoSABdeCV,G.A.Pacifico,GlobantSA,GrumaSABdeCV,GrupoFinancieroBanorte,Hapvida,HidroviasdoBrasilSA,HyperaSA,IguatemiS.A.,Inter&CoInc.,Iochpe-Maxion,JBSSA,Light,LocalizaRentACarSA,LocawebServicosdeInternetSA,LojasRennerSA,MagazineLuizaS.A.,MarfrigON,MeliuzS.A.,MercadolibreInc.,MinervaSA,MRV,Natura&CoHoldingSA,NuHoldingsLtd.,PagSeguroDigital,PetCenterComercioeParticipacoesS.A.,PetroRioS.A.,Plano&Plano,PROMOTORAYOPERADORADEINF,RaiaDrogasilSA,Randon,RumoLogistica,SantosBrasil,SequoiaSA,StoneCoLtd.,TotvsS.A.,TransmissoraAliancaEnergiaEletricaSA,ViaS.A.,XPInc,ZampOn.Withinthelast12months,MorganStanleymanagedorco-managedapublicofering(or144Aofering)ofsecuritiesofEletrobras,FomentoEconomicoMexicanoSABdeCV,Natura&CoHoldingSA.Withinthelast12months,MorganStanleyhasreceivedcompensationforinvestmentbankingservicesfrom3RPetroleum,CompanhiaEnergeticadeMinasGerais,Eletrobras,FomentoEconomicoMexicanoSABdeCV,GrupoBimboSABdeCV,GrupoFinancieroBanorte,MercadolibreInc.,Natura&CoHoldingSA,PetroRioS.A.,Petrobras.Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfrom3RPetroleum,Aeris,AlfaSABdeCV,AliansceSonaeShoppingCentersSA,AlpekSABdeCV,AlseaSABdeCV,AluparInvestimentoSA,AmbevSA,AmericanasS.A.,ArcaContinentalSABdeCV,ArcosDoradosHoldingsInc,Armac,ASUR,AtacadaoS.A.,AtentoSA,AurenEnergiaSA,AzulSA,B3SABRASILBOLSABALCAO,BancoBradesco,BancoBTGPactualSA,BancodoBrasil,BancoPanSA,BancoSantanderBrasil,BemobiMobileTechS.A.,BRFSA,C&AModasS.A.,CaixaSeguridadeParticipacoesS.A.,CCR,CementosArgosS.A.,Cemex,CencosudSA,Coca-ColaFemsaSABdeCV,CompanhiaBrasileiradeDistribuicao,CompanhiaEnergeticadeMinasGerais,CompanhiaParanaensedeEnergia,CompaniadeMinasBuenaventuraS.A.,CopaHoldings,CorporaciónInmobiliariaVestaSABdeC,CPFLENERGIA,CSN,CSNMineracao,CyrelaBrazilRealtyS.A.,DexcoSA,EcopetrolSA,EcoRodovias,ElPuertodeLiverpoolSABdeCV,Eletrobras,EletromidiaS.A.,EmbotelladoraAndina,EnergiasdoBrasil,EnergisaSA,EngieBrasil,EquatorialEnergiaSA,FalabellaS.A.,FleuryS.A.,FomentoEconomicoMexicanoSABdeCV,G.A.Pacifico,GerdauS.A.,GlobantSA,GolAirlines,GrumaSABdeCV,GrupoBimboSABdeCV,GrupoFinancieroBanorte,GrupoGPS,GrupoMexicoS.A.B.deC.V.,HidroviasdoBrasilSA,HyperaSA,IguatemiS.A.,IndustriasPenolesS.A.B.deC.V.,InfracommerceCXAASS.A.,Inter&CoInc.,ItauUnibancoHoldingS.A.,JBSSA,Light,LocalizaRentACarSA,LocawebServicosdeInternetSA,LojasRennerSA,LomaNegraCompaniaIndustrialArgentina,MagazineL