Morgan Stanley in Block Trade of Shares of Dufry AG

Cleary Gottlieb represented Morgan Stanley & Co. International plc in connection with a block trade by Global Retail Group of 3,879,609 ordinary shares in Dufry AG for approximately CHF 442.3 million. The transaction priced on January 16, 2013 and closed on January 21, 2013.

Dufry AG is a leading travel retail company which operates over 1,200 shops worldwide.