Epstein Secrets

r Clifford Chance LLP United Kingdom Oleg Popov Chief Executive Officer System Capital Management Ukraine Ruth Porat Chief Financial Officer Morgan Stanley USA Michael E. Porter Bishop William Lawrence University Harvard Business School USA Professor Roberto Poti Head of International, Renewable Edis

ed Kingdom First International Resources LLC Al Futtaim Trading Group Nalco Company ARTOC Group for Investment and Development Real World The Blackstone Group Bain & Company Inc. LVMH Moet Hennessy - Louis Vuitton United Way Worldwide MacArthur Foundation Time Magazine Lanco Infratech Ltd Tuna Solar

Airways United Arab Emirates Affairs Oleg Popov Chief Executive Officer System Capital Management Ukraine Ruth Porat Chief Financial Officer Morgan Stanley USA Peter Portin Chief Financial Officer XL Group Plc USA Julio Portalatin President and Chief Executive Officer Mercer (MMC) USA Rob Portman S

onal Resources LLC Japan Japan Japan USA Al Futtaim Trading Group United Arab Emirates ARTOC Group for Investment Egypt and Development The Blackstone Group United Kingdom Bain & Company Inc. USA LVMH Mottt Hennessy - Louis France Vuitton United Way Worldwide The Wall Street Journal The Financial

integration risks. Upside risks to our price objective are better than expected equity markets, performance, or flows, or an accretive acquisition. Morgan Stanley (MS) We value the brokers based on the relationship between ROE (return on equity} and PB (price to book), which has a high historical correlation. Ou

rice objective is better than expected ramp up in MCA business, and sooner than expected hike in rates, faster than expected recovery in oil prices. The Blackstone Group (BX) Our price objective (PO) for Blackstone is $29, which results in a target price-to-ENI (P/ENI or P/E} multiple of 12x our 2017 ENI estimate. Our pr

(2.1) 176.0 9,804 Median (Excl. HLNE, JHG, WETF) (3.6) Apollo Global Mgmt APO Ow $36.42 $42 403 14.7 242 Ares Mgmt. ARES EW $24.70 $20 216 5.3 106 3 Blackstone Group BX OW $40 1,199 387 a Carlyle Group CG OW $33 343 174 s KKR & Co KKR EW $24 848 153 Oaktree Capital Group (2) OAK ow $45.20 $60 156 100 Mean (Covered

l and capital markets that delays harvesting of investments and dampens returns which Lower cash earnings. Morgan Stanley & Co. International plc (“Morgan Stanley”) is cur- rently acting as financial advisor to Banco Popular Espafiol, S.A. (“Banco Popular”) in relation to its agreements with Balsam Invest- ment