Epstein Secrets

0.0 - 0.5 1.2 Unless othenvaa noted. all metrics ate based on Morgan Stanley ModetWare framework (please see explanabon later in Ills note) § a Consensus data is provided by Thomson Reuters Estrne: a a Morgan Stanley Research estimates Morgan Stanley does and seeks to do business with companies cove

om Tel: +44 (0) 20 7 425 8000 Japan 1-9-7 Otemachi. Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6836 5000 Asia/Pacific 1 Austin Road West Kowloon Hong Kong Tel: +852 2848 5200 Industry Coverage:Biotechnology Pharmacyclics Inc. (PCYC.0) E (03.262014) $103.92 Regeneron Pharmaceuticals Inc.

0 0.0 0.0 0.0 Unless othenwse noted. all meek, are based on Morgan Stanley MoelelWare framework (please see explanabon later in this note). § a Consensus dela es provided by Thomson Reuters Estenales. e a Morgan Steely/ Research oslimalas Morgan Stanley does and seeks to do business with companies c

om Tel: +44 (0) 20 7 425 8000 Japan 1-9-7 Otemachi. Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6836 5000 Asia/Pacific 1 Austin Road West Kowloon Hong Kong Tel: +852 2848 5200 Industry Coverage:Biotechnology Pharmacyclics Inc. (PCYC.0) E (01262014) $96.61 Regeneron Pharmaceuticals Inc.

l GDP Growth (IMF data and forecasts) -1 0 1 2 EFTA01476160 3 4 5 6 7 % yoy 2011 forecast 2012 forecast 2013 forecast 2014 forecast Consensus 2015 forecast % yoy 2015 -1 0 1 2 3 4 5 6 7 Source: IMF, Deutsche Bank Research Page 67 1976 1979 1982 1985 1988 1991 1994 1997

rk, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156