Epstein Secrets

Agence France Presse (AFP) France Etihad Airways United Arab Emirates Uralkali OAO Russian Federation Kaiser Permanente Ecovative Design LLC Sberbank Bombardier Inc. Bain & Company Inc. Aecon Group Inc. Ecolab Inc. Columbia University BBC World News United Hatzalah of Israel Monsanto Compan

on Thomson Reuters Breakingviews.com Greylock Bloomberg Businessweek Thomson Reuters Accenture Busines

ent Fluor Corporation USA Nikolai Dobrinov Vice-President ICT Group of Companies Russian Federation Daniel Doctoroff Chief Executive Officer Bloomberg LP USA Evgeny Dod Chief Executive Officer JSC RusHydro Russian Federation Volkert Doeksen Chairman and Managing Partner Alpinvest Partners BV Nether

outlook ok (trading +3.1%) • Fingerprint Q4 #'s beat, narrows guidance, split & buyback (no borrow on this one) (trading +4.4%) • LafargeHolcim: Sberbank sells 6.1% stake (37.1M shares @ €36.25 = 9.1% discount) (trading -4.9%) EFTA00329452 • Delta Lloyd: De Mol (who announced 3.02% stake yesterday)

ty & Unit Labor Costs / Jobless Claims @ 8:30am, Bloomberg Consumer Comfort @ 9:45am, Factory Orders / Durab

fit, Research and Health Policy Inc. Eben Bayer Founder and Chief Executive Officer Ecovative Design LLC USA Alexander Bazarov Vice-President Sberbank Russian Federation Abdullah Bazid Executive Vice-President, Strategy Saudi Basic Industries Saudi Arabia Planning Corporation (SABIC) Timothy

ab Emirates Kenya Better Center for Science and USA International Affairs, Harvard University Societe Generale de Financement du Quebec (SGF) Bloomberg BusinessWeek The Financial Times SunGard Markstone Capital Group Evercore Partners Inc. Glencore International AG Marsh Inc. (M&MC) Canada Un

Research and Health Policy Plan Inc. Eben Bayer Founder and Chief Executive Officer Ecovative Design LLC USA Alexander Bazarov Vice-President Sberbank Russian Federation Abdullah Bazid Executive Vice-President, Strategy Saudi Basic Industries Saudi Arabia Planning Corporation (SABIC) Timothy

ingdom Robed Friedman Editor-at-Large, Finance Bloomberg News USA Thomas L. Friedman Columnist, Foreign

Research and Health Policy Plan Inc. Eben Bayer Founder and Chief Executive Officer Ecovative Design LLC USA Alexander Bazarov Vice-President Sberbank Russian Federation Abdullah Bazid Executive Vice-President, Strategy Saudi Basic Industries Saudi Arabia Planning Corporation (SABIC) Timothy

ingdom Robed Friedman Editor-at-Large, Finance Bloomberg News USA Thomas L. Friedman Columnist, Foreign

ction Net debt/EBITDA 11.7 10.3 4.3 1.8 Source: Deutsche Bank (Bob Kommers and Olga Gaydamakina), Company data Total debt 12 10.2 8.1 1.2 Sberbank 5.6 0.8 1.2 0.9 EFTA01466487 VTB 0.4 1.8 1.0 0.1 GZPB 0.6 0.8 2.3 NA Total 6.5 3.3 4.5 1.0 % of total debt 55% 32% 56% 81%

0 1 yr 3 year 5 year Source: Deutsche Bank, Bloomberg LP EM relative valuations are not as cheap as th