Epstein Secrets

75 Shares 0/S (mn) 848 Adj RE FY 17.8 17.4 17.4 15.9 16.1 15.2 Dividend Yield FY 3.1% 3.1% 3.2% 3.2% 3.4% 3.6% Source: Company data. Bloomberg. It Morgan estimates. Europe Equity Research 28 April 2014 Overweight ROG.VX, ROG VX Price: St 254.1;0 Price Target: SF280.00 European Health

ANNE trial in 2H14, which should cement growth for the HER 2 franchise. With these catalysts to come we reiterate our Ovenveight and Dec-14 SFr280 Price Target, offering 9% potential upside. Table 1: Roche Key Expected Newsflow in 2014 1H 2014 millu5 negative allostedc modulator (bastrnolurte_ .7Friffir

N STANLEY RESEARCH NORTH AMERICA 7.1;r4.-.713er Jey e C.; _LC. Matthew Harrison • David Friedman. M. Key Ratios and Statistics Reuters: GILD.O Bloomberg: GILD US Biotechnology / United Stales of America Shr price. close (Jul 23. 2014) $90.34 Mkt cap. curt (mm) $152.143 62-Week Range $90.74-55.9

rope • MSCI Europe: Japan - TOPIX: Asia - relevant MSC country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. Stock Price. Price Target and Rating History (See Rating Definitions) 11 EFTA00598632 Morgan Stanley MORGAN STANLEY RESEARCH 120 110 100 90 80 70 60 SO 40 30 2

owing cash. PAORGAN STANLEY RESEARCH NORTH AMERICA _LC Matthew Harrison r12 714 62:» David Friedman, Key Ratios and Statistics Reuters: BUB.0 Bloomberg: BIIB US Biotechnology / United Stales of America Shr price. close (Jul 22. 2014) $303.67 Mkt cap. curt (mm) $72.313 52-Week Range 5358.89-203

rope • MSCI Europe: Japan - TOPIX: Asia - relevant MSC country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. Stock Price. Price Target and Rating History (See Rating Definitions) 10 EFTA00598616 Morgan Stanley MORGAN STANLEY RESEARCH son 150 100 350 300 260 200 150 100