Epstein Secrets

han, El Pais, La Vox de Galicia or The Scotsman. Ms. Pato is Doctor of Musical Arts in Collaborative Piano from the Mason Gross School of the Arts, Rutgers University (NJ, USA), where she studied with a fellowship from Fundacion Barrie de la Maza. She was awarded with the Edna Mason Scholarship and th

cs, the American education system and many other subjects. With her husband, Post journalist Kevin Sullivan, Jordan ran the newspaper's bureaus in Tokyo, Mexico City and London. Jordan has written from nearly 40 countries and also been a frequent commentator on BBC Television. Jordan, a daughter of

,-1. 54.14 Mails 5•5-15 010,-10 a Ore Can Oaf 141 —macro pm. 4•4••••••• • Oren SNVi.P4 • 532 CO b44%i $23/401•11111 • 015 00 01%) S0uKK•'. Thomson Revues. Morgan slant•), ****** ch $23 Based on DCF and sum-of-the-parts; back into implied multiple Bull $32 11.3x 2016e Bull Case EPS Base $23 10.7

3-2495; Hag Kong +852 2848-5999 Latin America +1 718 759-5444 (U.S.)-, union +44 (0)20-7425-8169: Singapore +65 68346860, Sydney +61 (0)2-9770-1505: Tokyo +81 (0)3-6836-9303. Alternalnely you may contact your imestment representatne a Maw Stanley Research* 1585 Broadway. (Attention: Research Management

-13 Jul-13 Jan-14 Jul 14 • FiriooTanpi(Jul-15) 1.1abmiceiSiod.Poitomionoo • CocroniSiockPeco Jul-1S Source: Morgan Slarty Research estimates. Thomson Reuleis Price Target $81 We derive our PT from a discounted cash flow analysis that uses a WACC of 10•% and a 2% terminal growth rate. The main drivers

2495; Hong Kong +852 2848-5989: Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169: Singapore +65 68346860: Sydney +61 (0)2.9770-1505; Tokyo +81 (0)16836.9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway. (Attention: Research Ma

JtS12 Jan-I3 Jul.13 Jen-I4 Jul.14 • Ace Tama (046) —netegnaiSne•Pernanrce • CvnernSixt Pint Jul45 Seine: Morgan Stinky Research estimates. Thomson ReuIers Price Target $395 We derive our PT from a discounted cash flow analysis that uses a WACC of 10% and a 2% terminal growth rate. The main drivers

2495; Hong Kong +852 2848-59S9: Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425.8169: Singapore +65 68346860: Sydney1.61 (0)2.9770-1505; Tokyo +81 (0)3.6836-9000. Mtematively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway. (Attention: Research Man

itics, the American education system and many other subjects. With her husband, Post journalist Kevin Sullivan, Jordan ran the newspaper’s bureaus in Tokyo, Mexico City and London. Jordan has written from nearly 40 countries and also been a frequent commentator on BBC Television. Jordan, a daughter of I

imes, El Pais, La Voz de Galicia or The Scotsman. Ms. Pato is Doctor of Musical Arts in Collaborative Piano from the Mason Gross School of the Arts, Rutgers University (NJ, USA), where she studied with a fellowship from Fundacion Barrie de la Maza. She was awarded with the Edna Mason Scholarship and the I

es were used in order to have temporal consistency. BEN and LM reflect MS estimates; EV reflects consensus Thom son estimates. Source: Company Data, Thompson Reuters, Morgan Stanley Research estimates, except for non-covered companies (NC), which are consensus estimates HOUSE_OVERSIGHT_025580 --- PAGE BREAK ---

2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Ma