Epstein Secrets

-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

ch is wholy owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch). regulated by the Dubai Financial Services Authority (the DFSA). and is directed at Professional Clients only. as defined by the DFSA_ The financia

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

h is wholly owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch). regulated by the Dubai Financial Services Authority (the DFSA). and is directed at Professional Clients only. as defined by the DFSA. The financia

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 ---

irected at Sophisticated investors only. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch), regulated by the Dubai Financial Services Authority (the DFSA), and is directed at Professional Clients only, as defined by the DFSA. The financia