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

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.

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

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.

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 ---

d Kingdom Tel: +44 (0) 20 7 425 8000 Japan 19-7 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 HOUSE_OVERSIGHT_025588