Epstein Secrets

,-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

Website at bwiwinaganstarley.canfreseerclxisclostres. a contact your imestment representatia a Morgan Stanley Research at 1585 Broadway. (Attention: Research Management). New Yak. hhe. 10036 USA. Fa valuation methodology and risks associated with any nice targets referenced in this research report, please contact th

-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

1505; Tokyo +81 (0)16836.9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway. (Attention: Research Management). New York. NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities dis

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

-1505; Tokyo +81 (0)3.6836-9000. Mtematively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway. (Attention: Research Management). New York. NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities dis

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 ---

site at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA. For valuation methodology andrisks associated with any recommendation, rating or price target referencedin this research