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

. There can be no guarantee that Honeycomb's investment process will be successful. I."---..--- HONEYCOMB ASSET MANAGEMENT LP 12 EFTA00803502 Price Target and Risk/Reward Discipline When do we initiate a position? • Risk/reward target should be better than 2:1 • Attractive price target/expected retu

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

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

al 19 December 2013 North America Energy Alert Forecast Change United States Price at 18 Dec 2013 (USD1 15.66 Industrials 0 E N OE UN NYS Price Target 25.00 Oil & Gas Exploration & 52-week range 30.20- 15.33 Production One Last Lump of Coal No, Virginia, there is no Santa Claus....or at feast

From: Richard Kahn < Sent: Wednesday, January 25, 2017 2:32 PM To: jeffrey E. Subject: Fwd: General Motors Company: Making GM Our Top Pick, Price Target to $42 SFL purchased 97,525 shares on =2/9/2010 cost basis 36.77 stock=37.77 this am unrealized gain 97,525 morgan below has target =f 42 Richar

--, ae | Oct 17 Jan 18 Target Price Apr 18 Jul 18 Oct 18 Jan 19 | = Initiation | 1 = Outperform | 2 = Market Perform | 3 = Underperform | UR = Price Target Under Review | T = Terminated Coverage | $xx = Price Target | NA = Not Available | S=Suspended 104 COWEN.COM HOUSE_OVERSIGHT_024920 COWEN COLLABO