<table><tr><th>From:</th><th>Richard Kahn</th><th></th></tr><tr><td>Sent:</td><td>Tuesday, June 9, 2015 1:14 PM</td><td></td></tr><tr><td>To:</td><td>Jeffrey Epstein</td><td></td></tr><tr><td>Subject:</td><td>FW: Morning Meeting Summary</td><td>- North America: June 9, 2015</td></tr></table>

MS research this am with=overweight and 29 price target

From: Morgan Stanley Reply-To: <mswmir-cie-feedback@morganstanley.com <mailto:mswmir=cie-feedback@morganstanley.com> &g=; Date: Tuesday, June 9, 2015 at =:14 <u>AM</u> To: Richard Kahn Subject: Morning Meeting Summary - North A=erica: June 9, 2015

=

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MQ%3D%3D&amp;us=r=iovzsh4u4uw3ig-0&amp;__gda__=1497006879_06af76cb96e86c0c40fd570dac8c7167&gt;</td><td></td></tr></table>

MSWM Research — Morgan Stanley Wealth Man=gement

June 9, 2015 11:10 AM GMT

* Pandora Media Inc. (P.N): Apple Music: =f You Build It, Will They Pay?

- Greene/Kansas City Southern (KSU=N1): Is The Risk Reward Becoming Too Compelling to Ignore?

* Freep=rt-McMoRan Inc (FCX.N): Shares at an Attractive Entry Point

Click here <http://linkback.morganstanley.com/web/sendlink/w=bapp/f/j2qihdqg-3p8e-g000-8332-005056028101?store=1&d=UwBSZXNlYXJjaF9NU=NCADQ0MzQ4NzhGLUVBQTMtNDY3Mi05NzRFLUU5NUEyRDdDMTkW MQ%3D%3D&user=iovzsh4=4uw3ig-0&__gda__=1497006879_06af76cb96e86c0c40fd570dac8c7167> =o see the full report.

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Disclosures:

Please see the full report for risks, disclosures and othe= important information.

Important disclosures regarding the relationship between the companies that=are referenced in Morgan Stanley research and Morgan Stanley Wealth Management=nt research are available on the Morgan Stanley Wealth Management disclosure website at https://www.morganstanley.com/online/researchdisclosures <https://www.morganstanley.com/online/researchdisclosure-s>.

Morgan Stanley Wealth Management Not Acting as Municipal Advisor=/b> Morgan Stanley Wealth Management is not acting as a municipal advis=r to any municipal entity or obligated person within the meaning of Section=l5B of the Securities Exchange Act (the "Municipal Advisor Rule") and the o=inions or views contained herein are not intended to be, and do not constit=te, advice within the meaning of the Municipal Advisor Rule.

## Copyright

The copyright in materials provided by Morgan =tanley is owned by Morgan Stanley & Co. LLC. Morgan Stanley Wealth Mana=ement is the trade name of Morgan Stanley Smith Barney LLC, a registered br=ker-dealer in the United States.

© 2015 Morgan Stanley Smith Barney LLC. Member SIP=.

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