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Analyst Certification
document IMAGES-003-HOUSE_OVERSIGHT_014495.txt Dec 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Analyst Certification |, Ronan Carr, CFA, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. | also certify that no part of my compensation was, is, or will be, directly or indirectly, re...

recent price action for individual assets. However, the fact that we have had multiple
document IMAGES-003-HOUSE_OVERSIGHT_014481.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

recent price action for individual assets. However, the fact that we have had multiple signals across a range of sectors and macro prices is typically a warning that markets have moved too far too fast in a more general sense. The last comparable episode was in early July in the...

year from the median calculation. For companies with normalized tax rates of more than
document IMAGES-007-HOUSE_OVERSIGHT_023093.txt Jan 29, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

year from the median calculation. For companies with normalized tax rates of more than 75%, we assume 35%. The impact of a lower corporate tax rate on company earnings is directly proportional to the difference between the current domestic tax rate and the proposed tax rate. The...

possibly around 0.8, with 0.5x being the floor. An indicative amount for buying the
document IMAGES-008-HOUSE_OVERSIGHT_026151.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

possibly around 0.8, with 0.5x being the floor. An indicative amount for buying the 90% of the shares with EBRD holding the remaining 10% should be in the region of EUR 110 million. I expect that an IRR greater than 25% can be achieved considering the profitability of the curren...

Overall, we find it hard to argue that sectors haven’t moved a long way already from a
document IMAGES-003-HOUSE_OVERSIGHT_014483.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Overall, we find it hard to argue that sectors haven’t moved a long way already from a valuation perspective, even against the context of potentially important inflection points in bond yields and earnings. From here we suspect investors may need to more selective in how they pla...

e Uneven tariff rates and the banning of some US goods
document IMAGES-009-HOUSE_OVERSIGHT_026901.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

e Uneven tariff rates and the banning of some US goods e Intellectual property theft e Forced technology transfer e Strategic US technology acquisitions e Outright cyber theft e Foreign ownership restrictions Recent headlines that the trade war may be escalating to a cold wa...

Commonly Asked Questions and Answers About the Annual Meeting 1
document IMAGES-007-HOUSE_OVERSIGHT_024307.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Table of Contents TABLE OF CONTENTS Commonly Asked Questions and Answers About the Annual Meeting 1 Board of Directors and Corporate Governance 5 ITEM 1—ELECTION OF DIRECTORS 8 Director Nominees 8 Continuing Directors 9 Independence Status 10 Controlled Company Status 10 Board...

One-Time Charges: What Charges from F2008-F2010
document IMAGES-006-HOUSE_OVERSIGHT_020931.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

One-Time Charges: What Charges from F2008-F2010 May Look Like on Net Basis Over Next 10 Years One-Time Charges from the ‘Financial Crisis’ are Not Created Equal — While TARP Was the Headliner, When All’s Said & Done, TARP may be Smallest Component, by a Long Shot Current Cost...

Chart 3: Saudi Arabia proven crude oil reserves Chart 4: Saudi Arabia proven gas reserves
document IMAGES-003-HOUSE_OVERSIGHT_016121.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Chart 3: Saudi Arabia proven crude oil reserves Chart 4: Saudi Arabia proven gas reserves bribbi mSaudi Aramco = Others tn cf eSandidvanos withers 0 300 ont 250 THe 250 200 200 150 4 Tl 150 100 100 + 50 50 N wore wr re @oOrmevwveeanvwwseaorews*tro @ SO oe @Srre OwnrTr Oey OMMWMse...

Table 10: Public institutions budget appropriations
document IMAGES-003-HOUSE_OVERSIGHT_016134.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Table 10: Public institutions budget appropriations SARbn US$bn % of GDP Universities 55.7 14.8 23 Saudi Arabian Airlines 28.5 76 1.2 Saline Water Conversion Corporation 15.6 4.2 0.6 General Authority of Civil Aviation (GACA) 15.5 44 0.6 Saudi Post Organization 3.2 0.8 0.1 Grai...

executing any short idea contained in this report
document IMAGES-002-HOUSE_OVERSIGHT_014395.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

action may be limited by regulations prohibiting or restricting "shortselling" in many jurisdictions. Investors are urged to seek advice regarding the applicability of such regulations prior to executing any short idea contained in this report. Foreign currency rates of exchange...

° Both Arizona State and the Australian National University told her they would look into the matter
document IMAGES-011-HOUSE_OVERSIGHT_031440.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

° Both Arizona State and the Australian National University told her they would look into the matter. But neither university found against you. ° “Based on the material available to the University, we do not have sufficient evidence to substantiate the allegations,” Kiaran Kirk,...

Organizational Structure — Pro Forma for Funding of $7 Billion. All figures are rounded
document IMAGES-007-HOUSE_OVERSIGHT_024474.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Organizational Structure — Pro Forma for Funding of $7 Billion. All figures are rounded. Principals Knowledge Universe Holdings LLC, a Delaware limited lability company Knowledge Universe Learning Group LLC, a Delaware limited liability company “KULG” Investors 900 Class B Sh...