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Morgan Stanley | RESEARCH
document IMAGES-008-HOUSE_OVERSIGHT_025569.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…oreFRE Multiple @ Value Per Per Share Carry Per 24% tax Share Share Rate APO $36.42 669 22.5x $28.40 $0.00 $2.72 $31.13 ARES $24.70 185 22.5x $14.71 $4.52 $0.69 $19.92 BX $36.78 1,196 22.5x $17.03 $0.00 $2.83 $19.86 CG $25.60 100 22.5x $5.01 $0.00 $0.85 $5.86 KKR $24.40 475 =. 22...

Morgan Stanley | researcs NORTH AMERICA INSIGHT 2
document IMAGES-008-HOUSE_OVERSIGHT_025551.txt Jan 30, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

…nk APO could unlock the most value by converting to a C-corp with 26% in our upside case vs. -14% in our downside case. ARES could be the first to convert, but this is largely priced in. These firms have more sticky management fee-related earnings vs. BX/CG/KKR that may see Less...

« KR AAR HEIN > (2017470508 35 01 fig)
document IMAGES-007-HOUSE_OVERSIGHT_023697.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…BE i) ie tel SA Foie AR EH FAR HESD HR 20174205 08 A HA — lm CS Bt eee “BOR BAL 2 GC fj SETR EIR BARE «SHOT PRI ARES i eo FE « KR AAR HEIN > (2017470508 35 01 fig) BARE - SAE FRI “a” FB a Ee UES «ARI SG TDG Eel EE EI MERE SPOUT - FRR. PEA ICI See, EP a EP BM Ba BSE, i...

From: Darren Indykc
email IMAGES-012-HOUSE_OVERSIGHT_032657.txt Nov 16, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

… E. <[email protected]> wrote: Privileged - Redacted i i Ibparecsear pene per ctea tania teas aes eat panes sie peares tea ne tee he tet ty tat niu eee cas ase Rees a ges ec i ec ty a ty a ES aS ea es ee es ea tea te a ty a En tS ates rep ares sea eat tes tat as ay piesa ba...

Comparison of U.S. Stock Markets
document IMAGES-008-HOUSE_OVERSIGHT_024762.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…include: Trading Stockholders’ Equity, Market Capitalization, Operating History, Net Income, Amount of Publicly Held Shares and Number of Shareholders. Requirements Nasdaq Global Select Minimum Market: $4.00 sel Nasdag Global Market: $4.00 Price Nasdaq Capital Market: $2.00 +...

thresholds in one or more transactions: {i} 15% of the Principals’ original KUE holdings to any sing
document IMAGES-008-HOUSE_OVERSIGHT_024560.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…by the Board of Directors and ihe independent Committee of the General Partner, a corresponding percentage of Class A Shares held by KUE LLC), Prior to the Initial Listing, in the event of a Drag-Along Transfer of Common LP Units and corresponding Class A Shares to a proposed pur...

Except as otherwise expressly noted, all performance information contained herein, including
document IMAGES-007-HOUSE_OVERSIGHT_024108.txt Mar 31, 2014 House Oversight Committee — Epstein Estate Records (Nov 2025)

Appendix 5 ENDNOTES Except as otherwise expressly noted, all performance information contained herein, including rates of return, is as of March 31, 2014 and is unaudited. The performance information is based on the cumulative invested capital, cumulative cash dividends and rea...

© UBS 2012. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All
document IMAGES-008-HOUSE_OVERSIGHT_025290.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…istered with the Bank of Spain. UAE: This research report is not intended to constitute an offer, sale or delivery of shares or other securities under the laws of the United Arab Emirates (UAE). The contents of this report have not been and will not be approved by any authority i...

support this hypothesis too, as the constancy of pay differences to the end would
document IMAGES-001-HOUSE_OVERSIGHT_011059.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

support this hypothesis too, as the constancy of pay differences to the end would otherwise be improbable. I made it the Darwinian axiom: maintenance is exhausted in satisfying our taste for survival. Ben-Porath’s life cycle was adjusted to express these features. Factor risk t...

in some cases, to maximize frequency of a histocompatibility gene which is an
document IMAGES-001-HOUSE_OVERSIGHT_011071.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

in some cases, to maximize frequency of a histocompatibility gene which is an antidote to the local strain of parasite or pathogen. This idea could complement the Hamilton-Zuc parasite model nicely. It would give a safe home to which both gene and parasite could retreat until th...

I found a solution that seemed to make sense then. It was the exact opposite of what
document IMAGES-001-HOUSE_OVERSIGHT_010958.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

I found a solution that seemed to make sense then. It was the exact opposite of what I think now. If maintenance consumption were recovered in pay and work products, as I now think human depreciation but not maintenance consumption is, then human depreciation instead of maintenan...

Eye on the Market | November 21, 2011 J.P Morgan
document IMAGES-011-HOUSE_OVERSIGHT_030815.txt Nov 21, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

…newables have thermodynamic, structural and practical limitations that inhibit their ability to represent much larger shares of electricity or transportation fuel production. While (i) and (ii) have some merit®, it is hard to escape (iii). Energy Conversions 101 is meant to show...

No alpha from repatriation and multiples actually compressed
document IMAGES-007-HOUSE_OVERSIGHT_023077.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…t companies to increase capex spending, vs. 17% who want companies to return cash to shareholders (Exhibit 1). This compares to a majority of investors desiring companies to return cash to shareholders when the HIA was passed in late 2004. Companies may also feel less pressure t...

CAPITAL CHAPTER IV_ U.S. Legal Landscape
document IMAGES-008-HOUSE_OVERSIGHT_024715.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKRELL CAPITAL CHAPTER IV_ U.S. Legal Landscape Monthly Marijuana-Related SAR Filings 1600 1400 1200 1000 800 600 400 200 0 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 mums Limited mau Priority mam Termination Depository Institutions Making Marijuana-Related SA...