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We use an equal weighted, three-factor valuation framework (P/E, P/TBV, DCF) to arrive
document IMAGES-002-HOUSE_OVERSIGHT_014387.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

We use an equal weighted, three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our PO of $14. We assigned a 1.2x multiple to 2Q17E TBV and a 12x multiple on 2017E EPS, with lower PTBV/PE multiple than peers assigned due to the higher perceived risk of their lending mod...

“The way things are going | am not feeling very positive. |am a born optimist; we are spending billi
document IMAGES-010-HOUSE_OVERSIGHT_028638.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

“The way things are going | am not feeling very positive. |am a born optimist; we are spending billions of dollars but is that being delivered efficiently? The answer is no, all of us know that, and that’s why we keep going back to the government; public-private—partnerships is g...

The 2018 annual total compensation of our median-compensated employee other than Mr. Garcia was $36,
document IMAGES-007-HOUSE_OVERSIGHT_024348.txt Dec 31, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

Table of Contents CEO PAY RATIO The 2018 annual total compensation of our median-compensated employee other than Mr. Garcia was $36,204. We identified our median- compensated employee by calculating the annual salary of all our employees as of December 31, 2018, annualized for...

Il Cannabis Science 101
document IMAGES-008-HOUSE_OVERSIGHT_024631.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Contents Foreword | Executive Summary Il Cannabis Science 101 Ill Cannabis Industry Segmentation IV U.S. Legal Landscape V Global Cannabis Regulation VI U.S. and International Cannabis Market Estimates VII Capital Markets for Cannabis Companies VIII Top 100 Private Cannab...

Partial Client List
document IMAGES-010-HOUSE_OVERSIGHT_029335.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

RAFANELLI Partial Client List American Heart Association American Cancer Society American Red Cross Anti-Defamation League Bain Capital Partners LLC Baupost Group LLC The Benjamin School Beth Israel Medical Deaconess Center Boston Ballet Boston College Boston Magazine Bos...

Because the Aeroflot flight to Cuba was the only means of get
document IMAGES-005-HOUSE_OVERSIGHT_019744.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e Hotel, located next to a newly opened Burger King. The polite V-Express desk clerk, who spoke English, showed me the standard windowless double room. It was approximately twenty- four square feet in area. Most of the floor space was taken up by twin beds. Across from the bed,...

Accountable Care Organization (ACO)
document IMAGES-006-HOUSE_OVERSIGHT_021076.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…uch things as alimony payments and certain contributions to individual retirement accounts. Personal exemptions and the standard or itemized deductions are subtracted from AGI to determine taxable income www.kpcb.com Alternative Minimum Tax (AMT) - A tax intended to limit the e...