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CONFIDENTIAL
Valuation Analysis of
Rockefeller Financial Services, Inc.
as of December 31, 2015
Berkshire Capital
EFTA01079016
Rockefeller Financial Services, Inc.
Table of Contents
TAB SECTION PAGE
I Valuation Letter ... Market & Industry Overview 4
III Valuation Methodologies 12
IV Valuation Model
Berkshire Capital CONFIDENTIAL
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Rockefeller Financial Services, Inc.
Valuation Letter
Pursuant to an engagement letter dated October ... between Rockefeller Financial Services, Inc. (the "Company" or "RFS") and
Berkshire Capital Securities LLC ("Berkshire Capital"), Berkshire Capital has prepared a valuation of the Company with its
consolidated subsidiaries
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Greenlight Funds — 6%/yr since inception, 4%/yr since IPO
(b) vs. Berkshire — 11%/yr since inception, 7%/yr since IPO
(c) vs. S&P Index — 21%/yr since inception ... Greenlight Funds 1 1.81 8.97% $805,040
Berkshire Hathaway 86,170 119,202 4.43% $347,395
S&P Insurance Index 316 207.53 -5.68% ($330,886)
UK Investors (Drivers of value ... Greenlight Funds — Cash out 1 1.40 5.04% $402,520
Berkshire Hathaway — Hold 86,170 119,202 4.43% $347,395
Berkshire Hathaway — Cash
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anemic real growth rate" so far this
year.
http://vvww.blootnberg.com/news/2011-08-08/gross-praises-s-p-s-spine-as-buffett-says-rating-company-erred.html
Warren Buffett's Berkshire Hathaway Inc. (BRK/A), whose top three shareholdings declined by about $1.6 billion last
week, disclosed ... biggest quarterly purchase of equities in almost three years.
Berkshire bought $3.62 billion of stock in the three months ended June 30, the most since it spent $3.94 billion ... first time since 2009.
Buffett, 80, turned his focus to stocks as Berkshire's cash swelled and interest rates remained near record lows. The firm's
equity portfolio, which rose
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talents and methods."
http://72.14.203.104/search?q=cache:mgSaxC3011oJ:vvww,ohilanthropyroundtable.org/
magazines/1999/march/mun ger html+Berkshire+Ha thawav%27s+vice+chairman+shreds
+the+conventional+wisdom+on+foundation+investing ... destined for failure even if you have a high IQ."
http://vvvvw.tilsonfunds.com/motley berkshire brkmtgO2notes.php3"
A foreign correspondent, after talking to me for a while, once said ... stupid, instead of trying to be very
intelligent." Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Cha
lie Munger, Janet Lowe John Wiley &Sons, 2003
http://www.wiley.com/WileyCDA/WileyTitle/productCd-0471446912 descCd
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union-friendly skies.
After two years of refusing to bargain with its pilots' union, Berkshire Hathaway-owned NetJets is now racing to
reach a new contract before ... heat on Buffett.
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Some 400 pilots descended on Omaha, Neb., for Berkshire Hathaway's annual meeting, drawing attention to the
bitter contract dispute. They also showed ... private jet flights. Buffett said the business would have collapsed if not for Berkshire's deep pockets.
It appears the pressure finally got to the folksy investor. Last month
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dollars in cash." According to WRGB-TV, "At about 8 p.m. Tuesday, the Berkshire County Law
Enforcement Task Force, State Police Detective Unit assigned to the Berkshire District Attorney ... Office, Berkshire County Sheriff's Office and the Pittsfield Police Department executed multiple
search warrants in Pittsfield, after observing several suspects arriving at a hotel on West
Housatonic Street. Task
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CORP COM 600.00 16,868.10 49.72 29,832.00 1.20 % 2.65 % 792.00
BERKSHIRE HATHAWAY INC DEL CL B NEW 100.00 14,376.32 198.22 19,822.00 0.79 % 0.00 % 0.00
BLACKROCK ... CORP COM 400.00 14,681.00 49.72 19,888.00 0.69 % 2.65 % 528.00
BERKSHIRE HATHAWAY INC DEL CL B NEW 150.00 21,561.48 198.22 29,733.00 1.03 % 0.00% 0.00
BLACKROCK ... CORP COM 200.00 5,629.70 49.72 9,944.00 2.45 % 2.65 % 264.00
BERKSHIRE HATHAWAY INC DEL CL B NEW 125.00 17,968.90 198.22 24,777.50 6.11 % 0.00 % 0.00
US BANCORP
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Epstein[jeevacationcgmail.com]
From: Brice Gordon
Sent: Tue 5/26/2009 11:50:09 AM
Subject: Re: Berkshire Wilton Partners, LLC
Title: Re: Berkshire Wilton Partners, LLC Will do
On 5/26/09 ... Gordon wrote:
To: )EE
On Friday the 22nd of May, 2009, you approved approaching Berkshire Wilton
Partners, LLC , for construction management, LS). Attached is there Fee
Schedule for your review
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dollars in cash."
According to WRGB-TV, "At about 8 p.m. Tuesday, the Berkshire County Law Enforcement Task Force, State
Police Detective Unit assigned to the Berkshire District Attorney ... Office, Berkshire County Sheriff's Office and
the Pittsfield Police Department executed multiple search warrants in Pittsfield, after observing several suspects
arriving at a hotel on West Housatonic Street. Task
https://www.justice.gov/epstein/files/DataSet%209/EFTA00136892.pdf
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dollars in cash." According to WRGB-TV, "At about 8 p.m. Tuesday, the Berkshire County Law
Enforcement Task Force, State Police Detective Unit assigned to the Berkshire District Attorney ... Office, Berkshire County Sheriff's Office and the Pittsfield Police Department executed multiple
search warrants in Pittsfield, after observing several suspects arriving at a hotel on West
Housatonic Street. Task
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latest quarterly filing.
Warren Buffett
Leucadia has joined in ventures with Warren Buffett's Berkshire Hathaway Inc., including a 2001 deal to extend
a $6 billion loan to Finova Group ... share of the work" with Finova, Buffett wrote to shareholders of Omaha,
Nebraska- based Berkshire in 2010. "I was delighted when they called me to partner again in the Capmark
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/search?q=cache:mgSaxC3O I I ol:www.ph i Ia I hropyroundtable.org/
inagazines/1999/march/munger.html+Berkshire • I I a thaway%27s+vicc c ha man + shreds
+the+conventional+wisdom+on+foundation ... stupid, instead of trying to be very
intelligent." Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Cha
lie Munger, Janet Lowe John Wiley &Sons, 2003
http://www.wil y.corn/Wil
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