EFTA01097864Set 9
2015-02-0615p7,276w
risk is already affecting
investment decisions, so we have cut our 2015 GDP growth forecast to -03%
from 0.3%.
The likely decline in GDP in 2015 and the much larger ... becoming increasingly hostile to President
Dilma Rousseff. Consequently, we cut our 2015 primary surplus forecast to
0.8% from 1.2% of GDP.
We do not believe that cutting the primary surplus ... taxes have increased the pressure on inflation, prompting us to raise our
2015 IPCA forecast to 7.2% from 6.6%. We have also raised our year-end
SELIC rate forecast
https://www.justice.gov/epstein/files/DataSet%209/EFTA01097864.pdf
EFTA01089619Set 9
2013-04-2546p24,794w
spot • No turnaround for European telecoms
US economic data has begun to stabilize and forecasts now show an We expect further relative downside in European telecoms in the coming
acceleration ... sector make-up, give greater leverage to the pressure, and further adjustments to consensus forecasts are required, in our
US recovery. For these reasons we believe that mid-cap companies ... weakening of quarter-on-quarter economic growth in the In developing the CIO economic forecasts, CIO economists
second quarter. This dynamic is mainly driven by lower business surveys following
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089619.pdf
EFTA01411427Set 10
2015-05-31202p28,772w
change in policy by Saudi, we see two primary risks to
EFTA01411441
our
forecast in the immediate horizon (6-12 months): Iran (a potential reduction
in
the call ... risks to an increased need for US onshore crude during the
tailend
of our forecast period. As for Saudi, we sensitize our outlook to Saudi
market share as a % share ... EFTA01411535
2015
2009
Month IEA Forecast was Made
Source: IEA, Deutsche Bank
Deutsche Bank Securities Inc.
Page 39
mboepd
Forecast non-OPEC Supply ex US
(mmb/d
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01411427.pdf
EFTA01149242Set 9
8p5,954w
recession?
Jan Loe SAC
• Economics — Europe is falling into recession, by our new forecast. Weaker
PMI's suggest serious downside to Asian forecasts. US is tracking our already
weak growth ... forecasts.
John Normand
• Portfolio strategy —The market reversal signals of Value, Positions, Timing,
Data and Policy remain in defensive mode. Stay underweight risky assets.
• Fixed Income — We think a more ... probably not yet in recession. Investors that con- 2012 JPMorgan global GDP growth forecast vs.
sider buying equities should do so on a no-recession view rather than
https://www.justice.gov/epstein/files/DataSet%209/EFTA01149242.pdf
EFTA00587830Set 9
4p1,806w
recommendations on potential investment opportunities.
• Develop full, consolidated and entity level cash positions and forecasts, consolidated and
entity balance sheets and investment performance reports.
• Prepare budgets, forecasts and cash flows ... produce monthly personal financial statements, investment analyses, budgets,
and income and expenditure forecasts.
• Set up and manage internal controls and procedures for household, including spending,
purchases, credit cards and staff ... including strategy for group
structure, funding and financial business and tax planning, budgets and forecasting.
EFTA00587830
• Renegotiate aircraft sale and leaseback contract and amend financial covenants.
Consolidate separate aircraft "part
https://www.justice.gov/epstein/files/DataSet%209/EFTA00587830.pdf
EFTA00666908Set 9
2015-06-112p997w
relatively long time for the BCB to cut rates again.
Regarding the official inflation forecasts, assuming an exchange rate of BRL3.15/USD, SELIC rate of 13.25%,
and increase in administered prices ... from 11.8%) and 5.3% for 2016 (vs. 5.2%), the passive
IPCA forecasts increased and remained above the 4.5% target for 2015, and remained unchanged and above the
target ... publish its revised forecasts in detail in its quarterly Inflation Report at the end of June.
Assuming a SELIC rate of 12.75%, exchange rate at BRL3.15/USD and GDP contraction
https://www.justice.gov/epstein/files/DataSet%209/EFTA00666908.pdf
EFTA01084083Set 9
2007-10-0472p23,940w
return of 41% and a net annualized return of 29%, since inception.
Management was forecasting existing and targeted AUM (for both private equity and
capital markets ... well as those foreseen then, must be considered. Assimilation of
these facts and forecasts provides insight into the economic climate in which
investors are dealing. Although individual factors ... gross domestic product ("GDP"), inflation, and U.S. monetary and fiscal policy.
The Value Line forecast closest to the Valuation Date was utilized, as it was
considered to be most reasonable
https://www.justice.gov/epstein/files/DataSet%209/EFTA01084083.pdf
EFTA01366547Set 10
2016-12-311p392w
Page 118 of 868
basis), Accordingly, there can be no assurance that the forecast will be inchoative ol our titre performance or that actual moueswit rot defer materially from those ... deserted in the forecast. d ors forecasted results are not achieved, we may not 0e able to pay a regular °Janet/ dmdend to molders of our Class A common stock ... rota' quarterly divclend level or at all Inclusion Cl tre forecast in ths prospectus should neither be regarded as a fad nor a representation by ts. We underwriters
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01366547.pdf
EFTA01466396Set 10
2013-12-11105p20,860w
Absolute returns likely to be negative with (lower) underperformance vs DM
We would tentatively forecast a negative return of around 10% for MSCI EMF
in 2014, but with a greater ... equities
during 2013 in more detail alongside the outcome of our own forecasts later
in
this document, but with only a few weeks to go, it is very likely that ... will
have underperformed DM and in particular the US, by even more than our
forecast of 20-25%. The most noteworthy feature of 2013 has been the very
sharp decoupling
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01466396.pdf
EFTA00293648Set 9
2014-04-249p5,579w
peak late this year; 3) free cash flow Bloomberg JPMA NADOL 4GO,
exceeded our forecast, reinforcing ow view that 2014 FCF will materially exceed Seth M. Seifman, CFA
guidance ... costs, which would shore up confidence in our
cash flow outlook. We continue to forecast —$12 of FCF in 2015, so the stock Pries Porlonnanto
trades at only ... April 2014
J.P. Morgan
• 787 deferred production growth should begin to step down. While forecasting
787 unit costs is difficult given the number of variables and lack of data
https://www.justice.gov/epstein/files/DataSet%209/EFTA00293648.pdf