Epstein Files Search

EFTA00618147Set 9

26p6,053w

1/93) Net -7.3 -6.2 10.9 10.2 6.1 8.7 MSCI All Country World Index — Net Dividends' -7.0 -6.7 6.8 7.2 4.2 6.8 -Gross +0.4 +1.4 +5.1 +4.1 +2.9 +2.9 Outperformance ... 1/91) -Net -8.5 -7.9 8.1 8.2 5.2 7.1 MSCI All Country Wodd Index — Net Dividends' -7.0 -6.7 6.8 7.2 4.2 7.9 Outperformance (+) 1Underperformance (-) -Gross ... 1/89) Net -4.7 -3.0 8.4 8.7 6.4 7.9 70% MSCI ACWI — Net Dividends! 30% BCAG Bond Index' -4.5 -3.7 5.4 6.3 4.6 7.7 -Gross

https://www.justice.gov/epstein/files/DataSet%209/EFTA00618147.pdf

EFTA01419666Set 10

52p9,321w

double alpha (January 2001 to September 2017):** • Long portfolio cumulative return has exceeded the MSCI World index by 177.6 percentage points • Short portfolio cumulative return has exceeded the MSCI World ... MSCI World MSCI AC World 0% AGS MSCI World MSCI AC World For complete disclaimer, please see last pages of presentation. For definition of terms please see glossary of terms ... comparable to any index in composition or element of risk. The MSCI World & MSCI AC World track the performance of the equity securities of a representative sample of over

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01419666.pdf

EFTA01466396Set 10

2013-12-11105p20,860w

underperformance vs DM We would tentatively forecast a negative return of around 10% for MSCI EMF in 2014, but with a greater degree of volatility and dispersion between constituents ... than 2013. Figure 1: 1-year, 3-year and 5-year rolling correlation between MSCI EM and MSCI ... MSCI Chile — P/BV (x) since 2000 x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 x 10 15 20 25 30 35 40 45 50 0 5 MSCI Chile P/BV

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01466396.pdf

EFTA00634188Set 9

2017-06-2111p3,894w

Richard Kahn -cla To: "jeffrey E." cjeevacation(taigmail.com> Subject: Fwd: SAUDI UPDATE - MEGA View — MSCI China A-share Inclusion: Muted response: Next China Potential catalyst — Xi's visit to Hong ... Begin forwarded message: From: 'Ens, Amanda" ca. Subject: SAUDI UPDATE + MEGA View - MSCI China A-share Inclusion: Muted response; Next China Potential catalyst - Xi's visit to Hong Kong Date ... June 21.2017 at 10:05:58AM EDT To: Richard Kahn Saudi Arabia added to MSCI EM watchlist This should kick off a 2 year review and implementation process with MSCI

https://www.justice.gov/epstein/files/DataSet%209/EFTA00634188.pdf

EFTA00793120Set 9

2017-11-1536p7,960w

Price Range 11/4/2017 WTD Last Week' YTD MI 500 • 2.579 -0.1% -02% 152% MSCI AC World • 573 -0.4% -OA% 14.6% Cons Disc • 738 0.4% 0.7% 13.9% MSCI EAFE ... Euro Sto>c< 50 3.556 -1.0% -2.6% 8.1% Into Tech • 1.106 -0.2% 0.0% 36.9% MSCI BA 60,154 -0.7% 02% 262% Materials • 362 -0.6% -1.2% 15.9% MSCI China ... Real Estate • 209 0.1% 3.2% 9.8% MSCI India 1.214 -1.3% -1.6% 23S% Telecom • 142 -1.7% -1.3% -19.8% MSCI Brazil • 240.688 -1.9% -2.3% 15A% Utilities 288 2.4% 0.4% 16.6% MSCI Russia

https://www.justice.gov/epstein/files/DataSet%209/EFTA00793120.pdf

EFTA01089722Set 9

2012-06-2944p20,625w

Corporate results Key corporate announcement dates that could move the market: 5 July, Barry — MSCI Switzerland realeed Pit — NISCIWorid realeed ME Callebaut; 12 July, Partners Group; 16 July, K0hne+Nagel ... document. EFTA01089740 Emerging market equities Preference: overweight Recommendations 1 MSCI EM (27 June): 913 (last month: 907) UBS View MSCI EM 6-month target: 1,000 Tactical (6 months) • Currency ... above, in our base case, we see scope for some multiple expansion for the MSCI EM Index, • Structural factors (e.g. stronger fiscal from the current 10.3x realized price

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089722.pdf

EFTA01475132Set 10

2015-09-2151p11,994w

might not get back the amount originally invested at any point in time. MSCI AC Asia ex Japan Index3 MSCI EM Latin America Index3 Germany ... Eurozone (EURO STOXX 50 Index) Germany (DAX)1 United Kingdom (FTSE 100 Index) Japan (MSCI Japan Index) MSCI Emerging Markets Index3 Equity markets (index value in points) Current ... roughly 100%.1 In mid-2010, the favorites changed. As measured by the MSCI Emerging Markets Index, EM investors could, at best, preserve their capital employed. Recent market adjustments have

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01475132.pdf

EFTA01367897Set 10

1p1,873w

available upon request. Income. Equities: S&P 5(10. 14.0%. Russell 2C00 Irar 1.5%; MSCI Europe Index 6.0%: MSC! Japan Index' 25%; MSCI Pacific Free ex-Japan Index ... MSCI Emerging Markets Index: 4.5% Freed Income. Barclays Municipal SI-ort/Intermediate Index 47.0%; Merrill Lynch High Yield Master II Index: I 5%; JP Morgan OBI Emerging Markets Index ... Average' 2 0% Growth & Income: Equities: S&P 500: 22.5%. Russell 2000 index. 2.0% MSCI Europe Index' 12.0% MSCI Japan Index. 3.0%. MSC! Pacific Free ex-Japan Index

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367897.pdf

EFTA01188511Set 9

2013-03-0827p11,302w

entire value chain. • Substantial alpha opportunities follow periods of underperformance (Section 5). o Current MSCI World Utility Index underperformance against the MSCI World Index is the deepest (-67%) and longest ... have analyzed the price performance of the global utility sector since 1995, when MSCI introduced its Global Sectors. Although the period includes only 18 years of data, this ... down -11% on an absolute basis. It has not only been the worst- performing MSCI global sector but has also underperformed the second-worst global sector by -23%. 14 Electron

https://www.justice.gov/epstein/files/DataSet%209/EFTA01188511.pdf

EFTA00596761Set 9

2016-03-017p4,556w

below. Benchmarks for each region are as follow North America - 500, Latin America - relevant MSCI country index a MSCI Latin America Index: Europe - MSO Europe; Japan - TCP1X Asia - relevant MSCI ... country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. Stock Price, Price Target and Rating History (See Rating Definitions) LinkedIn Corp (LNKD.N ... industry view benchmarks for Morgan Stanley Asia Pacific are as follows: relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. 4 EFTA00596764

https://www.justice.gov/epstein/files/DataSet%209/EFTA00596761.pdf

EFTA01170770Set 9

8p5,884w

move BRICs to an over- Seamus Mac Gorain weight within EM, i.e long MSCI BRICs vs MSCI EM. • Credit — All-time record US HY inflows signal further spread narrowing. Matthew ... think so and remain long risk. Much has been written about how MSCI AC Work' O the EU Summit Statement is full of vague promises and short of concrete MSCI ... Europe' O details, while glossing over still large disagreements between major MSCI EM O stakeholders. We do not disagree (see Barr and Mai, EU sununit leaves plenty Toper' I ofgaps

https://www.justice.gov/epstein/files/DataSet%209/EFTA01170770.pdf

EFTA01170207Set 9

8p5,847w

been our view that Europe needed to come right to the edge of disaster MSCI AC Woad' before it would be forced to make the painful decisions necessary to reverse ... crisis. Europe has the resources to achieve this. It just needs to have the MSCI Europe' political will to do so. This requires that the alternative is right in your ... face, MSCI EM and that procrastination is no longer possible. It is our perception that these Topix conditions are in place today. The rest of the world is screaming

https://www.justice.gov/epstein/files/DataSet%209/EFTA01170207.pdf

EFTA00598496Set 9

2013-01-048p6,246w

with the new EMBIG Washington compromise or Fed hawkishness more in the camp of MSCI EM* shorter-term tactical games. EM S Corp. MSCI AC Work! • Starting in Japan ... strong convictions, incentives, and MSCI Europe we believe the ability to push true fiscal stimulus financed by massive US Hip Yield QE. Expectations of Japanese reflation have driven down ... months of difficult negotiations even, as we expect an ultimately last minute 2013E 2012 MSCI EM 15.0 17.4 deal to prevent default and shutting down of the government. EM Local

https://www.justice.gov/epstein/files/DataSet%209/EFTA00598496.pdf

EFTA01477939Set 10

2015-12-3162p10,734w

MEDIX BlackRock Infl Protected Bond Fund BPRIX Invesco AIM European Growth db X-Trackers MSCI Europe Hedged Equity Fund Wisdomtree Japan Hedged Equity iShares MSCI Pacific ex Japan AEDYX EFTA01477955 ... High Yield Bonds International Bonds Benchmark S&P 500 Index Russell 2000 Index MSCI Europe Index (net of withholding taxes) MSCI Japan Index (net of withholding taxes) MSCI Pacific Free ... Japan Index (net of withholding taxes) MSCI Emerging Markets Index (net of withholding taxes) Barclays Municipal Short/Intermediate Index Merrill Lynch/BOA High Yield Master II Index Citigroup Unhedged

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01477939.pdf

EFTA01478009Set 10

2015-12-3162p10,740w

MEDIX BlackRock Infl Protected Bond Fund BPRIX Invesco AIM European Growth db X-Trackers MSCI Europe Hedged Equity Fund Wisdomtree Japan Hedged Equity iShares MSCI Pacific ex Japan AEDYX EFTA01478025 ... High Yield Bonds International Bonds Benchmark S&P 500 Index Russell 2000 Index MSCI Europe Index (net of withholding taxes) MSCI Japan Index (net of withholding taxes) MSCI Pacific Free ... Japan Index (net of withholding taxes) MSCI Emerging Markets Index (net of withholding taxes) Barclays Municipal Short/Intermediate Index Merrill Lynch/BOA High Yield Master II Index Citigroup Unhedged

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01478009.pdf

EFTA01089619Set 9

2013-04-2546p24,794w

important disclaimer and disclosures at the end of the document EFTA01089638 Emerging market equities MSCI EM (24 April): 1018 (last publication: 1,068) Recommendations Preference: neutral 1 UBS view MSCI ... year under-owned and out of • We see the PIE multiple of the MSCI EM Index close to current levels at around 11.5x trailing (i.e. realized) earnings favor (like ... some rotation out of Turkey after a strong run, and valuations 71 Positive scenario MSCI EM (six-month target): 1,225 have become more demanding. • The outlook for the global

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089619.pdf

EFTA01089574Set 9

2013-02-2145p23,567w

Manufacturing PMI index kb-O? Fol3.08 Feb09 Fab.10 Fab.11 Fand2 Fah-13 — SMI moltedP4 — MSCI Wald • root:SPA Corporate news Key corporate announcement dates: 22 Feb, Straumann; 26 Feb, Georg ... document. EFTA01089593 Emerging market equities Preference: overweight Recommendations 1 MSCI EM (20 Feb.): 1,068 (last publication: 1,077) UBS view MSCI EM (sIx-month target): 1,120 Tactical ... favor • In our base case, we see the PIE multiple of the MSCI EM Index staying at about 12x trailing (i.e. realized) earnings (like Russia and Brazil). • Shorter-term

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089574.pdf

EFTA01477363Set 10

2015-12-3069p8,427w

Post Fed Hike U.S. outperforming International Feb-87 Mar-94 Apr-01 May-08 MSCI EAFE (USD) vs S&P 500 (Rolling 3 YR Return Annualized) — Historically, the performance ... Source: FactSet, Deutsche Bank Wealth Management. 20 Jun-15 S&P 500 Performance vs MSCI EAFE (USD) — Following the onset of a Fed tightening cycle ... historically underperformed the MSCI EAFE Index. -16% -14% -12% -10% -8% EFTA01477401 -6% -4% -2% 0% 2% First rate hike

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01477363.pdf

EFTA01089678Set 9

2012-10-2544p21,521w

important disclaimer and disclosures at the end of the document. EFTA01089696 Emerging market equities MSCI EM (24 Oct.): 995 (last publication: 990) Preference: overweight Recommendations 1 UBS View MSCI ... Brazil and South • In our base case, we see the P/E multiple of the MSCI EM Index staying around the current level of 11x Korea, and a stabilization ... bonds of compliant Eurozone governments has lessened the 71 Positive scenario MSCI EM (6-month target): 1,325 tail risks for the smaller European • The outlook for the global economy

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089678.pdf

EFTA01430442Set 10

2015-05-1940p7,408w

Growth Fund Invesco AIM European Growth Fund Ticker N/A SBPYX AEDYX Deutsche X-trackers MSCI Europe Hedged Equity Fund DBEU Deutsche X-trackers MSCI Japan Hedged Equity Fund DBJP iShares ... MSCI Pacific ex-Japan Fund EPP Emerging Markets Core Equity Parametric Emerging Market Fund Emerging Markets Asia Equity Invesco Asia Pacific Growth Fund Fixed Income Municipals Bonds High Yield Bonds ... Commodities Cash Deutsche Asset & Wealth Management Benchmark S&P 500 Index Russell 2000 Index MSCI Europe Index (net of withholding taxes) MSCI Japan Index (net of withholding taxes) MSCI Pacific

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01430442.pdf