Epstein Files Search

EFTA01077699Set 9

53p10,450w

Capital expenditure • Steroids - Farmabios' management expects to consolidate this business, by ■ Replacement and extraordinary maintenance capex equal to EUR 1.5 maintaining its current customer base and by trying to enter ... expected to decrease slightly. Sales will amount to EUR 5.9 million in 15/16 ■ Maintenance capex is expected to increase from EUR 3.2 million in 11/12 to EUR 5.0 million ... adjustment) vs. EUR 10.0 • Capital expenditure million as in PZ mgmt case • Maintenance capex equal to PZ mgmt case assumptions • Propafenone - Compared to PZ mgmt case volumes are decreased

https://www.justice.gov/epstein/files/DataSet%209/EFTA01077699.pdf

EFTA01097655Set 9

2015-01-13160p88,327w

decrease in capex of 50% YoY with no production growth (ie so-called maintenance capex). For CCC-rated credits, we assume a decrease in capex of 35% YoY with ... production growth (ie again maintenance capex). The difference in the expected capex declines needed to reach flat production growth YoY in 2016 favors B-rated assets that are assumed ... this name and be more comfortable with lower decline rates and lower general maintenance capex, despite the company's strategy of acquiring big and small assets alike frequently. Deutsche Bank

https://www.justice.gov/epstein/files/DataSet%209/EFTA01097655.pdf

EFTA01357784Set 10

2015-01-131p479w

decrease in capex of 50% YoY with no production growth (ie so-called maintenance capex). For CCC-rated credits, we assume a decrease in capex of 35% YoY with ... production growth lie again maintenance capex). The difference in the expected capex declines needed to reach flat production growth YoY in 2016 favors B-rated assets that are assumed

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357784.pdf

EFTA01357829Set 10

2015-01-131p610w

outlook for continued cash burn indefinitely beyond FY 16 even in a maintenance capex mode. We see annual run-rate EBITDA of -$710 million at $65 oil/$3.75 gas. Given ... obligation of close to $300 million, the company will clearly be unable to meet maintenance capex of, say, $500-700 million and remain FCF neutral This situation would be further

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357829.pdf

EFTA01357817Set 10

2015-01-131p657w

limited and will run out over the next couple of years. Therefore, run-rate maintenance capex in the medium term will increase to above the $400 million level. Its other ... noted above, strong visibility from its robust hedge position and low near term maintenance capex levels provide relative stability to the company through FY 16. Longer term

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357817.pdf

EFTA01371126Set 10

2017-10-311p294w

next five years, management expects capex to remain roughly 20% of sales (vs. maintenance capex of 15%) as the company looks to gain market share and improve productivity largely through

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371126.pdf

EFTA01385367Set 10

1p518w

Less: Development Capex 137 19 $28 $27 $60 Less: Maintenance Capex 63 79 74 78 65 Less: Advances to Jamul 130 184 17 1 0 Less: Acquisitions

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385367.pdf

EFTA01428630Set 10

58p6,314w

Cash distributions Exit assumptions — Renovation capex assumed to be part of the acquisition price — Maintenance capex covered by tenants through triple-net leases — Start one quarter after rental income generation

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01428630.pdf

EFTA01371288Set 10

1p260w

Renovation capex assumed to be part of the acquisition price Capital expenditures — Maintenance capex covered by tenants through triple-net leases Cash distributions — Start one quarter after rental income generation

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371288.pdf

EFTA01382182Set 10

1p260w

Renovation capex assumed to be part of the acquisition price Capital expenditures — Maintenance capex covered by tenants through triple-net leases Cash distributions — Start one quarter after rental income generation

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01382182.pdf

EFTA00730641Set 9

28p5,856w

Pipeline (70.0) (70.0) Misr: Start-Up Costs (50.0) (50.0) Expansionary Capin (600.0) (600.0) 3.5% Maintenance Capex (979.8) (11.2) (32.8) (36.0) (39.2) (39.1) (39.1) (39.1) (39.1) (39.1) (39.1) Cash Flow from

https://www.justice.gov/epstein/files/DataSet%209/EFTA00730641.pdf

EFTA01385334Set 10

2018-01-031p584w

early FY 19. At the other end, EPE, despite significant strides in bringing down maintenance capex and opex costs, still has an FCF B/E oil price well north

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385334.pdf

EFTA01357785Set 10

2015-01-031p461w

this name and be more comfortable with lower decline rates and lower general maintenance capex, despite the company's strategy of acquiring big and small assets alike frequently. Deutsche Bank

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357785.pdf