Epstein Files Search

EFTA01220230Set 9

2017-09-1250p31,163w

NESSAG IMINSG 0.00 07:27p Sent KII TEXT MESSAG IMINSG 0.00 12:40p Rcvd NTM TEXT MESSAG IMUtSG 0.00 07:27p Sent BM TEXT MESSAG IMINSG 0.00 12:48p Rcvd ... NTM TEXT MESSAG IMUtSG 0.00 07:28p Sent BM TEXT MESSAG IMINSG 0.00 11:03p Rcvd Text Message IMUtSG 0.00 07:28p Sent BM TEXT MESSAG IMINSG ... Thursday. 09/14 07:48p Rcvd BM TEXT MESSAG PUISG 0.00 07:44a Sent NTM TEXT MESSAG IMINSG 0.00 07:49p Rcvd KII TEXT MESSAG PUISG 0.00 09:03a Sent Text

https://www.justice.gov/epstein/files/DataSet%209/EFTA01220230.pdf

EFTA01220280Set 9

2017-10-1242p26,390w

UNMSG 0.00 09:27a Rcvd Kill TEXT MESSAG IMINSG 0.00 10:32p Rcvd NTM TEXT MESSAG IMINSG 0.00 09:31a Sent Kill TEXT MESSAG IMINSG 0.00 10:32p Sent NTM ... MESSAG IMINSG 0.00 09:33a Sent Kill TEXT MESSAG IMINSG 0.00 10:33p Sent NTM TEXT MESSAG IMINSG 0.00 09:33a Sent Kill TEXT MESSAG IMINSG 0.00 10:34p Rcvd ... NTM TEXT MESSAG IMINSG 0.00 09:33a Sent KIR TEXT MESSAG IMINSG 0.00 10:34p Sent NTM TEXT MESSAG IMINSG 0.00 09:33a Sent KM TEXT MESSAG IMINSG

https://www.justice.gov/epstein/files/DataSet%209/EFTA01220280.pdf

EFTA01415820Set 10

2017-10-31222p30,137w

been trading at to reverse over the next 12-14 months. Figure 9: CP NTM P/E relative to CNI NTM P/E since ... Figure 10: CP's relative premium (discount) to CNI on a NTM P/E basis 10% 20% 30% (20%) (10%) EFTA01415834 0% '12 '13 Source: Deutsche Bank, FactSet ... NTM P/E Premium (Discount) to CNI '17 DCF Framework supports our view on valuation All told we expect rail volume growth to track fairly closely with long-term industrial production

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01415820.pdf

EFTA01371110Set 10

2017-10-311p281w

Class I rails (CP, NSC, UNP) currently trade on average at 19.3x NTM EPS, which is about a 300/. premium to the average this decade (14.6x). Relative ... Canadian Class I rails currently trade at 18.5x NTM EPS, translating to a 17% premium to the average this decade (15.8x). On a relative basis, however, the Canadian ... valuation IFigure 78: Canadian rail historical valuation 22x 130% 20x 130% U.S. Class I NTM P/E 20x Relative to SPX (NTM

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371110.pdf

EFTA01437758Set 10

2016-10-18227p26,387w

have a little room to run if 3Q can exceed low expectations. Figure 21: NTM P/FFO ... from avg Figure 22: NTM P/FAD Data as of 10/14/16 ... Page 12 Deutsche Bank Securities Inc. Div Yield Spread to !0-yr NTM P/FFO 10/14/11 1/14/12 4/14/12 7/14/12 10/14/12 1/14/13 EFTA01437795 4/14/13 7/14/13 10/14/13 1/14/14 4/14/14 7/14/14 10/14/14 1/14/15 4/14/15

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437758.pdf

EFTA01220440Set 9

2018-01-1248p30,793w

Message ROSS 0.00 01:27p Sent MTN TEXT MESSA6 RUSS 0.00 02:18p Rcvd NTM TEXT MESSA6 ROSS 0.00 01:28p Rcvd MTN TEXT MESSAG MUM 0.00 02:19p Sent ... MESSA6 ROSS 0.00 01:29p Sent MTN TEXT MESSA6 MUM 0.00 04:02p Sent NTM TEXT MESSA6 IMUISG 0.00 01:34 Rcvd IM1 TEXT MESSA6 MUM 0.00 04:15p Rcvd ... NTM TEXT MESSA6 IMUISG 0.00 01:34 Sent IM1 TEXT MESSA6 MUM 0.00 04:15p Rcvd NTM TEXT MESSA6 IMUISG 0.00 01:34 Rcvd IM1 TEXT MESSA6

https://www.justice.gov/epstein/files/DataSet%209/EFTA01220440.pdf

EFTA01478009Set 10

2015-12-3162p10,740w

Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01478053 13.00 17.00 Forecast3 ... NTM EPS Forecast3 123 233 818 400 60 39 112 Next 396+ Move $ 44 44 44 44 Next 396+ Move 44 44 Next 396+ Move

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

EFTA01477939Set 10

2015-12-3162p10,734w

Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01477983 13.00 17.00 Forecast3 ... NTM EPS Forecast3 123 233 818 400 60 39 112 Next 396+ Move $ 44 44 44 44 Next 396+ Move 44 44 Next 396+ Move

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

EFTA01358017Set 10

2016-03-281p479w

Japan 0.8% 1.8% Equities Current' Dividend NTM NTM EPS 12 Month Forecast 12 Month Return (LTM)? China 1.2% 1.2% Yield Forecast' Forecast' ' '• '• (March 2017) (March

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01358017.pdf

EFTA01380818Set 10

2016-03-281p478w

Japan 0.8% 1.8% Equities Current' Dividend NTM P/E NTM EPS 12 Month Forecast 12 Month Return P/E (LTM)? China 1.2% 1.2% Yield Forecast' Forecast' ' '• '• (March 2017) (March

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380818.pdf

EFTA01388594Set 10

2016-10-181p410w

have a little room to run if 3Q can exceed low expectations. !HOURS 21: NTM RIFF() Figure 22: NTM P/FAD 00x st dev (torn avg OM 0114,14/16 Ovia

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388594.pdf

EFTA01101193Set 9

46p8,594w

business operates through two cZegcries: - frequency busmess' criaractertzed 5y contacts *ft a occennaiy Price / NTM eamingslal large nteroer or smaller losses Ternary 'usurer diems tyolca big tNs to ircrease tedervirtng ... rrorn May2007 Jul2006 Sep2009 Dec2010 Feb2012 Majority ° busiress sourced through reinsurance brokers — Pt NTM EPS Average - Current), has an A (Ey:corlti Inancai saergin rating t upgraded n September

https://www.justice.gov/epstein/files/DataSet%209/EFTA01101193.pdf

EFTA01071289Set 9

2015-08-1330p17,719w

J.P.. Morgan Global Equity Strategy and Quantitative Research 13 August 2015 US Equity Strategy

https://www.justice.gov/epstein/files/DataSet%209/EFTA01071289.pdf

EFTA01220376Set 9

2017-12-1264p41,548w

NESSAG MUG 0.00 72:19p Rcvd 1011 TEXT NESSAG MUG 0.00 03:09p Rcvd NTM TEXT NESSAG MUG 0.00 72:20p Rcvd IMI TEXT NESSAG MUG 0.00 03:10p Sent

https://www.justice.gov/epstein/files/DataSet%209/EFTA01220376.pdf

EFTA01477363Set 10

2015-12-3069p8,427w

NTM P/E Forecast3 16.75 14.50 13.75 14.75 16.00 12.00 14.00 NTM EPS Forecast3

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

EFTA01434677Set 10

2018-02-2291p10,836w

Deutsche Bank Securities Inc. EFTA01434684 22 February 2018 Trucking U.S. Transportation Figure 3: ODFL NTM P/E relative

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434677.pdf

EFTA01307468Set 10

96p56,087w

AdasCe On **me handy scant eaerws tern* OnIne Soma a by tofurther pram, you ntm. rad.? pow tarts proming n the UCIS RIC hand DpoW sewn are puthamdunde DRIP. partial

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01307468.pdf

EFTA01452622Set 10

2014-01-281p394w

Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation Figure 2' Average Forward Pits (NTM) for Alts vs. Asset Managers

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01452622.pdf

EFTA01486299Set 10

2007-09-011p174w

HrsPrer.!tm- “ntm$ .v1"•••' 6 Mir 4•4144. I •01.1•••• /••••••04 0•41.1 itirkii tele% 4•••••realik••••wil ssrozns9OGKKE201 000 11.010 all KOIXIZIC •11410N

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01486299.pdf

EFTA01377055Set 10

2016-08-191p416w

Relative Strength Index Next 12 Mo 3 Mo Change Earnings Growth in Earnings Est (NTM) Equity Technicals and Fundamentals S&P 500 2 0% 57.89 8.7% -1.1% MSCI World

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01377055.pdf