Epstein Files Search

EFTA01437758Set 10

2016-10-18227p26,387w

Apartment Shopping Center Malls EFTA01437782 Office Rent Growth y/y Rent Growth y/y Q/Q Trend 3.8% 2.0% 2.0% 2.8% 2.3% 3.8% -0.7% -0.1% 0.0% -0.3% -0.2% 0.6% Industrial Sr Housing Page ... still attractive risk/reward opportunity versus global alternatives. Figure 11: National investment volume growth y/y ... rate trends 10.00% 100 200 300 400 500 600 as of Aug-16 0 Y/Y ch in deal volume ap Rate Spread to 10-yr l Investment volumes remain weak

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

EFTA01476303Set 10

2015-11-20252p27,629w

y/y ... Equity Insights Figure 61: 3Q15 Sales and EPS growth by sector Sales y/y EPS y/y -20% Cons Disc Ex Auto & Home Builders Cons Staples Energy Financials Health Care Industrials Tech ... Litigation EPS ex. EPS y/y % Charges Litigation y/y

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01476303.pdf

EFTA01474964Set 10

2015-10-02168p16,614w

Exports and Oil prices. At —47 it suggests flat to slightly down y/y 3Q EPS. Btm-up 3Q EPS is now $29.04, or -4.4% y/y on -3.4% y/y sales ... high single-digit. Btm-up Tech EPS growth is now merely 2.8% y/y, on FX headwinds and still very sluggish corp IT spending. But final Tech EPS growth should ... typical "fishhook" beats. We think 3Q EPS will finalize around $29.75, down 2% y/y, with sales down —4%, and margins up slightly. Margin improvement is on a non-GAAP basis

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474964.pdf

EFTA01104713Set 9

2013-07-2516p10,274w

revenue of $1.6B (+61% WY) was 15% ahead of our $1.48 (40% Y/Y) estimate. Upside to ad revenue was driven by greater than expected mobile ad revenue, an increase ... Facebook continues to make good progress on mobile as mobile DAUs were up 60% Y/Y and reached 57% DAUs/MAUs in 2Q. Despite recent negative sentiment around teen engagement levels, Facebook ... driven by News Feed ads and mobile monetization. 2Q ad revenue of $1.68 (+61% Y/Y, +63% VA' ex-FX) came in well above our $1.48 estimate, driven by strength across

https://www.justice.gov/epstein/files/DataSet%209/EFTA01104713.pdf

EFTA01103701Set 9

2014-11-0389p57,380w

impressed by momentum in bookings growth, room nights, and propeny count (+40% Y/Y). We remain confident in James (Zhaokun) Ma PCLN's ability to drive further global share gains reiterate ... Solid IQ results. Priceline reported IQ FXN gross bookings growth of +26% Y/Y, ahead of our +22% Y/Y estimate, with Domestic bookings growth of +2.4% WY and International FXN growth ... Y/Y, as Booking.com continues to gain share with +40% Y/Y accommodations growth in a healthy European travel 911 environment. Room nights reached 100M+, up +25% WY from +24% Y/Y

https://www.justice.gov/epstein/files/DataSet%209/EFTA01103701.pdf

EFTA01104689Set 9

2013-09-1220p12,387w

eMarketer, digital video ad spend will reach $4.1B in 2013, up 41% Y/Y, and it will continue be one of the fastest growing segments of online advertising. While video ... Y/Y Cm,» MA MA MA MA MA 1% 37% 53% 32% 19% 1» 00 Dux» MA M4 .20% .6% 0% 34% .1% 10% Renm36.346 ... Pmtod 3981 13.168 29166 48.594 93309 55.037 81502 62.790 62.158 240947 276.101 278.803 Y/Y Gran» NM NM NM MA NM 363% 123% 28% 157% 15% 1% GO Gabe

https://www.justice.gov/epstein/files/DataSet%209/EFTA01104689.pdf

EFTA02029821Set 10

2020-10-1524p12,977w

Morgan High Grade index and that net debt is expected to decline 0.2x y/y. ANIILYS • Total Return Potential: Should the 6.75% notes (B2/BB, stable/ positive outlooks) due 2021 converge ... results in the future. IHS is projecting total European production to be down Wo y/y in IQI3 and down 3% for FY13 after declining 5% during FYI2. We expect ... EBITDA was down 17% and caused its EBITDA per retail sale to plunge 27% y/y. TTMTIN- Relative Value Tielw Rating Coupon Maturity Mr Pries TM STT 113E Lev TTMTIN Ba3/B8

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02029821.pdf

EFTA01367801Set 10

2015-05-221p620w

Equity Insights 10 EPS tracker: Good EPS beats, lots of sales misses; sales down y/y, but margin expansion helped EPS up y/y 487 companies ... also the biggest since recession. Btm-up IQ EPS is now S28.78, 2.6% y/y. The 10 EPS growth is on -3.5% sales decline helped by 4.5% y/y margin expansion ... 2015E S&P 500 EPS of $118 (flat y/y) assumes average 1.05 EUR/USD, 100 DXY, and -$50/bbl WTI in 2015. Spot DXY dollar index is at -95. if the dollar

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367801.pdf

EFTA02343435Set 11

2017-08-014p937w

limn compared to our/Street est of 9mn Rev =rom Greater China declined 10% y/y, which was slightly better than the =eclines in F1Q/F2Q class="MsoNormal" style="margin ... sales. Services rev (digital content, AppleCare, =pple Pay, licensing, other services) grew 22% y/y to $7.3bn. This =ompares to double-digit (DD, 18%) growth in FlQ and F2Q. Greater ... China rev declines y/y for the 6th qtr =n a row Apple reported F3Q rev from =reater China (China, Hong Kong, Taiwan) of $8.0bn, which declined

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02343435.pdf

EFTA01459741Set 10

2016-02-081p485w

missed on EPS even on lowered estimates and Energy blended EPS is down 74% y/y. The blended (actual for reported and estimate for remaining) bottom ... Lower litigation is a $0.17 tailwind to 4Q15 EPS, reducing 4O S&P EPS y/y decline by 0.5%. We think 4O EPS will finalize around $29.25. down 3-4% y/y ... especially Energy (-42.1%) and Materials (-9.0%), have seen substantial cuts. The blended 4Q EPS y/y growth is -3.7% for S&P 500, 2.3% ex. Energy, and 2.4% ex. Energy & Financials

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459741.pdf

EFTA02121389Set 10

2020-11-139p2,210w

joint release post merger), top line adequate (trading +3.7%) • Carphone Warehouse H1 revs up y/y, EBIT ahead, EBITDA better, sees FY in line (trading +7.5%) • Bouygues Q3 revs in line ... profit better y/y, order book improvement, upbeat outlook (trading +6.0%) • Telekom Austria O3 revs inline, net income miss, EBITDA good, confirms forecasts (trading -1.9%) • EVS Broadcast O3 net falls, revs ... EFTA_R1_00755701 EFTA02121390 • Aker ASA Q3 revs flat, EBITDA light, net income miss y/y, slowdown in E&P spend (trading +0.30%) • Ted Baker Q3 sales +24%, gross margin

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02121389.pdf

EFTA01459628Set 10

2016-02-081p485w

missed on EPS even on lowered estimates and Energy blended EPS is down 74% y/y. The blended (actual for reported and estimate for remaining) bottom ... Lower litigation is a $0.17 tailwind to 4Q15 EPS, reducing 4O S&P EPS y/y decline by 0.5%. We think 4O EPS will finalize around $29.25. down 3-4% y/y ... especially Energy (-42.1%) and Materials (-9.0%), have seen substantial cuts. The blended 4Q EPS y/y growth is -3.7% for S&P 500, 2.3% ex. Energy, and 2.4% ex. Energy & Financials

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459628.pdf

EFTA01115312Set 9

2013-07-1915p9,295w

mobile and display, Enhanced Campaigns, and Google Shopping/PLAs should drive Bo Nam stronger Y/Y growth in 2H13 and into 2014. We reiterate our Overweight rating and $1,015 price target ... results modestly below expectations. Google Inc. consolidated gross revenue of $14.18 (+19% Y/Y, +1% Q/Q) was 2.7% below our estimate of $14.58 due to softness in the Google Network ... Liked: • Solid Google Sites growth. Google Sites net revenue of $8.2B (+16% Y/Y, +2.5% Q/Q) was in-line with our expectation and stable with 1Q13 growth levels. We expect

https://www.justice.gov/epstein/files/DataSet%209/EFTA01115312.pdf

EFTA01459077Set 10

2016-11-201p587w

tailwind to 3Q15 EPS, adding 2% to 3Q S&P EPS y/y growth. We think 3Q EPS will finalize around $30.00, flattish y/y, with sales down -4%, margins ... down from $31.21 on 9/1/2015. Our 4Q EPS estimate is $30.25, essentially flat y/y. We think 4Q growth will be slow: (1) FX will be a smaller drag ... weakest since Dec 2012. Latest core capital goods new orders are -5.8% y/y, worst since Dec 2009. Mfg. IP ex Auto growth is weak. Analysts have

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459077.pdf

EFTA01385304Set 10

2018-01-031p386w

Deutsche Bank's Global Autos team estimating that '17 sales in China rose 1.8% y/y to 28.5 MM units, following a growth rate of 12.6% in '16. '18 Chinese auto ... sales are expected to increase 4.0% y/y to 29.7 MM units. 2017 sales in Japan and Korea are expected to increase by 6.0% y/y and 0.9%. respectively, while Deutsche Bank ... Fannie Mae expects total housing starts in the U.S. to rise 5.0% y/y in '18 to 1.25 MM units. Recent housing and construction data points include the following: • U.S. building

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385304.pdf

EFTA00390785Set 9

2013-05-097p2,239w

market is interpreting as pointing to weaker growth. China April CPI came in +2.4% y/y, higher than consensus +2.3% y/y (and +2.1% in March) while PPI was -2.6% y/y, below ... consensus -2.3% y/y (and -1.9% previously). South Korea outperformed with the Kospi finishing on the highs as the BOK becomes the latest central bank to cut rates, lowering ... forecasters cut 2013 GDP estimate to -0.4% from +0.0% • Spain March industrial output wda y/y -0.6% vs est -5.3% (nsa y/y -9.8% vs -8.5% prior) • Spain sells €4.57 billion

https://www.justice.gov/epstein/files/DataSet%209/EFTA00390785.pdf

EFTA00796512Set 9

2017-05-0314p10,174w

Source Corpany reports. Born Merrill Lynch Global Research estimates 2. Services rev grew 17.5% y/y which is consistent with the growth rate seen in Fl Q17 (after adjusting ... total dollar ASP change. Figure 3: Parsing 'Phone ASP q/q and y/y change into Mix and FX F2016 F1017 Mix FX F2017 Change cyq $695 ($26) ($14) $655 ($40) y/y ... some challenges at the lower end of its iPhone portfolio in China: Revenue growth y/y in Greater China for the first two quarters of F17 improved significantly over the F2H16

https://www.justice.gov/epstein/files/DataSet%209/EFTA00796512.pdf

EFTA01385278Set 10

2018-01-031p476w

estimating new residential construction should accelerate and grow at 6% y/y versus 2017 with the driver being solely from single-family construction (+10%) offset by multi-family construction down about ... figure slightly below LTM figures reported by the JCHS at Harvard University of +6.4% y/y through 3017 (and projected at +6.3% for 2017). Based on YTD housing starts, new housing ... construction was +3.1% y/y (versus our +4%) with single and multi-family +8.7% and down -8.2% y/y, respectively. We were looking for single-family +7% and multi- family

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385278.pdf

EFTA02139472Set 10

2013-05-098p2,231w

market is interpreting as pointing to weaker growth. China April CPI came in +2.4% y/y, higher than consensus +2.3% y/y (and +2.1% in March) while PPI was -2.6% y/y, below ... consensus -2.3% y/y (and -1.9% previously). South Korea outperformed with the Kospi finishing on the highs as the BOK becomes the latest central bank to cut rates, lowering ... forecasters cut 2013 GDP estimate to -0.4% from +0.0% • Spain March industrial output wda y/y -0.6% vs est -5.3% (nsa y/y -9.8% vs -8.5% prior) EFTA_R1_00792376 EFTA02139473 • Spain

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02139472.pdf

EFTA02154470Set 10

2012-11-157p1,892w

deal vote according to Bloomberg • Eurozone O3 GDP -0.1% q/q versus estimate -0.1% (-0.6% y/y versus estimate -0.6%) EFTA_R1_00820517 EFTA02154471 • German growth slowed less than forecast ... versus estimate +0.1%) • France O3 preliminary GDP +0.2% q/q versus estimate +0.0% (+0.2% y/y versus estimate +0.0%) • Italy Q3 preliminary GDP -0.2% q/q versus estimate -0.5% (-2.4% y/y versus estimate ... Spain Q3 final GDP -0.3% versus estimate -0.3% (-1.6% y/y versus estimate -1.6%) • Netherlands O3 preliminary GDP -1.1% q/q versus est -0.2% (-1.5% y/y versus est -0.5%) • UK October retail

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02154470.pdf