Epstein Files Search

EFTA01466396Set 10

2013-12-11105p20,860w

financial sector, where EM price-to-book valuations appear very low relative to ROE both in absolute terms and relative to their historical relationship. We believe that this shift ... financial sectors within GEM have margins which have underperformed their DM peers; the overall ROE for EM nonfinancial stocks is now below the level of DM non-financials, based ... higher. There is a pronounced polarisation of valuations within the EM universe on an ROE versus P/BV basis between sectors both in absolute terms (Figure 2) and relative

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

EFTA01270954Set 10

2015-01-31170p68,754w

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https://www.justice.gov/epstein/files/DataSet%2010/EFTA01270954.pdf

EFTA01459754Set 10

2016-02-081p330w

formula vs. commonly used `wrong" formula Incorrect Growth based fair PB: Incremental real ROE - real growth Accumulated ROE ROE -g PB = Real COE • real growth • Real incremental ROE ... Steady-state based fair PB: Accumulated ROE ROE PO = Real COE PB = COE DPS Growth based fair PE: PE = COE - growth / EPS Steady-state based fair ... derivation from the proper Gordon Growth dividend discount model: • It assumes accumulated ROE = incremental ROE • It does not account for long-term EPS growth driven by inflation Rarely does ROE

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459754.pdf

EFTA01476303Set 10

2015-11-20252p27,629w

using true DPS (all payout) $41.00 Deutsche Bank's 2015E S&P 500 aggregate ROE 34% 2014 end S&P 500 book value per share $41.00 DB's "normal 2015E ... aggregate ROE 37% S&P 500 EPS retained for true reinvestment $26.50 Estimated ROE on reinvested S&P 500 EPS 24% Economic margin (EM) or ROE-CoE $67.50 Sources ... book value per share 4.13% Fair PB = Fair PE * normal aggregate ROE 1.33% Fair PE = (ROE-g) / (real ROE*(real CoE-real g)) 5.45% Implied S&P 500 fair value

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

EFTA01271124Set 10removed from DOJ

2015-02-28162p67,245w

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https://www.justice.gov/epstein/files/DataSet%2010/EFTA01271124.pdf

EFTA01306684Set 10

2019-01-0298p59,578w

Dividend and interest income earned Subtract/OAS Checks and bill payments -1,00000 -1,00000 roe Ouoosesot the ststement taablIty of Intense sad CIACIM0 IcK0Me has been Onerrnned ... renal of market movement. rout brkneolya eminent clafictne a rob wade anceded rah roes On tale named cit. ed toil hose on cerlan covered WS Sweep Optketl othemmot ... nark waked seosibriassels the ninadena Draw. and yo,mat elle a repo or ~roe. the fwen at either sea weld will al upon 'ow.masa Nernst mt.bark depute

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01306684.pdf

EFTA01669910Set 10

2012-02-29277p96,668w

chino ri anew, me, rents co your 'donut and tie roe sonata ticharge ycu ',erect cad ems,. Bind re ~we Ifni se no» e nttake ... Kowa ma MOOR:cot pt g Son Scant, Feint Rennin Psentrec etc ) TerPon Roe: For USN: For Mt TO RIO OUTE A OIRECTDEPOSITHAS SEEN WOE hostas* fleets/ Fasesnk ... oriental ens in inn/ You may cal uc nlycu me roe roe regalia FirstLine Solution Center mestere sr manta errors andyru may Ise to pat the wool elW:0r Puerto

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01669910.pdf

EFTA01086729Set 9

2015-11-3022p7,182w

returns over a 5-10 year period and expects to yield long-term target ROEs in the mid to high teens > The Capital Raise — Athene's existing shareholders have invested ... Profitable franchise, with YTD management view GAAP 'then ISA New York Iona Operating ROE of —4096(2) • • D Experienced management team led by long-term industry • Aflame Annuity Retail Delanare ... predictable, long-term income stream expected to generate mid to high teens run-rate ROEs > 2013 YTD GAAP management view Operating Income of -$560nun, translating into -40% management view GAAP

https://www.justice.gov/epstein/files/DataSet%209/EFTA01086729.pdf

EFTA01451031Set 10

1p381w

little cheaper in both cases. iFigure 17: EM versus DM by sector - (x) and RoE (9'O) Sector EM WHY ix) FM ROE 1%) OM PAW (XI OM ROE (%) Financials ... AGGREGATE 1.59 12.76 2.10 12.00 Sant Owls** S* pear wry Anna LP 3) DM ROE in non-financials sector is now better than EM as aggregate margins have converged ... financial sectors in DM and EM reveals that the marginal shift of ROE in favour of DM which has taken place over recent years (Figure 18) is mainly

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01451031.pdf

EFTA00124206Set 9

2019-12-18130p38,714w

anane.M , amewl amen or reopen premed MAN ✓OuaccouRo veer JaMman Chase Sank. NA Parana roe pecomed to Jeterfen Otam See HA. co at same meldie. Me wu nonce Mena pone ... CuStOrner Senn« Inquiries Payer! — Vehicle Purchase Overnight Patel— VMS» Payment rota' Group Purchase Land Roe« f mineral nt,we pc.1Air. OcernVer Seleclent WV >Oa eXtsnr Ts. or Poking Ticker Dentrellt ... payment milt tie coupon imatv Tea name so 24273 Ire Lana name sad trek roe Lard Me, anti OM bp and Lana Rosa master &oast liadenest of Jaws Lane Rows

https://www.justice.gov/epstein/files/DataSet%209/EFTA00124206.pdf

EFTA01148966Set 9

2013-12-1221p10,165w

profitability of the convenience store business, (2) a dividend hike or expectations that RoE will reach management's target, and (3) steps to bolster IY and department stores. Seven ... Dividend Yield 1.9% Source: Company data. Mantel. J.P. Morgan estimates. ROE 9.3% See page 18 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does ... businesses • Enhanced shareholder return policies aimed at attaining aro currently undergoing structural reform. 10% RoE target OP Composition by Segment, FY2012 • Improved eamings at Ito-Yokado and department store segment

https://www.justice.gov/epstein/files/DataSet%209/EFTA01148966.pdf

EFTA00296195Set 9

2009-05-0371p17,981w

04/20/2009 1 • . Juskowich Attorney/Client privilege and/or work product 02932 07/17/2009 II Jane Doe v. Roe Attorney/Client privilege and/or work product 11544-11545 09/28/2009 1I Client info Attorney/Client privilege and/or work ... case Attorney/Client privilege and/or work product 06906-06909 07/17/2009 Jane Doe v. Roe Attorney/Client privilege and/or work product 06913-06914 06/22/2009 . Jane Doe v. Roe Attorney/Client privilege and/or work product ... Client info Attorney/Client privilege and/or work product 02933 06/17/2009 --; I Jane Doe v. Roe Attorney/Client privilege and/or work product I 1-- 01292 09/18/2009 Epstein article Attorney/Client privilege and/or work product

https://www.justice.gov/epstein/files/DataSet%209/EFTA00296195.pdf

EFTA01306980Set 10

2018-12-02104p60,180w

Dec3 Transfer TO 16,00000 Total other fends debited 430.148.92 Investment transactions for roe atco fie pocanin :harm fa restrrctedwcuntes. see vivorrant nlorrearon thota Your strtenotro a file entioll tros ... Prone. yxr name rd =an nun. (it any) Weber the SIC prawhon roe the ttambrnereal tolerate scme valtley fa sea h•te rant ifitalm of WS Scorns U.C. the rims ... netacle wined seasibeinsets Me naoda<ig brcta, ad ycw iron mike a wpm or ~roe. l the In il ether sell whet unti al upon spew...a barna

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01306980.pdf

EFTA01459746Set 10

2016-02-081p547w

February 2016 US Equity Insights I Figure 19: NB and ROE of S&P 500 Banks and Financials Figure 20: Implied real CoE (ROE PS) of S&P 500 Banks ... Financials 15% Invited real CoE (ROE PB) 15% ao 10% 16 20 • 5% 16 Avg 1995-2005: 06 Banks: 7.2% financials: 6.3% 00 .10% Ft000an Pad Brim ... Froarais (re) §§kigiiIiii/h1/111 ;;;; ROE d Balks 0/e) ROE d Arista ohs, Recession Thinks (GCS III) —Finenc01. (GIES 6 Soder MSS Ceases. WadedBen San IBES. Comotetst Devegelw an We consider banks

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459746.pdf

EFTA00606146Set 9

2010-08-0912p14,739w

tare NO 'flomsyt' Fer: Expertes' sodas of Ma Note,Beele aue pay el .roe ad esses baart0 by Lender sbire out of ce Terra to eny deps ce action, Loger ... ogroomonts banns Grantor and Liar. No thane In Onentok name or plocipm roe dare NH take ailed until alter lands rse receMed notice. So Weleion. The encesution end envogy ... raldralon% oaf rot ~Ado consent by haler to any ea «Oho aposidon. Upon roe. Grotto shallLoseedisitly derisory suds POCell lo tender. Ufa. Grata reprersents and manta lo Len» tot Greta

https://www.justice.gov/epstein/files/DataSet%209/EFTA00606146.pdf

EFTA00496633Set 9

2019-05-31110p30,220w

tionde( and Na agans, knorter, You ere WWW0WWWe ro, any OWWW908. Shipping 01.9908 anda roes you authotize We reSON9 the right to note IXOnW sod telerene Oats roe seMcing ... Express 04 lab* to the actone of Ow seroce vovklee aid the on,/ remedy roe any daima rotating t.) fervi088 Of 0100uCt8 prOv1004 byte HMCo voider :5898.1 , 810w Cantos VOWS ... tionde( and Na agans, knorter, You ere WWW0WWWe ro, any OWWW908. Shipping 01.9908 anda roes you authotize We reSON9 the right to note IXOnW sod telerene Oats roe seMcing

https://www.justice.gov/epstein/files/DataSet%209/EFTA00496633.pdf

EFTA01307468Set 10

96p56,087w

market, and «Olin ~If nOl held wades se baret UBS Fnanas, Services and roe ACCOrl ~Cie' blow. mead Idea panelire at a result ol å yInnlend~ by the dam Does ... hood, mr nano and mart nuntee d any) teethe the SIC poxeclon roe the maplantreal tolerate scene Matey fa seek biter MEM, of WS Mullin ftC the Fim'i frontal

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

EFTA00211913Set 9

2008-09-083p603w

give me a call? We should talk. My warning bells are going off. From: Roe, Susan (USAWAW) Sent: Monday, September 08, 2008 2:26 PM To: Villafana, Ann Marie ... Marie C. (USAF'S) Sent: Monday, September 08, 2008 11:15 AM To: Roe, Susan (USAWAW) Subject: RE: epstein Who is his client? He has a connection to Epstein ... AUSA who used to sit next door to me during the investigation). EFTA00211913 From: Roe, Susan (USAWAW) Sent: Monday, September 08, 2008 2:10 PM To: Villafana, Ann Marie

https://www.justice.gov/epstein/files/DataSet%209/EFTA00211913.pdf

EFTA00301317Set 9

2014-06-1818p8,334w

Return on assets (ROA) 4.9% 4.5% 4.3% 4.4% Return on equity (ROE) 18.3% 18.1% 15.2% 15.2% Soiree: Company reports and J.P. Morgan estimates. Note: Sin millions (except per-share data ... Return on assets (ROA) 3.6% 3.5% 3.6% 3.8% Return on equity (ROE) 18.8% 18.1% 18.0% 17.7% Sowce: Company reports and J.P. Morgan estimates. Note: $ in millions (except per-share data ... Return on assets (ROA) 4.5% 4.0% 4.4% 4.1% Rerun on equity (ROE) 11.1% 11.5% 15.5% 15.1% Sowce: Company reports and J.P. Morgan estimates. Note:5 in millions (except per-share

https://www.justice.gov/epstein/files/DataSet%209/EFTA00301317.pdf

EFTA00222254Set 9

2008-06-3035p26,046w

noun.. La told the polla that rpm know O. Defoe, roe got to epatol000 6 aM moo with notoio soot call yoo on the pan* 1 at iimer ... 1X0105D. 9 you noe to end tad 30•1 Opne dm" Mrs troe 06107 roe ant tO ret:bere ?be ae•Inectien, 10 to øllege ... npolorn. CIO be! le. 71131, I de We it. 16 A. roe 17 at Ft NM O. At rio fir did yet twee se. Math's 64.11.1. It.. inst

https://www.justice.gov/epstein/files/DataSet%209/EFTA00222254.pdf