Epstein Secrets

Year Average Yield Weighted Average Treasury Yields (%) 0% . T T T T T T T T T T 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 KP Source: US Treasury. i USA Inc. | Income Statement Drilldown 165 Effective Interest Rates: If Debt Levels & Interest Rates Rise Dramatically Beyond 2010, Net Interest

s Helped Fuel It, Too, as They Reached For Yield Without Questioning AAA Ratings of A Subprime-Backed Investments Investors picked up 25-35bps over U.S. Treasuries with comparable maturity, typically levered 10:1 and generated 2.5-3.5% yield, meaningful against an 8% annual yield target Illustrative AAA-Rated S

Consider Review Tax Rates Changing MEE Reduce Subsidies / Tax Expenditures*/ eee Broaden Tax Base Note: *Tax subsidies / expenditures are losses to the U.S. Treasury from granting certain deductions, exemptions, or credits (such i as those on mortgage interest payments and employer-sponsored health insurance payme

mined jointly by Federal and State governments. Federal funding is met through an appropriation by Congress (and can be adjusted annually). Source: Congressional Research Service, Social Security Reform: Legal Analysis of Social Security Benefits Entitlement Issues. (@)E) www.kpcb.com USA Inc. | What Might a Turnaround Expert

Liabilities Minus Unfunded Entitlement Liabilities — Assets include cash & investments, taxes receivable, property, plant & equipment (as defined by Department of Treasury). — Liabilities include accounts payable, accrued payroll & benefits, federal debt, federal employee & veteran benefits payable... — Unfunded Entitle

it Cumulative Cost of: $685 Billion = War in Iraq $231 Billion = War in Afghanistan $34 Billion = Other Related Operations Source: White House OMB, Congressional Research Service, “The Cost of Iraq, Afghanistan, and Other Global War on Terror K Pp Operations Since 9/11,” 9/2/2010. (@E) www.kpcb.com USA Inc. | Income Statement

litary Military Diplomatic Action Military Military * JCPOA: “Joint Comprehensive Plan of Action” Source: Investment Strategy Group, White House, US Treasury, New York Times, Bloomberg, Wail Street Journal. JCPOA* finalized between Iran and P5+1 President Trump de-certifies compliance of Iran with JCPOA

for the imports of some needed food and medical products.” ! (1) Michael Ratner, “Iran’s Threats, the Strait of Hormuz, and Oil Markets: In Brief,” Congressional Research Service, August 6, 2018. 8 Source: Investment Strategy Group, Goldman Sachs Enterprise Risk Management, EIA, Bloomberg. HOUSE_OVERSIGHT_026952 --- PAGE BRE