Epstein Secrets

I. The legacy part of the business provides stable and consistent free cash flows. Factoring in the 3 announced acquisitions (Esso. Topaz. Dansk Shell). dropping fuel margin to 18.Scpg. and assuming 1% fuel volume organic growth. produces a 33% upside for the Legacy business. 2. Adding on the acq

y is dead or that it's a bad business. When I was at ESL I can think of four or five companies that we bought two or three times over the years. Kmart was something that originally came out of a distressed investment we IConbnued on page 10/ EFTA00300973 Page 10 John Phelan made. We made a b

e Amount Opening balance 3/18/2005 $2,105.11 Ending balance 3/23/2005 $638.38 Date Payee Amount Description Deposit Balance 1 3/18/2005 Shell $10.00 Gasoline $2,095.11 2 3/18/2005 Aventura Limusine $240.00 Adriana trip from Miami $1,855.11 3 3/18/2005 Extra Touch Flowers $468.61 Flow

The Home Depot $3.10 Hardware $1,089.68 21 11/2/2005 Burger King $10.85 Meal $1,078.83 22 11/3/2005 Arby's $5.32 Meal $1,073.51 23 11/3/2005 Kmart $11.66 Photo development $1,061.85 24 11/3/2005 Publix $34.15 Groceries $1,027.70 25 11/4/2005 Taxi $55.00 Taxi fare $972.70 26 11/7/2005

24.92 Groceries $1,092.54 17 4/15/2005 Southem Petroleum $20.00 Gasoline $1,072.54 18 4/17/2005 Burger King $4.02 Meal $1,068.52 19 4/17/2005 Shell $50.00 Gasoline $1,018.52 20 4/18/2005 Burger King $3.93 Meal $1.014.59 21 4/15/2005 Samco System $85.00 Fix Gate $929.59 22 4/19/2005 Publi

e Home Depot $3.10 Hardware $1,089.68 21 11/2/2005 Burger King $10.85 Meal $1,078.83 22 11/3/2005 Arby's $5.32 Meal $1,073.51 23 11/3/2005 Kmart $11.66 Photo development $1,061.85 24 11/3/2005 Publix $34.15 Groceries $1,027.70 25 11/4/2005 Taxi $55.00 Taxi fare $972.70 26 11/72005

4.92 Groceries $1,092.54 17 4/15/2005 Southern Petroleum $20.00 Gasoline $1,072.54 18 4/17/2005 Burger King $4.02 Meal $1,068.52 19 4/17/2005 Shell $50.00 Gasoline $1,018.52 20 4/18/2005 Burger King $3.93 Meal $1.014.59 21 4/15/2005 Samco System $85.00 Fix Gate $929.59 22 4/19/2005 Publi

e Home Depot $3.10 Hardware $1,089.68 21 11/2/2005 Burger King $10.85 Meal $1,078.83 22 11/3/2005 Arby's $5.32 Meal $1,073.51 23 11/3/2005 Kmart $11.66 Photo development $1,061.85 24 11/3/2005 Publix $34.15 Groceries $1,027.70 25 11/4/2005 Taxi $55.00 Taxi fare $972.70 26 11/7/2005