Epstein Secrets

Appendix: Selected Publicly Traded Holding Companies (USS 00th) Fiscal Year ended Berkshire Hathaway (BRICK) 12/31/201 2 Revenue 162,463 Profit Margin 9.2% Total Assets 427,452 Book Equity 187,647 Equity Market Cap. 283,800 PIE 16.1x ROE 10.2x Earnings/Share 10.9 Price/Book 1.5Ix Div

• Monetary policy remains extremely accomodative • Low interest rates spurring increased risk appetite • Liquidity is beginning to move out of Mid-Large Caps. Small & Micro Cap valuations remain compelling relative to larger caps which have already recovered to pre-Lehman levels • Markets no longer pun

p. (BFCF) Fiscal Year ended 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 Revenue 162,463 9,194 4,500 761 288 497 Profit Margin 9.2% 10.9% 1.8% 5.4% 2.6% 4.6% Total Assets 427,452 9,349 27,400 1,378 62 1,414 Book Equity 187,647 6,767 1,599 527 31 365 Equit

• Monetary policy remains extremely accomodative • Low interest rates spurring increased risk appetite • Liquidity is beginning to move out of Mid-Large Caps. Small & Micro Cap valuations remain compelling relative to larger caps which have already recovered to pre-Lehman levels Markets no longer punis

LUK) (HRG) (SPLP) (RCAP) Fiscal Year ended 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 Revenue 162,463 9,194 4,500 761 288 Profit Margin 9.2% 10.9% 1.8% 5.4% 2.6% Total Assets 427,452 9,349 27,400 1,378 62 Book Equity 187,647 6,767 1,599 527 31 Equity Market Cap. 283

• Monetary policy remains extremely accommodative • Low interest rates spurring increased risk appetite • Liquidity is beginning to move out of Mid-Large Caps. Small & Micro Cap valuations remain compelling relative to larger caps which have already recovered to pre-Lehman levels Markets no longer punis