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

nancial Engineering a High Growth/ International a Hedges 0 10 20 30 40 so so (months) Investment Horizon • minimum • Maximum Although Deep Value, Turnaround investments will represent the main focus of the portfolio, GP does make shorter-term opportunistic investments Financial Engineering

years 15 EFTA_R1_0 1947049 EFTA02672833 Strategy a Execution Investment Buckets Hedges Ugh Growth/International Financial Engineering Deep, Deep Value "Turnaround" • Deep, Deep Value "Turnaround" • Financial Engineering a High Growth/ International a Hedges 0 10 20 30 40 so so (months)

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

al Financial Engineering Deep, Deep Value "Turnaround* 0 10 20 30 40 Investment Horizon • Minimum • Maximum SO 60 (months) • Although Deep Value, Turnaround investments will represent the main focus of the portfolio, GP does make shorter-term opportunistic investments • Financial Engineer

. The typical investment holding period is between 2-4 years 15 EFTA00505794 Strategy & Execution Investment Buckets 10% 8% 2% MIS a Deep, Deep Value "Turnaround" • Financial Engineering - High Growth/ International • Hedges Hedges High Growth/International Financial Engineering Deep, Deep

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

. Financial Engineering Deep, Deep Value "Turnaround" Investment Horizon ■ Minimum ■ Maximum 0 10 20 30 40 50 60 (months) • Although Deep Value, Turnaround investments will represent the main focus of the portfolio, GP does make shorter-term opportunistic investments • Financial Engineer

ation. The typical investment holding period is between 2-4 years 18 EFTA00505824 Strategy & Execution Investment Buckets 10% 8% 2% a Deep, Deep Value 'Turnaround" a Financial Engineering High Growth/ International ■ Hedges *II Hedges : High Growth/International . Financial Engineering Dee