Epstein Secrets

nd Will Likely Remain Steady. Source: OECD, Dale W. Jorgenson, Mun S. Ho, Kevin J. Stiroh, “Growth of

4 3 3 SAP 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Tech

America as of 2010) rose to 4.8% of GM’s annual expenses and $4,679 in annual pension payments per worker to former workers. Source: General Motors, FactSet, DataStream, History News Network. www.kpcb.com USA Inc. | Consequences of Inaction 432 HOUSE_OVERSIGHT_021057 Comparing GM & USA, Inc... General

e 1930s. Source: Melissa M. Favreault and Richard W. Johnson, The Urban Institute, “Raising Social Sec

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 —— Freddie Mac — Fannie Mae Note: HUD is Department of Housing and Urban Development. Source: FactSet. a USA Inc. | Income Statement Drilldown 196 HOUSE_OVERSIGHT_020939 Fannie Mae & Freddie Mac: Accounted for Majority of Total Residential Mortgage

.1% 27 scenario (Mandatory Spending) 14 estimates Bush Tax Cuts ($250k+ ; | 0.3% 0 ncomes, Estate Tax) 1

by quarter Index, 12/30/2011 = 100 101 4QE+1% 100 SQE -1% 99 FYI2-1% a8 2QE -2% of 1QE -3% O68 12/30/2011 OVSV2012 O2/2o/2012 OS282012 Source: FactSet The place that worries me the most: Spain. It ranks at or close to the bottom in a lot of categories (see table), and its growth outlook is poor. Hi

ing) D7 -0.3% 0 Incomes, Estate Tax) 4 Congress Bush Tax Cuts (Middle Income) -0.9% -2 punts Alternati

reland 96 Commercial RE exposure % of bank assets None 12/30/2011 01/31/2012 02/29/2012 03/28/2012 Encumbered banking system assets, % Greece Source: FactSet. World Bank labor rigidity, Europe None The place that worries me the most: Spain. It ranks at or |!ntra-European real effective exchange rate Italy