Epstein Secrets

P (=> ins Ortseaes 3) Free Option on Rate Rise in the last period of rate rises from 2004 to 2008, the Fed Funds rate rose from 1.4% to 5.0% and Schwab's NIM rose from 2.1% to 4.3% Selected interest rotas (US, X04 - 21:07) Based on end of year 2015 client cash balances. Schwab would be trading at

Money Market Sweep Opportunity Since the financial crisis. —$70 billion in yield insensitive cash has built up in Schwab money market funds. where Schwab earns 17bps on cash. If that cash were instead on the bank balance sheet. Schwab would earn in 160bps spread. However. in order to move the cash to

nually, holding rates constant 2) Money Market Sweep Opportunity Since the financial crisis. —$70 billion in yield insensitive cash has built up in Schwab money market funds. where Schwab earns 17bps on cash. If that cash were instead on the bank balance sheet. Schwab would earn in 160bps spread. Howe

_ Yes _ No Would you like to receive e-mail updates from the Heilbrunn Center? _ Yes No Graham & Doddsville Editors 2015-2016 Brendan Dawson '16 Brendan is a second-year MBA student and member of the Heilbrunn Center's Value Investing Program. During die summer, Brendan was an investment analyst at T

2019 8:18 AM To: Markland. Chad W Cc: Jeanne Brennan Subject: SF LLC can you please look into 3,000,000 of Excela bond that never transferred to Schwab.. thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 CONFIDENTIAL SDNY_GM_000 12287 EFTA 00122937

m: fiatadiabb To: Chad idalli1000 Cc: Jeanne Brennan: Aloha Group Capital Subject: Re: SF LLC Date:

From: Richard Kahn To: Cc: Jeanne Brennan Subject: Transfer of positions to Schwab Date: Wednesday. May 15. 2019 4:34:08 PM Please advise if you have any updates. Thank you. Richard Kahn HBRK Associates Inc. 575 Lexington Aven

From: Richard Kahn To: Cc: Jeanne Brennan Subject: Transfer of positions to Schwab Date:

2019 8:18 AM To: Markland. Chad W Cc: Jeanne Brennan Subject: SF LLC can you please look into 3,000,000 of Excela bond that never transferred to Schwab.. thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 tel 212-971-1306 fax 212-320-0381 cell 917-4

2, 2019 8:18 AM To: Markland. Chad W Cc: Jeanne Brennan Subject: SF LLC can you please look into 3,000,

nne Brennan Subject: SF LLC Date: Wednesday, May 22, 2019 9:17:41 AM can you please look into 3,000,000 of Excela bond that never transferred to Schwab.. thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 tel fa cel CONFIDENTIAL ' Y G"00'312450

rom: RiatafALIBB To: Lhadiia&land Cc: Jeanne Brennan Subject: SF LLC Date: Wednesday, May 22, 2019

2019 8:18 AM To: Markland, Chad W Cc: Jeanne Brennan Subject: SF LLC can you please look into 3,000,000 of Excela bond that never transferred to Schwab.. thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 tel 212-971-1306 fax 212-320-0381 cell 917-4

, 2019 10:12 AM To: Markland, Chad W Cc: Jeanne Brennan; Alpha Group Capital Subject: Re: SF LLC thank

19 8:18 AM To: Marldand, Chad W Cc: Jeanne Brennan Subject: SF LLC 1 can you please look into 3,000,000 of Excela bond that never transferred to Schwab.. thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 tel fa) ce CONFIDENTIAL SONY_GM_000 12452

2, 2019 8:18 AM To: Marldand, Chad W Cc: Jeanne Brennan Subject: SF LLC 1 can you please look into 3,0

t: SF LLC CONFIDENTIAL SDNY_GM_00012465 EFTA_00123108 EFTA01268488 can you please look into 3.000.000 of Excela bond that never transferred to Schwab.. thank you Richard Kahn HBRK Associates Inc. CONFIDENTIAL SONY_GM_000 12466 EFTA_00123109 EFTA01268489

om: Richard Kahn To: caul:WorkMod Cc: Jeanne Brennan: Aloha Group Capital Subject: Re: SF LLC Date: