Epstein Secrets

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Vitalia Wass: Iwo, 98,800 - 152,549 152,549 53,748 5.7% July 2007 Nido Ban:clone' 31.125 - 9.026 9.026 (22.099) (16.1%) October 2007 Alliance I keel Portfolio* " 111,745 7,747 - 7,747 (103,999) (39.0%) February 2008 Vitali. Wave IV* " 56,721 - 53.776 53.776 (2.945) (0.8%) Apr

banks) organized under the laws of the United States, any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands which both (A) accepts demand deposits or deposits that the depositor may withdraw by check or similar

/depreciation, similar to other asset managers, underperformance, and an unpredictable yield since it is based on earnings rather than fixed. Because Alliance is an MLP, total potential return includes a variable distribution based on earnings. Amer Express (AXP) Our $74 price objective reflects a 13x PE

ng from the ongoing implementation of the Dodd-Frank financial rules. Upside risks to our price objective are a much stronger economic improvement in Puerto Rico and a better-than-expected improvement in asset quality trends at FBP. First Hawaiian Inc. (FHB) We use a three-factor valuation framework (P/E, P/