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> 仮に何らかの技術的手段で、「人工知能（AI）がつくった音楽から学習や生成に使われた楽曲を割り出す」ことができたとしても、AIから出力された音楽が、学習に使われた既存著作物と同一・類似でなければ、日本法の下では、既存著作物のAI学習や生成のための利用は著作権侵害には該当しません（３０条の４）。

> なので、記事中の「既存の楽曲が利用されていた場合に、AIの開発元に説明や対価を求めることが可能になる」というのは、若干ミスリーディングではないかと思います。 […]
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EFTA01378490 | EFTA01378490 7 October 2015 Corporate Credit,Energy Petroleo Brasileiro S.A. etro eo : rase 'Euro • 5:4m4 SM.mrc 4,505.1 Taal Reven444 2014 3492.6 33114 345604 40'4 33,3944 '015 25,883 0 2015 20.039 2 0>3 OM vo1 .216% 20'3 .41.074.4 2014 1430010 LTV 124157.6 Omn14 0111 6nns •345554ett4.4% t.oenv: SG62. 44435 6.9468 46425 7,9013 43761 8.7% 1936 i4 44% 3Z928 14189 33.751 me . . 3.731.3 ..701. )4.24412 5,07.71 4417.4 meow 6.81.97i 0611 9.91 601821 624101 4340491 634691 .551 33" -247% 402 8 140% 4272 Nil .18111 4108% 4116 -92% 442% NM 608% MI% NM NM 501 • Nt215.0) 2704 7.013.0 .36% 0.C44).4) 1,272.0 11454720 0.537.33 1055330 17621 66 11141681 (11.95541 0347371 115429 It 121' 1245809 '32.067.2 Eel! EMMA 7.420A Xi% 7,2119.15 192% 703.2 Sale 30194 0,642.1) 93.692 41 404 491751 01419 81 155 7511 3 331 B 15 243 LI Reoxted FNMA Ctes/P In WC Chop In Not WA 68,.000F 1w chg in 116/11 NM %tem 1654 . , 4 ,408 .4 Mg., PIWM . Free 4204h How IFC19 NO chop %OS NS comb goed/an i 06.9 6 128.3372 130.046.0 26.2566 112,701.2 .74 TO :, IC4905 8 Total Debt Net 0•174 04,66144 1‘44 Det6 C615.1 Deli 1.841064/0811DA 41 Tot4I4670.6.7%1 8.61)01101 E1336A(.1 Mont<4 Het 6eb1E&T0441 Adiowd 114‘ det4E8.11DAf.i 10.464401.11.1 681TDA Aditn14.0 7111 64741141 ENICA 1.4 1.41pettel t144 deWL7M R4pettql EMMA lx: LDAOCMoisi Dam 1%1 Wain; C4pnelosnover Pan) CAPEX(111114.4•444 BIM% er4.1 TOMDM SNItexcliert Elute 78141098•14•4139 3 115,380.6 106 $47 4 282. 468. 536. 367* 367* 436. .121‘ 421. 68% % INA .565 2895 MOM 425% MUM 647 11 .. y , 12,192 11,721 IS "' 349 24.351 . I 2019 28037 12.2079 1 117128 124040.7 10.6660 114378.7 21.1036 107.911.1 4030.7 . 4439 9 . 847.0 $16.71 4850 4 629.21 . 621 01 C. 137 71 9,8079 7,t501 14,2000 119527.6 139,1111.0 26.157.3 107.7612 29.51.11 4 104347.0 449. 0 se 99% 1 72, 406. 470* 3311 338. 1680. 1626. 391 0% 32 238% 286. 021. 107% 205. 676. 624. 433, 4 33. 2014 1961. 409, 8.2% Mµ:91Ceti% 666 Czn e3 x41441 Tad 54 Dot4 SwelalDiell :1.531 4 MAMA .43000 1..%ft.t<44. No. 10162015 Adm.yri Nil NM 61101151/111111W1111 EVA2754 te;T0A 29,2330 *1.387 0 Infra° 523. 249. 3645. 5.67. 2873. 28737. 5506 610* 447. 172% 30 225% 233% 43276 90.5609 MOMS 94.607 222,0M) '15.441.0 t ^ 104144 3 7,8017 v4% 7.494.0 -9,955 11.00431 N77.4) 4.504.1 12.572% 610171 137 9 . 11.05401 MI V any.!I A 057 n 2 16 358. 529.4 zee. -2 eV 21.53* 1990. 6 7% 28 166% to% 70% 146 2% 4.0% 339% 1.4% 4074 55:7 832 330 to 5 SA 3 844 S. • 3341 CS 7 lin an aeons 4202 6 4351.6 3%: 413% 670 103% III NA% 40.0%. 319% 111% rwl 4414% 145% 1%55% 6.69 :Ott% 241362 20'104 2653>8 (1.000-71 (1.1103.11 340142 144471 14931491 63 41 42571 [27 165 71 :7,6039 17 603 i 197166 (2.20631 1, • 79 3 3.0233 0.91931 15.801 51 15,912.01 11.2644 1451.91 6.70.430 05,7972) 62.41163 18705 1 113306. sit e.4: .20.614.01 C632131 (5.617 31 C5,372 71 45% Alf 7051.1 105430.8 1143122 15736.8 CA= 195430 10,7• 118773 1202100 132,0872 146462 115.441.0 25.9430 44.3 143999 119,6276 175146 26.157 3 107,7512 29.111 4 10097.0 4120 404 323 8 0411 67 5 418 910 060 15778 15291 CS 4 499• 330. 70% 246. 390. 389. 3 23. 373. 3.36. 323. 322. 061.. 306. 90% 2 16 3143• 526. 2526. 2526. 27.47. 26.26. 423, 074. .287. '07% 206. 2502. 524. 1951. 1951. 2.14. 1961. 400. 12% 27 21 I% 3364 69% 46% 44% 215+ 544:4094 II 5016 2017 2018 . , 5.4 06.4.4.546 40686 .01. 6116.4147. Of •90 4eyt 10 cInn .":01.• D.1119,70 air* Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL l'oge 13 DB-SDNY-0075670 SDNY_GM_00221854 EFTA01378490
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EFTA01378489 | EFTA01378489 7 October 2015 Corporate Credianergy Petroleo Bresileiro SA. [Figure 14: Petrobras 2O15 summary financials (BRUT) 'etro eo :rasi air° M4Ur,nl 1405-4 alra T91414•0444•4 2014 81.100 OIN•Plat Cross 1100 SG&A 404.444 SGLA 11818.0 EaT EMMA 416700 Mew/ ' 11.5140 nhoitosearosi 00040001170.410404 Oanp In WC 044p In 1195 WA Sold Oa at all a Mal We Mbna pi. 0043600 C440004404 pod Stood Fla C444 Row 1FCF w0011111WAI H•• elph Fbw 041% No! 00 •;a - 440 5013 10774 1Jt 0. 24411.0 40'' seibriao 22,0150 2110 03.4410 .. 4 204:67.0 ROO 0 11,291.11 7+:! 573.0 7,5510 VOA Data 09.141 0 000 13731.01 04,561 01 71.1141.0 110010.0 12021.0 04111.01 474 1460 IS' 0 0801 00 fa 01 Otte 40540 CUM% WNW 11A 040 01101 14.0 3641770 307.7120 X0401.0 331.7040 :kJ tr: : 34: 597 0 313.1730 551005.0 01390 3012705.0 03.04-0 13509301 , .. . . 74363.0 444 0 SUMO 21,1510 04: 44 31,5140 3094 20000 8050 xsetto f YANA 040001 000 . 07001 21' 5 79,90 0 064 4`4 MI5 171. 145190 7.404 147714 24.7% 105710 13.321.0 21010 01.14.01 117.153(0 100 0 . nese) . .,.,. . -110% 629 4.111 4200 4104 MA 42% an 40% 47514 IN •832* -24911 3 34 an 71 74 76.4% 103 ICU% 41.4% 1044 -094 141 0604 2313 434190.0 144 06 71,1610 30'4 337,240.0 2013 2014 LW. 327.713 C 03,47.03 62.01.0 311634 CAWA X 1% 1120 043741 047000 110.00.01 1104 415 0 017 0) 8776.01 03762 01 n:a] Ma 0 140060 541443.0 141340 tate 481524 5.013.0 113041.01 I 74 ex. 0 ]X070 14735.01 104400 1402121:4 11370.01 270100 117400.01 00.1001 264.0 001 044400 rrSMEMIIIMEDII .4 DaU USDA! Con 04 Cash 400.4104. No Debt /19,0151C01 431 C010/ r ' /0044•4 Na Da 3000 C0.444,4 934134410440040 S.7 134407,4 040 CattiS4 Debt Tc44104WEE0D4 /044140710 Rt00131581104 w 04uittd Net delnEBTC.4 /141.044.14 41404E0 /DA IA NO 04457ME611DA 41 Atiust44014 41041.114 100410 0404•0 Nat ,* , 11407041 EB1104. n453 i n4 . 4 66. 5 194 364. 3.64. 422. 466. 407. 175% 36 23.3% &Me Tv NM 43 Zap 1..-en 22.616 :016 37033 30071 2016 2017 • 440444 nteraes 6454 2018 415049.0 772700 /02016 7500 2019 373.X00 4110410 81. ien n 3343010 otcoe 373.9130 i 70. a.584 604. 3.90 3404 21 404 1950. 6.01% SA% 32 304. 5614 596x 4313 4374 i 7 EGA 1700. 4604 SS% 32 Moral Cala/ C•55 eq...41007 Tel S-7 C361 14510/041410 140360 %004.0 446860 4011.0 Market Cap A 04 Cern 40,n44 Net 044 SOIMP*11V•1110 E01-TMEOTOA 114.030 321913 0 39214 607. 3390a 30934 609. 6484 479. 153% 30 22.0% IL5.021.0 de% mg. SASS ' 14.50 7 13c,i:ac 4015131.0 344500 also eagen 332657.0 -3.74n 5.94. .1.00 -3.00 21.00. 29104 4.774 35% 28 166% 230% 21.6% 628' an 054 9.7% i, 26% 404 SA% 064 34.011 on! 312% :43 131 3 2072120.0 37 172 0 MSS° 463570 731.5830 3,16,1115.0 639460 30.0690 370,8S'40 11450.0 131400 Ma.° 946)60 323.9130 336 1027 • 1 670 370 -3,15 5151 .313 110 0 0122 438 965 754 730 710 13V2 0050 564 •11144 4 4902 2J. 426. 425. 357a 3634 367. 353. 3621 233% 33 34.2% 2 IE... 3547. 594. 2150. 21604 31 CO. 256 10. 477. 35% 27 215% 305. 2136. 595. 17.00 17.04. 000. 17.04. 454. 55% 32 21.1% 7,' 1170 Ito Sunk 45% 2020. ocanarriata cc?/lot we. mentr t on 0 490404 64440 .1000 ElantIs Sr* Page 12 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Deutsche Bank Securities Inc. DB-SDNY-0075669 SDNY_GM_00221853 EFTA01378489
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EFTA01378430 | EFTA01378430 Page 8 2009 U.S. Dist. LEXIS 29508, * For the reasons above, the Amended Motion to Compel is GRANTED in part and DENIED in part. The Takata Defendants shall supplement their responses and comply with this order within thirty (30) days from the date of this order. IT IS SO ORDERED. /s/ Tu M. Pham TU M. PHAM United States Magistrate Judge April 6, 2009 Date For internal use only CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075609 SDNY_GM_00221793 EFTA01378430
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EFTA01378393 | EFTA01378393 Page 12 Convicted driver released for 'operational reasons' The Irish Times April 30, 1993, CITY EDITION Copyright 1993 The Irish Times For There was no information found Non-Negative Media: There was no information found Other Language Media: Not Required Public Records: For 1 OF 2 RECORD(S) FOR INFORMATIONAL PURPOSES ONLY Copyright 2014 LexisNexis a division of Reed Elsevier Inc. All Rights Reserved. Date:10/14/2914 Report processed by: DEUTSCHE BANK AGII Address Coun Phone ADDITIONAL PERSONAL INFORMATION SSN DOB Gender Female Subject Summary Name Variations For internal use only CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075570 SDNY_GM_00221754 EFTA01378393
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EFTA01378356 | EFTA01378356 Municipal Credit > Investment Grade State of California Updated: Oct 31, 2015 Trade Idea: 0 Buy state of California general obligation bonds. Investment Rationale: o Security: The bonds are general obligations to which the state of California pledges its full faith and credit. Debt service is second in line of priority payments only behind K-12 and higher education funding. o Large, diverse, and dynamic economy. The state has the eighth largest economy in the world. Real GDP= $2.3 trillion (2014). 0 California's tax receipts increased significantly in 2015 and 2015 as economic recovery materialized, and at the same time, the state employed conservative budgeting practices and institutional changes that facilitated a substantial improvement in its financial position. o As of the 2015 Budget Act, the state has passed an on-time budget for five years in a row. This is largely due to Proposition 25 (2010) which allows the legislature to pass a budget by simple majority rather than two-thirds super majority. 0 During the recession, California borrowed and deferred payments in order to balance its budget and fund operations. Due to this, the general fund balance remains negative on a GAAP basis but continues to improve as the state has reduced budgetary borrowing and continues to pay down these deferred payments. o California voters passed Proposition 2 in 2014 which will strengthen the state's budget stabilization fund. This is a key development as the state's revenue is volatile and typically correlates to overall economic conditions. o The state is highly levered. Additionally, its two pension plans, CaIPERS and CaISTRS, have a combined unfunded liability of $116 billion as of FYE14. Funded ratios will continue to improve due to implemented contribution increases. The state's unfunded OPEB liability is also elevated at $72 billion but the FY16 budget establishes a trust to begin pre-funding this liability. Recommendation(s): View Trade Horizon Credit Moody's/S&P /Fitch Ratings Internal Rating Cusip Maturity Par Amount of Selected Matra ay Last Trade to AAA Curve Next Expected Issuance Buy 12 months State of California Aa3/AA4A. Ar451able 130638P63 2/1/2038 240,000800 +30 $3.5 billion now money in FY16 Deutsche Asset & Wealth Management CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL 69 DB-SDNY-0075525 SDNY_GM_00221709 EFTA01378356
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EFTA01378350 | EFTA01378350 INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Structured Finance > Mortgage Credit GSE Mortgage Credit Risk Transfer Deals Updated: Sep 28, 2015 Trade Idea: Buy GSE Mortgage Credit Risk Transfer Deals Investment Rationale: Security: The bonds are unsecured debt obligations of the GSEs where the cashflows are linked to the credit and prepayment behavior of the underlying reference pool of mortgages currently held in agency MBS. These deals are linked to and designed to provide credit protection to the GSEs on the underlying reference pool of loans as mandated under Dodd-Frank. These are uncapped LIBOR-based floaters with a legal final maturity at the end of 10 years from issuance. Credit enhancement: These classes are the mezzanine tranches of the structure. Subordinate tranches provide credit enhancement for the senior tranche (which Freddie and Fannie retain) and for each class of more senior subordinate tranches as losses are allocated in reverse sequential order. Credit enhancement for the M-3 Notes is a first-loss piece (120bp of capital structure) with the M-2 and M-1 with 3.0% and 4.2% of credit enhancement, respectively. Structural attributes: Unlike typical cash transactions where investors are exposed to actual losses on the underlying pool, deal losses will be incurred upon pre-defined credit events defined as 180 days or more delinquent, short-sale, and deed in lieu of and REO. Loans will be removed from the reference pool should a credit event occur and the loss will be the net credit event amount times an applicable fixed severity based on a sliding scale, eliminating the potential for servicer action or government loss mitigation programs (ex. principal modifications) to impact ultimate losses. Performance has been very good with very few loans making it into late-stage delinquency which is attributed to the standardized pool selection criteria and positive housing market. ) Relative value: While this is a relatively new asset class, having began in 30 2013, we feel this sector provides value and a good way to gain exposure to mortgage credit compared to legacy RMBS and RMBS 2.0. The GSEs have committed to quarterly issuance for 2015 and we expect continued support given the FHFA's strategic goal of contracting the GSEs' dominant presence in the market and promoting risksharing between the GSEs and private market participants. Recommendation s : View Trade Horizon Deal& Tranche Info Ratings Cusip Buy 12+ Months STACR 2015-CN1 M3 Bel (M) 3131GODA41 Buy 12+ Months STACR 20154741 M2 Baal/BBB (Min) Buy 12+ Months STACR 20154141 M1 A2JA (M/D) Average Lae: Duration 8.9/52 Tranche Par $345mm Discount Margin 410 S Price Yield' S100-09 5.77% Abddy to Source Similar Quarterly Issuance 313700013 22/2.6 313700009 0.1/0.7 S230mm 190 $101.10 2.79% Quarterly Issuance S230mm 115 $100-02 1.54% Quarterly Issuance •Bastrl on forward curve, as of 9/28/15 63 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075519 SDNY_GM_00221703 EFTA01378350
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EFTA01378331 | EFTA01378331 INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade La Mondiale Updated: Oct 28, 2015 Trade Idea: Buy Investment Rationale: o Large and diversified French life and protection insurance group, recently upgraded by S&P to A- (sub: BBB) o Recent merger provides further solvency buffers and risk management's improvements 0 Increased automatic solidarity links between AG2R Prevoyance and La Mondiale to 30% of shareholders equity o High likelyhood that the French regulator will assess AG2R La Mondiale as a prudentially regulated group", which is credit positive Eur denominated 0 Lower Tier 2 instrument, coupons could be deferred in case of a solvency event. Perpetual with first call in 2024. o A yield to call of 4.7% is still compelling given the rating upgrade, the rarity of the instrument and the overall improving fundamental picture. Recommendation(s)": Trade Horizon rutperfonn 12m View Ticker Coupon Maturity S&P kloodys Ccy Issue Size LAhCN 5C5 r12/17004 888 INA NA FUR • 76841 Yiekl r 4.7 Entry Target Risk Cash Capital Isin Security des Siread read Level Price Structure 427 350 550 v10234 X$1155697243 low erTer 2 r LAWN 5 106 1229/49 • Levels as of 10/28/2015 38 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075500 SDNY_GM_00221684 EFTA01378331
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EFTA01378303 | EFTA01378303 INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Security Index IG Corporate Credit Region Last Update Added Removed Identifier Security Name 4/30/2015 I0/1/201i US07209SAM52 ALTRIA GROUP INC U.S. 11/2;2015 U.S. US454589AP14 INDIANA MICHIGAN POWER U.S. 11/2/2015 5/1/2014 US125051AA16 CBL & ASSOCIATES LP 5/1/2014 U.S. 11,/1/2015 US25416cic4418 DIRECTV HOLDINGS/FING 11/2/2015 9/22/2014 U.S. U529273RAY53 ENERGY TRANSFER PARTNERS U.S. 11/2/2015 9/22/2014 US30161MAL72 EXELON GENERATION CO LLC 11/2/2015 6/27/2014 U.S. US337661A054 FIRSTENERGY SOLUTIONS CO 5/1/2014 U.S. 11/2/2015 U5494568AF85 KINDER MORGAN INC/DELAWA U.S. 11/2/2015 5/1/2014 U5681936B851 OMEGA HITHCARE INVESTORS U.S. 11/2/2015 6/24/2015 USE62331AR59 ONCOR ELECTRIC DELIVERY 11/2/2015 4/28/2015 US68268NAP87 ONEOK PARTNERS LP U.S. U.S. 10/2/2015 10/2/2015 U5690742AE13 OWENS CORNING 11/3/2015 5/28/2015 US72650RBF82 PLAINS ALL AMER PIPELINE U.S. U.S. 11/2/2015 4/28/2015 US69352PAK93 PPL CAPITAL FUNDING INC U.S. 6/30/2015 12/22/2014 US8716513AB99 SYNCHRONY FINANCIAL U.S. 11/2/2015 10/31/2014 U5364760AK48 GAP INC/THE 5/1/2014 U.S. 11/1/2015 US884903BP96 THOMSON REUTERS CORP U.S. 11/1/2015 5/1/2014 US92343VCR33 VERIZON COMMUNICATIONS U.S. 11/26/2014 10/1/2015 U5931427A840 WALGREENS BOOTS ALLIANCE Europe 10/28/2015 4/1/2015 X51115802655 ASR NEDERLAND NV Europe 11/2/2015 6/1/2014 )501330380639 ANGLO AMERICAN CAPITAL Europe 6/1/2014 10/2/2015 XS0972S32661 ASML HOLDING NV 10/28/2015 10/30/2014 UBFOW94AP36 AXA SA Europe Europe 10/30/2015 6/1/2014 XS1069549761 BANQUE FED CRED MUTUEL Europe 11/3/2015 10/29/2014 CE000A11QR73 BAYER AG Europe 10/28/2015 FR0011538461 CNP ASSURANCE Europe 6/1/2014 11/2/2015 XS1044311591 ENBW Europe 10/28/2015 6/1/2014 FR0011942226 Engie (formally known as GDF Suez) Europe 12/1/2014 11/2/2015 X.50861668860 FRIENDS UK HOLDINGS Pt Europe 11/2/2015 9/30/2014 X51202846819 GLENCORE FINANCE EUROPE 10/30/2015 9/29/2015 Europe FR0011577170 ICADE Europe 6/30/2015 10/7/2015 X50696119384 KLEPIERRE Europe 10/2812015 X51155697243 LA MONDIALE Europe 9/30/2015 6/1/2014 XS0954910146 RABOBANK Europe FR0011625433 SANOFI 10/2/2015 3/26/2015 Europe 10/30/2015 DEOCOA1HRVDS VONOVIA SE Deutsche Asset & Westth Management Nate- Removed names will stop being shown after 3 months CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Industry Agriculture Electric REITS Media Pipelines Electric Electric Pipelines REITS Electric Pipelines Building Materials Pipelines Electric Diversified Finan Sery Retail Media Telecommunications Retail Insurance Mining Semiconductors Insurance Banks Pharmaceuticals Insurance Electric Electric Insurance Vining REITS REITS Insurance Banks Pharmaceuticals Real Estate Security Description MO 4 1/4 08/09/42 AEP 3.2 03/15/23 CBI. 5 1/412/01/23 DIV 3.9501/15/25 ETP 4.902/01/24 EXC 41/4 06/15/22 FE 6.0508/15/21 KMI 4.306/01/25 OM 4.9504/01/24 ONCRTX 4.106/01/22 OKS 4.903/15/25 OC 4.2 12/01/24 PAA 3.611/01/24 PPL 3.9503/15/24 SYF 308/15/19 GPS 5.9504/12/21 TRICN 5.65 11/23/43 VZ 3 1/2 11/01/24 WBA 4 1/2 11/18/34 ASRNED 509/30/49 AALLN 21/209/18/18 ASML 3 3/809/19/23 AXASA 6.46312/29/49 BFCM 305/21/24 BAYNGR 33/407/01/74 CNPFP 67/807/29/49 EN BW 35/804/02/76 ENGIFP 306/29/49 AVIA 7 7/811/08/49 GLENLN 1 1/4 03/17/21 ICADFP 2 1/401/30/19 UFP 3 1/4 02/26/21 LAMON 5.0512/29/49 RABOBK 3 7/807/25/23 SANFP 2 1/2 11/14/23 A NNGR 3 5/8 10/08/21 Is 144A N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N 2 DB-SDNY-0075472 SDNY_GM_00221656 EFTA01378303
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EFTA01378280 | EFTA01378280 Och-Ziff Loan Management OCH-ZIFF CAPITAL MANAGEMENT GROUP OZLNI XII, Ltd. Fund Overview Initial Balance (S millions) Current Ratings (Fitch/Moody's) Coupon Deal Summary Class A-I 349,250,000 AAA/Aaa L+ 1.45% Closing Date May 28, 2015 Class A-2 70,625,000 NR/Aa2 L + 2.00% Non-Call April 27, 2018 Class B 25,525,000 NR/A2 L+2.90% Reinvestment Period April 30, 2020 Class C 35,525,000 NR/Baa3 L + 3.70% Final Maturity April 30, 2027 Class D 25,075,000 NFt/Ba3 L + 5.40% Class E 11,000,000 NR/B2 L 4. 6.65% Subordinated Notes 48,650,000 NR/NR Residual Total 565,850,000 Capital Structure As of May 28, 20IS unless otherwise noted. 0CH-ZIFF CAPITAL MANAGEMENT GROUP CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL 38 DB-SDNY-0075443 SDNY_GM_00221627 EFTA01378280
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EFTA01378279 | EFTA01378279 Och-Ziff Loan Management OZLNI XI, Ltd. OCH-ZIFF CAPITAL MANAGEMENT GROUP Fund Overview Initial Balance (S millions) Current Ratings (Fitch/Moody's) Coupon Class A-la 302,000,000 AAA/Aaa L + 1.55% Class A-1b 15,000,000 AAA/Aaa 3.28% Class A-2a 33,000,000 NR/Aa2 L + 2.25% Class A-2b 30,000,000 NR/Aa2 4.17% Class B 23,500,000 NR/A2 1+3.00% Class C-1 16,000,000 NR/Bea3 Class C-2 15,500,000 Class D Capital Structure Deal Summary Closing Date March 12, 2015 Non-Call December 14, 2016 Reinvestment Period January 30, 2019 Final Maturity January 30, 2027 L +4.05% Assets Par Amount % MVBaa3 L +3.75% Floating rate assets 100.0 25,000,000 NR/Ba3 L+5.40% Fixed rate assets 0.0 Class E 10,000,000 NR/82 1+6.15% Structured finance 0.0 Subordinated Notes 40,500,000 NR/NR Residual Total 100.0 Total 510,500,000 Equity Distributions Date Distribution Distribution as a % of Par 7/30/2015 3,359,243 8.3% Cumulative Distribution as a % of Par Annualized Distribution Cash on Cash 8.3% 21.6% As of July 72, 2015 unless otherwise noted OCH-ZIFF CAPITAL MANAGEMENT GROUP CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 37 DB-SDNY-0075442 SDNY_GM_00221626 EFTA01378279
February 15, 2026 at 1:40 PM
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EFTA01378269 | EFTA01378269 Och-Ziff Loan Management OCH-ZIFF CAPITAL MANAGEMENT GROUP OZLNI Funding V, Ltd. Fund Overview Deal Summary Initial Balance IS millions) Current Ratings (Moody's/S&P) Coupon Class A-1 290,500,000 Aa a/AAA L+ 1.50% Class A-2 65,250,000 NR/AA L + 2.25% Class B 36,750,000 NR/A L + 3.00% Class C 26,250,000 NR/BBB L+3.50% Class D 23,000,000 NR/BB L + 4.75% Class E 13,250,000 NR/B Subordinated Notes 46,250,000 NR/NR Total 501,250,000 Capital Structure ......... Residual Equity Distributions Cumulative Distribution as a % of Par Annualized Distribution Cash on Cash Closing Date December 17, 2013 Non-Call January 16, 2016 Reinvestment Period January 17, 2018 Final Maturity January 17, 2026 Assets Per Amount % Floating Rate Assets 100.0 Fixed Rate Assets 0.0 Structured Finance 0.0 Total 100.0 35% 45% .= 30% Ge ce u, 25% 40% Date Distribution Distribution as a % of Par 7/17/2014 8,523,835 18.4% 18.4% 31.7% 10/17/2014 2,744,868 5.9% 24.4% 23.6% -To 10% 1/20/2015 2,161,625 4.7% 29.0% 18.0% 5% 4/17/2015 2,982,600 6.5% 35.5% 27.1% 0% 7/17/2015 2,896,808 6.3% 41.8% 25.1% 35% 30% 2 -coF. 20% La vs 15% 25% g 20% 15% atilt 10% 5% 0% Jul-14 Oct-14 • Cumulative Distribution Jan-15 Apr-15 Jul-15 • Annualized Distribution Cash on Cash As of July 8,2015 unless otherwise noted. OCH-ZIFF CAPITAL MANAGEMENT GROUP CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 27 DB-SDNY-0075432 SDNY_GM_00221616 EFTA01378269
February 15, 2026 at 1:39 PM
epsteinweb.bsky.social
EFTA01378263.jpg
#epsteinweb #efta01378263
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EFTA01378263 | EFTA01378263 Och-Ziff Loan Management OZLNI Funding II, Ltd. OCH-ZIFF CAPITAL MANAGEMENT GROUP Fund Overview Initial Balance (S millions) Current Ratings (Moody's/S&P) Coupon Closing Date November 1, 2012 Class A-1 336,500,000 Aa a/AAA L + 1.48% Non-Call October 29, 2014 Class A-2 62,900,000 NR/AA L + 2.65% Reinvestment Period October 30, 2016 Class B 45,800,000 NR/A L + 3.25% Final Maturity October 30, 2023 Class C 26,500,000 NR/BBB L+ 4 35% Assets Per Amount % Class 0 26,800,000 NR/BB L+ 5 30% Subordinated Notes 61,600,000 NR/NR Residual Total 580,100,000 Equity Distributions Date Distribution 4/30/2013 7,051,606 7/30/2013 4,099,290 3,669,244 10/30/2013 1/30/2014 2,651,829 4/30/2014 3,337,799 7/30/2014 2,780,536 10/30/2014...__...2,944,762 1/30/2015 2,595,752 4/30/2015 3,095,273 7/30/2015 2,854,587 Distribution as a % of Par Cumulative Distribution as a % of Par Annualized Distribution Cash on Cash 11.5% 8.7% 6.0% 4.3% 5.4% 4.5% 4.8% 4.2% 5.0% 4.6% 11.5% 18.1% 24.1% 28.4% 33.8% 38.3% 43:1% 47.3% 52.3% 57.0% 23.2% 28.7% 23.8% 17.1% 22.0% 18.1% 19.0% 16.7% 20.4% 18.6% As of July 22, 2015 unless otherwise noted. OCH-ZIFF CAPITAL MANAGEMENT GROUP CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Floating Rate Assets 100.0 Fixed Rate Assets 0.0 Structured Finance 0.0 Total 100.0 40% 35% : 30% 25% a• 20% 74 15% E•10" 5% 0% Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 • Cumulative Distribution • Annualized Distribution Cash on Cash 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% % BARIIII1W113 • Capital Structure Deal Summary 21 DB-SDNY-0075426 SDNY_GM_00221610 EFTA01378263
February 15, 2026 at 1:39 PM
epsteinweb.bsky.social
EFTA01378212.jpg
#epsteinweb #efta01378212
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EFTA01378212 | EFTA01378212 SRLPI 02 Alpha Group Capital TNS: Re4,1111-c; Prot-CIose Gross Realized & Unrealized Returns Key Achievements Post-Close eb. 2013 Dec.2 f 3 (Si,:::') Total Gross MOIC Fund + Co-Invest: 2.7x Fund only:2.6x Close Acquisition Cost Savings/EBITDA Growth • Reduced opex and capex by $64 mm • Grew EBITDA from $135 mm to run-rate $165 mm 3.0x $217 $736 Feb. 2014 Dividend Recap • Returned $215 mm, —80% of cost, to investors Dec.2 f 4 Call Option Sold • Gateway division sold to MasterCard for $159 mm or 26x EBITDA • $74 mm distribution, —30% of cost, to investors S ..2075 Bond Subsidiary Sold • Caller authentication /directory business sold to Neustar for $220 mm or 9x EBITDA Dec. 2015 Ian. 201 Sep. 2017 Sims Cost Savings/EBITDA Growth • $83 mm of aggregate run-rate cost savings achieved • 2015 PF EBITDA of $109 mm, excluding divestitures Dividend Recap • Returned $230 mm, —84% of cost, to investors Debt Refinancing • Replaced 2nd lien debt with larger lu lien tranche CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL $519 2.0x R S249 $145 S177 O S S 1.0x $487 $342 I C 0.0x Feb-2013 Acquisition ($177) ($96) Realized Value Unrealized Value Total Value Co-Investor Share • Fund Share (5273) Yoe Entine mclude unmake"' valuation.. The antial realmal mum of 44+ unrealsind inveumere1/2 may differ mmenally from the returns indicated hereon Mee see "Aprenim -Foommes" foe additional commteraticos and definttione Past performance is not nmemally Inalkallve of flame Malts. 49 DB-SDNY-0075373 SONY GM_00221557 EFTA01378212
February 15, 2026 at 1:37 PM
epsteinweb.bsky.social
Parts 1-2/2 — EFTA01378175.jpg
#epsteinweb #efta01378175
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EFTA01378175 | EFTA01378175 SRLP102 Alpha Group Capital Track Record as of June 30, 2018 Siris III* (S1.8bn, 2015 vintage) Siris II (S641nn, 2012 vintage) Gross RR Gross MOIL Net IRR Net MOIL Sins nl • OCialWOM 31.3% Skis III On& 27.3% 1Sx I Sx 19.5% 17.0% Siris I - Core** ($500mm, 2007 vintage) Grass IRR Goes MOIL Net RR Net MOIC Gross IRR Gross MOIL Net IRR Net MOIL 14x Skis II • Co-Invest. 75.0% 2.01 442% 1.74 Skis I. Co Ini.est 622% 3.1x NA NA lax Skis I On• 272% 1.2c 16.4% 1.4x Siris I Only 492% 2,9x NA NA Note: In October 2078. Siris III closed on the acquisition of Web com taking the fund to -80% drawn $784 ($177/77) $1,306 $2,669 $2,923 $3,628 $439 It z3 $1,262 $1,706 0 .1,617, II1766fE E [fir- $368 $1,407 $2 006 $960 $1922 Equity Invested (51,189) S445 $345 $1.251 Equity Invested $515 Realized Value Unrealized Value Total Value Equity Invested Realized Value (5885) Unrealized Value Total Value ($561) Si.156 • Fund Share Co-Investor Share 51% co-invest ($2,345) • Fund Share Co-Investor Share 61% co-invest r1,11)46 aa ($104) Realized( Total Value ($254) Co-Investor Share ■ Fund Share 41% co-invest OW a W•• Not. 'au inuroUel the sounat W42& au. ve tenstaea, uv4JeJ luren WW is e.t.a° el trn nisei, urn. on beh.t.1 the ',lulus yemp Iseal inns.' Nun lons4m wowed au1.11.41.4 Ne agulNata 47•IWIIVISETU, INI Stall. gullect to mategmer• fen...reef neetntv hoof !.,a event. The &Jun..ul thanagyeuet Inn Nu!. Ann§ sewn. u,iikae • .pn,mt Seel reed. 'wrote] nem,. we 'A prtulth Fno,entrs' lor intoriani cavemen* cry/giber: the n duehat ciarympse aveteurat as! au ...hut gnats For •Sish-vi swan rehire. 4 plIIWI.LO .tat. Stria IP 'Appnuln Fun, Patent... Detut • Nauru in haSt uae.LxJ v..h.a.uns th• ,duel wen. ..'h agludaipu “Iviatue glom iswho.hat • ,erepRie Iasi 'kiln e.e.entIlh Inset thew ne ebb. atne elfinnn r.-ln sterabiel irs.-eneros o.l.set linen Pau peel..rna. e sun inc.*. • Cu bawd .• ntatibt•pg.-st fpxor4 ioSun anoAnst 4.41peillehn wq.amarut.inent .t hollmsonqunt let.' sal nay A. ug.hule oilur.lban• w..srses II.../... al AU Pr. lent.. IPR' *mire lag Cul, fends • Co. tent ine ni ntunitel it, en esteem asuman ice pa km& ',:•• h,Tothrtra•I ...It...knish.. .let.o ....Ws.. /en al cum"' enan t Pat tgeht.'" 4 &gni 'tr.' an Inn. t'oCal.an relminson rovnitJ here. Lits.n.beltektr) r•largtis to at h•selms pul the pten... ol Pobt an pm ennades lutel on Oat bean c< the W. ol tbnompume to Plutineus In CAW: III 1 Pokey= enutel mu, a bal.... ipensen with llsaus, In the daunt. July 1 perem•nt in wish the even. wee tranuten. ioreefrrowe %amen el apromitata, S I t41 lkn.n.ut6 ort4 t. eullsoa than aft4 lite ule.gem.ml pro•wlel k, r malice .4 thevehionaleratsen en.ISIO0 en... in the flamers, cm". u he m into et sea,' e• ...lard and Satitheiel .147ve loetel a teutakted taros , log paps. el ,alularas the rv4beel unsr•luel Minna al has ,9I1 all cd .rair./..thei ;steams • okl held mesa,' (rut u 4 •dautins damati the ,. n] ioroulerawa tre ewes ..,t1.1 au,. linen Euvourd anneals awn, e.p,syl to he releeel Intl sed e Ina gang.. to Sue In al.. InAer Of Wu. than In %lir SMS Sun In untied ag, •gre•ruart with • !c4p.at, ie pasttly egos,. wouthe, ed or m Henn' u• rtiltt• tr.S.Icampau Una. eh. AfpWOAtlik the !el put, inrekaleal..... III•op lei th mVet.1.1 dim .11“.a....1 euh to San III Ao. cord...1y. r.re .VISt edal...me titan', h.tr SITIS Mt metals:MN/bre Car • sine nISeZIL5C, e1 thr t.a, Inapt a Cu mane I • Com Mune ale& Mn.,,. AINIIN.14 only. al ewlinle Com," lisk a s.s •vs• corals sts•ur torah apauts.nrclien inbadorD 1.4 lank. traluassislIT.• anJ W. ,: kit Sins I Nun Cosy Coignes lank Ii• Sea "Arriuln -Fugal Perfore.un Dela. a YAM,. a SIM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL 12 DB-SDNY-0075336 SDNY GM_00221520 EFTA01378175
February 15, 2026 at 1:35 PM
epsteinweb.bsky.social
Parts 1-3/3 — EFTA01378174.jpg
#epsteinweb #efta01378174
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EFTA01378174 | EFTA01378174 SRLP102 Alpha Group Capital Track Record as o£ June 30, 2018 Pro Forma for. Polycom sale (I u1-2018), VVeb.com acquisition (Oct-2018), Intralinks sale (Nov-2018) Sinis III* ($1.8bn, 2015 vintage) Sins II (S641 nun, 2012 vintage) 34.5% 30.4% 1.% 1.5c 22.096 194% 1.4x 137 Gross RR Gross MOIL Net RR Net MOIC Gross IRR Gross MOIL Net IRR Net MON Gross IRR Gross MOIL let IRR Net MOIL Sins Co-hnest. Skis II On5 Sins I - core" ($500mm, 2007 vintage) Skis II • Co-Invest. 75.0% 2 O4 44 2% 1.74_ Sirls I +Goenvest 622% 3.1x NA NA Skis II Only 27.8% 1.& 16.4% 1.4x Siris I Only 499% 2.9x NA NA $784 ($mm) 41,308 $2,147 $2,923 $3,979 $439 $1,116 $1,977 $1,832 $1.031 $861 $2,002 Equity Invested $971 ($1.189) Realized Value $345 $1.251 Equity Invested Unrealized Value Total Value (S885) Equity Invested Realized Value Unrealized Value Total Value ($104) Realized! Total Value ($150) $1.356 • Fund Share Co-Investor Share ($2,545) 47% co-invest ($561) Cii,444q), ($254) • Fund Share Co-Investor Share 61% co-invest Co-Investor Share ■Fund Share 41% co-invest VM •intaviala 0.....nne ^t ita Alma alto tratt barn itrlat 4 hat. Nal It+, avian.. a tr...frana.m. en Itatet M e. trate. trrat ne4.,410.1111•14/1,,, •••••IIIVIPII 'Pill it at •ra ace OM lattllra.47.41,K•le e M perooSel Ft Una otatto Ituil tat 1p sanotartea la, canal Ohne fl at la r11. tiaa Oa way...ea 71.a. ••• - 1prela• I.um.M'In IrtfeeLMIIIII6IMUONC..monle,<II• rt./sane ol trona pattrat•w• a I. lista •••••Inwe• sal a• almN ty.• tea tun was rat ant...al nmna of naatra•-•4 l••• ..1 aara tet tat ttla • saner arta. i alomauna..lt•lat attal. ,,,,, pada. ...await Tbs. ht..tatta'Agana. /tat 1,eltatat..... Fawn •• ttanaltatl tattoo., 41.44.4 .42.44 taaatal attrattatt nu% data invalally Mm Ds Matti load Oak.. Pat lwtwr.tx not glass ysY.Yr11haat rattle tans telt • t 1•••••• t• Item' no•tteo hrs. &DT nvan ftWilId le tats lartita rattan tra rattan a mram aarttgna a th• halm ant.. 1..4 seal nut Aro wattle ell.• daub.unman/. nth✓leftlet.anabflakaat ail Aran) Yee Any 'NW war al la loam "Nla McNiff:eh • CoInpaltac a rata. at ttl... • ....atturst fl ats.. ma at tqatly nay.. lt anal ars ••••tuta lan.l'anall aala a Pa. • ta.lataw"all dna.. ("it auto tattntalan fl oat., ttta Alta tam )tadtom le Le I a., on 4.4.• rant num* al bar Aida. pre Ina. anlontate.lava ea O. Iona a on•rata tat el Ow (0 IIIIT la Matt lalttalson al MOM" .. Cal lidelalts rt.atl orb fl at agni•rea wattage tialoptsaboat VOL gamma St utak IN am.] fl an tan. nre attattertrot. ant. a are ...IA'S, • Ian. rat...IVO. mt. tt•natte. 'warn rtard le • nu. ed.AML-•••• I in I arrial •Aulnp rut Mt la' aponsarlirevart WV*,nab...two. a Ow 'fat forms-a sla to I. Nal it ...Iv St man(Man daipliontlatate lit e. cattal awn ttr.Intattatratatnn men., lot v. orate t a O. Fiat:e.t.a ...valuta raw. nal fen N. SR Al am easktonsl.•••••-s . kw n6,1eta, at a Sae at sash. had Isel ty. Ow Vat I • estalatlatt Jamb., 4. t•tda a naiad lalloldkoledt lls bO..ls.4eY Nnymbnriet• 1.4 Itarl• ata IC ttttt tstiat t• la).aalttat that a am.. Ss k. rit•II•manizmutenytanaJ tfa lama hared tattlum Us et Need i pratanas pattratma a relven• t o Sea IfilellirlagehlIFFIS 10-014 WI/ .A. N lb. taws*: to Iloolavays. (lit,L. Ito aM see mootedIS nab eerie • • fl agman. Ia. &Mama lulv LIM rasa idliclah• weedups Paratalen titt.lag ......................... SI 64 baba Stott sal..tal nation Mama Ibsenno•• corm* deoIL Mork growl pinvitin V. alarmal nit anathailenant Stal, adios In ram thrlimegareeolinn oixt IDS i44,444n44. tue rain. Headwind Oil fl ollgod iSMNIONdlotoffit elk* 51 WI. ad 0. AM /insanities inlaltatt al. lad a maw Ow. al • roationasaell otorriled atm It Waled as nate& 4604•04 ova aniln eon anal.. Jar.* is Inaba. tattalattd Eacromd amuse en no. neck.] le be nixed it NI aNd alai munfieSS a alt. Inertlen(odd br higlierganen man e anti Sas cabal itQlav ?fa fxia ••••••JNate vat Napa* laabtarctwascall ta. or •• mama atuaosee least a •Stich cuovam Wainb ignmeel fle MINE" irmrthand stall swaps. lantrave• Oat =leap Awed 50• celourkorey nom* le }nil Await..., ref erne. Arum wk. 51111 eilUe nth. 011,6214.3•40/**901, Weir • also 201111 arl• cul* bd.. Wm'. N halt., wefts., taltuStCratta rtes. Selene lit matte lititamplitgatasortarstlt won., 44. i.e. 4444 sootre am. IN Neketwar4 .OA- *two I. thatt Cat. c••••• sera sranosors tr resniateet mat. tc • ty• ft tl CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075335 SDNY GM_00221519 EFTA01378174
February 15, 2026 at 1:35 PM
plmnh.bsky.social
Low 30's later today! ☺️
February 15, 2026 at 1:34 PM
epsteinweb.bsky.social
EFTA01378141.jpg
#epsteinweb #efta01378141
https://epsteinweb.org
EFTA01378141 | EFTA01378141 COF 5.55 06/01/20 99%-1001/4 5.613 5.564 + 380 FITB 4.90 09/30/19 93%-94% 6.764 5.227 +313 Q FITB 5.10 06/30/23 90%.91% 6.668 5.620 + 303 GS 0 12/18/15 711/4 -72% 582.643 5.585 + 76.75 Nxt Call B Px A Px B YTC B CUR Floats Notes GS 5.375 05/10/20 99'/4.99% 5.566 5.416 + 392 GS 5.70 05/10/19 100%-101 5.619 5.686 + 388 JPM 7.90 04/30/18 102%-103% 6.604 7.679 + 347 S 3MM JPM 6.75 02/01/24 1071/4-1081/4 5.595 6.279 + 378 JPM 5.00 07/01/19 961/4-971/4 6.092 5.181 + 332 JPM 6.10 10/01/24 100%-lon 5.988 6.055 +333 JPM 6.125 04/30/24 100%-1011/4 6.010 6.079 + 333 JPM 5.15 05/01/23 95%-96 5.948 5.407 + 325 JPM 6.00 08/01/23 1001/4-101% 5.916 5.970 + 330 JPM 5.30 05/01/20 991/4-100 5.427 5.327 + 380 MS 5.55 07/15/20 99%-99% 5.703 5.585 + 381 S 2MM MS 5.45 07/15/19 971/4 -98% 6.302 5.604 + 361 S 3MM Nxt Call B Px A Px 8 YTC B CUR Floats Notes PNC 4.85 06/01/23 94.95 5.846 5.160 + 304 Q PNC 6.75 08/01/21 108-109 5.112 6.250 + 368 STI 5.625 12/15/19 1001/4-100% 5.589 5.618 + 386 STT 5.25 09/15/20 100%-100% 5.218 5.243 + 359.7 WFC 5.875 06/15/25 104%-1051/4 5.237 5.609 +399 WFC 7.98 03/15/18 106.106% 5.195 7.528 +377 WFC 0.00 12/18/15 97%-97% 44.251 5.720 + 93 WFC 5.90 06/15/24 101%-101% 5.713 5.827 +311 From: Daniel Sabba Sent: Tuesday, November 17, 2015 3:16 PM To: Paul Morris; Vahe Stepanian Cc: Stewart Oldfield Subject: RE: [I] As discussed, we will socialize between us some HY bonds in addition to Petrobras. We will also send tacos from credit desk, bank preferred run from STG, and CLO mezz and equity from Och Ziff. From: Paul Morris Sent: Tuesday, November 17, 2015 1:08 PM To: Daniel Sabba; Vahe Stepanian Cc: Stewart Oldfield Subject: FW: [I] Classification: For Intsmal use only Can you think about a list, perhaps getting 10 million to work Paul Morris Managing Director Deutsche Bank Private Bank CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075302 SDNY_GM_00221486 EFTA01378141
February 15, 2026 at 1:33 PM
epsteinweb.bsky.social
Parts 1-2/2 — EFTA01378140.jpg
#epsteinweb #efta01378140
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EFTA01378140 | EFTA01378140 2) As you already know, Och Ziff is coming to market with a new issue CLO, OZLM XIV. The desk is hoping to price ahead of the Thanksgiving holiday, for settlement in December. I've attached the manager pitchbook, but please also find a few high-level bullet points: • Och Ziff is a leading institutional asset manager with $46.1bn in AUM, established investment capability in all major markets and strong international presence with eight global offices • Launched in May 2012, Institutional Credit Strategies (ICS), is Och-Ziff's asset management platform that investments in performing credit via CLOs and other customized solutions for clients • The KS team is lead by the US portfolio manager, Donald Young, and the European portfolio manager, Adeel Shafiqullah. Together they source and execute investment ideas across a broad range of sectors, industries, and regions • This group has successfully closed 13 U.S. CLOs with a total transaction value of —$7bn • OZLM XIV is anticipated to close mid/late December • Indicative pricing table: Class Rating (Moody's /Fitch) Par amount WAL A-1 Notes [Aaa)4AAA) [318,750,0001 [8.1) I_ A-2 Notes [Aa2)/LAA) [61,500,000) B Notes C Notes (A21/[A] [Baa3)/(EIBB) [25,750,000) [30,250,000) D Notes E uit [Ba3)/[BB] NR 3) Coupon DM Price [1.571% L+[1.57)% Par [7.8) L + [2.30)% L + [2.301% Par [8.5] [9.1] L + [3.15)% L + [4.35)% L + [3.201% L + [4.85[% Par Mid 90s [23,750,000) [9.7] [47,670,000] L + [6.35)% N/A L + [7.85]% High 90s N/A L + mid teens Per your request, please find a run of bank $1000 bank preferreds: Nxt Call B Px A Px B YTC B CUR Floats Notes AXP 5.20 11/15/19 98%-99% 5.518 5.259 + 342.8 S 2MM AXP 4.90 03/15/20 96-96% 5.962 5.104 + 328.555MM BAC 5.20 06/01/23 93%-94% 6.231 5.539 +313.5 S 2MM BAC 5.125 06/17/19 9634-97% 6.150 5.297 +338.7 S 5MM BAC 6.25 09/05/24 100%-101% 6.118 6.196 +370.5 BAC 6.50 10/23/24 1043/4-105% 5.810 6.205 +417.4 BAC 8.00 01/30/18 103%-104 6.382 7.748 + 363 BAC 8.125 05/15/18 103%-104% 6.467 7.831 + 364 S 2MM BAC 6.10 03/17/25 100%-100% 6.063 6.085 +3.898 BK 4.95 06/20/20 98%-99% 5.227 5.006 +342 S 3MM BK 4.50 06/20/23 92%-93% 5.692 4.865 + 246 Q C 6.30 05/15/24 97%-98 6.691 6.462 + 342 Nxt Call B Px A Px B YTC B CUR Floats Notes C C C C C C C C 6.125 11/15/20 100%-100% 6.007 6.095 + 447.8 MKt 5x2 5.95 N 08/15/20 98%-99 6.318 6.041 + 409.5 5.95 01/30/23 97%-98% 6.365 6.095 +407 5.95 05/15/25 95%-95% 6.651 6.255 + 390.5 Mkt 3x2 5.90 02/15/23 97%-98% 6.312 6.044 +423 5.875 03/27/20 98%-98Y2 6.372 5.987 + 405.9 Mkt 3MM 5.80 11/15/19 9734-9834 6.449 5.934 + 409.3 5.35 05/15/23 9334.94% 6.459 5.722 + 347 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075301 SDNY_GM_00221485 EFTA01378140
February 15, 2026 at 1:33 PM
epsteinweb.bsky.social
Parts 1-3/3 — EFTA01378108.jpg
#epsteinweb #efta01378108
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EFTA01378108 | EFTA01378108 any, upon the resolution of audits and amounts previously provided may be material. Differences between the reserves for income tax contingencies and the amounts owed by the Company are recorded in the period they become known. Note 3-Shareholder equity On June 29, 2015, the Company amended and restated its articles of incorporation to issue two new classes of common stock, Class D and Class E. In connection with the new classes of common stock and redeemable preferred stock, as described below, the holder of the Class A common shares exchanged his outstanding shares for 1.0 million shares of Class E common stock and 4.9 million shares of Class F redeemable preferred stock. The holder of the Company's Class E common stock has one vote for each share of common stock and is entitled to receive dividends out of funds that are legally available if declared by the board of directors. The Company's Class D common stock is identical to the Class E common stock except that there are two votes for each share of common stock. As of June 30, 2015, there were no Class A, Class B. Class C or Class D shares issued or outstanding. Note 4 -Redeemable preferred stock On June 29. 2015. the Company amended and restated its articles of incorporation to issue a new class of redeemable preferred stock. Class F; no par value, no maximum shares authorized. These shares have a redemption value of $4.9 million. The holder of the Class F preferred stock has the right to require the Company to redeem each of its shares within 30 days after the receipt of a written request. Accordingly, the Company has recorded its preferred stock outside of permanent equity. Except with the written consent of the holder of the Class F preferred stock, the Company will not, while any Class F preferred stock is outstanding. declare or pay any dividends on any shares other than Class F preferred stock; redeem or acquire any shares other than Class F preferred stock; or reduce its capital otherwise than by way of a redemption or acquisition of any common shares. The holder of Class F F-68 preferred stock shall not have any right to receive notice of or attend or vote at any general meeting of the Company while any other shams of the Company are outstanding. In the event of any liquidation, dissolution, or winding-up of the Company, or other distribution of the assets of the Company among its shareholders for the purpose of winding-up its affairs, each holder of Class F preferred stock shall be entitled to be paid and in preference to and priority over any distribution or payment on any other share, the amount that would have been the redemption price for such share if the date of payment had been the date for redemption, and after such payment each such holder will not be entitled to participate in any further distribution of property or assets of the Company. Note S—Contingencies From time to time, the Company is party to litigation in the ordinary course of business. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. The Company also evaluates other contingent matters. including income and non-income tax contingencies. to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. Management currently believes that resolving claims against us will not have a material impact on the liquidity, results of operations. or financial condition of the Company, however, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. See Note 2 for additional information related to income tax contingencies. Note 8—Related party transactions The Company's shareholders are Mr. Markus Frind, Chief Executive Officer of the Company, and entities affiliated with him. From time to time, the Company has transferred cash to entities controlled by Mr. Frind and/or his affiliates. In addition, the Company has paid certain operating expenses on behalf of one of these entities. During the first six months of 2014 and 2015, cash transfers from the Company to related parties were $2.1 million and $27.6 million, respectively, and cash transfers back to the Company from related parties were $0.1 million and nil, respectively. The amounts due from Mr. Fund and his affiliates totaled $0.2 million and $27.8 million as of December 31, 2014 and June 30, 2015, respectively. These receivables are included in -Receivables from related parties" in the accompanying consolidated balance sheet. In connection with the proposed acquisition of the Company by Match Group, Inc. (See note 7—Subsequent events) the outstanding receivables from related parties balance will be settled prior to the dose. Note 7—Subsequent events On July 14. 2015. the Company announced that it had entered into a definitive agreement to be acquired by Match Group. Inc. for USD $575 million in cash The acquisition is expected to close in the fourth quarter of 2015. In preparing these consolidated financial statements, management evaluated subsequent events through October 5. 2015 on which date the consolidated financial statements were available for issuance. F-69 Report of independent auditors Shareholder of Plentyoffish Media Inc. We have audited the accompanying consolidated financial statements of Plentyoffish Media Inc. and Subsidiaries, which comprise the consolidated balance sheets as of December 31, 2013 and 2014, and the related consolidated statement of income, changes in shareholder equity and cash flows for the years then ended, and the related notes to the consolidated financial statements. hap: tec.gov An:laves daW15751890/0104746915006431 32226458"-talfintil 192013927:17 Ahfl CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075268 SONY GM_00221452 EFTA01378108
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EFTA01378099 | EFTA01378099 Long-term debt—related party Long-term debt—related party convsts of December 31, 2013 December 31, 2014 Fair Carrying Carrying Fair value value value value (In thousands) 3.57% Notes; Interest payable September 1, which commenced September 1, 2012 5.00% Note; interest payable December 15, which commenced December 15. 2014 5.90% Note; interest payable December 15, which commenced December 15, 2014 Total long-term debt—related party $ 79,000 $ 66,078 S $ 79.000 $ 66,078 79.000 $ 67.848 64.586 69.101 47.000 48.476 190.586 $ 185,425 On September 28. 2011. the Company, through a foreign subsidiary. Match.com Europe Limited, issued $94 million aggregate principal amount of 3.57% Notes. The notes were issued to three IAC foreign subsidiaries in connection with the financing of the acquisition of a controlling interest in Meetic in September 2011. In December 2011, the Company repaid $15 million leaving an outstanding balance of $79 million. The remaining notes are guaranteed by Match.com Pegasus Limited, a subsidiary of Match Group, Inc. The notes are payable in three installments of $26.3 million that are each due on September 1, 2021. 2023 and 2026. On April 8, 2014, Match.com Europe Limited and Match.com France Limited issued a €53 million ($64.6 million at December 31, 2014) 5.00% Note and a $47 million 5.90% Note, respectively. The 5.00% euro denominated note was issued to an IAC foreign subsidiary in connection vrith the financing of the purchase of the remaining publicly-traded shares of Meetic that took place in the first quarter o12014. The note is due on December 15, 2021. The 5.90% Note was issued to an IAC foreign subsidiary with the proceeds being used to repay certain indebtedness that had been created in order to partially fund the acquisition of shares in Meetic. The note is due on December 15. 2021. F-53 Table of Cnntentct The fair value of the Company's long-term debt is estimated by discounting the future cash flows based on current market conditions. Interest expense related to the long-term debt rs included in "Interest expense—related party" in the accompanying combined statement of operations Long-term debt matunties are as follows: 2021 2023 2026 (In thousands) 137.920 26.333 26.333 190.586 Guarantee of MC Senior Notes and revolving credit facility On November 15, 2013 and December 2t, 2012, IAC issued $500 million aggregate principal amount of 4.875% Senior Notes due November 30 2018 (-2013 Senior Notes') and $500 million aggregate principal amount or 4.75% Senior Notes due December 15. 2022 ('2012 Senior Notes"). respectively. The 2013 and 2012 Senior Notes are unconditionally guaranteed by Match Group. Inc. and certain of its domestic subsidiaries. The indentures governing the 2013 and 2012 Senior Notes contain covenants that limit the ability of IAC's restricted subsidiaries to, among other things. (i) incur indebtedness, make investments, or sell assets in the event IAC is not in compliance with the financial ratio set forth in the indenture. and (ii) incur liens. enter into agreements restricting our subsidiaries' ability to pay dividends. enter into transactions with affiliates and consolidate, merge or sell all or substantially all of IAC's assets. At December 31. 2014. IAC was in compliance with the financial ratio set forth in the indenture. On December 21, 2012. IAC entered into a $300 million revolving credit facikty, which expires on December 21, 2017. At December 31. 2014 and 2013. there are no outstanding borrowings under IAC's revolving credit facility. The revolving credit facility is unconditionally guaranteed by the same domestic subsidiaries that guarantee the 2013 and 2012 Senior Notes and is also secured by the stock of Match Group, Inc. and certain of its domestic and foreign subsidiaries. The Company has not recorded a liability pursuant to this guarantor obligation because we have not agreed to pay a specific amount through an arrangement with our co-obligors and we do not expect to pay any amount as a result of our guarantee of IAC's Senior Notes and IAC's revolving credit facility. Prior to the dosing of this offering, we will no longer be a restricted subsidiary of IAC for the purposes of its debt facilities, nor will we guarantee any debt of IAC nor will the stock of any of our subsidiaries be pledged to secure IAC's debt. Relationship with IAC following the initial public offering We expect to enter into certain agreements with MC relating to this offering and our relationship with IAC after this offering to govern the relationship between the Company and IAC. These agreements will include: a master transaction agreement; an investor rights agreement; a tax sharing agreement; a services agreement: an employee matters agreement: and a subordinated loan agreement. Imp: sec.sevAn:lives'edgindatelS151890X1104746915006431122264511^-talinitil 1 92015921:17 AM) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075259 SONY GM_00221443 EFTA01378099
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EFTA01378078 | EFTA01378078 (in thousands, except per share data) Numerator. Net earnings Net (earnings) loss attributable to noncontrolling interests Net earnings attributable to Match Group. Inc's shareholder Denominator. Weighted average basic shares outstanding(a) Dilutive securities including stock options and other securities(a) Denominator for earnings per share—weighted average shares (al Earnings per share attributable to Match Group, Inc.'s shareholder Earnings per share(a) $ 100,009 $ 100,009 $ 84.748 $ 84,748 42 42 (522) (522) $ 99,487 S 99.487 $ 84.790 S 84.790 $ 10.040 — 10.040 452 10.233 — 10.233 528 10.040 10.492 10.233 10,761 9.91 S 9.48 $ 8.29 S 7.88 All share and per share information reflects information before gworg effect to ad/ustrnents to be made in connection with the recapitalization of our °nutty that will Dior to the completion of the PO and the trarvier of the net proceeds of the IPO to IAC Unaudited pro forma information to give effect to the dividend payment to IAC The unaudited pro forma balance sheet and unaudited pro forma net earnings per share have been presented in accordance with SEC Staff Accounting Bulletin Topic 1.6.3. The unaudited pro forma balance sheet gives effect to an anticipated 16-for-1 stock split and an estimated $1.5 billion of proceeds from the issuance of the Match Senior Notes. borrowings under the term loan facility and this offering. including additional borrowings under the revolving credit facility, as payment of a dividend to IAC. The computation of pro forma net earnings per share reflects the number of additional shares that were issued to fund the dividend to IAC based on an assumed offering price of $13.00 per share (the midpoint of the offering price range set forth on the cover page of this prospectus). The computation of pro forma earnings per share assumes 33.3 million of incremental shares to be issued in connection with this distribution were outstanding from the beginning of the period. F-20 Table of Contents The following table sets forth the computation of pro forma basic and diluted earnings per share attributable to Match Group. Inc shareholders to give effect to the dividend payment to IAC. Nine Months Ended September 30, 2015 Basic Diluted (In thousands, except per share data) Numerator. Net earnings(a) Net loss attributable to noncontrolling interests Net earnings attributable to Match Group. Inc. shareholders $ $ Denominator. Weighted average basic shares outstanding Add: Pro forma adjustment to reflect assumed shares sold in the initial public offering to fund the dividend payment Pro forma weighted average basic shares outstanding Dilutive securities including stock options and other securities Pro forma denominator for earnings per share-weighted average shares Pro forma earnings per share attributable to Match Group, Inc. shareholders 59.532 $ 42 59.574 59,532 42 59.574 163,733 163,733 33,333 197,066 33,333 197,066 8,449 197,066 205,515 0.30 $ 0.29 $ (a) Net earnngs has been adjusted b1S2.5 2 matron to reflect addittorei Interest expense (net of tax) assumed to te marred to finance the paten of the dvidend that exceeds both the gross proceeds from m4 offering and the previous twelve montris net eamongs F-21 Table of Contents Report of independent registered public accounting firm The Board of Directors and Shareholders of IAC.InterActiveCorp We have audited the accompanying combined balance sheets of Match Group. Inc. and Subsidiaries (the Company) as of December 31, 2013 and 2014, and the related combined statements of operations. comprehensive income. shareholder equity, and cash flows for each of the three years in the period ended December 31. 2014. Our audits also included the financial statement schedule listed on page F-61. These financial statements and financial schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that hap:were. trec.srov'Anthnesedgin date1575189110010474691500643112226458n-lahttn(1I 9,2013 911:17 AIM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075238 SONY GM_00221422 EFTA01378078
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EFTA01378076 | EFTA01378076 Table of CnnteM‘ Long-term debt—misted parry Long-tenn debt consists of: December 31, September 30, 2014 2015 Carrying Fair Canying Fair Value Value Value Value (In thousands) 3.57% Notes; Interest payable September 1, which commenced September 1, 2012 5.00% Note: interest payable December 15. which commenced December 15. 2014 5.90% Note: interest payable December 15, which commenced December 15, 2014 Total Longterm debt—related party $ 79,000 $ 67,848 $ 79,000 $ 65,550 64,586 69,101 59.429 60.332 47,000 48,476 47,000 47,270 $ 190.586 S 185.425 $ 185.429 $173,152 On April 8. 2014, Match.com Europe Limited and Match.com France Limited issued a E53 million ($59.4 million at September 30, 2015) 5.00% Note and a $47 million 5.90% Note, respectively. The 5.00% euro denominated note was issued to an IAC foreign subsidiary in connection with the financing of the purchase of the remaining publicly-traded shares of Meetic that took place in the first quarter of 2014. The note is due on December 15. 2021. The 5.90% Note was issued to an IAC foreign subsidiary with the proceeds being used to repay certain indebtedness that had been created in order to partially fund the acquisition of shares in Meetic. The note is due on December 15, 2021. On September 28, 2011, the Company, through a foreign subsidiary, Match.00m Europe Limited. issued $94 million aggregate principal amount of 3.57% Notes. The notes were issued to three IAC foreign subsidiaries in connection with the financing of the acquisition of a controlling interest in Meetic in September 2011. In December 2011, the Company repaid $15 million leaving an outstanding balance of $79 million. The remaining notes are guaranteed by Match.com Pegasus Limited, a subsidiary of Match Group. Inc. The notes are payable in three installments of $26.3 million that are each due on September 1. 2021, 2023 and 2026. The fair value of the Company's long-term debt is estimated by discounting the future cash flows based on current market conditions. Interest expense related to the long-term debt is included in Interest expense—related party' in the accompanying combined statement of operations. Long-term debt maturities are as follows: 2021 2023 2026 $ (In thousands) 132,763 26,333 26,333 185,429 Guarantee of /AC Senior Notes and revolving credit facility On November 15. 2013 and December 21. 2012. IAC issued $500 million aggregate principal amount of 4.875% Senior Notes due November 30, 2018 (2013 Senior Notes) and 5500 million aggregate principal F.17 Table of Contents amount of 4.75% Senior Notes due December 15, 2022 (2012 Senior Notes"), respectively. The 2013 and 2012 Senior Notes are unconditionally guaranteed by Match Group. Inc. and certain of its domestic subsidiaries. The indentures governing the 2013 and 2012 Senior Notes contain covenants that limit the ability of IAC's restricted subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the event IAC is not in compliance with the financial ratio set forth in the indenture, and (ii) incur liens, enter into agreements restricting our subsidiaries' ability to pay dividends, enter into transactions with afflhates and consolidate, merge or sell all or substantially all of our assets. At September 30. 2015, IAC was in compliance with the financial ratio set forth in the indenture. On December 21. 2012. IAC entered into a $300 million revolving credit facikty. On October 7, 2015, the IAC revolving credit facility was amended and restated, and now expires on October 7, 2020. At September 30, 2015 and December 31, 2014, there are no outstanding borrowings under IAC's revolving Credit facility. The revolving credit facility is unconditionally guaranteed by the same domestic subsidiaries that guarantee the 2013 and 2012 Senior Notes and is also secured by the stock of Match Group. Inc. and certain of its domestic and foreign subsidiaries. The Company has not recorded a liability pursuant to this guarantor obligation because we have not agreed to pay a specific amount through an arrangement with our co-obligors and we do not expect to pay any amount as a result of our guarantee of IAC's Senior Notes and IAC's revolving credit facility. Prior to the closing of this offering, we will no longer be a restricted subsidiary of IAC for purposes of its debt facildies, nor will we guarantee any debt of IAC nor will the stock of any of our subsidiaries be pledged to secure IAC's debt. http:viviv. daW1575189,00010474691500643112226458^-talfintiI 1,92013 911:17 AIM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075236 SONY GM_00221420 EFTA01378076
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EFTA01378075 | EFTA01378075 Income tax provision Net earnings Net earnings attributable to noncontrolling interests Net earnings attributable to Match Group. Inc.'s shareholder $ (46,434) 100,009 (522) 99.487 Nine Months Ended September 30, 2015 Acquisitionrelated contingent Amortization consideration Operating Stock-based Adjusted compensation of fair value income EBITDA expense Depreciation intangibles arrangements (loss) (In thousands) Dating 11,479 S 142.897 $ 185,063 $ (30,233) (14,280) (9,132) $ — Non-dating (5.524) (5,708) (749) (4.998) (16,979) Total $ 179,355 $ (19,804) $ (30,982) (14,130) $ 11,479 125,918 Interest expense—related party (6,879) Other income, net 8,341 Earnings before income taxes 127.360 Income tax provision (4Z632) Net earnings 84,748 Net loss attributable to noncontrolling interests 42 84,790 Net earnings attributable to Match Group, Inc.'s shareholder Note 8—Contingencies In the ordinary course of business, the Company is a party to various lawsuits, The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore. no reserve is established. F-15 Table of Contents Although management currently believes that resolving claims against us. including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and managements view of these matters may change in the future. The Company also evaluates other contingent matters. including income and non-Income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See Note 2 for additional information related to income tax contingencies. Note 7-Related party transactions Relationship with IAC prior to the Initial public offering Match Group. Inc 's combined statement of operations includes allocations of general and administrative costs, including stock-based compensation expense. related to IAC's accounting, treasury, legal, tax, corporate support and internal audit functions. These allocations were based on Match Group, Inc.'s revenue as a percentage of IAC's total revenue. Allocated costs, inclusive of stock-based compensation expense, were $5.0 million and $5.5 million, for the nine months ended September 30, 2014 and 2015, respectively, and are included in "General and administrative expense; in the accompanying combined statement of operations. It is not practicable to determine the actual expenses that would have been incurred for these services had Match Group. Inc. operated as a stand-alone entity. Management considers the allocation method to be reasonable. We have entered into certain arrangements with IAC in the ordinary course of business for. (i) the leasing of office space for certain of our businesses at properties owned by IAC. for which we paid approximately $0.7 million and $1.1 million for the nine months ended September 30. 2014 and 2015, respectively; and (ii) the subleasing of space in a data center from an RC subsidiary, for which we paid such IAC subsidiary approximately $0.9 million for both the nine months ended September 30, 2014 and 2015. The following table summarizes the components of the net increase in IAC's investment in Match Group, Inc. for the nine months ended September 30. 2015: Capital contribution from IAC to partially fund the acquisition of Plenty0fFish Cash transfers to IAC related to its centrally managed U.S. treasury management function Taxes Allocation of general and administrative expense Net increase in IAC's investment in Match Group, Inc. September 30, 2015 (In thousands) (155,000) 99.086 (44.521) (5.535) (105,970) F-16 hop: yip..., sec.gov•An:lives daW1575189,00010474691500643112226458^-talfintiI 1,9,2013 911:17 AIM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075235 SONY GM_00221419 EFTA01378075
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EFTA01378074 | EFTA01378074 F-13 Table oi c_o_ntents Nine months ended September 30, 2014 2015 (In thousands) Adjusted EBITDA: Dating Non-dating Total 198.554 $ (10,533) 188,021 185.063 (5.708) 179,355 Revenue by geography is based on where the customer is located Geographic information about revenue and long-lived assets is presented below Nine months ended September 30, 2014 2015 (In thousands) Revenue: United States All other countries Total $ 421,538 $ 227.734 649.272 $ 517.422 235.435 752.857 The United States is the only country whose revenue is greater than 10 percent of total revenue for the nine months ended September 30. 2014 and 2015. December 31, September 30, 2015 2014 (In thousands) Long-lived assets (excluding goodwill and intangible assets): United States All other countries Total $ 25.436 $ 17,561 42,997 $ 25,656 16,930 42,586 The only country, other than the United States, with greater than 10 percent of total long-lived assets (excluding goodwill and 'intangible assets), is France with $14.5 million as of both December 31, 2014 and September 30. 2015. The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation: and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, and we believe that by excluding these items, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business, from which capital investments are made and debt is serviced. Adjusted EBITDA has certain limitations in that it does not take into account the impact to the Company's statement of operations of certain expenses. F-14 Table of Cordell The following tables reconcile Adjusted EBITDA to operating income (loss) for our reportable segments and to total net earnings attributable to Match Group. Inc.'s shareholder for the nine months ended September 30. 2014 and 2015. Nine months ended September 30, 2014 Acquisitionrelated contingent Stock -based Amortization consideration Operating Adjusted compensation of fair value income EBITDA expense Depreciation intangibles arrangements (loss) (In thousands) Dating $ 198.554 (15,624) $ (16,401) $ 13,581 $ 175,509 (4,601) $ Non-dating (10.533) (986) (721) (2,240) (14,480) Total 13,581 188,021 $ (16,610) S (17.122) S (6,841) $ 161,029 Interest expense—related party (23.214) Other income, net 8.628 Earnings before income taxes 146,443 http:v.mv. rice.gv An:hives daW1575189,00010474691500643112226458^-talfintiI litir20139:21:17 AIM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075234 SONY GM_00221418 EFTA01378074
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