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EFTA01391293 | EFTA01391293 GLDUS124 BBR Partners iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096132 SDNY_GM_00242316 EFTA01391293
February 19, 2026 at 8:01 AM
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EFTA01390695 | EFTA01390695 GLDUS113 Cliff I!lig iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0095269 SDNY_GM_00241453 EFTA01390695
February 19, 2026 at 7:29 AM
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EFTA01390018 | EFTA01390018 GLDUS138 Ian Slome iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0094388 SDNY_GM_00240572 EFTA01390018
February 19, 2026 at 6:54 AM
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EFTA01389592 | EFTA01389592 GLDUS132 EverVVatch Financial iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0093954 SDNY_GM_00240138 EFTA01389592
February 19, 2026 at 6:32 AM
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EFTA01389169 | EFTA01389169 GLOUSI 33 Georgetown University Endowment iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0093522 SDNY_GM_00239706 EFTA01389169
February 19, 2026 at 6:10 AM
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Gold, Silver Rate Today Live Updates: Gold, silver prices well below record highs; what’s the outlook now? – The Times of India

Multi Commodity Exchange of India and National Stock Exchange of India have decided to roll back the extra margins that were levied on gold and silver futures, with the…
Gold, Silver Rate Today Live Updates: Gold, silver prices well below record highs; what’s the outlook now? – The Times of India
Multi Commodity Exchange of India and National Stock Exchange of India have decided to roll back the extra margins that were levied on gold and silver futures, with the change coming into effect from Thursday, February 19. MCX announced that it will discontinue the additional 3 per cent margin applicable on all gold futures contracts as well as the 7 per cent extra margin imposed on silver futures earlier this month. The exchange has informed its clearing members to take note of the updated margin structure. In a separate communication, NSE Clearing Ltd confirmed that the supplementary margins introduced on February 4, amounting to 3 per cent for gold futures and 7 per cent for silver futures, will be withdrawn from February 19. Members have been advised to realign their positions in line with the revised requirements. Source link
dailyheadlinez.com
February 19, 2026 at 3:41 AM
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EFTA01386502 | EFTA01386502 GLOUS238 SOUTHERN FINANCIAL LLC iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0088226 SDNY_GM_00234410 EFTA01386502
February 19, 2026 at 2:16 AM
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EFTA01386034 | EFTA01386034 16 October 2017 Special Report: Argentina - Position for the upturn Argentina: Position for the upturn Introduction Upside surprises - lackluster market response. Argentina's FX and fixed income markets have had a muted response to the recent upside surprises in both domestic activity and better-than-expected primary results / electoral polls since the PASO. Rather than a sign of market skepticism we find this consistent with the new stage of the cycle the economy finds itself in, where the growth is accelerating but amid a very gradual improvement in fiscal accounts, a widening current account deficit and persistent inflation. Asset selection becomes more important. The improvement in growth outlook is more clearly reflected in the 40%+ returns in equity markets and outperformance of Argentina's external debt. Meanwhile, inflation inertia and the still high pace of issuance have underpinned the lackluster performance of the peso and local fixed income in recent months. The gradual improvement in macro conditions we foresee slows re-pricing and highlights the importance of relative value at this stage in the business cycle. In this report, we review recent macro developments and outlook, and discuss how to position for this stage in the cycle. Politics and policy mix support (tactical) carry in local markets and duration in hard currency The October mid-term elections will likely confirm the expected gains by Mach's coalition. The race in the key (and normally a leading indicator) BA province shows the incumbent's candidate leading by almost 5 points. Also, the main Cambiemos leaders still enjoy favorable ratings - especially Governor Vidal (near historical highs) - while Cristina Kirchner's rejection rate is on the rise. Local polls also suggest - despite limitations - that Cambiemos may win in the province of Buenos Aires, the city of Buenos Aires, Cordoba, Mendoza and Santa Fe - the five largest electoral districts. The government would still lack majority in congress but such an outcome would fragment the opposition further and increase the government's leverage with governors and thus legislators. This is essential to pass various reforms (especially tax. co-participation, and de-regulation), keep growth momentum sustainable. and pave the way to reelection. The administration has revealed its preference for a gradual policy rebalancing and growth recovery, but Page 2 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL the incumbents would still need the economic momentum to continue with the reforms needed to eventually balance the budget and stabilize external indebtedness after all. These are the pre-conditions for another round of re-pricing - eventually. 'Aihere do policies point to in terms of asset allocation' The political and policy mix means elevated primary deficits (likely to post 3.2% in 2018 and 3.8% without one-off revenues) and still a slight positive impulse vs. 2017 - when the primary deficit is likely reaching 5% without extraordinary measures. This combined with investment growth - concentrated in public and (less so) private consumption (at 4.1%) - and rising real wages (over 3% up in real terms) point to excess absorption. 'Therefore. we expect price pressures to remain concentrated in non-tradables, which means further real currency appreciation pressures. According to our fundamental-based valuation framework the ARS is about 15% overvalued and this will probably increase in the coming quarters. An economy running hot to secure political support and an overvalued currency are consistent with a widening current account deficit. Funding this wider gap and fighting inflation will require high - and possibly temporarily higher - real rates for long. The central bank suggested that real rates of 4% are consistent with disinflation. Persistent inflation and the increase in 2018 inflation expectations to 15.8% (vs. 14% of early O2) suggest that policy rates may have to increase a little further still before easing could resume early next year What could be the market implications? Local rates: Focus on "safer" carry In our view. the need to fund widening current account deficits and anchor disinflation will support additional (mild) real peso appreciation. We expect the peso to depreciate in nominal terms but to lag inflation and forwards. In other words, without fiscal tightening monetary policy (including the exchange rate) will continue to bear the brunt of disinflation. We target the USD/ARS at 18.0 at the end of 2017 and 19.8 at the end of 2018 vs. forwards of 18.3 and 21.0. respectively. With the forwards likely overestimating the pace of ARS depreciation the backdrop is supportive of carry oriented positions. Monetizing carry wi€l not be straightforward. however It is important to bear in mind that - in contrast with Deutsche Bank Securities Inc. DB-SDNY-0087561 SDNY_GM_00233745 EFTA01386034
February 19, 2026 at 12:55 AM
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EFTA01386033 | EFTA01386033 Deutsche Bank Markets Research Emerging Markets Economics Foreign Exchange Rates Credit Special Report Date 16 October 2017 Dentiv;., njyconyoili Stategist Argentina - Position for the upturn i0119O‘) j=43f • Argentina's FX and fixed income markets have had a relatively muted response to the recent upside surprises in both domestic activity and better-than-expected primary results I electoral polls since the PASO. In this report we review recent macro developments and outlook in Argentina, and discuss how to position for this stage in the cycle. so -at • In our view, this muted response is natural at this stage of the cycle and the policy priorities of this administration. The need to fund widening current account deficits and anchor disinflation requires tighter monetary policy for longer, which weighs on fixed income. Strat • Although this mix still supports carry, an overvalued currency requires more active management of USD shorts. Strategist • The choice of instrument in the short-end of local markets is important given wide dispersion in valuations. The macro dynamics favors floating rates over fixed rate instruments given both supply and monetary policy risks • At the mid-section of the curve (up to 22s), the flat forward curve implied by the BOTEs and the adverse carry/roll and skew underscore our preference for floaters. BOPOM 20s offer superior liquidity and remain a popular choice in positioning for carry, but valuation looks very rich according to our analysis. • A back-loaded fiscal adjustment, which would pick up after presidential elections in 2019 (assuming the incumbent is re-elected) is consistent with a back-loaded real depreciation - not appreciation - in longer tenors. This argues for a preference of external bonds for duration exposure. • While valuation in credit looks tight vs. its current credit standing, there is still scope for further tightening due to a). Potential multiple-notch credit ascension if politics stay on track; b). The flattening of spread / quality curve in EM credit markets under the long-term constructive external backdrop of continued inflows; and c). Alternative opportunities (with spread pickup) offered by EUR bonds, select local law USD bonds, and select provincial bonds. ist Ottdhoerob Mbi•>no Ist In the external markets, EUR denominated bonds are more attractive than USD counterparts in the belly of the curve; USD Pars remain very attractive at the long end. Among Argentina's provincial bonds, we retain a preference for 7-year bonds from Cordoba (7.45% '24s) and Salta (9.125% '24s). • While we retain our long-held constructive view on GDP Warrants on our belief that the government will eventually go with the market-friendly resolution on the choice of base case GDP (likely via a buyback), we would only look to buy on dips given the uncertainty in growth (near borderline) after the recent outperformance. Distributed on: 16/10/2017 16:15:40 GMT Deutsche Bank Securities Inc. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0087560 SDNY_GM_00233744 EFTA01386033
February 19, 2026 at 12:55 AM
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Outlook for Windows usage report in the Exchange Admin Center will be retired. Administrators should use the Microsoft 365 Admin Center report instead. #Outlook #Reporting #ExchangeOnline
Retirement of Outlook Usage Report in the Exchange Admin Center
Microsoft will retire the Outlook for Windows usage report in the Exchange Admin Center starting in April 2026. Administrators should use the Microsoft 365 Admin Center report instead.
topedia.net
February 18, 2026 at 9:39 PM
isegrimm.bsky.social
Es geht hier um externe Emailkonten ... nicht um welche, die auf Exchange-Servern liegen.

Outlook ist nur ein Email-Programm ... kein MTA.
February 18, 2026 at 5:38 AM
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NFL Offseason Outlook 🏈
- Cincinnati #Bengals
'25 Record: 6-11
(3rd place AFC North)

Top Priority: Revamp the overall defense: from the D-line to the secondary.
Can they get something in exchange for Trey Hendrickson? He clearly doesn't want to be a Bengal anymore.

#WhoDey
February 18, 2026 at 12:15 AM
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figures, while the Australian dollar surged to a 19-month high against the British pound following weak UK employment data. These cross-currency moves show that relative economic performance drives exchange rates more than any single country's outlook in isolation.
February 17, 2026 at 9:20 PM
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Bitcoin (BTC) faces potential 20% drop to $56,000 due to bearish patterns & increased exchange inflows from large holders (whales). 📉 Immediate outlook cautious, watching $56k support & $72.7k resistance.
Cryptovka
CryptoMarket and Blockchain News
cryptovka.com
February 17, 2026 at 7:16 PM
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Piramal Finance Limited

Piramal Finance Limited has informed the Exchange regarding a press release dated February 17, 2026, titled "S&P Global Ratings Upgrades Piramal Finance Limited to BB with Stable Outlook". |SUBJECT: Press Release Source link
Piramal Finance Limited
Piramal Finance Limited has informed the Exchange regarding a press release dated February 17, 2026, titled "S&P Global Ratings Upgrades Piramal Finance Limited to BB with Stable Outlook". |SUBJECT: Press Release Source link
stockupdatesnow.com
February 17, 2026 at 3:22 AM
ebibibibibibi.bsky.social
これまでずっと仕事の予定も個人の予定もOutlookでExchange側で管理してたけど、これからはGoogleカレンダーをメインに使っていく。スマホのGemini連動あたりも積極的に使っていく。本当はOutlook + Copilotでやりたいけど、毎回PIN入力させられるからそれがネック。
February 17, 2026 at 2:00 AM
dailyheadlinez.bsky.social
Gold, Silver Rate Today Live Updates: Silver, gold ETFs tank; what’s the outlook for yellow, white metal? – The Times of India

Gold and silver futures witnessed a sharp decline at the opening of trade on Monday on the Multi Commodity Exchange as investors moved to book profits after the strong…
Gold, Silver Rate Today Live Updates: Silver, gold ETFs tank; what’s the outlook for yellow, white metal? – The Times of India
Gold and silver futures witnessed a sharp decline at the opening of trade on Monday on the Multi Commodity Exchange as investors moved to book profits after the strong gains recorded in the previous session. April 2026 gold futures on the MCX were trading lower by Rs 1,000, or 0.64%, at Rs 1,54,905 per 10 grams. Silver futures for delivery on March 5, 2026 also weakened, falling by Rs 8,265, or 3.3%, to Rs 2,36,100 per kg. In overseas markets, spot gold slipped 0.4% to $5,020.10 per ounce as of 0111 GMT, after advancing 2.5% in the earlier session.
dailyheadlinez.com
February 16, 2026 at 8:37 AM
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EFTA01382894 | EFTA01382894 GLOUS238 SOUTHERN FINANCIAL LLC iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0082439 SDNY_GM_00228623 EFTA01382894
February 15, 2026 at 5:30 PM
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Microsoft Exchange and Outlook - Schleswig-Holstein

https://www.zdnet.com/article/german-state-replaces-microsoft-exchange-and-outlook-with-open-source-email/
#xodus
German state replaces Microsoft Exchange and Outlook with open-source email
Digital sovereignty isn't a phrase you often hear in the US, but it's a big deal in Europe. Here's why.
www.zdnet.com
February 15, 2026 at 4:27 PM
epsteinweb.bsky.social
EFTA01378326.jpg
#epsteinweb #efta01378326
https://epsteinweb.org
EFTA01378326 | EFTA01378326 INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade Axa Sa Updated: Oct 28, 2015 Trade Idea: ► Buy Investment Rationale: ► Fundamentally very sound issuer with a diversified cash flow profile and a strong capital basis. ► S&P Rating outlook is positive, thus the risk for Non-IG rating to be low. ► Very debt friendly behaviour. Strong call track record for institutional debt. ► Issuer is likely to optimize maturity profile, i.e. increasing likelihood for an exchange offer (similar for Euro bonds) ► USD denominated ► Tier 1 instrument, coupons could be optimal upon dividend pusher. Maturity is perpetual with call in 2018. ► Isin in RegS format ► The instrument is attractive on a 4.9% yield level. The bond is still outperforming during October's market recovery. Yield still compensates versus potential S rate hikes. Recommendation(s)•: Trade Pori View pulpedoim 12m Ticker Coupon Maturity S&P Moodys Cc), r AXASA 6.463 '19/14018 rEs313/ Baal r USD Issue Size 75000 Yield 4.9 Entry S•read 331 Target Ask Cash S• ad vel Pric 300 Isis 553 r104Z USF060StrAP36 Capital Security des `rut to Terl FAXASA 6.463 12/349 • Levels as of 10/28/2015 Deutsche Asset & vtisalth Managernere CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL 28 DB-SDNY-0075495 SDNY_GM_00221679 EFTA01378326
February 15, 2026 at 1:42 PM
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Parts 1-3/3 — EFTA01378242.jpg
#epsteinweb #efta01378242
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EFTA01378242 | EFTA01378242 Important Notice This material is provided to you for informational purposes only. This is neither an offer to sell nor a solicitation of any offer to buy any securities in any fund managed by 0ch-Ziff Capital Management Group LLC and its affiliates (the "Company"). Any offering is made only pursuant to the relevant offering documents and the relevant subscription application (collectively, the "Offering Documentsl, all of which must be read in their entirety. The information contained herein will be superseded by, and is qualified in its entirety by reference to, the Offering Documents, which will contain information about the investment objectives, terms and conditions of the Fund and will also contain tax information and risk disclosures that are important to any investment decision regarding the Fund. No offer to purchase securities will be made or accepted prior to receipt by the offeree of these documents and the completion of all appropriate documentation. This document is not an advertisement and is not intended for public use or distribution. The information contained herein should be treated in a confidential manner and may not be reproduced or used in whole or in part for any purpose, nor may it be disclosed, without prior written consent of the Company. Notwithstanding anything to the contrary herein, each investor (and each employee, representative, or other agent of each such investor} may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of 6) the Fund and nil any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the investor relating to such tax treatment and tax structure. While hedge funds offer investors the potential for attractive returns and diversification, they pose greater risks than more traditional investments. Investors may lose all or a substantial portion of their investment. Investors should consider the risks inherent with investing in hedge funds, which include, but are not limited to, leveraged and speculative investments, limited liquidity, higher fees and expenses and complex tax structures. This presentation and the information contained herein does not constitute an offer of any Och-Ziff fund. The Company has in place policies and procedures designed to prevent market abuse and insider dealing. These policies and procedures are reviewed on a regular basis. Cautionary Note Regarding Forward-Looking Statements The information contained herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as "outlook," "believe," "expect," "potential," "continue,—may: "will," "should," "could," "seek," "approximately," "predict," "intend," "plan: "estimate," "anticipate; "opportunity," "comfortable," "assume," "remain," "maintain," "sustain," "achieve," "see," "think," "position" or the negative version of those words or other comparable words. Any forward-looking statements contained herein are based upon historical information and on the Company's current plans, estimates and expectations. The inclusion of this or other forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved. The Company cautions that forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to the following: global economic, business, market and geopolitical conditions; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy; conditions impacting the alternative asset management industry; the Company's ability to retain existing investor capital; the Company's ability to successfully compete for investors, assets, professional talent and investment opportunities; the Company's ability to retain its executive managing directors, managing directors and other investment professionals; the Company's successful formulation and execution of its business and growth strategies; the Company's ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company's business; and assumptions relating to the Company's operations, investment performance, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the Company's assumptions or estimates prove to be incorrect, the actual results may vary materially from those indicated in these statements. These factors are not and should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in the Company's filings with the Securities and Exchange Commission ("SEC"), including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 dated February 23, 2015 and filed with the SEC. There may be additional risks, uncertainties and factors that the Company does not currently view as material or that are not known. The Company does not undertake to update any forward-looking statement, because of new information, future developments or otherwise. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075405 SDNY_GM_00221589 EFTA01378242
February 15, 2026 at 1:38 PM
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EFTA01373555 | EFTA01373555 From: Sent: To: Microsoft Outlook [MicrosoftExchange329e7lec88ae4615bbc36ab6ce41109e@db.comI 7/19/2017 12:09:00 PM Stewart Oldfield I Subject: Location: Epstein trading meeting l= room 2405 Start: 8/8/2017 9:00:00 AM End: 8/8/2017 10:00:00 AM Show Time As: Busy Recurrence: (none) When: Tuesday, August 08, 2017 9:00 AM-10:00 AM. Where: room 2405 (UTC-05:00) Eastern Time (US & Canada) Sena by Mit:A:soft Exchange Setvo 2010 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0067801 SDNY_GM_00213985 EFTA01373555
February 15, 2026 at 9:48 AM
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EFTA01368546 | EFTA01368546 From: Sent: To: CC: Subject: Daniel Sabba 9/4/2015 2:31:55 PM 'jeffrey E.' neevacation@gmail.comj Paul Morris Vahe Stepanian Ariane Dwyer FW:Faria: Brazil Daily Update ICI Stewart Oldfield Richard Kahn' Classification: Confidential Relevant Brazil update. Sy on the run CDS at 384. USDBRL 3.8485. My impression is that there is still time to short more, if you are up to it Jeffrey. original message From: Isin Sumengen-Ziel (DEUTSCHE BANK AG, LO) Sent: Thursday, September 03, 2015 4:50 PM subject: Faria: Brazil Daily update Brazil's economic outlook deteriorates further According to newspaper Folha de S.Paulo, Finance minister Joaquim Levy told President Dilma Rousseff on Wednesday that he was becoming increasingly isolated in the federal administration and losing support to implement his fiscal adjustment plan, and concluded that, under these circumstances, it would be difficult for him to stay in the government. shortly afterward, Rousseff publicly defended Levy, claiming that he was not isolated in the government. As speculation about Levy's possible resignation continued on Thursday, the beleaguered Finance minister cancelled a trip to Turkey (for the G-20 meetings) in order to have a meeting with Rousseff, Planning Minister Nelson Barbosa, and Chief of Staff Aloizio Mercadante. We expect Rousseff to repeat that Levy has her total support, and also to send to Congress an addendum to the 2016 federal budget reducing the projected deficit. Nevertheless, the reality is that Levy has lost a sequence of important fights in the government (especially the watering down of the fiscal measures, the change in the fiscal targets, and more recently the 2016 budget forecasting a federal primary deficit of 0.5% of GDP), and his position is becoming increasingly difficult day by day, as he remains under intense friendly fire (especially from the President's own party, the PT) and Rousseff seems to be having second thoughts about his fiscal austerity plan. As a matter of fact, we believe Levy has not left yet because the government fears that his departure could speed up Brazil's downgrade below investment grade, and because Levy himself knows that his departure would aggravate the crisis. The impression that we have at this point is that the federal government has indeed abandoned Levy's fiscal adjustment plan. According to newspaper valor Econ6mico, the government is no longer willing to cut fiscal spending, believing that it is necessary to use expansionary fiscal policy (including subsidized loans) to rekindle growth. The authorities believe that, as economic growth picks up, tax revenues will improve, alleviating the fiscal situation. It seems that the farthest the government is willing to go to cut the primary fiscal deficit is to raise taxes, "especially on those sectors that gained the most during the Lula years," preserving its welfare programs. According to newspaper Estado de Sio Paulo, Rousseff has not given up on the CPMF tax idea, and allegedly wants to convince Congress to propose reinstating the tax on financial transactions. According to the same source, some congressmen of the ruling coalition are warming up to the idea, in light of the aggravation of the economic crisis. However, resistance against the tax remains quite strong in the private sector and opposition, so it remains to be seen whether Rousseff will manage to muster enough political support to pass it in congress. when the Rousseff administration announced Levy's appointment and its fiscal adjustment plans at the end of last year, we warned that the president began her first mandate in 2011 by tightening fiscal and monetary policies as well, but eventually gave up on those as growth faltered, promoting a combination of rapid fiscal and monetary easing that was dubbed the "new macroeconomic matrix." Thus, we warned that there was a significant risk that history could be repeated in Rousseff's second term. It seems, however, that the austerity-based strategy is unraveling much faster than we could have expected, probably because of the convoluted political environment and repercussions of the Petrobras bribery scandal (the "car Wash" investigation). Under these circumstances, it is hard to believe that the economy will recover if the government returns to the same populist policies that were mainly responsible for the crisis in the first place. In the absence of a comprehensive fiscal adjustment and without a significant economic recovery, the risk is that Brazil might have to generate increasing inflation rates to cope with its ballooning public debt, a perverse process that we all remember very well from the1980s. In light of the latest developments, we are updating our macroeconomic forecasts to take into consideration the higher risks. while our scenario is not one of uncontrolled inflation, it envisages a much slower economic recovery, weaker exchange rate, and higher inflation. We are optimistically assuming CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0060338 SDNY_GM_00206522 EFTA01368546
February 15, 2026 at 5:41 AM
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Parts 1-3/3 — EFTA01364588.jpg
#epsteinweb #efta01364588
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EFTA01364588 | EFTA01364588 GLOUS238 SOUTHERN FINANCIAL LLC iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks and preferred stocks. may decline due to general market conditions that are not related to a specific company. such as: real or perceived adverse economic conditions: changes in the general outlook for corporate earnings: and changes in interest or currency rates or ad verse investor sentiment generally. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as workforce shortages or increased production costs and competitive conditions within an industry. Investments in Non-U.S. Issuers. Certain Funds invest in equity and equity related securities of foreign issuers, depository receipts and other securities or instruments that represent an indirect interest in securities of foreign issuers, collective vehicles that invest in foreign securities and other securities, derivatives or instruments whose performance is linked to the performance of foreign securities or baskets of foreign securities. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. These risks may be increased to the extent that a Fund invests in issuers in emerging markets. Such factors include, but are not limited to. the following: varying custody, brokerage and settlement practices; difficulty in valuation and pricing; less public information about issuers of foreign securities; less governmental regulation and supervision over the issuance and trading of securities; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign security markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes: adverse political, social or diplomatic developments: limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking the legal process outside of the U.S. and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries. Moreover, governmental issuers of foreign securities or other instruments may be unwilling to repay principal and interest due and may require that the conditions for payment be renegotiated. Investment in foreign countries also involves higher brokerage and custodian IS CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0055136 SDNY_GM_00201320 EFTA01364588
February 15, 2026 at 2:17 AM
epsteinweb.bsky.social
Parts 1-3/3 — EFTA01361333.jpg
#epsteinweb #efta01361333
https://epsteinweb.org
EFTA01361333 | EFTA01361333 Important Notice This material is provided to you for informational purposes only. This is neither an offer to sell nor a solicitation of any offer to buy any securities in any fund managed by 0ch-Ziff Capital Management Group LLC and its affiliates (the "Company"). Any offering is made only pursuant to the relevant offering documents and the relevant subscription application (collectively, the "Offering Documentsl, all of which must be read in their entirety. The information contained herein will be superseded by, and is qualified in its entirety by reference to, the Offering Documents, which will contain information about the investment objectives, terms and conditions of the Fund and will also contain tax information and risk disclosures that are important to any investment decision regarding the Fund. No offer to purchase securities will be made or accepted prior to receipt by the offeree of these documents and the completion of all appropriate documentation. This document is not an advertisement and is not intended for public use or distribution. The information contained herein should be treated in a confidential manner and may not be reproduced or used in whole or in part for any purpose, nor may it be disclosed, without prior written consent of the Company. Notwithstanding anything to the contrary herein, each investor (and each employee, representative, or other agent of each such investor} may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of 6) the Fund and nil any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the investor relating to such tax treatment and tax structure. While hedge funds offer investors the potential for attractive returns and diversification, they pose greater risks than more traditional investments. Investors may lose all or a substantial portion of their investment. Investors should consider the risks inherent with investing in hedge funds, which include, but are not limited to, leveraged and speculative investments, limited liquidity, higher fees and expenses and complex tax structures. This presentation and the information contained herein does not constitute an offer of any Och-Ziff fund. The Company has in place policies and procedures designed to prevent market abuse and insider dealing. These policies and procedures are reviewed on a regular basis. Cautionary Note Regarding Forward-Looking Statements The information contained herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as "outlook," "believe," "expect," "potential," "continue,—may: "will," "should," "could," "seek," "approximately," "predict," "intend," "plan: "estimate," "anticipate; "opportunity," "comfortable," "assume," "remain," "maintain," "sustain," "achieve," "see," "think," "position" or the negative version of those words or other comparable words. Any forward-looking statements contained herein are based upon historical information and on the Company's current plans, estimates and expectations. The inclusion of this or other forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved. The Company cautions that forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to the following: global economic, business, market and geopolitical conditions; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy; conditions impacting the alternative asset management industry; the Company's ability to retain existing investor capital; the Company's ability to successfully compete for investors, assets, professional talent and investment opportunities; the Company's ability to retain its executive managing directors, managing directors and other investment professionals; the Company's successful formulation and execution of its business and growth strategies; the Company's ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company's business; and assumptions relating to the Company's operations, investment performance, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the Company's assumptions or estimates prove to be incorrect, the actual results may vary materially from those indicated in these statements. These factors are not and should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in the Company's filings with the Securities and Exchange Commission ("SEC"), including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 dated February 23, 2015 and filed with the SEC. There may be additional risks, uncertainties and factors that the Company does not currently view as material or that are not known. The Company does not undertake to update any forward-looking statement, because of new information, future developments or otherwise. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0050492 SDNY_GM_00196676 EFTA01361333
February 14, 2026 at 11:33 PM