Morgan Stanley Research Report on Alternative Asset Manager Valuations

Industry overview of Curaleaf, CV Sciences, Elixinol, and Green Thumb Industries CBD product lines (Feb 2019)

Industry overview of Curaleaf, CV Sciences, Elixinol, and Green Thumb Industries CBD product lines (Feb 2019) The passage provides a market‑focused summary of several publicly traded cannabis/MSO companies and their product expansions. It contains no specific allegations, financial flows, or connections to high‑level officials, but it does mention revenue figures and growth rates that could be useful for baseline industry analysis. Because it lacks any reference to powerful actors, controversial actions, or actionable leads, its investigative value is limited. Key insights: Curaleaf launched a CBD line sold in 47 states, targeting pharmacy chains and grocery stores.; Curaleaf reported ~$45 M revenue for FY9M18 with 247% YoY growth and 57% gross margin.; CV Sciences’ PlusCBD Oi! brand generated ~$34 M revenue FY9M18, 153% YoY growth, 72% gross margin.

Tax Guidance on Converting Hedge Fund Partnerships to C Corporations After 2018 Tax Reform

Tax Guidance on Converting Hedge Fund Partnerships to C Corporations After 2018 Tax Reform The document outlines potential tax planning strategies for investment managers following the 2018 corporate tax rate reduction. It mentions no specific individuals, firms, or illicit activity, offering only generic guidance that is already public and unlikely to generate controversy or actionable investigative leads. Key insights: New 21% corporate tax rate creates incentive for partnership entities to convert to C corporations.; Conversion deadline for S corporation status may be March 15, 2018.; IRS anti‑abuse rules (accumulated earnings tax, personal holding company tax) could become enforcement focus.

From: Tom Sze

Ares Management SOTP Valuation Exhibit – Financial Projections

Ares Management SOTP Valuation Exhibit – Financial Projections The passage contains only internal valuation tables and financial metrics for Ares Management, with no mention of individuals, transactions, or potential misconduct. It offers no investigative leads. Key insights: Provides projected pre‑tax and after‑tax core FRE per share for 2018.; Shows various valuation multiples and implied share price scenarios.; Cites Morgan Stanley and Thomson Reuters data sources.

From: "Silvina Royston" <MI=IMM>

Market Overview of Publicly Traded Cannabis Companies Across U.S., Canadian, and Australian Exchanges

The passage provides aggregate financial data on cannabis‑related publicly traded firms and outlines exchange listing requirements. It contains no specific allegations, names, transactions, or links t Most cannabis companies trade on OTC in the U.S. due to lax regulations. Canadian exchanges (TSX, TSXV, CSE) have varying listing standards. CSE permits U.S. cannabis operations, unlike TSX/TSXV.