Epstein Secrets

5.972 N 172967JZ5 1.000 THEREAFTER BB+ Fix-to -Float 100.000 C CPN 5.950% until 08/152020. then (3M US LIBOR + 410 bps) 3 BD02D 500.000 GOLDMAN SACHS GROUP INC 5.7% FXD TO 05/10/19 BAI 5.700 Perpetual OS/ 0,2019 101.125 5.637 N 381488AA6 1.000 VAR THERESAFTER BB Fix-to -Float 100.000 GS CPN 5.

e to future increases in the linked index. e.g. CPI. LIBOR etc. However. there can be no assurances that these increases will occur. Copyright 2015 Morgan Stanley Smith Barney LLC. Member SIPC. •2of2- EFTA00621201

15,372,648 Doubleline Total Return - Intermediate Term $4,142,892 Lord Abbott Short Duration - Short Term $11,229,756 U.S. Equities $5,438,298 Goldman Sachs MLP $5,438,298 Global Bonds $3,496,917 Templeton Global Bond Fund $3,496,917 Hedge Funds -Direct $13,476,911 AP Investments Europe Limited $7,64

t to adjustment, updating and correction and should not be relied upon for taking any action without first confirming its accuracy and completeness. Morgan Stanley Smith Barney LLC is not responsible for any clerical, computational or other inaccuracies, errors or omissions. Morgan Stanley Smith Barney LLC obtains market values

On acash basis, the volatility of performance fee earnings (net cash carry) for the alts on a TTM basis has been fairly similar to the volatility of Goldman Sachs@© operating earnings. For Goldman, we look at operating earnings both with and without investment management revenues to isolate the more volatile busi

case implied value of future carry. On average, our downside case implied future value of carry mul- tiple is 5.6x, nearly 3 standard deviations away Goldman Sachs FY2 P/E. Exhibit 29: Downside Scenario SOTP Valuation = B+C+D H I A B c D E F G =1/G = J-F-E - 9 Vola ne: After-Tax SOTP Nee Net Carry Per Impl

following companies covered in Morgan Stanley Research: Apollo Global Management LLC, Ares Management, L.P, BlackRock Inc., Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, KKR & CO. L.P., Oaktree Capital Group, LLC, The Blackstone Group LP, The Carlyle Group L.P,, WisdomTree Investments, Inc.. Within the Last