Epstein Secrets

10/17/2017 12:24:31 PM To: Paul Barrett CC: Stewart Oldfield Subject: RE: DB - Harvest Collateral Y

ategy up to —4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

Vahe Stepanian Sent: 2/22/2018 4:09:09 PM To: Stewart Oldfield 1; Andrew King (la CC: Martin Zeman

ategy up to —4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

: Andrew King Sent: 2/7/2018 11:55:49 AM To: Stewart Oldfield CC: Martin Zeman ; Vahe Stepanian Su

ategy up to —4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

October 17, 2017 12:25 PM To: Paul Barrett Cc: Stewart Oldfield Subject: RE: DB - Harvest Collateral Yi

tegy up to - 4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

From: Stewart Oldfield Sent: 1/26/2018 1:52:55 PM To: Andre

ategy up to 'Mx on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

From: Stewart Oldfield Sent: 1/29/2018 5:39:59 PM To: Paul

ategy up to —4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

10/18/2017 11:17:1O AM To: Paul Barrett CC: Stewart Oldfield Subject RE: DB - Harvest Collateral Yi

ategy up to -4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over

From: Stewart Oldfield Sent: 2/5/2018 3:16/1 To: Paul Barre

ategy up to -4x on a given amount of collateral. Of course, this would increase the potential return and risk, but would also maintain the favorable Sharpe ratio and low correlation to equities. As an example, on a given amount of collateral, 3x exposure would result in 210bps of incremental return over