Epstein Secrets

ctor two times greater than our volatility adjusted position sizing. Leverage levels can be customized to eac h investor. T24M Sharpe Ratio: 1.18 Sharpe Since 1/1/12: 1.28 Historical Sharpe & Notes: Historical sharpe ratio is in excess of 2.0X (backtest from 1995, see Investor Presentation). Our s

59.51) 7201 JP Equity (84) (2,999) (3,742.97) 9.10 -3.22 0.87% (53.54) 7203 JP Equity 34 (4,207) (5,259.85) 55.63 1.18 0.69% (35.10) Sharpe Since 1/1/11 1.281 (4.72) 7267 JP Equity 21.57 762 HK Equity 2.69 7751 JP Equity 8.72 8031 JP Equity (21.25) 8058 JP Equity 2.65 8106 JP

2.93 0.64% 12.71 BLT IN Equity 16 (2,797) 32.52 32.33 0.77 0.76% 46.50 BMO CN Equity 671 14,194 66.92 70.09 11.82 0.40% (131.80) BMW GR Equity 1,352 5,212 99.22 124.96 31.00 0.84% 42.22 BMY US Equity (4) 1,157 49.51 49.35 -0.32 1.04% 16.73 BN FP Equity (4) 1,770 74.

Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex-Leverage) Leverage Target At Inception: Notes on Leverage: 124M Sharpe Ratio: Sharpe Since 1/1/12: Historical Sharpe & Notes: 6/9/2014 94.94% 41.18% 4.80% 5.85% 5,901,163 (501,638) 5,399,525 1,000,000 1,949,397 Change on D

8 6.73 0.58% 13.22 8LT LN Equity 52 (4,374) 32.33 31.94 1.49 0.80% (32.82) 8M0 CN Equity 728 14,492 66.99 70.35 12.94 0.39% 67.76 BMW GR Equity 1,393 5,402 99.96 125.74 34.56 0.75% (54.73) BMY US Equity (10) 185 49.36 46.72 -5.50 1.02% (1.68) BN FP Equity (10) 1,033

Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex-Leverage) Leverage Target At Inception: Notes on Leverage: T24M Sharpe Ratio: Sharpe Since 1/1/12: Historical Sharpe & Notes: Historically 2.25X • 3.25X, depending on measurement Interval 40%- 50% histor tally 53% 0.98% -0.89%

S Equity 236 7,520 307.81 317.47 4.82 0.65% (48.50) BLT IN Equity 35.23 - BMO CN Equity 2,083 16,698 67.79 76.25 32.20 0.39% 32.62 BMW GR Equity 1,473 6,162 102.66 127.21 29.47 0.81% 43.16 BMY US Equity 14 2,904 49.03 49.26 0.81 0.58% (0.93) BN FP Equity 76.50 . BNP F

Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex-Leverage) Leverage Target At Inception: Notes on Leverage: T24M Sharpe Ratio: Sharpe Since 1/1/12: Historical Sharpe & Notes: Historically 2.25X • 3.25X, depending on measurement Interval 40% - 50% histor tally 53% 1.00% -0.91%

8 6.73 0.58% 13.22 BLT IN Equity 52 (4,374) 32.33 31.94 1.49 0.80% (32.82) BMO CN Equity 728 14,492 66.99 70.35 12.94 0.39% 67.76 BMW GR Equity 1,393 5,402 99.96 125.74 34.56 0.75% (54.73) BMY US Equity (10) 185 49.36 46.72 -5.50 1.02% (1.68) BN FP Equity (10) 1,033

Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex•Leverage) Leverage Target At Inception: Notes on Leverage: T24M Sharpe Ratio: Sharpe Since 1/1/12: Historical Sharpe & Notes: Historically 2.25X • 3.25X, depending on measurement Interval 40%- 50% histor tally 52% 1.00% -0.89%

7.93 0.58% (1.21) BLT IN Equity 1 (4,374) 32.33 32.32 0.02 0.94% 24.03 BMO CN Equity 1,143 14,492 66.99 72.27 19.16 0.41% 232.34 BMW GR Equity 1,422 5,402 99.96 126.27 35.67 0.74% 12.45 BMY US Equity (10) (750) 47.06 47.70 -1.72 0.80% 4.03 BN FP Equity (15) (2,296)

Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex•Leverage) Leverage Target At Inception: Notes on Leverage: T24M Sharpe Ratio: Sharpe Since 1/1/12: Historical Sharpe & Notes: Historically 2.25X • 3.25X, depending on measurement Interval 40% - 50% histor tally 53% 1.00% -0.90%

3.03 0.55% (35.60) BLT IN Equity 136 (4,374) 32.33 31.32 3.75 0.83% 52.76 BMO CN Equity 765 14,492 66.99 70.52 13.66 0.39% (38.13) BMW GR Equity 1,284 5,402 99.96 123.73 31.45 0.76% (22.80) BMY US Equity (3) (1,154) 46.96 47.09 .0.33 0.89% (2.16) BN FP Equity (9) 620

Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex-Leverage) Leverage Target At Inception: Notes on Leverage: T24M Sharpe Ratio: Sharpe Since 1/1/12: Historical Sharpe & Notes: Historically 2.25X • 3.25X, depending on measurement Interval 40%- 50% histor tally 53% 0.98% -0.89%

S Equity 236 7,520 307.81 317.47 4.82 0.65% (48.50) BLT IN Equity 35.23 - BMO CN Equity 2,083 16,698 67.79 76.25 32.20 0.39% 32.62 BMW GR Equity 1,473 6,162 102.66 127.21 29.47 0.81% 43.16 BMY US Equity 14 2,904 49.03 49.26 0.81 0.58% (0.93) BN FP Equity 76.50 . BNP F