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

7 0.69% (39.80) ENB CN Equity 419 12,532 45.66 47.18 7.23 0.46% (104.55) ENEL IM Equity 2,317 8,902 4.48 5.65 27.29 0.95% (127.99) ENI IM Equity 626 11,929 24.33 25.61 7.35 0.71% (36.13) EOAN GR Equity 94 4,169 18.83 19.26 2.48 0.91% 9.30 EOG US Equity 2,657 5,841 72.84 105

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%

.39 0.60% (95.07) ENB CN Equity 270 12,532 45.66 46.64 4.72 0.46% (15.85) ENEL IM Equity 2,811 8,902 4.48 5.90 33.24 0.95% (83.79) ENI IM Equity 821 11,929 24.33 26.00 10.34 0.67% 68.22 EOAN GR Equity 98 4,560 18.88 19.29 2.41 0.89% (34.45) EOG US Equity 3,136 5,841 72.84 1

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% 0.90%

27 0.53% (71.50) EMI CN Equity 1,472 12,532 45.66 51.02 19.22 0.61% 10.85 ENEL IM Equity 2,443 8,902 4.48 5.71 31.49 0.87% (45.49) ENI IM Equity 1,004 13,637 24.69 26.50 10.63 0.69% (32.14) EOAN GR Equity 66 7,125 19.44 19.62 1.21 0.77% (64.57) EOG US Equity 3,264 5,841 72.8

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% 0.90%

66.65 63.69 .7.51 0.62% 12.23 ENB CN Equity 968 12,532 #WA WA 12.68 0.61% ENEL IM Equity 2,271 8,902 4.48 5.63 32.49 0.79% (41.74) ENI IM Equity 352 13,637 24.69 25.32 3.75 0.69% (91.87) EOAN GR Equity (332) 5,700 19.38 18.31 .6.55 0.89% (44.94) EOG US Equity 3,030 5,841 72.

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%

-8.45 0.63% 12.91 EMI CN Equity 968 12,532 45.19 48.68 12.68 0.61% 1.50 ENEL IM Equity 2,313 8,902 4.02 5.06 29.26 0.89% (181.68) ENI IM Equity 444 13,637 23.77 24.54 4.88 0.67% (42.56) EOAN GR Equity (286) 5,700 18.48 17.59 -5.80 0.87% (19.10) EOG US Equity 2,866 5,841 71.

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: 7/10/2014 101.96% 46.30% 15.82% 3.93% 6,544,026 (565,615) 5,978,411 1,000,000 2,019,604 Change o

0.99 0.64% (62.83) ENB CN Equity 509 12,532 45.66 47.51 7.44 0.55% (25.50) ENEL IM Equity 2,381 8,902 4.48 5.68 29.79 0.90% (7.54) ENI IM Equity 961 13,637 24.69 26.43 9.08 0.78% (283.31) EOAN GR Equity 107 7,125 19.44 19.74 1.91 0.79% (110.64) EOG US Equity 3,379 5,841 72.8

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%

7 0.59% (100.25) ENB CN Equity 787 12,532 45.66 48.52 11.51 0.55% 173.42 ENEL IM Equity 2,258 8,902 4.48 5.62 28.98 0.88% (113.22) ENI IM Equity 1,042 13,637 24.69 26.57 11.44 0.67% (55.86) EOAN GR Equity 102 7,125 19.44 19.72 1.97 0.72% (158.88) EOG US Equity 3,528 5,841 72