Epstein Secrets

hin DM rather than EM. • Are depressed valuations a good reason to buy EM equities? We do not think so, either. It is true that the PE gap between MSCI World and MSCI EM indices has been widening for two years now to well above historical averages, 3.8 pts currently vs. a historical average of 2.7. This 3

188076.pdf Inline-Images: imagel.gif Jeffrey I think we should add another 2mm to that European equity basket. We went further ovenveight Europe. Paul Barrett I Managing Director I Global Investment • • up I J.P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 I T: I F: (212) 310 0

ughly equal to the forward annual EBITDA growth rate. 20 18 16 14 cr 12 a 10 6 4 2 Forward EV/EBITDA for Alkeon Growth vs Indices AGP —e—MSCI World S&P 2033 2034 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sept) Year CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-00

AGP LP 519 Alpha Group Capital Paul Barrett 1990s. Moreover, in addition to these three performance drivers, it is worth noting as we enter October that seasonality historically favors equity

t roughly equal to the forward annual EBITDA growth rate. 18 16 14 cr 12 a 10 6 4 2 Forward EV/EBITDA for Alkeon Growth vs Indices AGP —e—MSCI World S&P 2033 2034 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sept) Year CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-00

AGP LP 519 Alpha Group Capital Paul Barrett 1990s. Moreover, in addition to these three performance drivers, it is worth noting as we enter October that seasonality historically favors equity

ughly equal to the forward annual EBITDA growth rate. 20 18 16 14 cr 12 a 10 6 4 2 Forward EV/EBITDA for Alkeon Growth vs Indices AGP —e—MSCI World S&P 2033 2034 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sept) Year CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-00

AGP LP 519 Alpha Group Capital Paul Barrett 1990s. Moreover, in addition to these three performance drivers, it is worth noting as we enter October that seasonality historically favors equity

estment cycle.' Flagship strategy has provided double alpha (January 2001 to September 2017):" • Long portfolio cumulative return has exceeded the MSCI World index by 177.6 percentage points • Short portfolio cumulative return has exceeded the MSCI World index by 91.6 percentage points" GLOBAL Focus

AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Overview FIRM Alkeon is an SEC Registered Investment Adviser with approximately $6.5 Billion (Sept. 2017) of AUM in its global growth equi

ughly equal to the forward annual EBITDA growth rate. 20 18 16 14 cr 12 a 10 6 4 2 Forward EV/EBITDA for Alkeon Growth vs Indices AGP —e—MSCI World S&P 2033 2034 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sept) Year CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-00

AGP LP 519 Alpha Group Capital Paul Barrett 1990s. Moreover, in addition to these three performance drivers, it is worth noting as we enter October that seasonality historically favors equity

estment cycle.' Flagship strategy has provided double alpha (January 2001 to September 2017):" • Long portfolio cumulative return has exceeded the MSCI World index by 177.6 percentage points • Short portfolio cumulative return has exceeded the MSCI World index by 91.6 percentage points" GLOBAL Focus

AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Overview FIRM Alkeon is an SEC Registered Investment Adviser with approximately $6.5 Billion (Sept. 2017) of AUM in its global growth equi

in DM rather than EM. * Are depressed valuations a good reason =o buy EM equities? We do not think so, either. It is true that the PE gap between=MSCI World and MSCI EM indices has been widening for two years now to well=above historical averages, 3.8 pts currently vs. a historical average of 2=7. This 3

at 5:37 AM, Barrett, Paul S > wrote: Jeffrey I think we should add another 2mm to that European equity basket. We went f=rther overweight Europe. Paul Barrett I Managing Director I Global Investment Opportunities Group I =.P. Morgan Private Bank I Original Message From: Perlman, Daniel A Sent: Friday,