AGP LP 519 Alpha Group Capital Paul Barrett Risk Management BUSINESS Strong business and compliance infrastructure helps protect against general business risks. PORTFOLIO LEVEL • prudent use of leverage • strong liquidity • high degree of diversification • no market timing POSITION LEVEL Investing in businesses with healthy cash positions, strong free cosh flows and protected franchises inherently reduces long-term investment risk. VOLATILITY Aim to take advantage of volatility, not actively manage it. Strong distinction between volatility and risk ALKEON CAPITAL MANAGEMENT Private & Confidential Page 7 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087889 CONFIDENTIAL SDNY_GM_00234073 EFTA01386271