EFTA Document EFTA01419666

AGP LP 519 Alpha Group Capital Paul Barrett ALKEON CAPITAL MANAGEMENT, LLC Alkeon Growth PW Partners, LP Alkeon Growth Offshore Fund, Ltd. www.alkeoncapital.com New York I Boston I Hong Kong ALKEON CAPITAL MANAGEMENT Private & Confidential Page 0 EFTA01419666 AGP LP 519 Alpha Group Capital Paul Barrett Important Notices The information contained herein is limited and is not intended to provide a representation of the merits or risks associated with an investment in any of the funds and accounts (the "Alkeon Funds") managed by Alkeon Capital Management, LLC ("Alkeon"). Consideration of an investment in any fund managed by Alkeon or its affiliates (the "Alkeon Funds") should only be given after a careful review of the necessary offering documents by a prospective investor, and only after the prospective investor is fully satisfied that the prospective investor alone or together with his or her investment representative have asked for and received all information which would enable the investor (or both the investor and his or investment representative) to evaluate the merits and risks of a potential investment in the Alkeon Funds. An investment in the Alkeon Funds involves substantial risks. No guarantee or representation is made that the investment program of the Alkeon Funds will be successful. An investment in the Alkeon Funds should be considered speculative. It is possible that an investor may lose some or all of his or her investment. The Alkeon Funds' investment objective is to achieve long-term capital appreciation. Current income is not an objective. The investment objectives and methods summarized below represent Alkeon's current intentions. Depending on conditions and trends in the securities markets and the economy generally, Alkeon may pursue any objectives, employ any techniques or purchase any type of security that it considers appropriate and in the best interests of its clients. Neither Alkeon Capital Management nor any of its affiliates assume any duty to update any information in this presentation/report for subsequent changes of any kind. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 1 EFTA01419667 AGP LP 519 Alpha Group Capital Paul Barrett Portfolio Strategy Description Alkeon personnel have managed Alkeon's flagship, long/short, global growth equity strategy since the January 1998 launch of a private investment fund for which Alkeon currently acts as portfolio manager (referred to herein as the "Alkeon Growth Strategy") and which is traded pari-passu with certain Alkeon Funds, including Alkeon Growth PW Partners, LP ("AGP PW") and Alkeon Growth Offshore Fund, Ltd ("AGO"). All data contained herein denoted as "Alkeon Growth Strategy" refer to the performance of the private investment fund launched in 1998 for which Alkeon currently acts as subadviser. Certain of these data date from this fund's inception in January 1998 and certain portfolio attribution data for this fund date from January 2001, the first date for which the fund's prime broker maintained such attribution data. The private investment fund offers the longest available track record for the Alkeon Growth Strategy. AGO commenced operations in January 2003 and AGP PW commenced operations in August 2010, and each Fund trades pari-passu with each other and the private investment fund using the Alkeon Growth Strategy. AGS data (derived from the results of the private investment fund) contained herein are for reference and comparison purposes only. While the Alkeon Funds referenced herein are managed pari-passu using the Alkeon Growth Strategy, performance may vary between the Funds. No offer or sale of interests in the private investment fund is being made. The "Additional Disclaimers" at page 27 of this presentation sets out full details of the private investment fund referred to herein as "AlkeonGrowthStrategy." Panayotis "Takis" Sparaggis is the Managing Member of Alkeon. Mr. Sparaggis serves as the portfolio manager of the Partnership. From May 1995 until January 2002 when he formed Alkeon, Mr. Sparaggis was associated with CIBC World Market Corp. ("CIBC WM") and its predecessor, Oppenheimer & Co., Inc., where he was a Managing Director. From January 1996 to December 2001, Mr. Sparaggis also was a Senior Portfolio Manager for Oppenheimer Investment Advisers ("OIA"), an investment management program offered by CIBC WM, and was responsible for OIA's MidCap Managed Account Portfolios. In addition, since December 1997, Mr. Sparaggis has served as the portfolio manager of various investment funds on behalf of Oppenheimer Asset Management Inc. and other affiliated entities and continues to serve in such capacity. From 1993 until joining Oppenheimer & Co., Inc., Mr. Sparaggis was with Credit Suisse First Boston Investment Management and was responsible for security analysis and portfolio management for domestic investments, including proprietary trading on long-short equities and convertible arbitrage. Mr. Sparaggis has been the portfolio manager for each of the funds for which performance is presented herein without interruption since their inception. ALKEON CAPITAL MANAGEMENT Private & EFTA01419668 Confidential Page 2 EFTA01419669 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 equity strategies. INVESTMENTS Deep-research, fundamentally-driven approach to investing Focus on long investments in high quality equities globally; short investments in low quality businesses TEAM Highly experienced portfolio management team, led by Takis Sparaggis who has been managing hedge fund strategies since 1994 ALPHA Key objective is to generate profits on both the long and short side of the portfolio over a full investment 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 Globally focused investment team; offices in New York, Boston, and Hong Kong * Typically 4 to 6 years. ** Please also see page 11 of this presentation. For complete disclaimer, please see last pages of presentation. Source: Morgan Stanley (Morgan Stanley performance attribution data is not available prior to January 2001). ALKEON CAPITAL MANAGEMENT Private & Confidential Page 3 EFTA01419670 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Core Strengths TEAM Experienced investment team built on low-turnover, team-oriented culture and sharing of rewards PROCESS Disciplined investment process emphasizes investments in businesses with high barriers to entry and strong free cash flows ALPHA Aim to profit both on the long and short side INFRASTRUCTURE Strong business and compliance infrastructure reflects core values of the Firm. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 4 EFTA01419671 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon's Main Investment Elements LONG INVESTMENTS Emphasize long positions in growth companies with strong fundamentals and free cash flows. SHORT INVESTMENTS Establish short positions in low quality businesses facing long-term challenges such as unstable and weak business models, deteriorating fundamentals, and declining profitability metrics. GROWTH PHILOSOPHY Identify growth cycles that are largely independent of economic cycles to weather economic uncertainty. TRUE LONG/SHORT FOCUS Maintain an active, alpha-seeking short investment book independent of market conditions. Goal is to profit, not hedge GLOBAL MANDATE Pursue superior growth opportunities globally, including emerging markets. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 5 EFTA01419672 AGP LP 519 Alpha Group Capital Paul Barrett Idea Generation: Deep Domain Expertise BUSINESS Research-intensive drivers and detailed modeling of INDUSTRY Executive-level shifts, profitability PEOPLE Extensive thousands calls and DATA Detailed analysis of public OWNERSHIP PERSPECTIVE Analyze businesses from an ALKEON CAPITAL MANAGEMENT Private & Confidential Page 6 approach to projected investing, earnings understanding of trends, and growth industry rates extensive analysis of business competitive dynamics, market share communications with industry leaders and executives globally, of visits per year filings and industry data "owner's" perspective. EFTA01419673 AGP LP 519 Alpha Group Capital Paul Barrett Risk Management BUSINESS PORTFOLIO LEVEL Strong business and compliance infrastructure helps protect against general business risks. • prudent use of leverage • strong liquidity • high degree of diversification • no market timing POSITION LEVEL Investing in businesses with healthy cash positions, strong free cash 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 EFTA01419674 AGP LP 519 Alpha Group Capital Paul Barrett Portfolio Construction • Disciplined approach to portfolio construction Stock Universe Research Analysts Public Filings Company Executives Analytical Modeling Risk Management Portfolio Industry Leaders Quantitative Filters ALKEON CAPITAL MANAGEMENT Private & Confidential Page 8 EFTA01419675 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Growth Strategy ("AGS") Net Performance January-1998 to September-2017 AGS Compounded Rate of Return Since Inception (Net) AGS Cumulative Rate of Return Since Inception (Net) 15% 13.98% 1200% 10% 900% 600% 5% 3.92% 3.92% 300% 113.60% 0% AGS MSCI World MSCI AC World 0% AGS MSCI World MSCI AC World For complete disclaimer, please see last pages of presentation. For definition of terms please see glossary of terms at the back of this presentation. The performance shown is that of the Alkeon Growth Strategy, please see page 2 of this presentation and the disclaimer referred to above. The above performance is net of all fees and expenses. Index returns have been included to show the general trend in certain markets for the period noted. The inclusion of any index does not imply that the AGS is comparable to any index in composition or element of risk. The MSCI World & MSCI AC World track the performance of the equity securities of a representative sample of over 4,000 companies from developed and emerging markets worldwide. Past performance is not indicative of future results. Source: Index performance information is from Bloomberg. The ticker for MSCI World is MXWO and the ticker for MSCI AC World is MXWD; please see disclaimer at back of presentation for indices description. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 9 113.70% 1225.80% EFTA01419676 AGP LP 519 Alpha Group Capital Paul Barrett Typical Example of Portfolio Construction Alkeon Growth Strategy Universe/Strategy: Market Capitalization Sectors Typical Net Exposure Range (Delta adjusted) Typical Industry Net Exposure Range Typical Gross Exposure Range Typical Position at Cost (Long) Typical Position at Cost (Short) Typical Number of Positions Typical Underlying Instruments Global Growth Equities (Net Long Bias) All Market Capitalization All Sectors +30% to +80% Less than 20% 80% to 200% 1% to 5% 0.50% to 1.5% Range: 120 to 180 Liquid Instruments, No Private Equity Investments ALKEON CAPITAL MANAGEMENT Private & Confidential Page 10 EFTA01419677 AGP LP 519 Alpha Group Capital Paul Barrett Strong Performance, Long and Short Portfolios, AGS vs. Equity Indices January-2001 to September-2017 Strong excess return on both the long and short portfolio 100% 130% 160% 190% 220% 250% 280% 310% 340% 370% 400% -20% 10% 40% 70% AGS Net Cumulative Return 360.2% AGS has provided Double Alpha: AGS Long Gross Cumulative Return 241.4% • Long portfolio gross cumulative return has exceeded the MSCI World index by 177.6 percentage points* • Short portfolio gross cumulative return has exceeded the MSCI World index by 91.6 percentage points** MSCI World AGS Short Gross Cumulative Return 27.8% Cumulative Return 63.8% MSCI AC World Cumulative Return 67.8% Source: Index performance information is from Bloomberg. AGS long and short portfolio gross returns (daily compounding) calculated on the daily opening balance of the long and short gross values respectively. Index returns have been included to show the general trend in certain markets for the period noted. The inclusion of any index does not imply that the AGS is comparable to anyindex in composition or element of risk. The MSCI World and MSCI AC World track the performance of the equity securities of a representative sample of over EFTA01419678 4,000 companies from developed and emerging markets worldwide. Past performance is not indicative of future returns. Total AGS net cumulative returns is calculated on the daily closing of balance of the portfolio NAV, net of management and incentive fees. * Cumulative long return minus MSCI World cumulative return; cumulative short return plus MSCI World cumulative return. For complete disclaimer, please see last pages of presentation. Source: Morgan Stanley (Morgan Stanley performance attribution data is available after January 2001). ** Comparison of Alkeon's short portfolio vs. shorting the MSCI World Index over the same period of time. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 11 EFTA01419679 AGP LP 519 Alpha Group Capital Paul Barrett Alpha Generation January-1998 to September-2017 Superior stock selection drives excess return generation ("Alpha") Annualized Alpha Generation Since Inception Sortino Ratio* Since Inception Alpha vs. MSCI AC World AGS 11.71% 1.27 MSCI AC World 0.34 Alpha vs. MSCI World 11.72% MSCI World 0% 5% 10% 15% 20% 00.511.5 Source: Index performance information is from Bloomberg. For complete disclaimer, please see last pages of presentation. Index returns have been included to show the general trend in certain markets for the period noted. The inclusion of any index does not imply that the AGS is comparable to any index in composition or element of risk. The MSCI World and MSCI AC World tracks the performance of the equity securities of a representative sample of over 4,000 companies from developed and emerging markets worldwide. Past performance is not indicative of future returns. * The Sortino Ratio is calculated using a minimum acceptable rate of return of 0%. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 12 0.35 EFTA01419680 AGP LP 519 Alpha Group Capital Paul Barrett Asymmetric Upside/Downside Participation January-1998 to December-2016 Combination of strong double Alpha and net-long bias has resulted in significant upside participation and limited downside participation over time periods greater than one year. AGS average annual return % captured vs. MSCI World AGS average annual return % captured vs. MSCI AC World Down 18% Down 17% Up 141% Up 137% 0% 50% 100% 150% 200% 250% 0% 50% 100% 150% 200% 250% Source: Index performance information is from Bloomberg. Over short periods of time, e.g. monthly periods, Alpha generation is more limited. In particular, during short periods of sharp corrections, such as August 2011, heightened correlation may limit near-term Alpha generation. For complete disclaimer, please see last pages of presentation. Index returns have been included to show the general trend in certain markets for the period noted. The inclusion of any index does not imply that the AGS is comparable to any index in composition or element of risk. The MSCI World & MSCI AC World tracks the performance of the equity securities of a representative sample of over 4,000 companies from developed and emerging markets worldwide. Past performance is not indicative of future returns. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 13 EFTA01419681 AGP LP 519 Alpha Group Capital Paul Barrett Strong Performance in Difficult Markets* January-1998 to December-2016 • AGS has had only one losing two-year period (2001-2002) • Strong Alpha generation over a two-year period substantially boosts return and limits downside Two-Year Cumulative Returns Alkeon Growth Strategy -7% 0% 0% 3% 4% 6% 8% 9% 19% 25% 27% 28% 29% 37% 40% 83% 105% 182% '01-'02 '14-'15 '00-'01 '04-'05 '15-'16 '08-'09 '10-'11 '11-'12 '13-14 '03-'04 '07-'08 '02-'03 '05-'06 '12-'13 '09-'10 '06-'07 '99-'00 '98-'99 Two-Year Cumulative Returns MSCI World** MSCI AC World** -38% '07-'08 -35% '01-'02 -29% '00-'01 -26% '08-'09 0% '14-'15 EFTA01419682 1% '10-'11 2% '15-'16 3% '02-'03 5% '11-'12 6% '99-'00 21% '04-'05 26% '06-'07 27% '05-'06 28% '13-14 39% '09-'10 40% '12-'13 48% '03-'04 52% '98-'99 -38% '07-'08 -34% 'O1-'02 -30% '00-'01 -26% '08-'09 -2% 0% 1% 3% 5% 6% 23% 23% 29% 30% 36% 45% 49% 50% '14-'15 '10-'11 '15-'16 '11-'12 '02-'03 '99-'00 '13-14 '04-'05 '05-'06 '06-'07 '12-'13 '09-'10 '03-'04 '98-'99 Source: Index performance information is from Bloomberg. * For complete disclaimer, please see end of presentation. ** Periods are not sequential, but rather sorted from worst to best for each series. E.g., the first row is: AGS-7%(2001-2002), MSCI -38%(2007-2008), MSCI AC World -38% (20072008). Return reflects price appreciation only. Index returns have been included to EFTA01419683 show the general trend in certain markets for the period noted. The inclusion of any index does not imply that the AGS is comparable to any index in composition or element of risk. The MSCI World and MSCI AC World tracks the performance of the equity securities of a representative sample of over 4,000 companies from developed and emerging markets worldwide. Past performance is not indicative of future returns. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 14 EFTA01419684 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Transparency & Communications MONTHLY UPDATES Monthly updated exposures are currently available on Alkeon's website for AGS, including: • Measurisk® reporting (includes shock-event simulation) — by subscription • Weekly performance estimates • Liquidity profile • Geographic profile • Historical performance attribution • Gross and net exposure INVESTOR LETTERS Monthly and quarterly letters TEAM Experienced client servicing team ALKEON CAPITAL MANAGEMENT Private & Confidential Page 15 EFTA01419685 AGP LP 519 Alpha Group Capital Paul Barrett Trade Execution and Business Continuity TRADING Global trading; dedicated night trading TRADING SYSTEMS Electronic trading systems with smart order routing and trade matching capabilities TRADING NETWORKS Access to large crossing networks TEAM Experienced trading team with background at both buy side and sell side firms DISASTER RECOVERY Established disaster recovery contingency plan BEST PRACTICES Best-execution practices ALKEON CAPITAL MANAGEMENT Private & Confidential Page 16 EFTA01419686 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Fundamental Analyst Team STEVE AHN Circle T Partners — Research Analyst Scopia Capital — Research Analyst CSFB - Investment Banking BSc — University of Michigan DAVID GOLDBERGER Partner Fund Management — Senior Analyst Fortress — Portfolio Manager and Senior Analyst JP Morgan — Investment Banking BSc Finance — The Wharton School BA English — University of Pennsylvania ANDREW HENDLEY, CFA JP Morgan — Research Analyst Hambrecht & Quist — Research Analyst RCM Capital — Healthcare & Technology Research Associate BSc — University of California at Berkeley CFA Charter Holder TOM IN Amgis Capital — Portfolio Manager and Head Of Research SAC/Sigma — Global Technology Strategist Galleon Group — Managing Director & Senior Analyst IBSc — Bernard Baruch College DAVID KANDEL Oppenheimer Asset Management— Trader Spear Leeds & Kellogg — Trader BSc — University of Arizona XIAO LIU, CFA Morgan Stanley — Asian Equity Sales Masters of Arts — Stanford University BA — Beijing Foreign Studies University CFA Charter Holder ALKEON CAPITAL MANAGEMENT Private & Confidential Page 17 EFTA01419687 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Fundamental Analyst Team CRANSTON PAULL, PH.D, CFA Oppenheimer — Research Analyst Prudential — REIT Analyst Value Line — Equity Analyst Dartmouth — Associate Professor Philosophy Ph.D Philosophy — University of Massachusetts CFA Charter Holder RAJ SHAH Castlerock Management — Senior Analyst Post Road Cap — Portfolio Manager and Senior Analyst Molecular Assoc/Lipe & Co — Senior Associate JPM/Schroders — Investment Banking MBA — Columbia University BS Engineering — Cornell University TAKIS SPARAGGIS, PH.D CIO, FOUNDER Oppenheimer Asset Management — Portfolio Manager Credit Suisse Asset Management — Portfolio Manager PhD & MSc Electrical & Computer Engineering — University of Massachusetts MBA — University of Massachusetts JEFF STEDMAN WILLIAM ZENG Alkeon Capital Management BSc — Columbia University Pequot — Vice President of Research Qualcomm Ventures — Investment Management MBA — University of Chicago MSc Electrical Engineering — Massachusetts Institute of Technology (MIT) BSc — Massachusetts Institute of Technology (MIT) ALKEON CAPITAL MANAGEMENT Private & Confidential Page 18 EFTA01419688 AGP LP 519 Alpha Group Capital Paul Barrett Appendix ALKEON CAPITAL MANAGEMENT Private & Confidential Page 19 EFTA01419689 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Growth PW Partners, LP Gross/Net Exposure and Net Performance 100% 120% 140% 160% 180% 200% 20% 40% 60% 80% 0% Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Monthly & YTD Net Performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 4.58% 3.18% 1.77% 3.25% 5.29% -1.68% 4.00% 3.00% 0.46% 2016 -4.81% -3.87% 3.51% -0.60% 6.14% -1.05% 3.29% 0.43% -0.01% -0.76% -1.48% -1.26% 2015 -2.27% 7.68% 0.56% -0.43% 1.47% 0.49% 1.39% -5.67% -4.70% 9.10% 0.85% -1.70% 2014 -4.28% 4.94% -7.40% -7.64% 3.70% 2.94% -1.86% 2.38% -1.03% 3.74% 2.79% -1.50% 2013 3.53% -0.52% 0.14% -0.52% 2.44% -0.35% 4.96% -0.54% 7.44% 0.65% 3.37% 3.06% 2012 2.97% 5.02% 5.41% -0.14% -5.57% 0.57% 4.48% 2.40% 1.53% -4.88% 0.18% -2.14% 2011 0.59% 3.20% 1.21% 5.59% -3.65% 0.22% -1.84% -1.70% -4.41% 9.01% -2.83% -4.32% -0.85% 7.38% 2.68% 0.35% -1.16% 2010 AGP PW 26.31% -0.99% 5.92% -4.21% 25.96% 9.50% 0.14% 8.43% MSCI World 14.24% 5.32% -2.74% 2.93% 24.10% EFTA01419690 13.18% -7.61% 9.55% MSCI AC World 5.63% 15.42% -4.26% 2.10% 20.25% 13.43% -9.41% 10.42% Aug-15 Aug-16 Aug-17 Gross Net Source: Index performance information is from Bloomberg. Past performance cannot be relied upon as an indication or guarantee of future results. Performance data presented above is on a fund level and reflects AGP PW's actual fees and expenses. Investors in AGP PW are subject to a 20% incentive allocation and management fees ranging from 1.25% to 2% depending on the series of interests they hold in the Fund. Inception of AGP PW was August 2010. Gross exposure is market value, net exposure is delta adjusted. For complete disclaimer, please see page 27 of presentation. Source BNY Mellon and Morgan Stanley Prime Brokerage. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 20 EFTA01419691 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Growth Offshore Fund, Ltd. Gross/Net Exposure and Net Performance 100% 120% 140% 160% 180% 200% 20% 40% 60% 80% 0% Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Monthly & YTD Net Performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 4.67% 3.12% 1.74% 3.22% 5.24% -1.72% 3.98% 2.96% 0.43% 2016 -4.83% -3.92% 3.47% -0.63% 6.08% -1.08% 3.30% 0.38% -0.05% -0.77% -1.55% -1.39% 2015 -2.30% 7.78% 0.53% -0.45% 1.43% 0.45% 1.36% -5.90% -4.73% 9.29% 0.81% -1.72% 2014 -4.28% 4.88% -7.48% -7.66% 3.66% 2.90% -1.90% 2.34% -1.27% 3.71% 2.75% -1.56% 2013 3.53% -0.52% 0.14% -0.52% 2.44% -0.35% 4.96% -0.54% 7.44% 0.65% 3.37% 3.06% 2012 2.96% 5.00% 5.38% -0.19% -5.60% 0.55% 4.45% 2.36% 1.52% -4.91% 0.16% -2.21% 2011 0.57% 3.17% 1.21% 5.57% -3.70% 0.20% -1.88% -1.67% -4.42% 9.03% -2.85% -4.34% 2010 -7.69% 3.28% 4.55% 0.79% -1.55% -2.50% 1.65% -0.86% 7.78% 2.60% 0.35% -1.18% 2009 1.02% 1.89% 5.00% 1.50% 0.83% 0.89% 5.19% -2.29% 5.26% -1.53% 3.47% 4.63% 2008 -11.47% 5.64% -3.02% 7.84% 5.72% -0.03% 1.92% -1.92% -12.39% -6.04% -3.83% 1.68% 2007 2.05% 3.07% 2.38% 2.46% 6.76% 3.32% 5.01% -1.35% 12.85% 15.29% -3.14% -2.87% 2006 7.59% -0.47% 2.39% 1.98% -5.76% -2.50% -0.15% 3.51% 1.37% 0.47% 4.47% 2.24% 2005 -5.61% 0.14% -0.52% -5.38% 9.67% 0.48% 8.06% 0.57% 2.66% -2.59% 3.05% -0.12% 2004 3.85% -2.09% -4.86% -10.69% 4.98% 0.19% -8.66% -4.60% 3.52% 7.47% 3.50% 0.50% 2003 -3.04% 0.90% -0.61% 4.30% 8.12% 1.03% 7.79% 3.46% -0.88% 5.29% 1.71% -3.14% AGO 26.05% -1.51% 5.63% EFTA01419692 -4.86% 25.98% 9.10% -0.03% 6.56% 28.69% -16.81% 54.33% 15.50% 9.65% -8.37% 27.02% MSCI World 14.24% 5.32% -2.74% 2.93% 24.10% 13.18% -7.61% 9.55% 26.98% -42.08% 7.09% 17.95% 7.56% 12.84% 30.81% MSCI AC World -4.26% 15.42% 5.63% 2.10% 20.25% 13.43% -9.41% 10.42% 31.51% -43.54% 9.64% 18.78% 8.83% 31.62% 13.30% Source: Index performance information is from Bloomberg. Past performance cannot be relied upon as an indication or guarantee of future results. Performance data presented above is on a fund level and reflects AGO's actual fees and expenses. Investors in AGO are subject to a 20% incentive allocation and management fees ranging from 1.25% to 2% depending on the series of interests they hold in the Fund. EFTA01419693 Inception of AGO was 1/3/2003 and does not include the first 2 trading days of January of 2003. Gross exposure is market value, net exposure is delta adjusted. For complete disclaimer, please see page 27 of presentation. Source BNY Mellon and Morgan Stanley Prime Brokerage. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 21 Gross Net EFTA01419694 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Growth Strategy ("AGS") Gross/Net Exposure and Net Performance 100% 120% 140% 160% 180% 200% 20% 40% 60% 80% 0% Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec AGS 2017 4.58% 3.19% 1.74% 3.24% 5.35% -1.73% 4.04% 2.95% 0.45% 2016 -5.15% -4.02% 3.59% -0.55% 6.20% -1.16% 3.39% 0.47% -0.04% -0.76% -1.52% -1.34% 2015 -2.46% 7.94% 0.72% -0.51% 1.45% 0.57% 1.46% -6.07% -4.69% 9.54% 0.80% -1.82% 2014 -4.42% 5.01% -7.71% -8.04% 3.85% 2.91% -1.94% 2.32% -1.37% 3.63% 2.87% -1.62% 2013 3.64% -0.52% -0.05% -0.78% 2.53% -0.31% 5.12% -0.48% 7.46% 0.58% 3.46% 3 05% 2012 2.89% 5.19% 5.56% -0.12% -5.69% 0.50% 4.51% 2.49% 1.49% -5.02% 0.05% -2.35% 2011 0.82% 3.35% 1.31% 5.70% -3.65% 0.24% -1.99% -2.05% -4.57% 9.29% -2.86% -4.38% 2010 -7.90% 3.42% 4.75% 0.74% -1.62% -2.47% 1.71% -0.69% 7.86% 2.71% 0.44% -0.90% 2009 0.94% 1.98% 5.01% 1.51% 0.86% 1.15% 5.14% -2.46% 5.69% -1.38% 4.14% 4.82% 2008 -13.63% 6.55% -3.07% 8.05% 6.01% -0.02% 1.95% -2.13% -13.31% -6.17% -3.72% 1.51% 2007 2.27% 3.24% 2.59% 2.52% 6.96% 3.69% 5.06% -1.48% 12.96% 15.50% -3.20% -2.70% 2006 7.84% -0.41% 2.49% 2.12% -5.73% -2.41% -0.14% 3.60% 1.64% 0.51% 4.49% 2.42% 2005 -5.49% 0.22% -0.40% -5.13% 9.69% 0.59% 7.71% 0.84% 2.30% -2.01% 2.67% 0.00% 2004 3.74% -2.02% -4.70% -10.33% 5.15% 0.26% -8.43% -4.44% 3.56% 7.44% 3.55% 0.59% 2003 -0.62% 1.04% -0.49% 4.81% 9.03% 1.28% 8.19% 3.66% -1.04% 6.32% 1.99% -3.14% 2002 -0.06% -5.19% 3.29% -2.71% -0.49% -0.83% -1.44% 0.22% -0.13% 2.74% 5.31% -5.60% 2001 3.44% -8.76% -2.87% 10.12% -1.32% 2.35% -1.34% -3.70% -7.54% 4.25% 4.18% 1.07% EFTA01419695 2000 0.96% 28.25% -6.50% -7.03% -8.83% 8.05% -1.31% 11.78% -4.25% -4.47% -8.29% -0.57% 1999 15.50% -6.59% 6.99% 2.35% -2.29% 7.58% -2.11% 2.44% 2.20% 7.63% 18.77% 23.42% 100.81% 1998 1.66% 8.24% 2.27% 1.48% -3.76% 8.67% -1.66% -16.32% 11.90% 6.79% 8.36% 10.50% 26.26% -1.42% 5.99% -5.51% 25.99% 9.09% 0.21% 7.42% 30.63% -18.96% 56.66% 16.97% 10.40% -7.13% 34.80% -5.33% -1.68% 2.03% 40.62% MSCI World 14.24% 5.32% -2.74% 2.93% 24.10% 13.18% -7.61% 9.55% 26.98% -42.08% 7.09% 17.95% 7.56% 12.84% 30.81% -21.06% -17.83% -14.05% 23.56% 22.78% MSCI AC World 15.42% 5.63% -4.26% 2.10% EFTA01419696 20.25% 13.43% -9.41% 10.42% 31.51% -43.54% 9.64% 18.78% 8.83% 13.30% 31.62% -20.51% -17.26% -15.08% 19.94% 25.00% Source: Index performance information is from Bloomberg. Past performance cannot be relied upon as an indication or guarantee of future results. Performance data presented above describes performance for Alkeon Growth Strategy, and is not intended to provide a representation of the merits or risks associated with an investment in AGP PW or AGO. Inception of AGS was January 5,1998 (which does not include the first two trading days of January 1998). The Alkeon Growth Strategy performance reflects the performance of a private investment fund that offers the longest available track record for the strategy and reflects the deduction of a 20% incentive allocation and of a 1% management fee charged to investors prior to March 1, 2004, a 1.5% management fee charged to investors beginning March 1, 2004 and a 1.75% management fee charged to all investors beginning July 1, 2011. Gross exposure is market value, net exposure is delta adjusted. Source BNY Mellon and Morgan Stanley Prime Brokerage. For complete disclaimer, please see last pages of presentation. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 22 Gross Net EFTA01419697 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Growth Offshore Fund, Ltd. Country & Liquidity September-2017 Liquidity Bucket (25% of 21 Day Median Volume) % Equity Gross Exposure By Country of Stock Listing Less Than 1 Day 1-5 Days 5-30 Days United States Of America Japan People's Republic Of China Hong Kong Korea, South Taiwan Australia Germany Netherlands Argentina Great Britain France Spain Canada India Switzerland Denmark Finland Sweden Ireland Less Than 1 Day 1-5 Days 5-30 Days 62.99% 34.42% 2.58% United States Of America 72.79% Great Britain 7.11% France Japan People's Republic Of China 5.35% Spain Hong Kong Korea, South Taiwan Australia Germany Netherlands Argentina 3.71% Canada 2.60% India 1.55% Switzerland EFTA01419698 1.42% Denmark 1.09% Finland 0.88% Sweden 0.83% I reland 0.74% 0.52% 0.42% 0.30% 0.21% 0.15% 0.10% 0.09% 0.08% 0.05% Country exposures are defined by Bloomberg. Source: Morgan Stanley Prime Brokerage. Above data is based on holdings of Alkeon Growth Master Fund, Ltd., a master fund into which both Alkeon Growth PW Partners, LP and Alkeon Growth Offshore Fund, Ltd. feed. The current allocation is for the period referenced and there is no indication or guarantee that the country and/or liquidity allocation will remain the same or similar in the future. For complete disclaimer, please see last pages of presentation. Alkeon Growth Master Fund assets represents approximately 34.8% of Alkeon's AUM as of 3Q 2017. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 23 EFTA01419699 AGP LP 519 Alpha Group Capital Paul Barrett Alkeon Product Terms Alkeon Growth PW Partners, LP Investment Manager: Strategy Launch: Fund Launch: Portfolio Manager: Risk Manager: Minimum Investment: Management Fee Lockup: Liquidity After Lockup: Early Redemption Fee: Notice Period: Incentive Fee/Allocation: Auditor: Prime Broker: Administrator: Onshore: Alkeon Capital Management, LLC January 1998 August 2010 Takis Sparaggis & Global Team Takis Sparaggis & George Mykoniatis $250,000 2%: no lock 1.5%: 1 year hard lock Quarterly N/A 20 days 20% RSM US LLP Morgan Stanley/Credit Suisse BNY Mellon Offshore: Alkeon Growth Offshore Fund, Ltd. Alkeon Capital Management, LLC January 1998 January 2003 Takis Sparaggis & Global Team Takis Sparaggis & George Mykoniatis $250,000 EFTA01419700 2%: 1 year soft lock 1.5%: 2 year hard lock Monthly 5% 20 days 20% RSM US LLP Morgan Stanley/Credit Suisse BNY Mellon ALKEON CAPITAL MANAGEMENT Private & Confidential Page 24 EFTA01419701 AGP LP 519 Alpha Group Capital Paul Barrett Glossary of Terms Source: Hedgefund.net & Morgan Stanley Prime Brokerage Alpha - Alpha is the measure of a fund's average performance independent of the market, (i.e. if the market return was zero.) For example, if a fund has an alpha of 2.0, and the market return was 0% for a given month, then the fund would, on average, return 2% for the month. Beta -- Beta describes the sensitivity of an instrument or portfolio to broad market movements. The stock market (represented by an index such as the S&P 500 or FTSE) is assigned a beta of 1.0. By comparison, a portfolio (or instrument) which has a beta of 0.5 will tend to participate in broad market moves, but only half as much as the market overall. A portfolio (or instrument) with a beta of 2.0 will tend to benefit or suffer from broad market moves twice as much as the market overall. Annualized Alpha Generation — measurement of average annualized out performance over the benchmark shown. Compounded Monthly Return — The compounded monthly return is the return that if compounded over the life of the fund would lead to the total return of the fund. For example, if a fund has 10 months of return equaling 100% as a total compounded return, the compounded monthly return would be 7.18%. Compounded Annual Return — The compounded annual return is simply the compounded monthly return compounded 12 times for the 12 months. Delta and Delta Adjusted Exposure — Delta Definition: Measure of the sensitivity between an option price and the underlying stock price at the beginning or at the end of the time period. ( Option Price/ Underlying Price). Delta Adjusted Exposure Definition: Market value at the beginning or at the end of the time periodtimes Delta. Gross Exposure — Gross exposure equals long exposure plus the absolute value of short exposure. For example, for 100 USD of capital, if a fund is 150 USD long and 50 USD short, it means that gross exposure is 150 + 50 = 200 USD or 200%. Net exposure is long exposure less short exposure and in our example above would be 100 -50= 50 USD or 50%. Liquidity Bucket -- For a security, the number of shares of the security in the portfolio divided by the median daily composite trading volume (in shares) of the security for the last 21 trading days; For a long or short portfolio, the weighted- EFTA01419702 average liquidity of the securities in the portfolio, where the weight for a given security equals the market value of the security (in the portfolio) divided by the total market value of the portfolio. In the Exposure Details tab, the Delta Adjusted Quantity = Delta Adjusted Exposure / Stock Price is used for number of shares. • • Market Capitalization or Market Value -- Number of shares of the security multiplied by its price. Futures and equity swaps are assigned a market value of zero. Net Exposure — The exposure level of the fund to the market at the present time. It is calculated by subtracting the short percentage from the long percentage. For example, if a fund is 100% long and 25% short, then the net exposure is 75%. Downside Deviation or Downside Volatility - Similar to the loss standard deviation except the downside deviation considers only returns that fall below a defined Minimum Acceptable Return (MAR) rather then the arithmetic mean. For example, if the MAR is assumed to be 10%, the downside deviation would measure the variation of each period that falls below 10%. (The loss standard deviation, on the other hand, would take only losing periods, calculate an average return for the losing periods, and then measure the variation between each losing return and the losing return average). Alkeon uses 3.47% for MAR. • Sortino Ratio — The Sortino Ratio is similar to the Sharpe Ratio, except that instead of using standard deviation as the denominator, it uses Downside Deviation. The Sortino Ratio was developed to differentiate between "good" and "bad" volatility in the Sharpe Ratio. If a fund is volatile to the upside (which is generally a good thing) its Sharpe ratio would still be low. To quote the Sortino web site: "A comparable downside risk ratio that has come to be called the Sortino ratio has for the numerator the difference between the return on the portfolio and the MAR. The denominator for the Sharpe ratio is standard deviation, and for the Sortino ratio it is downside deviation." • Sharpe Ratio or Annualized Sharpe Ratio - Here are two ways of stating the same thing: • The average monthly return minus the monthly risk free rate (we use 0.41%) divided by the Standard Deviation. We take that number and multiply it by the square root of 12 to annualize it. • [(Average Monthly Return - Risk Free Rate (0.41%) / Standard Deviation] *12 to the 1/2 power. ALKEON CAPITAL MANAGEMENT Private & EFTA01419703 Confidential Page 25 EFTA01419704 AGP LP 519 Alpha Group Capital Paul Barrett Certain Risk Considerations • Alkeon Growth PW Partners, LP and Alkeon Growth Offshore Fund, Ltd.'s (each, a "Fund") investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. In particular, the Fund's use of leverage, active trading, short sales and derivative instruments can be considered speculative and, thus, could result in significant losses to investors who purchase interests or shares. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the substantial risks involved, including the risk of loss of their entire investment. The Fund is not a mutual fund and is not subject to the same regulatory requirements as mutual funds. The Fund is subject to high fees, including management fees and expenses, all of which will reduce profits. Interests or shares in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. • The Fund primarily invests in "equity securities," which, for these purposes, means common and preferred stocks (including initial public offeringsor "IPOs"), convertible securities, stock options (call and put options), warrants and rights. Thus, the value of the Fund's portfolio will be affected by daily movements in the prices of equity securities. These price movements may result from factors affecting individual companies, industries or the securities markets as a whole. Individual companies may report poor results or be negatively affected by industry, regulatory and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, stock markets can be volatile at times, and stock prices can change drastically. This market risk will affect the Fund's net asset value, which will fluctuate as the values of the Fund's investment securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time. • The Fund may invest a significant portion of its assets in the securities of foreign issuers or U.S. issuers that derive a substantial portion of their revenue or profits from foreign businesses, investments or sales, or that have a substantial portion of their operations or assets abroad. Investments in foreign securitiesare affected by risk EFTA01419705 factors generally not thought to be present in the U.S., including, among other things, increased political, regulatory, contractual and economic risk and exposure to currency fluctuations. The Fund may also invest in companies located in, or doing business in, emerging or less developed countries. These investments are typically subject to the foregoing risks to a much greater degree than investments in developed countries and thus, investments in less developed countries could potentially increase volatility in the Fund's net asset value. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 26 EFTA01419706 AGP LP 519 Alpha Group Capital Paul Barrett Additional Disclaimers • This document is the property of Alkeon Capital Management, LLC ("Alkeon") and cannot be forwarded, copied or otherwise distributed without Alkeon's prior written consent. The information contained herein is confidential and is intended solely for the use of the individual or entity to which it was delivered. The information contained in this message is for informational purposes only and shall not constitute an offer to sell or the solicitation of any offer to buy securities, which may only be made at the time a qualified offeree receives a confidential private offering memorandum describing the offering and associated risks and the related subscription agreement. A prospective investor also must review Alkeon's Form ADV for additional details and conflicts of interest. All information is subject to change without notice and is not intended for public use or distribution. • • The foregoing information has not been provided in a fiduciary capacity, and it is not intended to be, and should not be considered as, impartial investment advice. "Alkeon Growth Strategy." The various performance results and other performance-related charts for the "Alkeon Growth Strategy/AGS" reflect the performance of Advantage Advisers Global Growth LLC ("AAGG"), beginning January 5th, 1998. AAGG began investment operations on January 5th, 1998. January 1998 performance was 1.66%. Investments initiated at times other than inception may vary from the ones stated above. Takis Sparaggis, Alkeon's Manager andthe primary portfolio manager of AAGG, was employed by CIBC Oppenheimer Corp. from January 1998 through June 1999, and by CIBC World Markets Corp. from June 1999 through December 2001, and was the portfolio manager of AAGG at all times during that period. Effective January 1, 2002, Mr. Sparaggis formed Alkeon, which has continued managing AAGG's portfolio since that time. • Performance results for the funds presented herein are actual results reflecting the returns of the funds as a whole (rather than the returns of a particular investor), and reflect such funds' advisory fees, incentive fees and expenses and include the reinvestment of dividends and income. The results also reflect profitsorlossesfromnew issues. All investors may not be eligible to be allocated such profits/- losses. Prospective investors should refer to the periodic performance reports for the Alkeon Growth Strategy, AGO, and AGP PW provided by Alkeon during the periods shown for more detailed performance information regarding each fund presented. The Alkeon EFTA01419707 Growth Strategy performance reflects the performance of Advantage Advisers Global Growth LLC ("AAGG"), and reflects the deduction of a 1% managementfee charged to investors prior to March 1, 2004, a 1.5% management fee charged to investors beginning March 1, 2004, and a 1.75% management fee charges to all investors beginning July 1st, 2011. AAGG offers the longest available track record for the Alkeon Growth Strategy. Alkeon Growth Offshore Fund, Ltd. ("AGO") commenced operations in January 2003 and Alkeon Growth PW Partners, LP ("AGP PW") commenced operations in August 2010, and each Fund trades pari-passu with each other and AAGG using the Alkeon Growth Strategy. However, AGP PW and AGO's management fees have varied since inception with current fees generally ranging from 1.25% to 2% for investors depending on the series of interests or class of shares they hold. The performance shown above for AGS may have been lower for certain periods had AGS been charged similar fees during the performance periods shown. Performance may vary between the Alkeon Funds referenced herein. Please contact Alkeon at (212-716-6840) or alkeon- [email protected] if you would like copies of that information. Information Has Not Been Updated. The information contained herein was prepared as of the date of this document. Exposures for any fund may have changed since that time and the values of certain investments in any Alkeon fund may have changed significantly since that time due to market fluctuation or other factors. Such changes in exposures, fluctuations or other changes could have a significant impact on the information presented if it were updated to a more recent date. Differing Investments and Investment Environments. Future investments will be made under different economic conditions and will include different portfolio securities. Members of Alkeon's investment team have changed and may change in future. As a result, potential investors should not assume that they will experience investment performance comparable to that set forth herein. Illiquidity and Transfer Restrictions. An investment in any Alkeon fund should be considered illiquid. Interests in the funds are subject to substantial transfer restrictions. There is no secondary market for fund interests and none is in future expected to develop. No Assurance of Investment Return. There can be no assurance that any fund's investment objective will be achieved or that an investor will receive any return on its investment in a fund. A fund's performance may be volatile. An investment should only be considered by persons who can afford a loss of their entire investment. Calculation of Performance Results. The recent performance results were EFTA01419708 prepared by Alkeon, are estimates that are subject to change and have not been compiled, reviewed or audited by an independent accountant. Alkeon based the performance results for prior years on audited financial statements forthose years, but the information for the current year has not been audited and actual final results could vary materially. THE INFORMATION PROVIDED IS HISTORICAL AND SHOULD NOT BE TAKEN AS AN INDICATION OF FUTURE PERFORMANCE. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 27 EFTA01419709 AGP LP 519 Alpha Group Capital Paul Barrett Additional Disclaimers Cont'd • References to Specific Companies/Securities. To the extent that this document contains references to specific companies and/or securities, such references are presented solely to illustrate the application of Alkeon's investment process and should not be considered a recommendation of any particular company or security. • Comparisons to Indices. Alkeon believes that, although the Alkeon Funds — which include Growth Strategy, Growth Asia Strategy, Capital Partners Strategy and Select Series Strategy - are absolute return vehicles not benchmarked to any index, comparisons to certain indices are useful in evaluating the performance of the Alkeon Funds. The MSCI World Index captures large and mid cap representation across 23 developed markets countries. With 1,652 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI AC World Index captures large and mid cap representationacross 23 developed markets and 23 emerging markets countries. With 2,491 constituents, the index covers approximately 85% of the global investable equity opportunity set. The Alkeon Funds' portfolios contain equity securities and may consist of securities issued by companies in different countries with varying capitalizations and fixed income and non-equity investments, including short sales of securities and margin trading, and are not as diversified as the securities (when aggregated) that comprise the MSCI World Index or the MSCI AC World Index. Unlike the performance of the Alkeon Funds, the performance of the MSCI World Index and MSCI AC World Index do not reflect the impact of fees or expenses. The index performance shown does not reflect the reinvestment of dividends and other income. Any such comparison between the performance results of the Alkeon Funds and the MSCI World Index and MSCI AC World Index should not be relied upon as an accurate prediction of future results. • Sources of Information. Morgan Stanley Fund Services and BNY Mellon provided certain of the performance information shown above. Gross and net exposure estimates are obtained from the Morgan Stanley Performance Measurement (MSPM) System. Bloomberg provided the performance data for the indices shown. The information from these sources is believed to be accurate, but Alkeon makes no guarantee as to the accuracy or completeness thereof The information provided by Measurisk® is the exclusive property of Measurisk® and is protected by applicable copyright and trademark law and other proprietary rights. Unauthorized use of this information is prohibited. You agree not to EFTA01419710 copy, reproduce, download, retransmit, disseminate, sell, rent, sublicense, distribute, publish, perform, broadcast, display, circulate or commercially exploit this information in any manner, or alter, store for subsequent use, decompile, disassemble, reverse engineer, or otherwise use this information in whole or in part without the express written consent of Measurisk® and Alkeon Capital Management, LLC. • Statements Contained in This Document. The statements contained in this document (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based upon current expectations, estimates, projections, forecasts, opinions and/or beliefs. Such statements involve known and unknown risks, uncertainties and other factors, and, as a result, reliance should not be placed thereon by investors in making their investments decisions. • Certain information contained herein may constitute "forward-looking statements," which can be identified by the use of terms such as "may," "will,""should," "expect," "anticipate," "forecast," "estimate," "intend," "continue," "target" or "believe" (or the negative thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, including those discussed above and the risk factors set forth in the Fund's offering documents, actual events or results or actual performance of a fund may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investments decisions. • • None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any securities laws of any U.S. or non-U.S. jurisdiction or any other U.S. or non-U.S. governmental or self-regulatory authority. No such governmental or self-regulatory authority will pass on the merits of the offering of a fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful. This document is not an invitation or offer to make an investment in the Fund or any other Alkeon Funds. This document is for information purposes only andthe information herein is incomplete, condensed and qualified in its entirety by the information in the applicable Fund's offering documents. The contents of this document have not been reviewed or approved by any regulatory body. ALKEON CAPITAL MANAGEMENT Private & EFTA01419711 Confidential Page 28 EFTA01419712 AGP LP 519 Alpha Group Capital Paul Barrett Additional Disclaimers Cont'd • Notice to Hong Kong Investors: The information memorandum in relation to any interest and/or investment referred to in this document has not been approved by the Securities and Futures Commission of Hong Kong. accordingly (a) any interests or securities may not be offered or sold and have not been offered or sold in Hong Kong, by means of any document, other than to (i) "professional investors" as defined in the Securities and Futures Ordinance (cap. 571) of Hong Kong and any rules made under that ordinance; or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance(cap. 622) of Hong Kong or which do not constitute an offer to the public within the meaning of that ordinance; and (b) no person has issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to any interest or securities, which is directed at, or the contents of which are or are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under securities laws of Hong Kong) other than with respect to any interests or securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the definition of the Securities and Futures Ordinance (cap. 571) of Hong Kong and any rules made under that ordinance. • Notice to Swiss Investors: The confidential explanatory memorandum, memorandum of association, the articles of association and the annual reports of Alkeon Growth Offshore Fund, Ltd. (the "Fund" or "AGO") are available only to qualified investors free of charge from the representative. In respect of the units distributed in Switzerland to qualified investors, place of performance and jurisdiction is at the registered office of the representative. Representative: First Independent Fund Services Ltd., Klausstrasse 33, 8008 Zurich. Paying Agent: NPB Neue Privat Bank AG, Limmatquai 1, ch-8022 Zurich. • Notice to United Kingdom Investors: The Fund is an unrecognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the "Act"). The promotion of the Fund in the United Kingdom is accordingly restricted by law. This presentation is being issued in the United Kingdom only to persons to whom it may lawfully be issued under the Financial EFTA01419713 Services and Markets Act 2000 (Financial Promotion) Order 2005, including personswho are authorized under the act ("authorized persons"), high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts and persons who qualify as certified sophisticated investors. The common shares are only available to such persons in the United Kingdom and this presentation must not be relied or acted upon by any other persons in the United Kingdom. This presentation is exempt from the general restriction in Section 21 of the act onthe communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the typesofperson referred to above. The content of this presentation has not been approved by an authorized person and such approval is, save where this presentation is issued to the types of person referred to above, required by Section 21 of the Act. Acquiring common shares may expose an investor to a significant risk of losing all of the amount invested. Any person who is in any doubt about investing in the Fund should consult an authorized person specializing in advising on such investments. • Notice to Singapore Investors: This document is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore ("SFA") and has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply, and this document should not be construed in any way as a solicitation or an offer to buy or sell any interest or investment referred to in this document. You should consider carefully whether the investment is suitable for you. The product named in this document is not authorised or recognized by the Monetary Authority of Singapore (the "MAS") and none of its interests / shares / units shall be allowed to be offered to retail public in Singapore. This document may be distributed only (i) to persons who are "institutional investors" under section 304 of the SFA, or (ii) to persons who are "relevant persons" under section 305(1) of the SFA or persons pursuant to section 305(2) of the SFA if (and only if) this document forms part of the prospectus or information memorandum for the fund(s), and such distribution isotherwise in accordance with the conditions specified in section 305 of the SFA. • Notice to Korean Investors: Neither The Fund nor Alkeon Capital Management, LLC is making any representation with respect to the eligibility of any recipients of this document to acquire the shares of AGO therein under the laws of Korea, including but without limitation the Foreign Exchange Transaction Act and EFTA01419714 Regulations thereunder. The shares of AGO may only be offered to Qualified Professional Investors, as such term is defined under the Financial Investment Servicesand Capital Markets Act, and none of the shares of AGO may be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea. ALKEON CAPITAL MANAGEMENT Private & Confidential Page 29 EFTA01419715 AGP LP 519 Alpha Group Capital Paul Barrett Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in our capacity as a solicitation agent for the fund associated with this presentation material. Although the information contained in this presentation has been obtained from sources we believe to be reliable, we do not guarantee its accuracy, completeness or fairness. Opinions and estimates that are contained in this presentation material may be changed without notice and involve a number of assumptions which may not prove valid. BEFORE ENTERING INTO ANY TRANSACTION YOU SHOULD TAKE STEPS TO ENSURE THAT YOU UNDERSTAND AND HAVE MADE AN INDEPENDENT ASSESSMENT OF THE APPROPRIATENESS OF THE TRANSACTION IN LIGHT OF YOUR OWN OBJECTIVES AND CIRCUMSTANCES, INCLUDING THE POSSIBLE RISKS AND BENEFITS OF ENTERING INTO SUCH TRANSACTION. YOU SHOULD ALSO CONSIDER MAKING SUCH INDEPENDENT INVESTIGATIONS AS YOU CONSIDER NECESSARY OR APPROPRIATE FOR SUCH PURPOSE. The past performance of the securities described in this presentation material does not guarantee or predict future performance. The securities described in this presentation material are not deposits, are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other U S. governmental agency, are not obligations of or guaranteed by Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., or any of their affiliates, and are subject to investment risks, including possible loss of the principal amount invested. Further, the securities described in this presentation have not been registered under the United States Securities Act of 1933 or the Investment Company Act of 1940. We or persons associated with us may earn compensation from the fund described in this presentation material or its affiliates through arrangements that may or may not directly involve our solicitation agent activities, such as the provision of brokerage or prime brokerage services or research. Our employees, including those of our investment representatives who may offer fund interests to clients, may now or in the future own interests in the fund described in this presentation material. Deutsche Bank does not provide accounting, tax or legal advice. Notwithstanding any other express or implied agreement, arrangement or understanding to the contrary, we hereby authorize you (and any of your employees, representatives or agents), subject to applicable U.S. federal and state securities laws, to disclose to any and all persons the structure and tax aspects of this potential transaction, and all materials of any kind (including opinions or EFTA01419716 other tax analyses) that are provided to you related to such structure and tax aspects, without Deutsche Bank imposing any limitations of any kind. This authorization is effective without limitation of any kind from the commencement of our discussion. 026414 100917 Deutsche Bank Wealth Management EFTA01419717