<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Thursday, January 11, 2018 5:05 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>GE</td></tr></table>

Jeffrey

I have added to GE. I was early buying it at 22 but = think the risk reward down here looks very good.

- Tax loss selling =s behind us.

• Year end window dressing by active managers also resulted in he=vy selling. They are coming back into the market.

The aviation business is b=oming

- Healthcare continues to grow in Asia

• We basically get the rest of the bu=iness for (almost) free. Considering what oil and the servicers have done =ecently this is big optionality.

Stock was at $30 a year ago. Hit a low of $17.36 and=is currently at $19.35. We own $2.8MM now. I intend to get this up t= $3-4MM.

Below is an extract from a research report that sums=up the business pretty well.

Paul Barrett