<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, June 25, 2018 6:45 PM</td></tr><tr><td>To:</td><td>Paul Barrett</td></tr><tr><td>Cc:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: New Idea for your approval</td></tr></table>

wait two days and sell all

On Mon, Jun 25, 2018 at 8:38 PM, Paul B=rrett wrote:

I think most of the regional banks represented in th= ETF have faced similar headwinds with respect to increased compliance cos=s and caps on divididend distributions. This is expected to ease. With the=recent SIFI changes I also think we will see an M&A wave. The U.S does not need 6,000 regional banks. l=don't know which banks get acquired but owning the ETF will allow =s to capture all these themes.

Paul Barrett

Alpha Group Capital LLC

142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, 11th<=sup> Floor, New York,
NY 10019
████████████████████████████████████████████████████████
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From: jeffrey E. <jeevacation@gmail.com <mailto:jeevac=tion@gmail.com» Sent: Monday, June 25, 2018 2:20 PM To: Paul Barrett

Cc: Richard Kahn

Subject: Re: New Idea for your approval

how many shares of each do we own . 4>=A0 sosrry this is extraordiarily silly

On Mon, Jun 25, 2018 at 8:18 PM, Paul Barrett wrote:

1. Sell BUD. It is a small position with too much reliance on EM to make a mea=ingful impact right now. $431K; P/L -$51K.

2. Sell MC. Also a very small position. Would rather re-allocate to KRE (regi=nal bank exposure). 5213K; P/L +$112K. I think KRE is well positioned given the regulato=y tailwinds, strength on Main Street, no FICC reliance etc. Just to mainta=n Fins exposure. It would top KRE up to $2MM.

3. MSFT, AVGO and Equinix — part of the data center theme. I think thi= theme has legs but MSFT and EQIX positions too small. Sell those. MSFT $508K. P/L +$11K; EQIX $497K P/L +$4K.

4. 10.Com - sell if it drops below $38. It is the Amazon of China. However it =annot seem to break higher due to margin concerns. $1.9MM; P/L -$59K at current level.

Paul Barrett

## Alpha Group Capital LLC

142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th =treet, 11th Floor, New York, NY 10019

The image is a solid black rectangle over a white rectangle. There is the text "=u>" visible in the white rectangle.

From: Jeffrey E. <jeevacation@gmail.com <mailto:jeevac=tion@gmail.com» Sent: Monday, June 25, 2018 1:53 PM

To: Paul Barrett

Richard Kahn

Su ject: Re: New I ea or your approval

sorry, you need to include position size= unrelaixzed gain or loss. if bac is small w=y allocate to Small kre

## Alpha Group Capital LLC (cont.)

- Date/time: Mon, Jun 25, 2018 at 7:49 PM
- Sender line: [REDACTED] wrote:
- Salutation in body: "Jeffrey,"
- Image contains two black redaction blocks (one next to the sender line, one larger below)

New Trade Idea: SPX down 1.50% today on tariff fears=

* I recommend buying a position in each of the following:
=/ul>

	• Jul 280 SPY calls for $0.40

	• Aug 280 SPY calls for $1.44

Implied vol at 10%.

• Tariff related sell-offs have offered good trading opportunities. The risk =round retaliation is growing but if we can buy these calls with a 10% impl=ed vol, I think these could work very well at the first sign of any reconc=liatory comments from Washington. I would look to trade out of these if we get a bounce back to 2750 on SPX =his week. If we don't get the bounce by Friday I would sell.

Also to further clean up the portfolio I would recom=end the following over the coming days:

1. Sell BUD. It is a small position with too much reliance on EM to make a mea=ingful

impact right now.

2. Sell BAC. Also a very small position. Would rather re-allocate to KRE (regi=nal bank

exposure).

3. MSFT, AVGO and Equinix — part of the data center theme. I think thi= theme has legs but MSFT and EQIX positions too small. Sell those.<=>

4. JD.Com - sell if it drops below $38. It is the Amazon of China. However it =annot seem to break higher due to margin concerns. Currently at $39.43.

Paul

Paul Barrett

Alpha Group Capital LLC

142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th =treet, 11th Floor, New York, NY 10019

## Alpha Group Capital LLC (cont.)

=u>

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please no=e

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## Alpha Group Capital LLC (cont.)

=A0

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