<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Monday, June 25, 2018 5:50 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>New Idea for your approval</td></tr></table>

Jeffrey,

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

* I recommend buying a position in each of the following:

	• 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 op=ortunities. The risk around retaliation is growing but if we can buy these=calls with a 10% implied vol, I think these could work very well at the first sign of any reconciliatory comments from Washington= I would look to trade out of these if we get a bounce back to 2750 on SPX=this week. If we don't get the bounce by Friday I would sell.</=:p>

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 meaningful impact ri=ht now.

2. Sell BAC. Also a very small position. Would rather re-allocate to KR= (regional bank exposure).

3. MSFT, AVGO and Equinix — part of the data c=nter theme. I think this theme has legs but MSFT and EQIX positions too sm=ll. Sell those.

4. JD.Com - sell if it drops below $38. It is the Amazon of Chi=a. However it cannot seem to break higher due to margin concerns. Currentl= at $39.43.

Paul

Paul Barrett

Alpha Group Capital LLC

142 W 57th Street, 11th Floor,=New York, NY 10019

<=p>

paul@a=phagroupcapital.com <mailto:paul@alphagroupcapital.com>