<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Friday, June 29, 2018 10:18 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>Update</td></tr></table>

Hi Jeffrey

1. Our $3MM Kindred 8% 2020 bonds were called for value next week. I thi=k we should find something similar to replace it. If you agree, I will pro=ide some ideas.

2. I am still holding the Aug 280 SPY calls. Recall we paid $1.55. It tr=ded in a $1.20. $1.80 range today. It closed at $1.22 as the market gave =ack gains into the close. This week was the 3rd largest US equity outflow ever. A small reversal of=these flows at the start of Q3 next week will hopefully provide a good sel=ing opportunity.

3. I will continue to seek pre-approval for all trades and keep a detail=d P/I_ and rationale for the next 10 ideas as discussed. Please confirm tha= I can take a position off in case I don't get a quick reply from you and the market is moving.

4. Also I think it makes sense to continue participating in syndicate de=Is at MS. We generally sell within the first few hours. YTD +$140K. Pl=ase confirm if you would like me to continue. I would not bother you with every deal.

Best,

Paul

Paul Barrett