<table><tr><th>From:</th><th>Paul Barrett &lt;</th></tr><tr><td>Sent:</td><td>Thursday, October 12, 2017 2:50 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>Time Wamer/T</td></tr></table>

Jeffrey

We could not get done on the Jan 100 TWX calls so we=did the following:

Bought 1000 of the 100/105 Nov Call spread

Cost = 3.71 per contract net

Best case we get paid out $5 (34% gain). I think mor= likely $4.80 unwind level = 29% return if the deal closes before Nov 17=sup>th. Brazilian authorities expected to approve next week. Then wa=ting for the DOJ.

We spent $371,000 in premium.

Paul

Paul Barrett

Alpha Group Capital LLC