<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Wednesday, April 11, 2018 3:46 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>Egypt</td></tr></table>

2 options

1. Total Return Swap on a lyr T-Bill

	a. You get the return and pay away $ 1 Month Libor +125bps (so rough=y 3.14%)

	b. Yield ~16%

	c. Withholding =f 15%

	d. Govt entry tax of 1%

	e. Exi= tax of 0.5%

	f. Net lyr return assuming no FX movement - =.96% (after paying away the 3.14%)

	g. Liquidity good to =20MM

2. Buy EGP through a forward lyr

	a. Net return assuming no FX movement —8.65%

	b. Liquid=ty good $2-5MM per clip

I prefer the forward. If we unwind the Swap in 3 mon=hs we still have to pay the 0.50 exit tax (no pro rata).

Paul Barrett

Alpha Group Capital LLC

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