<table><tr><th>From:</th><th>Paul Barrett &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, May 8, 2018 6:35 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: FW: 2 things</td></tr></table>

I think the credit fund is really worth considering. I am convinced there will be some amazing short opportunities in credit over the coming 1-2 years.

Paul Barrett

Alpha Group Capital LLC

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

██████████(o) ██████████(c)

████████████████████<mailto:████████████████████>

From: jeffrey E. <jeevacation@gmail.com>
Sent: Tuesday, Ma 08 2018 2:25 PM
To: Paul Barrett
Subject: Re: FW: 2 things

No

On Tue, May 8, 2018 at 1:57 PM Paul Barrett <blackened out><mailto:></mailto:></blackened out> wrote:

Jeffrey

Any thoughts on these?

Paul Barrett

Alpha Group Capital LLC

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

The image shows some redacted text. It includes an email address and possibly some names, with letters "(o)" and "(c)" next to them.

From: Paul Barrett
Sent: Wednesday, May 02, 2018 11:04 PM
To: Jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com»
Cc: Richard Kahn < <mailto > >
Subject: 2 things

Hi Jeffrey

1. I would like to allocate $5MM to a Credit hedge fund that I know well. I believe we need to have a manager who can earn 6-8% net if current credit conditions persist but then is able to play the short side and hopefully deliver 10.15% if the credit cycle turns. I negotiated favorable terms of 1.5%/15%. Lock up lyr. The founder is a former John Paulson PM who ran their credit book for 10 years leading into the Financial Crisis. I would fund it with some preferreds that are about to be called.

2. A portfolio manager that I have known for many years is looking to start a macro hedge fund. How do you feel about seeding him in exchange for an ownership stake in the GP and Management Company? My guess is we would need a -$20MM-$25MM commitment. I have not discussed this with him but I do think Macro hedge funds are finally going to be able to make some money again as QE comes to an end.

Paul

Paul Barrett

Alpha Group Capital LLC

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

Contact information including a phone number (office), a phone number (cell), and an email address are provided.

## please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved