<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, March 2, 2018 5:01 PM</td></tr><tr><td>To:</td><td>Paul Barrett</td></tr><tr><td>Subject:</td><td>Re: Re:</td></tr></table>

free in 1 hr

<=iv class="gmail_quote">On Fri, Mar 2, 2018 at 11:59 AM, Paul Barrett
> wrote:

let's discuss the USD and U.S credit.=u>

Foreigners were huge buyers of US IG credit because =hey could hedge out the FX and still make a lot more than what their local=bonds were paying. Not anymore. Could result in a huge drop in demand for =5 credit. Therefore buying credit protection on CDX IG is something I am looking at.

Paul Barrett

Alpha Group Capital LLC

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

- Address: 142 W 57th Street, 11th Floor, New York, NY 10019
- From: jeffrey E.
- Email: jeevacation@gmail.com
- Sent: Friday, March 02, 2018, 11:46 AM
- Visible redactions:
  - Two short blacked-out fields on one line labeled "(o)" and "(c)" (likely office and cell numbers)
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From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:je=vacation@gmail.com>]
Sent: Friday, March 02, 2018 11:46 AM

no, we might do=covered calls. for ex. .

<u>On Fri, Mar</u> 2, 2018 at 11:45 AM, Paul Barrett
> wrote:

You want to buy vol at these levels?</=>

Paul Barrett

Alpha Group Capital LLC

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

The image contains partially obscured text via black bars.  Identifiable characters include "(o)", "(c) =/u>", and "=u>".

From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:je=vacation@gmail.com> ]

Sent: Friday, March 02, 2018 11:44 AM

To: Paul Barrett >; Richard Kahn

Subject: Re:

i never like selling puts. i= is a sucker play, limited upside with unlimited down. =C2

On Fri, Mar 2, 2018 at 11:42 AM, Paul Barrett

> wrote:

You have 2 mins?

I am pricing:

Buying 260/250 SPY put spreads 1/1.5x — cash=ess.

Selling puts on Raytheon, GD, Lockheed and Northrop<=>

Paul Barrett

- Company: Alpha Group Capital LLC
- Address: 142 W 57th St, 11th Floor, New York, NY 10019 (Google Maps link present)
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  - Sent: Friday, March 02, 2018 11:39 AM
  - To: [REDACTED recipient(s)]
  - Subject: (blank)
- Message excerpt: "we should start looking at options market, premiums getting high"
- Other fragments: "--", "please no=e"
- Confidentiality notice (partial): "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

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please no=e

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

please no=e

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

4

## =AO please note

The information contained i= this communication is confidential, may be attorney-client privileged,=may constitute inside information, and is intended only for the use =f the addressee. It is the property of JEE Unauthorized use, disdos=re or copying of this communication or any part thereof is strictly pro=ibited and may be unlawful. If you have received this communication =n error, please notify us immediately by return e-mail or by e-mail to =a href="mailto:jeevacation@gmail.com" targetCblank">jeevacation@gmai..com, and destroy this communication and all copies thereof, inuding all attachments. copyright -all rights reserved