<table><tr><th>From:</th><th>Paul Barrett &lt;</th></tr><tr><td>Sent:</td><td>Wednesday, April 11, 2018 7:51 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Puts</td></tr></table>

Spent $100,000 premium

Bought April 20th 255 SPY Puts (3.40% out=of the money)

1200 contracts

$30.6MM notional

Paul Barrett

Alpha Group Capital LLC

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

(0) (c) <=p>

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From: Paul Barrett
Sent: Wednesday, April 11, 2018 3:32 PM
To: jeffrey E. <jeevacation@gmail.com>
Subject: RE: Puts

May 18th expiry

Paul Barrett

Alpha Group Capital LLC

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

(o) (c) <=p>

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From: Paul Barrett

Sent: Wednesday, April 11, 2018 3:23 PM

To: 'jeffrey E.' <jeevac-tion@gmail.com <mailto:jeevacation@gmail.com> >
Subject: Puts

<table><tr><th>20th April expiry</th></tr><tr><td>260 Put (1.52%0TM) costs $1.89 or 71bps&lt;=p&gt;</td></tr><tr><td>255 Put (3.41% OTM) costs $0.88 or 33bps&lt;=p&gt;</td></tr><tr><td>250 Put (5.30%0TM) costs $0.43 or 16bps&lt;=p&gt;</td></tr><tr><td>245 Put (7.20%OTM) costs $0.22 or 8bps&lt;/=&gt;</td></tr><tr><td>In order of above:</td></tr><tr><td>$100K premium controls</td></tr><tr><td>14MM </td></tr><tr><td>30MM </td></tr><tr><td>61MM </td></tr><tr><td>120MM </td></tr></table>

## 255/245 Put spread costs 66c for a max return of 15.=5x

Paul Barrett

Alpha Group Capital LLC

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

(a) (c) <=p>

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