<table><tr><th>From:</th><th>Paul Barrett &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, November 14, 2017 9:55 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Saudi</td></tr></table>

It has moved 25bps since last week but remains the best way to play — if things blow up with Iran it should widen and if things settle and oil sells off then it likely stays wide.

Math: $10MM notional costs —5105,000 per year plus roll and leaves a Dv01 of $4500 (p/I per basis point)

Paul Barrett

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| Name | Paul Barrett |
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From: jeffrey E. [mailto
Sent: Tuesday, November 14, 2017 4:11 PM
To: Paul Barrett <
Subject: Re: Saudi

yes likely to get worse. oil not yet a sale

On Tue, Nov 14, 2017 at 4:09 PM, Paul Barrett < <mailto > > wrote:

Jeffrey

Are you worried about this Saudi-Iran issue getting worse? Watching Saudi CDS again. If not then oil likely a sell.

Paul Barrett

Alpha Group Capital LLC

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| Organization (context) | Alpha Group Capital LLC |
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