From: Paul Barrett <████████████████████>
Sent: Thursday, November 2, 2017 12:56 AM
To: jeffrey E.
Cc: Richard Kahn
Subject: Asia

I think we need to significantly increase our exposu=e to Asia including Japan.

• Average Price/Boo= ratio is around 1.7X

- Over a cycle P/B typically tops out around 3.3x</=:p>

- Chart below gives a good sense of where we are relative to h=story

I am going to add $2MM to Japan and add the followin=:

$1MM FXI (China)<=:p>

$1=M EWT (Taiwan)

$1MM EWY (Korea)

Will ultimately target a $10•$15MM position size.

Paul Barrett
Alpha Group Capital LLC
142 W 57th Street, 11th Floor,=New York, NY 10019
████████████████████<=p>
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