<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, June 29, 2018 10:25 PM</td></tr><tr><td>To:</td><td>Paul Barrett; Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: Update</td></tr></table>

2. jow much money, prices alone tell me =ittle . and 1/ what was the p and JI?

On Fri, Jun 29, 2018 at 6=17 PM, Paul Barrett w=ote:

Hi Jeffrey

1. Our $3MM Kindred 8% 2020 bonds were called for value next week. I think =e should find something similar to replace it. If you agree, I will provid= some ideas.

2. I am still holding the Aug 280 SPY calls. Recall we paid $1.55. It trade= in a $1.20 - $1.80 range today. It closed at $1.22 as the market gave bac= gains into the close. This week was the 3rd largest US equity outflow ever. A small reversal of=these flows at the start of Q3 next week will hopefully provide a good sel=ing opportunity.

3. I will continue to seek pre-approval for all trades and keep a detailed =/L and rationale for the next 10 ideas as discussed. Please confirm that I=can take a position off in case I don't get a quick reply from you and the market is moving.

4. Also I think it makes sense to continue participating in syndicate deals=at MS. We generally sell within the first few hours. YTD +$140K. Please co=firm if you would like me to continue. I would not bother you with every deal.

Best,

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<=sup> Floor,
New York, NY 10019

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