<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Saturday, February 17, 2018 1:53 AM</td></tr><tr><td>To:</td><td>Paul Barrett</td></tr><tr><td>Subject:</td><td>Re: Amazon business</td></tr></table>

lets talk

On Fri, Feb 16, 2018 at 8:11PM, Paul Barrett < <mailto

wrote:

## Jeffrey

The Amazon lending business I invested in is looking to raise one year=money at 12%. They are looking for $3- 4mm as part of this first debt raise=

There is a 15% equity first loss tranche beneath the 12% Notes. Assumi=g you get 2 quarterly coupons you need a lyr cumulative loss of 21% before=you lose any principal which is highly unlikely given the underlying loan =ook. They are forecasting 5-6% cumulative annual losses. Given the amount of data we have from Amazon, th=ir credit underwriting makes me comfortable with this estimate. Recall the= are making 3-9 month loans in the 20%-25% range. Average size of around $=5K. Repayment of principal and interest (via ACH debit) begins after 1-3 months. So effective duration is=very short.

We can discuss more if you like but at 12% I want you to have first lo=k.

For full disclosure I own 3% of the company and have money in the firs= loss equity tranche (along with Anthony and John).

Down the road as they develop a longer default history the equity tran=he could be very interesting.

Let me know.

Paul

Paul Barrett

## Alpha Group Capital LLC

1=2 W 57th Street, 11th Floor, New York, NY 10019

> (c)

## Alpha Group Capital LLC (cont.)

<=a>

## =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, disclos=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" target="_blank">jeevacation@gmai=.com, and destroy this communication and all copies thereof, inc=uding all attachments. copyright -all rights reserved

--001a11412098dcd65905655eb63d-- conversation-id 14819 date-last-viewed 0 date-received 1518832352 flags 8590195713 gmail-label-ids 7 6 remote-id 795851