<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Friday, June 29, 2018 10:35 PM</td></tr><tr><td>To:</td><td>jeffrey E.; Richard Kahn</td></tr><tr><td>Subject:</td><td>RE: Update</td></tr></table>

1. Bond purchased in October 2016 at $102.02. Called at $107.59. Total gain of $577K ($167K price appreciation and $410K in interest)

2. We spent $50K in premium on the Aug calls. P/L down $11K.

Paul Barrett

Alpha Group Capital LLC

142 W 57th Street, 11th Floor, New York, NY 10019
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From: jeffrey E. <jeevacation@gmail.com>
Sent: Friday, June 29, 2018 6:25 PM
To: Paul Barrett <paul@alphagroupcapital.com>; Richard Kahn
Subject: Re: Update

2. jow much money, prices alone tell me little . and 1/ what was the p and )1?

On Fri, Jun 29, 2018 at 6:17 PM, Paul Barrett
wrote:

Hi Jeffrey

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

2. I am still holding the Aug 280 SPY calls. Recall we paid $1.55. It traded in a $1.20 - $1.80 range today. It closed at $1.22 as the market gave back 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 selling opportunity.

3. I will continue to seek pre-approval for all trades and keep a detailed P/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 confirm 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 Floor, New York,
NY 10019

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