From: Nadeau Novogratz Sent: 7/30/2018 12:46:20 PM To: PaulBarrettI CC: Subject: Martin Zeman RE: Follow-up ; Stewart Oldfield I I; Xavier Avila ; Davide-A Sferrazza Devin Anderson Thank you, Paul. Off of the inexpensive upside discussion last week. We had a client come in and initiate a new trade with this theme. Client here bought SPX Nov18 2950 calls paying 11.55. Currently, 3mo 105% implied vols is trading below realized vol... Kind regards, Nadean From: Paul Barrett [mailto Sent: Thursday, July 26, 2018 10:49 PM To: Nadean Novogratz Cc: Martin Zeman; Stewart Oldfield; Xavier Avila; Davide-A Sferrazza; Devin Anderson Subject: RE: Follow-up Thanks Nadean Will get the forms filled out and look at the pricing. Best, Paul Paul Barrett Alpha Group Capital LLC New York, NY 10019 (c) ALPHA GROUP CAPITAL From: Nadean Novogratz < Sent: Thursday, Jul 26, 2018 5:01 PM To: Paul Barrett < Cc: Martin Zeman < Subject: Follow-up Hi Paul, >; Stewart Oldfield < >; Xavier Avila Davide-A Sferrazza >; Devin Anderson < CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089746 CONFIDENTIAL SDNY_GM_00235930 EFTA01387340