From: Martin Zeman Sent: 2/7/2018 5:46:48 PM To: Stewart 0ldfield Subject: RE: Launched: (13.01% p.a. Callable Yield Note with Contingent Coupon [I] Classification: For internal use only Yeah, let's talk tomorrow with Mike Raphael on the line. From: Stewart Oldfield Sent: Wednesday, Februa 07 2018 5:18 PM To: Martin Zeman Subject: FW: Launched: [13.01% p.a. Callable Yield Note with Contingent Coupon Maybe better to have a call to discuss. I'm happy to be on that. If he wants certainty of call under specific circumstances, need to structure as an autocall, but yield will be slightly lower From: Paul Barrett knaij121 ] Sent: Wednesday, February 07, 2018 5:14 PM To: Martin Zeman Cc: Stewart Oldfiel ; Xavier Avila ; Vahe Ste anian ;Joshua Shoshan ; Davide-A Sferrazza Subject: RE: Launched: [13.0]% p.a. Callable Yield Note with Contingent Coupon When do you think the issuer calls it? What conditions are necessary? Paul Barrett Alpha Group Capital LLC 142 W 57'h Street, 111h Floor, New York, NY 10019 ai ALPHA GROUP CAPITAL From: Martin Zema Sent: Wednesday, February 07, 2018 11:58 AM To: Paul Barrett Cc: Stewart Oldfield a; Xavier Avila •; MI Vahe Ste Joshua Shoshan a Davide-A Sferrazza Subject: Launched: (13.01% p.a. Callable Yield Note with Contingent Coupon Paul, Did you see this note we are issuing this week? Let's talk about it after lunch, and also about the rates trade. Martin Good morning, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092371 CONFIDENTIAL SDNY_GM_00238555 EFTA01388674