From: Paul Barrett < Sent: Tuesday, May 8, 2018 5:57 PM To: Jeffrey E. Subject: FW: 2 things Jeffrey Any thoughts on these? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 (o) (c) <=p> <mailto: From: Paul Barrett Sent: Wednesday, May 02, 2018 11:04 PM To: jeffrey E. <[email protected]> Cc: Richard Kahn Subject: 2 things Hi Jeffrey 1. I would like to a=locate $5MM to a Credit hedge fund that I know well. I believe we need to =ave a manager who can earn 6-8% net if current credit conditions persist b=t then is able to play the short side and hopefully deliver 10.15% if the credit cycle turns. I negotiated favor=ble terms of 1.5%/15%. Lock up lyr. The founder is a former John Paulson P= who ran their credit book for 10 years leading into the Financial Crisis.=l would fund it with some preferreds that are about to be called. 2. A portfolio manager that I have known for many=years is looking to start a macro hedge fund. How do you feel about seedin= him in exchange for an ownership stake in the GP and Management Company? =y guess is we would need EFTA_R1_01544593 EFTA02447545

a —$20MM-525MM commitment. I have not discussed this with=him but I do think Macro hedge funds are finally going to be able to make =ome money again as QE comes to an end. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 (0) (c)ap> <mailto:fl 2 EFTA_R1_01544594 EFTA02447546