From: Paul Barrett Sent: Wednesday, April 11, 2018 3:46 PM To: Jeffrey E. Cc: Richard Kahn Subject: Egypt 2 options 1. Total Return Swap on a lyr T-Bill a. You get the return and pay away $ 1 Month Libor +125bps (so rough=y 3.14%) b. Yield - 16% c. Withholding =115% d. Govt entry tax of 1% e. Exi= tax of 0.5% f. Net lyr return assuming no FX movement - =.96% (after paying away the 3.14%) g. Liquidity good to =20MM 2. Buy EGP through a forward lyr a. Net return assuming no FX movement —8.65% b. Liquid=ty good $2-5MM per clip I prefer the forward. If we unwind the Swap in 3 mon=hs we still have to pay the 0.50 exit tax (no pro rata). Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 EFTA_R1_01586779 EFTA02474175

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