From: Paul Barrett Sent: Tuesday, August 7, 2018 4:16 PM To: effre E. Cc: Subject: Rackspace on Hi Jeffrey JPM likes the following HY bond: Rackspace 8.625% 2024 • Apollo took them private in 11/2016 • They are clo=d resellers (so work with AWS, Azure, GOOG and sell their cloud offerings =o small and mid size companies) and offer SAAS solutions Company is 4x levered; $975MM of EBITDA • Bonds yiel= 8% with a 3.4yr duration; unsecured; B rated Can you check with anyone at Apollo to see how the c=mpany is doing? I would feel comfortable with $2.3MM. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 EFTA_R1_01792895 EFTA02603575

2 EFTA_R1_01792896 EFTA02603576