From: Paul Barrett < Sent: Thursday, January 3, 2019 8:04 PM To: Jeffrey Epstein Cc: Richard Kahn Subject: RE: Ally A Pfds Ally's trading at $25.53 today. Also worth looking at the Citi 6.125% fixed to float= Callable in Nov 2020 and then switches to L+ 447bps. Currently at $9=. Down from $106. Paul Paul Barrett Alpha Group Capital LLC <mailto From: Paul Barrett Sent: Wednesday, January 02, 2019 3:49 PM To: Jeffrey Epstein Cc: Richard Kahn < Subject: Ally A Pfds Jeffrey EFTA_R1_01798638 EFTA02607060

We own $2MM of the Ally A Pfds. • Purchase date: Feb 2012 @ $23.53 • Currently=at $25.55 down from $26.50. • They pay 3 month Libor &#=3; 578bps (so 8.40% current coupon) • It is callable an=time at $25.00 however this is a unique structure in that it gets regulato=y capital treatment but also allows Ally to take an interest deduction. Th=refore JPM and MS doubt it gets called. • It is ordinary income. So l=think you should consider buying it in Gratitude (currently has around $1.=MM in cash). Paul Paul Barrett Alpha Group Capital LLC <mailto 2 EFTA_R1_01798639 EFTA02607061