From: Paul Barrett Sent: Wednesday, October 31, 2018 9:40 PM To: Cc: Richard Kahn Subject: Re: LSC Bonds Let me know if you agree. Paul Barrett Alpha Group Capital LLC 142 W 57 <x-apple-data-detectors://0/1> th <x-apple-data-detectors://0/1> Street, 11 <x-apple-data-detectors://0/1> th <x-apple-data-detectors://0/1> Floor, New York, NY 10019 <x-apple-data-detectors://0/1> On Oct 31, 2018, at 12:16 PM, Paul Barrett wrote: Hi Jeffrey We own $2.65MM of the LSC Communications 8.75% 2023 bonds. We paid $105.25 back in Jan 2017. • Bonds trading up 10 points this morning on a takeover. Currently at 107.00. • I think we sell. If the deal does not close we are back down at 97-98. If it closes there is probably 2.3 points of additional upside. • We can take the proceeds and find a similar bond that does not have the binary risk to it. Paul EFTA_R1_01819904 EFTA02617615

Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 <image002.jpg> 2 EFTA_R1_01819905 EFTA02617616