From: Paul Barrett Sent: Friday, March 2, 2018 5:00 PM To: jeffrey E. Subject: RE: Re: Let's discuss the USD and U.S credit. Foreigners were huge buyers of US IG credit because they could hedge out the FX and still make a lot more than what their local bonds were paying. Not anymore. Could result in a huge drop in demand for US credit. Therefore buying credit protection on CDX IG is something I am looking at. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 From: jeffrey E. [mailto:[email protected] Sent: Friday, March 02, 2018 11:46 AM To: Paul Barrett Subject: Re: Re: no, we might do covered calls. for ex. . EFTA_R1_01649312 EFTA02515078

On Fri, Mar 2, 2018 at 11:45 AM, Paul Barrett wrote: You want to buy vol at these levels? Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&entry=gmail&source=g> th Street, 11th Floor, New York, NY 10019 From: jeffrey E. [mailto:[email protected] <mailto:[email protected]> j Sent: Friday, March 02, 2018 11:44 AM To: Paul Barrett Subject: Re: i never like selling puts. it is a sucker play, limited upside with unlimited down. On Fri, Mar 2, 2018 at 11:42 AM, Paul Barrett wrote: You have 2 mins? I am pricing: Buying 260/250 SPY put spreads 1/1.5x — cashless. Selling puts on Raytheon, GD, Lockheed and Northrop • Richard Kahn 2 EFTA_R1_01649313 EFTA02515079

Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&entry=gmail&source=g> th Street, 11th Floor, New York, NY 10019 From: jeffrey E. [mailto:[email protected] <mailto:[email protected]> Sent: Friday, March 02, 2018 11:39 AM To: Paul Barrett )*; Richard Kahn U eC : we should start looking at options market, premiums getting high please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 3 EFTA_R1_01649314 EFTA02515080

please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 4 EFTA_R1_01649315 EFTA02515081