EFTA02584445

From: Paul Barrett Sent: Thursday, October 12, 2017 2:50 PM To: Jeffrey E. Cc: Richard Kahn Subject: Time Wamer/T Jeffrey We could not get done on the Jan 100 TWX calls so we=did the following: Bought 1000 of the 100/105 Nov Call spread Cost = 3.71 per contract net Best case we get paid out $5 (34% gain). I think mor= likely $4.80 unwind level = 29% return if the deal closes before Nov 17=sup>th. Brazilian authorities expected to approve next week. Then wa=ting for the DOJ. We spent $371,000 in premium. Paul Paul Barrett Alpha Group Capital LLC 1 EFTA_R1_01763207 EFTA02584445 2 EFTA_R1_01763208 EFTA02584446