EFTA02601122

From: Paul Barrett Sent: Tuesday, July 17, 2018 2:50 AM To: Jeffrey E. Subject: Idea Hi Jeffrey As we briefly discussed this morning, if you would l=ke to continue to work together we could move to a different advisory mode= as follows: • I cover you like I did at JPM where I will show you ideas from our di=ferent coverage providers • You then decide if you would like to execute on an id=a and I will handle the trading. • I will keep you cons=antly updated on positions post execution etc • We coul= revise the compensation structure to reflect the changes. • I could continue to run the syndicate business. My es=imates is that we could make $300K per year doing this (Alpha Group Capita= via MS is currently our only syndicate conduit as they shut down Gratitude's access to the Institutional book).</=:p> If this is something that you would like to do we sh=uld then review the existing positions and trim anything else you donc3 want. This will clear the decks with regards to future performance moni=oring and prevent a repeat of performance attribution issues. We have 14 months remaining on our agreement. I thin= this could work well. We have always had a good relationship and I see no=reason why that cannot continue under this framework. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 EFTA_R1_01788624 EFTA02601122 2 EFTA_R1_01788625 EFTA02601123