EFTA02607833

From: Paul Barrett Sent: Friday, September 22, 2017 1:58 PM To: Jeffrey E. Subject: Re: Into year end I am going to put $2.5mm into a Eurostoxx note that is protected down 27%, unlimited upside, no euro risk. A good placeholder for Europe. Paul Barrett On Sep 22, 2017, at 9:19 AM, jeffrey E. <[email protected] <mailto:[email protected]> wrote: ok On Fri, Sep 22, 2017 at 9:17 AM, Paul Barrett <mailto > wrote: Jeffrey We do not have enough equity exposure into year end but I am also very weary of putting a lot of money to work with the SP500 up here. I am going to buy some large notional SPX calls (take advantage of the cheap vol). This way we are covered if the market melts up into year end and have plenty of dry powder if we get a selloff. Will probably spend $500-$750K in premium to control —$50mm notional. Paul Paul Barrett please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for EFTA_R1_01799899 EFTA02607833 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 2 EFTA_R1_01799900 EFTA02607834