Pinehurst "Russell 3000" Collateralized Note (Xavier Avila, 12/1/2017)

From: Xavier Avila Sent: 12/1/2017 5:06:38 PM To: Paul Barrett Richard Kahn CC: Stewart 0ldfield Martin Zeman Vahe Stepanian Joshua Shoshan Subject: Pinehurst "Russell 3000" Collateralized Note Paul, this is the rationale and economics Collateralized Note that we discussed today. We can get in a call next week with the experts if you want to understand the collateralization mechanism and the legal enforceability issues. I can also send you the Prospectus before any trade and you