From: Paul Barrett Sent: Thursday, February , : To: Cc: Richard Kahn Subject: Follow up Hi Jeffrey, As Rich mentioned to you I am removing myself from t=e relationship and de-linking Alpha Group from all of your accounts. You h=ve not responded to any of my proposals that I have sent over the past 5 m=nths and it makes no sense to continue to work together with this uncertainty. I am sorry things did not work out= On a separate note if you want to short the market o=er the next month: 1. Buy March 2019 25 strike VIX calls a. Cost 50c b. March VIX futures are currently at 17.1= (got as high as 26 back in December) c. If we get a vol=spike in the next 3-4 weeks I would think these are worth —$2.00 2. Buy SP500 puts. Vol has come down making this a pretty clean way of e=pressing the view. a. Buy March 2019 2600 SPX Put for $20. This is 4% out of the money OR b. Buy March 2019 2700-2550 Put spread for $34. Max payout=is $150. 3. Sell covered calls on some of your single stock positions as single s=ock vol in your names remains elevated. Generic 1 month VIX Contract Paul Barrett Alpha Group Capital LLC EFTA_R1_01847341 EFTA02629193 2 EFTA_R1_0 1847342 EFTA02629194