RE: Follow up

Hi Jeffrey,

I hope things are well.

EFTA01026969

I still have not heard from you regarding your suggestion for a revised proposal. It is obvious you no longer wish to work together.

Considering we had a 2 year deal at $1.5mm, which was reduced down to $1.1mm based on other client fees, and no performance clause built in to our contract, I think the following is a reasonable settlement:

Pay me through December 31st at a pro-rata of $275K
Pay the $25K balance that is past-due 6 months dating from June

= $300K to void the remainder of the contract and amicably part ways.

Please note that even though I have not been paid since the June invoice I have continued to oversee your portfolio in good faith in the absence of any new direction from you.

On the basis of a 2-year commitment from you, which was totally devoid of any performance clause or rules stipulating management targets, I walked away from all my JPM stock and now my annual compensation is reduced by 66% until I can sign more clients. In hindsight, we should have reviewed your portfolio together on a monthly basis from the very beginning. I am sorry that the performance did not match your expectations. Perhaps a better understanding of how you wanted the portfolio managed would have resulted in a different outcome.

If I am wrong and you want to continue to work together, please send your proposal this week. My Alpha Group execution account guarantees you access across the street if you need it. And you keep the syndicate p/I.

Thank you.

Paul

Paul Barrett Alpha Group Capital LLC 142 W 57th Street 11th Floor New York NY 10019

Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019

EFTA01026970

Jeffrey Epstein

Richard Kahn

Hi Jeffrey,

We are heading off to Europe tonight for a week. Please can you think about my proposal or come back with any other ideas you might have. Again, I am happy to work with you in any capacity you need. If you no longer wish to work together please can you pay me out through the end of the year and I will cease all syndicate trading and terminate the Alpha Group Capital execution account currently being used to trade with the street that settles into your Interactive Brokers accounts.

Hopefully we can find a solution.

Best,

Paul

Paul Barrett
Alpha Group Capital LLC
142 W 57th Street, 11th Floor, New York, NY 10019

'Jeffrey Epstein'

'Richard Kahn'

Hi Jeffrey,

Happy New Year.

Have you had any further thoughts on a solution? Again, I am happy to work in any capacity that suits you.

Best,

EFTA01026968

Paul

Paul Barrett
Alpha Group Capital LLC
142 W 57th Street, 11th Floor New York, NY 10019

Jeffrey Epstein

Richard Kahn

Hi Jeffrey

I hope things are well.

Please can we finalize a new deal. Again I am open to anything that would work for you. I still think we can make $300K per year through syndicate which could cover my fee. We made:

Oct — Dec 2017: +$126,000 2018 +$150,000 (Q4 was bad as MS came out with very poor quality deals that all performed poorly)

Oct 2017 — Sept 2018 which represents a more normalized run rate was +$315K.

On a separate note I have also set up fixed income trading capabilities with MS and GS. So we can trade through them and settle everything to your Interactive Brokers account using Alpha Group. This will be very helpful to improve our fixed income execution.

Hopefully we can find a solution.

Best,

Paul

Paul Barrett
Alpha Group Capital LLC
142 W 57th Street, 11th Floor, New York, NY 10019