From: Paul Barrett Sent: 9/26/2017 6:26:56 PM To: Martin Zeman CC: Vahe Stepanian I ; Xavier Avila ba; Stewart Oldfield Subject: Re: I/) Trade Idea: Tax Reform Pure-Play / Long-Short Basket Pair IC) I have an RTY vs SPY outperformance option on. ); Joshua Shoshan • Davide-A Sferrazza Would take a look once the dots are in place. Looks interesting. Is it one bullet swap or two separate legs? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 111h Floor, New York, NY 10019 On Sep 26, 2017, at 5:13 PM, Martin Zeman IMI> wrote: Classification: Confidential cimage006.jpg> Paul, I want to highlight the below trade idea on the US Tax Reform from the Delta Force team. It's a very smart way to play the tax reform expectations in the US and that trade has already started performing in this 2-week update from Power Fraser who runs the team. It can be traded in a swap format and the highlights are below. Buy DBUSTXHI / sell DBUSTXLO on swap for beta-neutral, sector-neutral, rates-neutral exposure to a corporate tax cut 1. <!--[if isupportlistsj--><I-lendifj-->This trade idea initiated on September 13 and is moving significantly today, +1.8o 2. <!--[if Isupportlistsj--><!--I[endifF>D6's Asset Allocation Strategists published an updated report on this trade which included some new baskets: • <!--[if Isupportlists]-->c!--I[endifj-->Top 50 / Bottom 50 from the SPX-ex-RElTs-and-UTES, chosen by effective tax rate after manually adjusting for deferred tax assets -"modified" tax reform on our Monitor • <!--[if Isupportlists1--><!--[endifJ-->Top beneficiaries of repatriation based on offshore cash and 'buyback alpha score" i.e. stock's statistical tendency to outperform when doing a buyback We've updated our Trump Policy Monitor, replacing some dead things with our various iterations of tax reform sensitivity. Available for your Launchpad if you want to monitor these trends intraday. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-S