From: Paul Barrett < Sent: Friday, August 3, 2018 6:52 PM To: jeffrey E. Cc: Richard Kahn Subject: RE: PIN Total profit on the trade was $648,894 (44% total gain) > We realized a gain of $587,681 on the equity positions and $61,213 on the FX hedges. I took part of the trade off on 06/19. The remaining fx hedge was short PLN 3,300,000 vs USD. Proceeds from this most recent stock sale were PLN 3,982,916. Thus the sale today of PLN 682,916 (excess over hedge amount). On Tuesday the PIN 3,982,916 proceeds from the share sale will settle against the PLN 3,300,000 hedge + PLN 682,916 spot trade resulting in USD proceeds of $1,089,970. The PLN value of the position had increased beyond the size of the hedge. As the stock moved higher, I did not want to increase the size of the hedge in case it reversed and I ended up being over-hedged. Summary below as requested. I can walk you through everything on the phone if that is easier. Trade 1: Bought 10,000 shares at 112.50 on 03/27. Bought 1,126,261 PLN at 3.3872 as a trade cover Trade 2: Bought 20,000 shares at 120.00 on 04/06. Bought 2,410,966 PLN at 3.4142 as a trade cover Trade 3: Bought 11,348 shares at 121.50 on 04/18. Bought 1,375,796 PLN at 3.3575 as a trade cover Trade 4: Hedged the position on 04/30 by selling PLN 4,800,000 vs USD through a 1 month forward contract @ 3.5100 Trade 5: Rolled the maturing 4,800,000 hedge on 05/29 and realized a $75,879 gain. New hedge on PLN 4,800,000 maturing 07/02 at 3.7146. Trade 6: Sold 21,348 shares at 165.20 on 06/19. Converted proceeds into $944,764 (spot ref 3.7298). Also reduced the size of the hedge from 4,800,000 to 3,300,000 to reflect the remaining value of the position. Trade 7: Rolled maturing 3,300,000 PLN hedge on 06/29 out to 08/02. Realized a gain of $10,574 Trade 8: Rolled maturing 3,300,000 PLN hedge on 08/01 out to 08/07. Realized a loss of $25,241 EFTA_R1_01785136 EFTA02598895