From: Paul Barrett Sent: Friday, July 13, 2018 1:42 PM To: jeffrey E.; Richard Kahn Subject: RE: Jeffrey I understand your frustrations and appreciate your willingness to figure out a solution. I have some ideas which I will send you over the weekend if that is OK. Re Broadcom: the stock is up $1.20 at $211.50. After the initial shock reaction of yesterday, there has been a lot of focus on the cost synergies etc. but very little conviction in revenue opportunities. However until we hear from management as to the overall intentions of the deal, uncertainty will linger. This morning the pricing is as follows: Aug 200 Puts cost $4.10 Sept 200 Puts cost $7.90 Earning are on 08/30. So worst case is the uncertainty lingers until then which would argue to buy the Sept puts. However I still prefer buying the Aug puts as I would fully expect more clarity from management before August expiry. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 EFTA_R1_01793004 EFTA02603642