EFTA02573782.pdf

From: Paul Barrett < Sent: Thursday, November 2, 2017 12:56 AM To: Jeffrey E. Cc: Richard Kahn Subject: Asia I think we need to significantly increase our exposu=e to Asia including Japan. • Average Price/Boo= ratio is around 1.7X • Over a cycle P/B typically tops out around 3.3x</=:p> • Chart below gives a good sense of where we are relative to h=story I am going to add $2MM to Japan and add the followin=: * $1MM FXI (China)<=:p> * $1=M EWT (Taiwan) * $1MM EWY (Korea) Will ultimately target a $10•$15MM position size. Paul Barrett Alpha Group Capital RC 142 W 57th Street, 11th Floor,=New York, NY 10019 <=p> <mailto 1 EFTA_R1_01744064 EFTA02573782 2 EFTA_R1_01744065 EFTA02573783