<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Monday, April 2, 2012 3:25 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Swap idea</td></tr></table>

Hi Jeffrey

=/o:p>

I think we s=ould sell our $1.2MM of the Ford 7% 2015 (ytm 3.82%) and move into a 3=r Mentor Note yielding 6%. Mentor is a global auto parts supplier focu=ed on commercial parts. We are OW the credit. I would recommend =1.5MM of this.

Le= me know.

Paul

<=o:p>

<= class="MsoNormal">

<=pan style="font-size:10.5pt;font-family:Consolas;color:#1F497D">Paul B=rrett, CFA

Managing Directo=

Global Investment Opportunit=es Group

JPMorgan Private Ban=

This email is confidential and subject to important discla=mers and conditions including on offers for the purchase or sale of securi=ies, accuracy and completeness of information, viruses, confidentiality, l=gal privilege, and legal entity disclaimers, available at http://www.jpm=rgan.com/pages/disclosures/email.