From: Barrett, Paul S
Sent: Wednesday, June 27, 2012 3:38 PM
To: Jeffrey Epstein
Cc: Giuffrida, David
Subject: To Do

Hi Jeffrey</=>

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I think we should buy 2MM of th=se GE preferreds. They are trading cheap to their comps. We are lookin= for 2-3 points of upside.

<=>1

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Can offe= 10mm of :

=0Alssuer:

GENERAL ELEC CAP CORP

=p class="MsoNormal">Ticker:

GE

Ratings:

Baal/AA- (expected)

Ranking:=/span>

=OD Fixed to floating rate non-cumul=tive pfd stock=/p>

Coupon:

7.125 to 6/15/22; then 3mL+529.6 bps

=OD

Maturity:</=pan>

=OD Perp

=0D
Price:
=0A$105.75
=0D
<=pan style="font-size:10.0pt;color:red">YTC:
6.34%
=0A
Cusip:
Sector:
=0D

Relative Value:

GE 4.65 SNR 10/21 @ 3.25% YTM (Pickup=over 300 bps to call) JPM 7.9 PFD @ 5.90% YTC <= class="MsoNormal">WFC 7.98 PFD @ 5.67% YTC PNC 6.75 PFD = @ 5.89% YTC SCHW 7 PFD @ 5.83% YTC USB 6.5 PFD @ 5.14% YTC GE 6.375 67 @ 5.56% YTC (L=#43;228.9bps backend) =span style="font-size:11.0pt;font-family:"Calibri","san=-serir">

=o:p>
Paul Barrett, CFA<=o:p>
Managing Director=/p>

Global Investment Opportunities Group
JPMorgan Private Bank=/p>
320 Park Avenue, 14th Floor, New York, NY 10022=o:p>

## NMLS ID= 853441

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