<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Thursday, July 26, 2012 7:01 PM</td></tr><tr><td>To:</td><td>Jeffrey</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>RE: Revised Portfolio</td></tr></table>

We own 1.2MM of the Sprint 6% 2016 bonds that have rallied back to 99 from the lows of 79 in November. I think we should sell and look for other replacement candidates. We are up 51K on the position.

Let me know

Paul

Paul Barrett, CFA

Managing Director

Global Investment Opportunities Group

JPMorgan Private Bank

320 Park Avenue, 14th Floor, New York, NY 10022

## NMLS IDe 853441

From: Jeffrey [mailto:jeevacation@gmail.com]
Sent: Thursday, July 26, 2012 12:35 PM
To: Barrett, Paul S
Subject: Re: Revised Portfolio

## NMLS IDe 853441 (cont.)

Sorry for all the typos .Sent from my iPhone

On Jul 26, 2012, at 12:10 PM, "Barrett, Paul S" <> wrote:

Hi Jeffrey

I left a message with Leslie.

Do you need any additional follow up regarding the portfolio?

Paul

Paul Barrett, CFA

Managing Director

Global Investment Opportunities Group

JPMorgan Private Bank

320 Park Avenue, 14th Floor, New York, NY 10022

NMLS ID# 853441

From: Barrett, Paul S
Sent: Tuesday, July 17, 2012 3:55 PM
To: 'Jeffrey Epstein'
Cc: Giuffrida, David
Subject: Revised Portfolio

## NMLS IDe 853441 (cont.)

Hi Jeffrey

Here is a revised portfolio sample that does not employ leverage. We added some gold exposure and increased the oil weighting. Remember that the coupons on a structured note will knock out if we hit the buffer level (continuous) or finish below the buffer (at expiry).

Proposed Portfolio

Leveraged Weight

High Yield

## NMLS IDe 853441 (cont.)

20.00%

Yield

JPM High Yield Bond Fund

20.00%
6.36%

Bank Preferreds/Lower Tier II Bonds

15.00%

Yield

RBS 7.25% Pfds

4.00%

8.50%

Ally B Pfds

4

## NMLS IDe 853441 (cont.)

4.00%
7.95%

Rabobank 8.40% Pfds
3.00%
7.85%

Bank of America 8.125% Pfd
2.00%
6.60%

GE 7.125% Pfd
2.00%
5.90%

Emerging Markets

10.00%
Yield

PDVSA 5% 2015 (USD Denominated)

## NMLS IDe 853441 (cont.)

5.00%
11.75%

BRL Linked Market Plus Note (8% coupon / 25% At expiry Buffer)
5.00%
8.00%

Equity Linked Notes

22.50%
Coupon

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